The Research Of Application Of PPP In The Development Of Public Rental Housing

How to introduce and mobilize the private sector to invest and operate the public rental housing, is important to accomplish the objective of 12th Five Year Plan that building 36 million sets of government-subsidized housing. In addition, housing security system still exist the problem such as level is not high, limited quantity, unfair, and management should improved. In view of this, I combed the United States, Japan, Singapore's public housing financing and management experience. United States largely rely on market that encourage social capital to participate in public housing developments to solution the problem of the country's public housing, especially rich and complex means of subsidies and the huge financial system. In Singapore, HDB which is led by the Government and integrate government administration with enterprise, is responsible for housing construction, distribution and management over nationwide, the United States and Singapore represent two different policy orientation. The policy of Japan are different form them, the use of social capital is higher than Singapore, but less than the United States, its public housing problem is solved by establishing a public financial institutions to drive private investment. I also summarizes the present domestic research situation about investment and financing model of the public rental housing, the main method include PPP, REITs, securitization, expanding the scale of the housing accumulation fund, collecting housing security tax. Using PPP model can introduction social capital into the development of public rental housing, and also has many advantages in the management. The article selects the PPP models for research object, analyze the related issues of using PPP models in public rental housing development, including the feasibility, advantages, cooperation framework and risk management of using PPP models in public rental housing development. The article demonstrates the feasibility from the five aspects, including the public rental housing's nature of public goods, economic feasibility, policy feasibility, obtaining experience and talent, the strength of private capital, and come to the conclusion that the PPP model can be used in public rental housing development. The article discusses the advantages from the two perspectives of financing and management. The article designs cooperative framework of the PPP model that using in public rental housing based on the existing research, and analyze risk management.