A Summary of the Development of Leased Assets Securitization in China

Since the middle and late 1960s, China has carried out a number of offshore asset securitization businesses, including COSCO Group and Zhuhai Expressway. After that, commercial banks, asset management companies and other financial institutions, as well as regulatory authorities including the People's Bank of China, have done a lot of work to promote asset securitization, especially the "quasi-asset securitization" asset disposal trust project of 654.38+03.25 billion yuan, which is of great significance to promote the localization process of asset securitization. At present, relevant banks are carrying out relevant scheme design and structural arrangement according to standard asset securitization. It is believed that in the near future, asset securitization, as a financing mechanism, investment mechanism and risk management mechanism, will become an important institutional arrangement and innovation in China's financial market. Offshore products and operations

65438+August 0996 Zhuhai Expressway Co., Ltd. (USD 200 million).

1997 China Ocean Shipping Corporation (COSCO) cooperated with Banc Boston to securitize the shipping income of its North American branch and privately issue $300 million floating rate bills.

On June 5438+ 10, 2002, China Industrial and Commercial Bank and China Ocean Shipping Corporation (COSCO) started a 600 million USD ABS financing project. ICBC arranged foreign exchange financing for COSCO Group to replace its American commercial paper and asset securitization projects in North America, and issued asset-backed securities on this basis. This is the first overseas asset securitization business carried out by domestic banks.

In March 2000, the accounts receivable of CIMC Group were sold to ABN amro's asset management company (TAPCO ), ABCP ABCP was issued through the establishment of SPV. Onshore products and operations

Sanya Danzhou Community 1992 800 Land is the subject of issuance, and real estate sales income and deposit interest are the income sources of investors, and 200 million yuan of real estate investment coupons are issued.

In September and June, 2000+10, China Construction Bank and China Industrial and Commercial Bank were successively approved to implement the pilot project of mortgage-backed securitization.

At the beginning of 2002, the People's Bank of China chose the plan of China Construction Bank and submitted it to the State Council for approval.

In March, 2002, IFC, Dutch Development Finance Corporation and Hongkong Hui Ze Service Holdings Limited jointly established Hui Ze China Holdings Limited, which was the first professional company to provide services such as mortgage loan initiation and borrower credit evaluation for domestic banks. Prepare for housing mortgage securitization.

Macquarie Bank established Macquarie Management Consulting (Shanghai) Co., Ltd. in Shanghai in March 2002, which is the first wholly foreign-owned company in China to provide pre-settlement services and property registration for housing mortgage loans, in order to prepare for the securitization of housing mortgage loans.

In September 2002, Xinhua Trust purchased the mortgage creditor's rights of Shenzhen Commercial Bank and set up a trust plan to distribute the interest income and other income of the mortgage creditor's rights to investors (trust beneficiaries).

From June 5438 to February 2002, Beijing International Trust and Investment Corporation announced its cooperation with China Development Bank to dispose of the bad assets of China Development Bank by trust.

In June 5438 +2003 10, Cinda Asset Management Company signed an asset securitization cooperation agreement with Deutsche Bank to deal with non-performing assets.

June 5438 +2003 10, Islamic Trust and Renfu Science and Technology Cooperation Trust Business. Renfu Technology cooperated with Islamic Trust through its subsidiary Nanhu Modern Student Apartment Property Co., Ltd. to set up a trust for contemporary modern student apartment property and other related rights in Nanhu to raise funds from the society.

In June 2003, China Huarong Asset Management Company and CITIC Trust & Investment Co., Ltd. formed an asset package of 654.38+03.25 billion yuan of creditor's rights assets as trust property, and CITIC Trust Company set up a property trust as trustee with a term of three years. After the establishment of the trust, Huarong obtained all the beneficial rights of the trust, of which the priority beneficial rights can be transferred to investors.

In 2005, the Measures for the Administration of Credit Asset Securitization Pilot was implemented, and China Development Bank and China Construction Bank were allowed to carry out asset securitization pilot projects.