The property market in China boomed rapidly as the result of the launching of housing reform program. This reformation, intended to have deepened effect of the structural change, is designed to increase home ownership. Without exception, this effect has spilt over to Shanghai driving both ends - the demand and supply, to a new high. However, frustration and fears of all sorts have proliferated across the market. First, the surge in housing price has created the fear in the market that bubble economy may bust if the property price is persistently spiralled upward and if not arrested it could devastate the hard-earn prosperity. At the same time, irritated homebuyers are complaining their affordability is being eroded by the exorbitant property price. Under the new measure introduced by the central bank to soothe the speculation, the developers are facing the overwhelming hardship in getting the needed financial resources. Finally, when the borrowing amount continued to hike, financial institutions are experiencing higher debt risk if high price effect continued to cloud the property market. / The unfavorable investment environment has prompted my attempt to explore a new financial tool having the following functional significances: 1. It can support the continuous and health development of property market because traditionally real estate development is regarded as the pillar industry for national economic development and the engine for GDP growth. 2. Be capable of diversifying the risk on default in mortgage repayment so as to improve the quality of liquidity and liability and equity ratio of financial institutions. 3. There is a growing appetite for quality investment in the capital market, which, for a long period, has been plagued by not having adequate financial intermediary for the home mortgage lending. This new financial product if successfully launched may become an alternative venue for channelling the consumer savings into the mortgage financing. From macro level it has enhanced the efficiency of under-utilized yet idle capital for national wealth building. / We reckon that the creation of the securitization of mortgage-backed securities (MBS) market has been one of the most innovative and well-established home financing system in western developed economies. Intend to borrow the factors for success through a comparison of the development of mortgage backed securitization in different countries as a base of study to find out the propensity of MBS as a new financial product for Chinese capital market. / Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2005.
| Identifer | oai:union.ndltd.org:ADTP/267367 |
| Creators | Zhou, Harry Haimin. |
| Publisher | International Graduate School of Management, |
| Source Sets | Australiasian Digital Theses Program |
| Language | English |
| Detected Language | English |
| Rights | copyright under review |
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