Application Research On Asset Securitization Financing Of Shekou Long-term Rental Apartment

Since the beginning of the new century,with the rapid development of the national economy,the advancement of urbanization and the rise of the floating population,the demand for renting houses has been increasing.Especially in the context of comprehensive real estate marketization,housing prices continue to rise.In the context of rent-to-sale ratio deviating from the international mean,more and more new generation employees choose to rent houses in cities,thus promoting the rapid development of the long-lease apartment industry.China merchants shekou has been operating in the domestic real estate market for 41 years.Since 2012,it has been laying out the long-rented apartment market in the first-tier and second-tier cities.However,due to the limitations of large investment and long recycling cycle in the early stage of long-rented apartment,the expansion rate of operation scale is relatively slow.China merchants shekou firmly grasps the new policies of the leasing market and the guidance of bank financing policies.On December 1,2017,China merchants shekou issued asset securitization financing support with a total amount of less than 6 billion yuan with its long-term rented apartments as collateral,with a term of 18 years,becoming the first CMBS approved in China.On December 4,China merchants shekou and China construction bank joined forces to launch the 20 billion yuan "long-term rental apartment series asset-backed note"(ABN),the first order in the domestic interbank market.Through the operation of asset securitization,China merchants shekou has obtained a large amount of financing support,alleviated the capital liquidity problem and realized the market expansion.Currently,asset securitization is still in its infancy in China,introducing the case of China Merchants Shekou long-term apartment asset securitization,analyzing the impact of asset securitization on its operation and capital structure,and exploring asset securitization’s support for the long-term apartment industry financing The effective path is to put forward corresponding countermeasures and suggestions: First,improve the basic asset evaluation system and reduce the risk of basic assets.The second is to improve the efficiency of capital use and improve the financing deadline.The third is to actively try to innovate financing methods and formulate reasonable financing strategies.Fourth,strengthen financial risk awareness and establish a risk early warning system.Through the introduction of China Merchants Shekou Long-term Apartment Asset Securitization as a case study,the purpose is to enrich the relevant research on housing leasing asset securitization and explore effective paths for the development of asset securitization.In the future,the domestic long-term rental apartment industry will show a rapid development trend,cracking the financing difficulties,improving the liquidity of assets,promoting a balanced supply and demand structure in the real estate industry,and orderly easing the housing pressure of the people have positive significance.The comparative analysis of the capital structure of China Merchants Shekou Assets before and after securitization can also be used to analyze the cost of financing from different channels to promote the revitalization of the existing assets,which provides a useful reference for promoting the orderly development of housing leasing securitization and the long-term rental industry.