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China's housing financial status quo and its securitization thinking

Author: TangRong
Tutor: MuLiangPing
School: Southwestern University of Finance and Economics
Course: Business Administration
Keywords: Housing Industry Housing Finance Real estate Mortgage Securitization
CLC: F832.2
Type: Master's thesis
Year: 2001
Downloads: 181
Quote: 0
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Abstract


Housing industry as China's new economic growth point in the ascendant. Residential financial assets as a tremendous impetus for the development of the housing industry and the financial sector in emerging business, contact the housing industry and the financial industry ties. The booming residential finance will drive the development of the housing industry and the financial industry, indirectly, to promote China's economic growth. Residential financial development in China is in a nascent stage, a lot of the problems exposed far did not play due role in the housing industry and the financial industry can sometimes limit their development. Especially commercial real estate mortgage loan is not made large-scale, benign unfolded, could not solve the big problem of our current residential consumption of insufficient effective demand. Housing finance and housing industry and the relationship of the financial industry from the start, revealing the main problems of commercial residential financial and proposed solutions of the - the real estate mortgage securitization, its securities the concept, mode of operation and design of the applicable program. Part I: the housing industry and residential finance. In this section, the description of the relationship between the housing industry, the financial sector and the national economy, a matter of course talked about the subject of this article - Housing Finance. First, the housing industry and the financial sector are complementary. The development of the housing industry, need the support of the financial sector, in turn, the development of the housing industry for the development of the financial industry to expand new business space. Second, the housing industry in the national economy plays an irreplaceable role of the tremendous impetus. The housing industry has always been a pillar industry of the national economy, and has become a new growth point of China's economic development. This paper has put forward several reasons, this point of view is clear from the foreign residential relationship of the national economy and China's current economic structure. Meanwhile, the further development of China's housing industry facing major problems here is the lack of effective demand. At the end of the first part, introduced the concept of housing finance and housing finance classification, and highlighted the links and differences of policy residential finance and commercial residential finance, pave the way for the space focus later in this article discusses the commercial residential financial . As can be seen by a brief description of the course of development of China's housing finance: the residential financial problems in our country is in development, but also in developing solved. This great revelation: Housing Finance solve problems in the continuous development and innovation, the existing problems can be solved. Innovation is the way out. lt; WP = 3 gt; Part II: China's commercial housing finance status quo and the main problem is that in the focus of this article: the investigation of commercial housing finance. Financing of the development of commercial housing finance can not be separated from financial institutions to carry out the business of housing finance and housing finance system. These both conducive to the understanding of the deep-seated problems of China's Housing Finance. Subsequent analysis of the main body of the housing finance business - real estate finance mortgage status quo. The basic characteristics of the real estate mortgage decided particularity in the business of banking assets and the different methods of operation and other assets of the business, it also brings a lot of problems: weak, such as the affordability of households, restricted residential consumer credit development; lack of long-term stable source of funds to carry out of the real estate mortgage business. The most important of which is the consumption of housing credit, there are many problems, has failed to effectively promote the development of the real estate market. With a few cases, the image of the commercial banks losses incurred due to the lack of experience in real estate mortgage. Part III: Housing Finance securitization thinking of the previous part of the questions of a solution, that is, by thinking of the necessity and feasibility of the securitization of real estate mortgage loans on our country and the United States and Hong Kong real estate mortgage The investigation of the circumstances of the loan securitization, a real estate mortgage loan securitization program design suitable for China's national conditions. Bank A real estate mortgage assets can be extended to business, but will also bring a lot of side effects. Defuse these side effects is necessary to rely on securitization. Securitization necessity mainly includes the following two aspects: One is to increase the liquidity of the banking assets, the lending bank to implement practical risk diversification and transfer mechanisms; achieve the convergence of the real estate market and the capital market, open up the real estate market new sources of funding. And the feasibility of the main performance in such aspects: housing mortgage loans issued beginning to take shape; securitization required hardware environment is improving; pension funds, retirement funds, medical insurance lt; WP = gt; insurance funds, life insurance funds and the implementation and development of the housing accumulation fund system, stable source of funds for long-term housing mortgage loan securitization intermediary organizations provide important protection; China has a good financial investment atmosphere. Next U.S. MBS and Hong Kong real estate mortgage secondary market brief visits, draw on the useful experience of the establishment of China's real estate mortgage loan securitization and departure from China's actual situation, attempt of mortgage-backed securities of the specific mode - guaranteed mortgage-backed securities (Collateral Mortgage Obligations, referred CMO) model. Can be designed in accordance with this model out concrete steps for the implementation of China's real estate mortgage securitization, this article is designed six steps. Real estate mortgage securitization is proposed in order to solve the current problems. Specific patterns and steps can examine this model and these steps can not solve practical problems, can not play the role envisaged in the design. The end of the third part, the solution of the existing problems and the role of real estate mortgage securitization described, come to the securitization of real estate mortgage loan is the conclusion to solve the current problems, a good medicine.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Banking system and business
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