Application Analysis Of Asset Securitization In Long-term Apartment Financing In China

With the rapid development of urbanization in China's cities,the housing rental demand of residents has also been greatly improved.The houses provided by the traditional real estate leasing market have been unable to meet the needs of residents to a certain extent,and there is no match between customer demand and supply market.The contradiction has become more and more prominent,so the long-rental apartment,a new industry in the real estate three-tier market,has begun to emerge in recent years.Since 2015,in order to encourage developers to change commercial housing into rental housing,promote rental and housing systems,and promote the establishment of multi-agent supply,China has held a series of meetings,formulated and promulgated a series of systems and policies to Encourage and standardize the development of China's housing leasing market.The high-quality service of long-term rental apartments benefits from his mode of operation:standardization of decoration management,branding of operation,refinement of management,and integration of after-sales service.Good operation mode has brought good development prospects,but the problems of large capital investment,high operating cost,slow capital recovery,and low rental income have limited the speed of long-term apartment business enterprises to expand the market and do not hold property.Assets make long-term apartment companies narrow in financing channels and difficult to finance.Therefore,seeking a viable financing channel has become a difficult problem to be solved.The development of asset securitization financing has become a good choice for the long-term rental apartment industry to solve the funding problem.Based on the analysis of the status quo and problems of the use of asset securitization in the long-term rental apartment market in China,this paper combines the principal-agent theory,the bankruptcy isolation theory and the credit enhancement theory with the case analysis method,and passes the CITIC Securities.In the case of the asset-settlement plan,the motivation,important design links,related risks and implementation effects of the asset securitization project are based on the concept of asset securitization.Analysis is carried out to provide ideas for asset securitization financing in the long-term rental apartment industry.It broke through the limitations of the analysis of long-rent apartment light asset asset securitization financing.Through the research on the asset securitization products of Ziroom,the conclusions of this paper are mainly as follows:(1)The introduction of dual SPV structure in asset securitization is very compatible with the current light asset operation mode of China's long-term rental apartment industry.(2)Simultaneous introduction of internal and external credit enhancement measures has more effectively reduced the investment risk of investors.(3)Asset securitization can help long-term apartment operators under the light asset model to solve the problems of financing difficulties and high financing costs,and can revitalize corporate assets,improve asset utilization,and help the company to better expand its business.