A Case Study Of Ziroom's Apartment Rent Staging ABS

This article chooses the special plan of asset support of beneficiary right of Ziroom's rent phased trust as the main body of case analysis.In our country,the research of long-rent apartment asset securitization products is mostly focused on REITs,but in the long-rent industry enterprises choose REITs as the most important asset operation mode,and most of them are real estate.Compared with the research on asset securitization,there is little research on asset securitization under the light asset operation mode.The research resources of our country are also limited because on the one hand,the time limit for the implementation of asset securitization is not long,the level of development is limited,on the other hand,the long-term rental apartment industry is also emerging soon.The exploration of asset securitization in long-term rental apartment industry began in 2017 when Rubik Square apartment issued its first domestic long-rent apartment asset securitization product.As a large-scale decentralized long-term apartment enterprise in our country,Ziroom has a certain representativeness in issuing the first single rent installment asset support special plan in our country.Therefore,this article chooses ABS as the case study subject.Firstly,it gives a brief introduction to asset securitization.Secondly,it understands the general situation of China's long-term rental market.Combined with the basic situation of the rising demand and rent in China's long-term rental industry,it gives a brief understanding of the issuance of asset securitization in China's long-term rental apartment industry.Secondly,the author makes a preliminary introduction to Ziroom's apartment rent staging ABS products for long-term apartments in terms of the scale of the raising period,the information of participants and the characteristics of the transaction structure model.The case model is analyzed in detail,including basic assets,credit enhancement model,risk isolation methods and other aspects.The comparison with the same type of asset securitization products comes from such characteristics as rent installment ABS products.It also analyzes the risks of ABS products with free rent installment and the impact of ABS products with free rent installment on the enterprise itself and other aspects.Finally,the paper summarizes the shortcomings of ABS products that can be used for reference and puts forward relevant suggestions.The deficiency of this article is that my own research level is limited,so the analysis of cases may have some limitations.The innovation lies in the fact that the asset securitization oflong-term rental apartments in China started late and is still in the stage of development and exploration.Therefore,the current domestic research in this field is relatively insufficient.At the same time,the successful issuance of the special asset support plan for the beneficial right of rent installment trust as the first combination of ABS and consumer finance in the long-term rental industry is a meaningful attempt and has certain positive significance for promoting the development of asset securitization in the long-term rental industry in China.