按揭抵押债券 meaning in English

asset-backed security

After studying the real estate industry of some developed country we can draw a conclusion that a mature real estate market consists of three small circulation which build up a large circulation . the three small circulations are building construction circulation , investment circulation and asset securities circulation
这三个小循环分别是：以房地产开发商为核心的房地产开发循环；以房地产投资管理为核心的房地产投资循环；以及以按揭抵押债券为核心的资产证券化循环。