房地产证券化的性质条件及在我国发展的障碍

On the Nature and Condition of Real Estate Securitization and Its Application in China

房地产证券化的发展要求广泛的社会和市场条件 ,如成熟的房地产市场、证券市场、抵押贷款一级市场和担保市场。房地产证券化要求一级贷款市场为抵押贷款 ,而目前我国多采用担保贷款 ,如保证贷款、质押贷款等 ,这些贷款方式将贷款的债权债务关系复杂化 ,不适宜于建立抵押贷款二级市场。开展房地产证券化 ,就要规范、量化抵押房屋 ,要规范住宅抵押贷款行为 ,建立可操作的抵押贷款法规和制度。目前我国还没有推行房地产证券化的社会和法规条件 ,但可以做一些预研究或在条件成熟地区 (如深圳 )

Real estate securitization is the secondary market of real estate mortgage. Its application and development need the maturation of real estate market, securities market, mortgage market and insurance market. In China, these markets are all in their primary stage, a long way to be developed. It is not the right time to develop the secondary market of real estate mortgage. Further more, since China's banks have a large amount of deposits to lend. It is unreasonable for them to finance via the secondary market of real estate mortgage which incurs further interest cost. In general, it is not so necessary to develop the secondary market of real estate mortgage.