购房尾款资产证券化中的法律服务要点 Mortgage balance securitization

房地产融资类资产支持证券（ABS）发行2015年以来呈现出了蓬勃发展的态势。中国证券投资基金业协会备案数据显示，房地产融资类ABS目前共发行24单产品，包括五单类REITs产品、八单物业费ABS产品、八单运营收益权ABS产品和三单购房尾款ABS产品。

具有代表性的国内首单购房尾款资产证券化产品“汇添富资本—世茂购房尾款资产支持专项计划”于2015年12月8日正式在上海证券交易所挂牌，以世茂集团旗下位于一、二线城市的项目公司的购房尾款应收账款（即购房人以按揭形式支付的购房尾款）作为基础资产。根据中诚信评估，该项目的主体评级及优先级债项评级均为AAA级。

世茂购房尾款ABS是一款一举两得的金融创新产品。对于世茂集团，不仅开启了一条低成本融资渠道，而且盘活了资产（购房尾款），进一步优化了财务结构。对于资本市场，投资人又多了一款低风险的投资理财产品，购房人、投资者都能间接受益。其进一步证明，只要能够产生稳定现金流的资产都可以证券化。世茂购房尾款资产证券化对于国内房地产金融的发展极具促进作用，其良好的市场反响也表明房地产资产证券化将大有可为。

今年四月，本所律师团队为可能成为第四单的购房尾款ABS产品提供法律服务，其中主要工作包括三个方面：起草相关法律文件、开展法律尽职调查并出具法律意见书。下面将结合本所律师在这项资产支持专项计划中的经验，谈谈相关的法律工作内容。

起草法律文件

资产证券化交易中，需要律师起草各种法律文件来明确界定交易各方的责、权、利。其中，特别重要的法律文件包括资产支持计划证券认购协议、资产支持计划标准条款、资产支持计划资产买卖协议、资产支持计划差额支付函、资产支持计划维好承诺函、资产支持专项计划资产服务协议、资产支持专项计划托管协议、资产支持专项计划赎回承诺函等。

尽职调查

针对购房尾款资产证券化产品的特征，本所律师主要从如下两个方面开展尽职调查：1）业务参与主体基本情况，包括原始权益人以及将与其签订债权转让合同的项目公司基本情况、担保公司基本情况、管理人基本情况、托管人基本情况、资产服务机构基本情况；2）基础资产基本情况，包括基础资产涉及的开发项目的建设情况、商品房预售情况、项目开发贷情况、购房尾款形成的相关情况。

基础资产基本情况是购房尾款资产证券化业务中律师尽职调查的重点内容。首先，律师应当确认基础资产所对应的应收账款合同是否真实及该等应收账款合同所对应的金额是否固定、是否会减损。对此，律师可以通过查阅基础资产涉及的商品房买卖合同、贷款合同，结合政府房管部门合同备案及预告登记及贷款银行出具的购房贷款台账来辅助认定基础资产真实性、合法性、有效性的问题。

其次，审查相关基础资产是否具有可转移性，就资产转让是否存在限制、是否需要获取同意或批准及必须做出哪些通知等予以核查。对此，律师可以通过原始权益人公司章程等相关文件予以核查。

最后，审查相关基础资产之上是否设定了抵押权、质权或其他担保物权。对此，律师可以通过对原始权益人访谈或核查项目相关的贷款合同、保证合同等文件及通过查阅中国人民银行应收账款质押登记系统等方式予以核查。

法律意见书

就法律意见书而言，必须保证律师事务所采取的前提假设与事实相吻合，并且该意见书仅涉及限于截止基准日的事项，且不对法律事项的未来状况做出任何保证。其内容一般包括：专项计划当事人主体资格，专项计划法律文件的合法性，基础资产的真实性、合法性、有效性、权利归属及其负担情况，基础资产转让的合法性，基础资产未被列入负面清单的相关意见，专项计划资产风险隔离的有效性，专项计划的信用增级安排的合法性、有效性，可能影响资产支持证券投资者利益的其他重大事项等。

购房尾款资产证券化进一步拓宽了中国金融产品的组合类型，丰富了国内金融市场层次。在资产证券化的加速发展中，律师事务所应当做好本职工作，在法律核查等关键问题中发挥应有的作用。

Key points in legal services for mortgage balance securitization

Issuance of asset-backed securities (ABS) products for real estate financing has seen robust growth since 2015. According to data by the Asset Management Association of China (AMAC), a total of 24 such products have been issued to date, including five quasi-REIT products, eight ABS products for property management fees, eight ABS products against the rights to receive operating incomes, and three mortgage balance ABS products. 

