International practice indicates that there are various environments for NPLs securitization development in different countries. For example, in USA it is based on mature asset securitization market, while in Japan, Korea, and Italy, it has been promoted by new legislation. The paper mainly discusses three aspects about NPLs securitization, such as establishing SPV and its rule of law; the transaction structure and credit risk rating method; the function of asset management servicer. The Italian Legal System is more useful and beneficial for Chinese banks to clean-up NPLs.