金融监管与地产调控之下的房地产融资

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近些年，为防范系统性金融风险，各监管部门纷纷出台了最严厉的金融监管政策。而房地产市场，调控亦不断逐步升级。房地产行业是金融产品参与最多的行业，对金融的依赖性非常强，甚至可以说，房地产的本质就是金融，但现阶段的金融监管政策和地产调控形势简直是房地产企业的“双杀”。

In recent years, in order to prevent systemic financial risks, various regulators have introduced the most stringent financial regulatory policies. Controls in the real estate market are also gradually escalating. The real estate industry involves the most numerous financial products. It is highly dependent on finance. It can even be said that the essence of real estate is finance. However, the current financial regulatory policies and real estate control situation are simply “double kill” to real estate enterprises.

监管部门纷纷重拳出击，房地产企业融资面临全面围堵。“融资难”、“现金荒”是近年房地产企业普遍面临的困境，主要原因是来自监管部门的全面围堵。发改委暂停了房地产企业发行企业债券融资用于商业性房地产项目。银监会连发数文整治银行、信托行业的乱象，并严厉处罚了大量违规向房地产企业输血的银行、信托机构。

Various regulators have put considerable and determined efforts into financial regulation. Real estate enterprises are facing all-round containment of financing. “Financing difficulties” and “cash shortage” are the predicaments that real estate enterprises are confronting in recent years, mainly due to the comprehensive containment from the regulators. National Development and Reform Commission suspended the issuance of corporate bonds by real estate enterprises for financing commercial real estate projects. China Banking Regulatory Commission issued several documents to rectify the chaos in the banking and trust industries, and severely punished a large number of banks and trust institutions in violation of the regulations for “transfusing blood” to real estate enterprises.

基金业协会暂停了从事借贷活动的私募基金备案，亦对证券期货经营机构设立的私募资产管理计划投资16个热点城市的普通住宅地产项目不予备案。保监会进一步整治保险资金运用乱象。

The Asset Management Association of China suspended registration and filing of private equity funds for lending activities. It also refused registration and filing of  ordinary residential real estate projects in 16 hotspot cities invested by private equity asset management plans that securities and futures operating institutions set up. Moreover, China Insurance Regulatory Commission further rectified the misuse of insurance funds.

至此，房地产企业的诸多融资渠道，除标准的房地产开发贷款之外，其他诸如发债、银行、信托、资管、基金、保险等融资渠道几乎遭受到了全面围堵。

So far, except for standard loans for real estate development, other financing channels of real estate enterprises such as bond issuance, banking, trust, asset management, funds, insurance and so on have almost been completely blocked.

资产证券化，房地产融资的出路。在房地产融资全面收紧的同时，我们也应注意到政策给予的其他选择空间。2016年9月22日，国务院下发《关于积极稳妥降低企业杠杆率的意见》，鼓励有序开展企业资产证券化。而且，《关于规范金融机构资产管理业务的指导意见》也明确给资产证券化业务开了绿灯。

Asset securitization, the way out for real estate financing. While real estate financing is fully tightened, we should also pay attention to other options given by the policies. The State Council issued the Opinions on Actively and Firmly Reducing the Leverage Ratio of Enterprises on 22 September 2016 to encourage orderly development of corporate asset securitization. Moreover, the Guiding Opinions on Regulating Asset Management Business of Financial Institutions also clearly gave a green light to the asset securitization business.

资产证券化，是指以基础资产所产生的现金流为偿付支持，通过结构化等方式进行信用增级，在此基础上发行资产支持证券的业务活动。简单地讲，资产证券化就是出售基础资产的未来现金流进行融资。原始权益人为融资之目的，将其合法持有的可以产生持续稳定现金流的基础资产出售给管理人设立的资产支持专项计划，专项计划以从投资人处募集的资金受让基础资产，并将基础资产带来的收益分配给投资人。

Asset securitization refers to the business activities of issuing asset-backed securities based on the cash flow generated from underlying assets as repayment support and the credit enhancement achieved through structuring and other methods. Simply put, asset securitization is the financing through sale of the future cash flow of underlying assets. For the purpose of financing, original equity holders sell their legally held underlying assets that can generate sustained and stable cash flow to special asset-backed programs established by asset managers. Such programs acquire the underlying assets with the funds raised from investors and distribute the proceeds from the underlying assets to investors.

