Case Analysis Of Ziroom No.1 Rent And Staging Trust Benefit Right Asset Securitization

In recent years,due to policy dividend support and its own development needs,the long-term rental apartment industry has won the favor and investment of secondhand housing agents,real estate developers,Internet companies,and capital markets.Come in the industry.However,due to the high cost and long cycle of the long-term rental apartment operation model,the mainstream financing methods in the past have long-term apartment enterprises with mismatches such as scale,duration and cost,which cannot meet their financing needs.And asset securitization is favored by more and more long-term rental apartment companies because of its advantages in financing scale,cost and operability."CITIC Securities · Ziroom No.1 Rent Instalment Trust Benefit Right Asset Support Special Plan" is the first asset securitization product in China's housing leasing market that uses rent instalment microloan claims as the underlying asset.The problems of compliance with the underlying assets of the longterm rental apartment and the mismatch in terms have broadened the financing channels of long-term apartment companies to a certain extent.At the same time,however,the bottom asset service organization of "Ziroom No.1" had some problems with the operators,negative news,and even exposure by the Beijing Ministry of Housing and Urban-Rural Development.Based on the above background,this article starts from the theory of long-term rental apartments and asset securitization,uses case analysis and financial index methods,and summarizes the basic background of "Ziroom No.1" company background,product elements,transaction structure and credit increase arrangements.,A comprehensive analysis of the case from the five aspects of its product action,product design,product risk,issuance effect and existing deficiencies,the study found that: on the one hand,Beijing Ziroom Asset Management is motivated by improving financial structure and expanding enterprises The scale and asset securitization have three reasons for channel advantages.Through the product plan design of double SPV,revolving loan structure and excess interest coverage multiples,the compliance and applicability issues of the underlying assets have been specifically addressed,and they have been successfully issued."Ziroom No.1",thereby improving the profitability and asset liquidity of Ziroom Asset Management and reducing its financial risk.To a certain extent,it also has a positive effect on its solvency.But on the other hand,its products face the risks of underlying assets,liquidity risk and other risks including interest rate,rating,moral hazard and cash flow forecast risk.In addition,"Ziroom No.1" also has deficiencies such as the revolving loan mechanism increasing the operating pressure of the underlying asset service organization,private equity issuance reducing the liquidity of the product,and doubts about the compliance of the underlying asset.Finally,in view of the risks and deficiencies in this issue,this article puts forward two suggestions for the "Ziroom No.1" product and the development of long-term rental apartments.The suggestions for "Ziroom No.1" products are mainly to introduce storage shelf issuance,improve asset liquidity and improve operating capabilities,etc.,and maintain the quality of the underlying assets.The policy recommendations for long-term rental apartments are mainly to build a diversified housing leasing financing system and strengthen supervision to regulate the housing rental market.