Outstanding among those is the China Universal AMC Capital – Shimao Asset-Backed Specific Plan (ABSP) on Mortgage Balance, the first ABS product for mortgage balance in China that was listed for trading on the Shanghai Stock Exchange (SSE) on 8 December 2015. Underlying the ABSP is the mortgage balance payment (i.e. balance payable by a home buyer using mortgage financing) receivable by the project units of Shimao Group in tier-1 and tier-2 Chinese cities. According to China Chengxin International Credit Ratings, the issuer rating and the senior debt rating on the ABSP are both “AAA”.

The Shimao ABSP is a financial innovation with benefits in two ways: on the one side, it not only helps Shimao Group access low-cost funding, but also enables the group to make more efficient use of its existing assets (mortgage balance), thereby optimizing its financial structure; on the other side, the ABSP represents a new type of low-cost wealth management product on the capital market, benefiting both investors and homebuyers indirectly. The ABSP is another demonstration of the notion that any asset that can generate stable cash flow can be securitized. It also gives great impetus to the development of real estate finance in China, with its remarkable market popularity pointing to the significant potential of asset securitization in real estate. 

In April, our lawyer team provided legal services for what could possibly be the fourth mortgage balance ABS product, which was also an ABSP. The services we provided mainly covered the following three aspects: drafting relevant legal documents; conducting legal due diligence; and issuing legal opinions. Below, this article elaborates on relevant legal services by drawing from experiences gained from this ABSP.

Drafting legal documents

In asset securitization, lawyers are required to draft various kinds of legal documents in order to determine the responsibilities, rights and interests of the parties involved. Among the most important legal documents are the ABS subscription agreement, the standard terms and conditions for asset-backed plans, the asset sale and purchase agreement for asset-backed plans, the difference payment letter for asset-backed plans, the keep-well commitment letter for asset-backed plans, the asset services agreement for ABSPs, the custody agreement for ABSPs, and the redemption commitment letter for ABSPs.

Due diligence 

In light of the characteristics of mortgage balance ABS products, our lawyers focused on the following two aspects during due diligence investigation: (1) the profiles of business participants, including the profiles of the originator and the project company with which the originator will sign an agreement to transfer its claims, as well as the profiles of the guarantor, the manager, the custodian and the asset servicer; and (2) the profiles of underlying assets, including the development of projects involving the underlying assets, the pre-sale of commodity housing, project development loans, and the formation of mortgage balance. 

The profiles of underlying assets are key to the due diligence performed by lawyers during mortgage balance ABS practices. First, lawyers needs to determine whether the accounts receivable contracts corresponding to the underlying assets are authentic, and whether the amount specified in such contracts is fixed or prone to diminution. 

To determine the authenticity, legality and effectiveness of underlying assets, lawyers can refer to the commodity housing sale contracts and loan contracts that involve the underlying assets, as well as the information on the contracts registered with real estate authorities and the advance notices on registration issued by them, and the mortgage ledgers issued by banks. 

Second, lawyers must review whether the underlying assets involved are transferable, and verify whether there are any limits on the transfer of assets, whether such transfer is subject to consent or approval, and what notices must be issued. Such a review can be performed by referring to relevant documents such as the articles of association of the originator. 

Finally, lawyers must verify whether there is any mortgage right, pledge right or any other security interest on the relevant underlying assets. The verification can be performed by referring to documents such as the interviews with the originator and the related loan contracts or guarantee contracts, as well as by making inquiries via the Accounts Receivable Pledge Registration System of the People’s Bank of China. 

Legal opinions 

Lawyers need to make sure that the assumptions adopted by the firm are consistent with the facts, and that such opinions only involve matters as of the reference date, and contain no guarantee for the future status of legal matters. Such opinions generally cover: the eligibility of the parties involved in an ABSP; the legality of the legal documents regarding the ABSP; the authenticity, legality, effectiveness, ownership of rights and interests, and encumbrances of underlying assets; the legality of the transfer of underlying assets; opinions with regard to the exclusion of the underlying assets from negative lists; the effectiveness of risk isolation by the ABSP; the legality and effectiveness of the credit enhancement arrangements for the ABSP; and other material matters that may affect the interest of ABS investors. 

Mortgage balance ABS has further expanded financial product portfolios in China, while adding more layers to China’s financial market. With ABS growth accelerating, law firms must fulfil their duties by playing their role in key aspects such as legal verification.

作者：隆安律师事务所北京总所高级合伙人刘晓明。他的联系电话是 +86 10 6532 0366；电邮是 xiaoming@longanlaw 

隆安律师事务所上海分所高级合伙人杨坤。他的联系电话是 +86 21 6085 7666；电邮是 ykun406@longanlaw 

Liu Xiaoming is a senior partner at Long An Law Firm, based in its Beijing headquarters. He can be contacted on +86 10 6532 0366 or by email at xiaoming@longanlaw 

Yang Kun is a Shanghai-based senior partner at Long An Law Firm. He can be contacted on +86 21 6085 7666 or by email at ykun406@longanlaw