企业资产证券化中，参与的主体众多，法律关系复杂。原始权益人，是基础资产的所有人，通常也是融资方，但也有可能是融资方的关联方或者过桥方（常见于双SPV架构的资产证券化之中），协助有实际资金需求的一方进行融资。管理人，是为投资人之利益，设立并管理专项计划，并代表专项计划签署相关协议、履行法定及约定义务的主体，通常是证券公司、基金管理公司子公司及证监会认可的其他金融机构。投资人，是指认购专项计划受益凭证（资产支持证券）且符合《私募投资基金监督管理暂行办法》规定的合格投资者，资产支持证券只面向合格投资者发行，发行对象不得超过200人。

Corporate asset securitization involve numerous participants and complicated legal relationships. Original equity holders are the owners of underlying assets, usually the financing party, or maybe the affiliate or the bridge party of the financing party (common in the asset securitization with the dual SPV structure). They assist the parties with actual funding needs in financing. Asset managers are the subjects, usually securities companies, subsidiaries of fund management companies and other financial institutions recognized by China Securities Regulatory Commission, that establish and manage special programs for the benefit of investors, and sign relevant agreements and fulfill statutory and agreed obligations on behalf of the special programs. Investors refer to qualified investors who subscribe for the beneficiary certificates (asset-backed securities) of special programs and meet the requirements of the Interim Measures for Supervision and Administration of Private Equity Funds. Asset-backed securities shall be issued only to not more than 200 qualified investors.

投资人与管理人签署《认购协议》，将认购资金交由管理人设立专项计划，投资人取得资产支持证券，成为资产支持证券持有人。管理人代表专项计划与原始权益人签署《基础资产买卖协议》，以投资人认购资产支持证券的资金购买原始权益人名下的基础资产。基础资产转至专项计划后，基础资产产生的现金流也流入专项计划，由管理人向投资人分配。多数情况下，由于原始权益人对基础资产更为熟悉，或者对基础资产中的特定用户仍然负有持续责任和义务，管理人也通常会委托原始权益人作为资产服务机构，负责基础资产现金流的归集。原始权益人、管理人、投资人是资产证券化中的核心交易主体，此外，管理人还会委托律师事务所、会计师事务所、评级机构、托管银行、担保机构、承销机构提供法律、财务、评级、托管、增信、承销等服务。

Investors sign a Subscription Agreement with an asset manager and hands over the subscribed fund to the manager to set up a special program, so that investors obtain the asset-backed securities and become holders of the asset-backed securities. The manager signs an Agreement on Sale and Purchase of Underlying Assets with the original equity holder on behalf of the special program, and purchases the underlying assets from the original equity holder with the funds paid by investors for purchase of asset-backed securities. After the underlying assets are transferred to the special program, the cash flow generated by the underlying assets also flows into the special program for the manager to distribute to investors. In most cases, because the original equity holder is more familiar with the underlying assets, or has ongoing responsibilities and obligations to specific users in the underlying assets, the manager usually entrusts the original equity holder to be an asset service agency to take the responsibility of collecting cash flow of the underlying assets. Original equity holders, managers and investors are the core trading subjects in asset securitization. In addition, managers will also entrust law firms, accounting firms, rating agencies, custodian banks, guarantee institutions and underwriters to provide legal, financial, rating, custody, credit enhancement and underwriting services and other services.

企业资产证券化虽然交易结构复杂，但由于资产证券化可以利用存量资产融资，符合现在金融领域控制增量债务的政策，而且可以将非标资产转为标准资产，不受目前金融政策对非标融资的限制，同时可以资产出表，优化原始权益人的财务报表。因此在当前的金融监管和地产调控的背景下，房地产企业应重点关注资产证券化的融资方式，比如购房尾款资产证券化、物业费资产证券化、商业地产贷款资产证券化（Commercial Mortgage-based Securities，CMBS）、房地产投资信托基金 （Real Estate Investment Trusts，REITs）等，利用好存量资产进行融资、进一步拓宽融资渠道。

Although the transaction structure of corporate asset securitization is complex, the stock assets can be used for financing in asset securitization, which is in line with the current policies of controlling incremental debts in the financial sector, and can convert non-standard assets into standard assets not subject to the current financial policies on limiting financing with non-standard assets. At the same time, off-balance-sheet assets are acceptable, which helps optimization of the financial statements of original equity holders. Therefore, real estate enterprises, in the context of current financial regulation and real estate control, should focus on the financing methods of asset securitization, such as asset securitization of house-purchase balance payments, asset securitization of property management fees, CMBS (commercial mortgage-based securities) and REITs (Real Estate Investment Trusts) etc., while making good use of stock assets for financing to further expand financing channels.

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作者简介：

王霁虹  律师

合伙人  北京办公室

业务领域：建设工程与基础设施, 房地产, 环境、能源与资源

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输12

汤宏伟  律师

北京办公室  房地产和基础设施部

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