Financing Mode Research In Indemnificatory Housing Of China

Since China’s reform and opening up, the reforms in China has obtained great achievements, involved the real estate market. With the new housing system reform developed after the welfare housing distribution system quitting the historical stage, such as housing marketization, monetization, capitalization, the socialist market economic system set up in our country to adapt to the new housing system. According to the continuous development of supply and demand change, the real estate market in our country has obtained the rapid development under the resource integration of the market, while real estate prices rising gradually and people living conditions changed, the existence of "market failure" has brought certain problems.Out of proportion; that the per capital disposable income to the housing price in the city’s low-income,people cannot meet the demand of rigid phenomenon.This phenomenon what has gradually given to rise the establishment of China’s housing security system standard and improve affordable housing level to meet in the process of urbanization, the low-income people have living rights of social security system.As an important part of our country’s social security system, affordable housing has been not only the main way to solve the housing problems from the low-income families, but also the key to link with the process of urbanization in our country. With the 12th five-year plan issued, the aim is to build 36 million sets of affordable housing in the next five years, raising the rate of the housing town coverage to 20%. System of affordable housing construction is not only needing guarantee, but also need the supervision of government departments and a lot of construction fund. Under the grand blueprint for affordable housing construction, the issue the how to get more financial support is all levels of government facing with the problem. Traditional methods of fiscal policy and the limited land tax policy have been hard to meet the demand of affordable housing construction funds for a long time. At present, the most affordable housing construction fund are from the government funding support, while the amount is limited and there is much directions about using of supervision and restriction. Therefore, simply depending on government spending is very difficult to ensuring the construction of affordable housing funding sources. The low-end the money market financing is also difficult to apply in the field of housing construction, as well as a hot problem that development of relying on the new capital market to providing the private capital financing methods to apply to the construction of affordable housing in a period in the future.According to hotspot of the above research, this paper made the following research:The first chapter:the main idea, first of all, is our country the present stage of affordable housing construction that makes a brief explanation about the problem of financing, illustrating the reason of thesis writing. Then from two aspects of theoretical and practical significance in the study of demonstrating the necessity of the research and the research method of this paper, and then expounds the basic structure and main innovation points and deficiencies.The second chapter:the paper introduces the related literature reading from what writer collected from the government’s housing policy, affordable housing financing mode, financing channels and current situation of the construction of four aspects of the literature inland and abroad have been analyzed and reviewed.The third chapter:introduces the BOT and PPP financing model in the rental housing construction in the theoretical research that is on affordable housing construction and housing accumulation fund. The study respectively introduces the basic theories of each model, applied to the corresponding types of the feasibility of affordable housing construction, and analyzed the advantages and disadvantages of BOT financing mode, while which leads to the PPP financing model in attracting private capital compared with the advantages of BOT financing mode. On this basis, it illustrates the financing model applied in the rent of the need for affordable housing construction.The fourth chapter:the paper analyzes the current situation, affordable housing construction in China and Chinese financing problems. This chapter embarks from our country to establish the system of affordable housing policy, summarizing the course of the construction of the housing. Then it analyzes the current situation of the construction of affordable housing in our country from the supply and demand point of view, the demand of the country’s regional distribution, and the funding gap of three aspects of concrete is discussed. On the basis of the analysis of the the current situation of affordable housing financing in our country, we found the existing problems and the reasons for the formation.The fifth chapter:the paper introduces six present situations and the experience of western countries such as the United States, Britain, Singapore, Japan, Germany and the Netherlands in affordable housing financing, and analyzes the enlightenment on housing finance in our country.The sixth chapter:on the basic of the third chapter, give an introduction to the theory of three kinds of financing pattern, and make a case study. In the chapter,BOT financing mode is trying to put forward the applicable to the type of lease financing model of affordable housing construction, and puts forward the advice to use; the PPP financing model puts forward some Suggestions of optimizing about the use of social capital combined with the actual case to do with the specific application analysis; and housing accumulation fund model combined with the set of the housing case analysis in Singapore,put forward to a proposal for application in our country.The seventh chapter:through the analysis of the above research, the research put forward to the results and conclusions.In this paper, the above research results have been obtained at the same time, and try to put forward the three innovation points:First of all points,, this paper tries to explore the functions of the government responsibility in the field of affordable housing financing mode in the view of the relationship between government and market, to make sure that the role of government in different financing environment.Secondly, because most housing resources are from domestic the supply of affordable housing, and the analysis all from the housing resources distribution system, affordable housing financing problems of related research is still in its infancy, as well as the research of this paper broaden field of the vision of affordable housing financing in the research.Thirdly, based on the public product theory, the financial system innovation theory, stakeholder theory and project distinguish theory, we design research financing mode theoretical framework for affordable housing construction, and make sure the responsibility of the government in the function and clear role of the different housing financing mode. To a certain extent, it expanded the research’s depth. In this paper, the low-rent housing, public housing and turn shantytowns into new housing areas, with the the financing model of BOT, PPP and affordable housing accumulation fund, and the positioning of government role, as well as the feasibility of financing model,we concrete operation and the internal or external environment and analyze the various influence factors.