Case Study Of Blu-ray Real Estate Purchase Balance Asset Securitization

The real estate industry is capital-intensive,therefore,there is a close relationship between how well a real estate company operates and whether it has sufficient cash flow for capital turnover.Since the development orientation of "housing not speculation" was proposed in 2016,the government has adopted a series of macro-control measures to stabilize housing prices,the financing sources for real estate enterprises are gradually tightening,making it increasingly difficult to use traditional financing methods for financing.However,the real estate industry has become increasingly difficult to finance due to the impact of COVID-19 in 2020.In this case,asset securitization,as an innovative financing tool,can not only broaden the financing channels of enterprises,but also reduce the financing cost of real estate enterprises,improve the liquidity of assets,and supported by national policies,so more and more real estate enterprises tend to choose asset securitization financing method.This thesis takes the asset-backed notes issued by Sichuan Blu-ray Development Co.,Ltd.in 2018 as an example.Firstly,it analyzes the financial background of real estate enterprises and the development background of asset securitization,and briefly introduces the background and product design process of asset securitization issued by Blu-ray Real Estate.Then analyze the motivation of Blu-ray Real Estate to issue the final purchase asset securitization products from both internal and external aspects.Then from the cost of financing,market performance,financial performance of the three aspects of balance payment for purchase the performance of the issue of asset securitization products are analyzedt.Finally,the following conclusions are drawn :(1)asset securitization of the final purchase payment can broaden the financing channels of real estate enterprises and relieve the financial pressure of enterprises;(2)The issuance of asset securitization products for the final payment of home purchase helps to decrease the financing cost of real estate companies to a certain extent,bringing positive market effects to the companies and increasing the wealth of their shareholders;(3)It can improve the profitability and profitability of enterprises in a short period of time,but due to the small scale of product issuance,the improvement effect on the financial indicators of enterprises is limited;(4)The issuance of asset securitization products can disperse and control the financial risks of real estate enterprises to a certain extent.As for the risks and problems existing in the risk analysis,this thesis also puts forward some corresponding preventive measures.Through the study of the case of the securitization of the final purchase asset of Blu-ray Real Estate,on the one hand,it is hoped that real estate enterprises can have another financing option when it is generally difficult to raise funds.On the other hand,it is also helpful for investors who are willing to invest in the securitization products of the final purchase asset to further understand the transaction process of such products and the possible risks.