Research On Asset Securitization Of Real Estate Project Of Z Enterprise

In the past 20 years,the fault tolerance rate of the real estate industry is higher among all industries,because of the continuous rise of house prices,especially in the past decade.China's real estate industry has been constantly giving birth to bubbles.The tightening of China's real estate policy also indicates that China's real estate industry is undergoing great changes in recent years.Neither the macro-control of real estate policies nor the financing channels of enterprises are relaxed,the traditional financing mode in the past is no longer suitable for the current economic situation.The dependence of real estate enterprises on financial capital is gradually reflected,with the increasing demand for corporate financing.Real estate investment trust,as an innovative market-oriented financing tool,has gradually entered the field of vision of real estate enterprises.As the head enterprise of China's real estate industry,its financial standing continued well.However,under the background of financing crunch in recent years,the cash flow of enterprises can not meet the capital needs of enterprises anymore.Therefore,as the sponsor,Z enterprise obtains 100% of the beneficial right of the trust,by transferringmonetary funds to the trust institution to establish a special purpose company,then,Z enterprises use self-supporting property as a basic asset to transfer assets to the special purpose vehicle,Z enterprises transfer the trust interest right to specific investors for securitisation to successfully finance.Z enterprise enlivens stock assets by issuing real estate investment trust products,effectively expands financing channels,optimizes the company's asset liability structure,and promotes enterprise transformation and asset light operation.This paper takes the real estate investment trust project issued by Z Enterprise as the case study object,analyzes the characteristics,financing difficulties and causes of Z enterprise,and elaborates and analyzes the project process in detail.Through the analysis of cash flow forecast,stress test,credit enhancement measures and project risk analysis,this paper summarizes the advantages of the project,and provides a case reference for the innovative financing channels of real estate enterprises in China.