Case Analysis Of Securitization Of Benefit Right Of Mofang Asset Backed Security

With the advancement of urbanization in China,the number of floating population in China has increased year by year.As of 2017,it has reached 244 million people,and the price of commercial housing in China has continued to climb since the reform of the housing system in 1998.Purchase and loan restrictions have caused some rigid buyers to be squeezed out into the rental market.Therefore,the rental demand of the floating population has soared in recent years.Long-RentedApartments Companies Actively Operate the Idle Stock Market with Their Standardized Operations and Stable Platforms,and provide higher cost-effective rental options according to standardized products and services,so it can provide higher cost-effective rental options according to standardized products and services.It is the evolution of the business model of the traditional rental market,so it can effectively meet the rental needs of the floating population in China.Long-Rented Apartments Companies need Large amount of capital investment in the previous period.In recent years,adjustments in the real estate industry have caused banks to tighten their credit.Housing companies have to find ways other than bank loans.Under such circumstances,real estate financing tools need to be innovated.This paper discusses the feasibility of securitization of long-term apartments through the dual "SPV" structure of "trust plan + special plan".Use the right of the trust plan as a basic asset for long-term apartment-issued asset-backed securities,can effectively solve the problem of unstable cash flow.This paper takes the pricing and credit enhancement design of long-term apartment asset securitization as the main research line,uses the theory and methods of finance and statistics,and uses the Monte Carlo pricing model to quantitatively calculate the value of long-term apartment asset securitization,and analyzes The role of the "double SPV" structure of the "trust plan + special plan" in the long-term apartment asset support special plan,combing the history of the development and research of China’s trust beneficiary asset securitization,and the introduction of long-term apartment asset securitization for the future Make more in-depth exploration,with a certain potential application value.Then,this paper introduced the development status of China’s housing leasing market,and analyzed the reasons for the rising demand in the leasing market from two perspectives.First,the floating population gathered in the first and second tier core cities,and the average age was low,the residence time was long,and there was a rental demand.Second,the housing prices in the first and second tier cities are too high and have exceeded the monthly salary.However,the rent is relatively low.Rental is the only option for most people to solve the housing problem.On this basis,this article introduces the development history and main features of long-term rental apartments,and combines the relevant policies promulgated by the state in recent years to discuss the future development prospects for long-term rental apartments.Finally,this paper studies the pricing of asset securitization of beneficiary right of long-term apartment trusts.Taking "Special Project for Supporting Assets Supported by Magical Apartment Trust Beneficiary" as an example,this paper constructs a prospective cash flow model for future rent income of Rubicon Apartment and predicts the rental income for the next 36 months.Then use the quarterly Shibor data from October 2006 to March 2016 to fit the CIR interest rate model to get the model parameters.Finally,use the Monte Carlo simulation method to discount the cash flow to get the theoretical price of long-term apartment asset-backed securities.