What is the significance of the process origin of housing lease securitization?

First, the origin of housing lease securitization

The CSRC and the Ministry of Housing and Urban-Rural Development jointly issued the Notice on Promoting the Securitization of Housing Leasing Assets, saying that promoting the securitization of housing leasing assets is conducive to revitalizing the existing assets of housing leasing, improving the efficiency of capital use and promoting the development of the housing leasing market.

Second, the process of housing lease securitization.

The exchange shall set up a green channel for the securitization project of housing lease assets, designate a person to be responsible for it, and improve the efficiency of examination, issuance, filing and listing.

In addition, the Notice calls for strengthening the supervision and management of housing lease asset securitization, and proposes to create a good policy environment, cultivate diversified investors, and support the development of housing lease asset securitization.

1, CMBS mode

Commercial real estate mortgage-backed securities (CMBS) refer to asset-backed securities products with commercial real estate as collateral and future income of related property assets as the source of debt service.

This is the first single long-term rental apartment mortgage asset securitization product (CMBS) in China, and it is also the largest housing lease asset securitization product issued at present.

The characteristics of this CMBS project are as follows:

(1) The manager can select the underlying property assets according to the agreed standards within two years after issuing the letter of no objection, and issue multiple issues of CMBS at an appropriate time, which greatly improves the issuance efficiency and further reduces the financing cost of the enterprise.

(2) The underlying asset is a trust loan under a single fund trust, and the cash flow of rental income of the long-term rental apartment at the bottom is the main repayment source.

(3) Compared with REITs, CMBS assets retain property ownership, obtain financing and realize asset appreciation. Compared with ABS, CMBS real estate asset mortgage can obtain a larger financing scale and gain the trust of investors.

2. ABS mode of rental income right

2017,6543814, Rubik's cube apartment issued the first domestic asset securitization product "Rubik's cube apartment trust beneficial right asset support special plan" on the Shanghai Stock Exchange, with the basic assets of 4,014 room rental income. This product is a typical ABS product of rental income right, which is mainly reflected in:

(1) sublease the property, light assets strategy, and no property mortgage.

(2) Solve the financing problem of professional apartment operators.

(3) Introduce a third-party guarantee institution to provide additional guarantee for product redemption.

(4) Take the current and future rents generated by "apartments with specific house numbers" as collective assets, solve the problem of mismatch between lease and product term through specialization of collective assets, and create stable cash flow through double SPV structure.

3. Apartment REITs

REITs is the abbreviation of Real East Investment Trusts, which is a trust fund with real estate that can generate stable rental income as its basic assets and the rental income of basic real estate as its main source of income. As the core element of REITs-like products, the cash flow generating ability of the basic assets and their own ability to maintain value will have a great impact on the survival of special plans.

2017101The Special Plan for Supporting Equity Housing Assets of New Apartments was approved by Shenzhen Stock Exchange, which is the first single long-term rental apartment asset REITs product in China and the first single equity apartment REITs in China. The term is five years (the first three years are the operation period and the last two years are the disposal period), in which the scale of priority products is 654.38+0.3 billion yuan and the issue interest rate is 5.3%.

4. Installment lease consumption ABS

On August 20 17, Freehand announced the successful establishment of "CITIC Securities -Freehand 1 Special Asset Support Plan for Beneficial Rights of Rent Installment Trust" (hereinafter referred to as "Freehand ABS"). The first issue scale is 500 million yuan, of which the priority is AAA credit rating, accounting for 90%, and the issue interest rate is 5.39%.

Tenants in the rental market usually pay rent in advance quarterly, semiannually or annually. Free installment is a monthly financial product freely launched for tenants. Combined with the free tenant credit system, tenants who reach a certain value can choose free installment products to pay the annual rent in installments.

Third, the significance of securitization of the housing rental market

First, financial financing. At present, the low rate of return in the industry has brought great financial pressure to the development of housing enterprises. ABS, REITS and other asset securitization products provide more financing channels for growing operators.

Second, asset securitization is a "booster" for the expansion of housing enterprises. On the one hand, the funds obtained through ABS and REITS can be used to maintain the operation of the project, and can also increase the source of "ammunition" for the rapid development of the leasing industry.

Third, asset securitization brings good liquidity to the real estate market. Although this liquidity can't be compared with real REITS for the time being, it is an indispensable attempt for the development of the whole market.

Fourth, risks and benefits can be re-divided.