Case Study Of A Enterprise’s Commercial Real Estate Asset Securitization

Since the 19 th National Congress of the Communist Party of China,the long-term mechanism of comprehensive regulation and control of the real estate industry has become increasingly effective.Introduced from the original "the four","country eight" purchase limit loan policy,to intensive introduced in recent years "the five","five" new countries purchase limit policy and "three line" financing credit tightening policy,state of the real estate industry "room not fry" the regulation of total tone and "stabilizing housing prices and land prices,stabilizing expectations" three steady policy tone is consistent.A series of "tight money" real estate regulation and control policies have led to drastic changes in the financing environment of real estate enterprises,and the "lifeline" of real estate enterprises--capital chain is facing a severe test,so it is urgent to explore new financing channels.As an innovative financing method,asset securitization has been introduced into China.Due to the government’s policy orientation of economic structure transformation and deleveraging to revitalize stock,asset securitization has developed rapidly in many industries in recent years,among which the capital operation means of "securitization" of commercial real estate is dazzling.For the real estate enterprises with high quality commercial real estate assets,asset securitization attaches importance to asset quality and plays down the main body credit,which helps real estate enterprises overcome their own shortcomings in financing.With the help of asset securitization financing,real estate enterprises can adjust the financing structure,expand financing channels,revitalize the stock,and deepen the reform of the supply side to inject fresh blood into the real economy.Therefore,it is of practical significance to study the commercial real estate asset securitization of real estate enterprises.The methods adopted in this paper include the combination of qualitative and quantitative,theoretical research and case analysis,and on the basis of combing relevant literature and searching a large amount of data,selects the Excellence no.1Asset Support Special Plan issued by A enterprise in 2021 to conduct a case study.First of all,the general situation of A enterprise and the basic situation of excellence no.1 asset support special plan are introduced.Secondly,the financial index analysis method is used to point out the internal and external reasons for the securitization of the commercial real estate assets of enterprise A,and a detailed analysis is made from three aspects: the design of the transaction structure of the Special plan of Excellence No.1 Asset support,the operation of underlying assets and the simulation of cash flow prediction,and the identification and prevention of risks.After that,the economic effect of implementing the special asset support plan of A enterprise was explored,and the success and limitations of the special asset support plan were explained.Finally,this paper draws a conclusion and puts forward some suggestions on the development of commercial real estate asset securitization.