Research On The Motivation,Risk And Performance Of Long-rent Apartment Asset Securitization

In recent years,with the introduction of policies to encourage the development of housing rental,real estate developers,real estate agents,hotel management enterprises and Internet start-ups have rushed into the long-term rental apartment industry,in order to get a piece of the long-term rental apartment market.However,strict financial supervision and tight monetary policy have brought great challenges to the continuous operation of long-term rental apartments.In 2018,there were 37 financing transactions in the long-term apartment market,nearly 1491 billion RMB.In 2019,the number of financing decreased to 16,and the scale dropped to about 36 billion RMB.Limited financing channels and high financing costs are the business development bottlenecks that all long-term apartment operators have to face.With the help of national policy,financial capital immediately entered the housing rental market,and long-term apartment asset securitization products came into being.The operator MoFang Apartment successfully issued the first asset-backed securitization product in the long-term apartment market,and the asset-backed securitization of long-term apartment officially kicked off.Long-term apartment operators such as Ziroom,China Young Professionals apartments,Xuhui Lingyu and Poly Real Estate successively launched asset-backed securitization products.As a well-known real estate developer,China Merchants Shekou launched the largest storage mode in China,CMBS and ABN,with a total scale of 26 billion yuan,which greatly exceeded the total scale of all the previous long-term rental apartment securitization products,setting a record for the largest scale of securitization products in the industry,and opening a new chapter of asset securitization in the housing rental market.Based on the above,this paper comprehensively uses case analysis and literature research methods,focusing on the application of asset securitization related theories,and analyzes the five aspects of CMBS project of China Merchants Shekou in detail,including basic assets,transaction characteristics,motivation,risk and performance of CMBS product issuance,hoping to provide some reference and guidance for other enterprises including long-term apartment operators to carry out CMBS business in the future.In addition,the case study also draws the conclusion that CMBS of China Merchants Shekou as the first single storage rack type long-term rental apartmentCMBS,has opened up a new financing path,reduced the financing cost and has certain market liquidity.