Study On The Risk Of Asset Securitization Project Of Long-Term Rental Apartments

In recent years,housing prices in the first-tier cities have risen sharply,while those in other second-tier and third-tier cities have risen at a much faster rate than residents’ income growth.But when potential buyers consider renting,they encounter the problem of irregular rental market.Thus,the state actively promulgates relevant policies to encourage the development of the housing rental market.Meanwhile,owing to the large number of renters and the presence of capital,China’s housing rental market ushered in unprecedented opportunities for development,Then long-term rental apartments become a new darling of the capital market.Profit difficulties and financial pressure are the key to the survival of long-term rental apartments.As long-term rental apartments in China are in its infancy,the mature profit model is still in the exploratory stage,thus,the issue of capital has become the focus of industry development.Since 2017,the government and enterprises have been exploring asset securitization,equity financing,apartment bond issuance and other ways,hoping to establish a stable financing model for long-term rental apartments.However,in the past year,the long-term rental apartment industry has experienced frequent business failures.At the same time,some real estate companies use apartments to finance in disguised form.The risk of long-term rental apartments has become the focus of public opinion.The financing of this industry has turned to a turning point.Under this background,this paper hopes to analyze the principles and operation modes of long-term rental apartments and asset securitization and discuss the risk of asset securitization in long-term rental apartments with specific cases.In view of the shortcomings exposed in the process of securitization,this paper puts forward some suggestions and hopes to promote the development of long-term rental apartments.There are five parts in this paper.The contents of each part are as follows.In the first part,the research background and significance of asset securitization risk research of long-term rental apartments are put forward,and the related articles of asset securitization risk study of this industry at home and abroad are summarized.After introducing the structure and research methods of this paper,the innovation and shortcomings of this paper are put forward.The second part introduces the development of long-term rental apartments and asset securitization at home and abroad,and then introduces the classification,scale,transaction structure and advantages and disadvantages of asset securitization products of long-term rental apartments based on the rationality analysis of asset securitization of long-term rental apartments.The third part,after explaining the reasons for choosing the case,introduces the main participants and product-related information.The fourth part,mainly from the three core links of asset securitization,studies the risk of the case.Then it compares Ziru No.1 with other similar financing methods,and draws the characteristics of Ziru No.1 in risk management based on the previous research conclusions.The fifth part,from the perspective of risk management,business model,puts forward development proposals for asset securitization of long-term rental apartments.