1.0Law.asiahttps://beta3.law.asia/zh-hans/Janhttps://beta3.law.asia/zh-hans/author/van_author6/rich600338<blockquote class="wp-embedded-content"><a href="https://beta3.law.asia/zh-hans/%e7%b1%bbreits%e8%82%a1%e5%80%ba%e7%bb%93%e6%9e%84/">类REITs股债结构搭建新方式解析</a></blockquote> <script type='text/javascript'> <!--//--><![CDATA[//><!-- /*! This file is auto-generated */ !function(d,l){"use strict";var e=!1,n=!1;if(l.querySelector)if(d.addEventListener)e=!0;if(d.wp=d.wp||{},!d.wp.receiveEmbedMessage)if(d.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!/[^a-zA-Z0-9]/.test(t.secret)){for(var r,i,a,s=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),n=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),o=new RegExp("^https?:$","i"),c=0;c<n.length;c++)n[c].style.display="none";for(c=0;c<s.length;c++)if(r=s[c],e.source===r.contentWindow){if(r.removeAttribute("style"),"height"===t.message){if(1e3<(a=parseInt(t.value,10)))a=1e3;else if(~~a<200)a=200;r.height=a}if("link"===t.message)if(i=l.createElement("a"),a=l.createElement("a"),i.href=r.getAttribute("src"),a.href=t.value,o.test(a.protocol))if(a.host===i.host)if(l.activeElement===r)d.top.location.href=t.value}}},e)d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",t,!1),d.addEventListener("load",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf("MSIE 10"),i=!!navigator.userAgent.match(/Trident.*rv:11\./),a=l.querySelectorAll("iframe.wp-embedded-content"),s=0;s<a.length;s++){if(!(e=a[s]).getAttribute("data-secret"))t=Math.random().toString(36).substr(2,10),e.src+="#?secret="+t,e.setAttribute("data-secret",t);if(r||i)(t=e.cloneNode(!0)).removeAttribute("security"),e.parentNode.replaceChild(t,e)}}}}(window,document); //--><!]]> </script><iframe sandbox="allow-scripts" security="restricted" src="https://beta3.law.asia/zh-hans/%e7%b1%bbreits%e8%82%a1%e5%80%ba%e7%bb%93%e6%9e%84/embed/" width="600" height="338" title="“类REITs股债结构搭建新方式解析” — Law.asia" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe>https://beta3.law.asia/wp-content/uploads/2022/03/MATTHEW-CHING-and-CHEN-JIAHUI-2.jpg900600《关于证券公司开展资产证券化业务试点有关问题的通知》（下称《试点问题通知》）将“资产证券化业务”定义为“证券公司面向境内机构投资者推广资产支持受益凭证，发起设立专项资产管理计划（下称“专项计划”或“计划”），用所募集的资金按照约定购买原始权益人能够产生可预期稳定现金流的特定资产（即基础资产），并将该资产的收益分配给受益凭证持有人的专项资产管理业务活动”。据此，业界通常认为，基础资产应当先于专项计划形成，专项计划设立后向SPV发放股东借款与资产证券化的基本原理相悖。