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A Study on the Evaluation and Improvement of Rental Housing Asset Securitization in Korea: Case Study on Korea Land and Housing Corporation
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 Title & Authors
A Study on the Evaluation and Improvement of Rental Housing Asset Securitization in Korea: Case Study on Korea Land and Housing Corporation
Lee, Jong-Kwon; Kwon, Chi-Hung;
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 Abstract
This study aimed to assess the rental housing ABS in Korea, and to suggest ways of improving the structure of existing rental housing ABS. Thus, the three major assessment for existing public rental housing ABS case can be summarized as follows : First, when viewed in terms of the accounting treatment, rental housing ABS which use the future receivables as underlying asset, can not enjoy off-balance-sheet effect. Second, when viewed from the point of financing costs, the rental housing ABS interest rate being higher than unsecure bond is very unreasonable nevertheless the ABS being off-balanced. Third, when viewed from the liquidity effect, the originator (LH) use the ABS as a means of diversifying funding in a serious liquidity crisis situation. The Improvement of rental housing ABS based on the evaluation results can be summarized into two broad. First, it is a plan to handle the off-balance-sheet effect in a way of changing the accounting treatment of rental payment. Second, it is a plan to reducing the structuring cost and interest rate in ways of multi-asset securitization structure, self-trust structure, and adopting legal CB structure.
 Keywords
Rental Housing;Asset Securitization;Covered Bond;Financing;
 Language
Korean
 Cited by
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