香港资产证券化的经验借鉴

The Practical Experience of Hong Kong Asset Securitization

本文主要介绍了香港资产证券化的背景、香港按揭证券有限公司的使命与业务模式,香港按揭证券有限公司的三大使命包括促进香港住房按揭贷款二级市场的发展、促进香港银行体系及货币的稳定,推动香港按揭证券及债券市场的发展与提高居民的住房拥有率;公司的主要业务包括贷款投资组合、按揭保险计划与按揭贷款证券化。本文也详细介绍了香港按揭证券有限公司的资产证券化计划:有担保按揭转递证券化计划与Bauhinia按揭证券计划,并介绍了香港资产证券化的经验,为我国正在进行的资产证券化试点提供借鉴。

This article mainly introduces the background of Hong Kong asset securitization, the missions and operation modes of Hong Kong Mortgage Securitization Corporation Limited （HKMC）. The HKMC＇s core missions are： to promote the development of Hong Kong housing mortgage secondary market, to enhance the stability of Hong Kong banking system and currency, to facilitate the growth and development of the mortgage-backed securities and bond markets, and increase the rate of citizens＇ housing ownership. Its principal activities include mortgage portfolio, mortgage insurance program and mortgage-backed securitization （MBS） program. This article also introduces HKMC MBS program in detail： the back-to-back issuance and passthrough structure MBS program and the Bauhinia MBS program. It also introduces the experience of Hong Kong asset securitization to provide some suggestions for China＇s ongoing pilot business of asset securitization.