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Case Study of Cross-border Commercial Real Estate Mortgage Backed Securities of Dalian Wanda Group

Author: RenRong
Tutor: LiuJunQi
School: Liaoning University
Course: Financial
Keywords: Real estateCMBS REITsFinancial risk
CLC: F832.45
Type: Master's thesis
Year: 2013
Downloads: 239
Quote: 0
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Abstract


Real estate is among the important industries of China’s national economy; itsdevelopment has a direct bearing on the national economy rise. Meanwhile, real estateindustry is a capital intensive industrywhere exist high investment, high risk, and highreturn of rate, which has a close contact with a country’s financing system. Thus realestate economic fluctuation will impact on the financial system inevitably, causing theformation of financial risk and even financial crisis. Since1998, real estate market inChina has begun its marketization of more than10years.With the gradual developmentofhouseholdproperties and continuingmaturity of commercial real estate, China’s real estateindustry has experiencedboth non-rational development and rough development times ofsoaring prices on one hand, and the systemdevelopment and institution constructions arefell behind of the actual development of real estate economy. Real estate enterprisesarefaced with the single financing source problem along with overweighed indirectfinancing proportion. Besides, the government has implemented series of increasinglystringent regulatory policies to deal with irrational development of real estate industry inrecent years, which makesit more and more difficult to finance in real estate industry forenterprises. Real estate developers commonly found them in quite a financing dilemma.Firstlythis article attempts to study the pioneeringcommercial real estatemortgage-backed securities in China, Cross-border CMBS of Wanda Group andAustralian Macquarie Bank.Analyze the fund raising difficulties real estate enterprisesencounteredwith and also study what they have done in terms of real estate mortgageloans securitization financing exploration. Also base on the case analysis, there will be adiscussion on how to promote assets securitizationin China’s real estate financing system,how to raisethefinancing efficiency of real estate industry by assets securitization, andalso how to disperseand control the real estate financial market risksby systemconstruction. All of the above will eventually in turn improve financing dilemma ofChina’s real estate enterprise.The article firstlyintroduces Wanda cross-borderCMBS case. Analysis from severalrespectiveangels on this case will be made including comparison between REITs andCMBS, operating mode of developers, obstructionsreal estate enterprises faced within financing, etc.Based on the case study and financial circumstances analysis, a discussionis undertaken about the role securitization played in controlling financial risks in China’sreal estate market from a macro-economic view. At last, measurements will be presentedboth from MBS and REITs, with whichreal estate asset securitization development andrelevantinstitutional buildingsin propertyfinancial sector will help improve financingefficiency, disperse and control of financial risk in this area.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Credit > Real estate credit
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