Master Degree Dissertation Of Chongqing University Study On REITs Model Of The Low-rent Housing In China

From the state council issued a document in the implementation of the low-rent house in 1998, the low-rent house in china has developed 13 years. During this period, the low-rent house construction has been started in advance but progressed slow. The most obvious problem is funds retardation. The main source of Chinese low-rent house funding is the government's financial subsidies and value-added benefits such as housing fund. Therefore, the low-rent house finance highly dependent on the government and the financing channel is narrow.The Real Estate Investment Trust (REITs) is a real estate company that offers common shares to the public. In this way, an REIT stock is similar to any other stock that represents ownership in an operating business. It's a security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. The United States and Singapore have already introduced it to the construction of financing public house. It not only expand the financing channels of public house to solve the financing problems, but also to improve the construction efficiency and service levels, achieve good results.Based on the study of foreign REITs and the successful experience of the theoretical results, this article analyzes the current investment and financing of low-rent house situation. It discusses feasibility of introducing REITs to low-cost house construction in China, and systematically analyzes the possible risks and stakeholders'The Game situation.The article is divided into seven chapters. The first chapter describes the background, purpose and significance and to analyze and summarize research status. The second chapter is the basic theory of research in the investment and financing low-rent house and the assessment of low-rent house quasi-public goods'marketability and operating. The third chapter is the theoretical study of REITs. It analyzes the major categories of its inherent characteristics, and summarizes the general mode of operation. The fourth chapter is on our low-cost house's current situation of investment and financing modes, combined with the success of the international experience to discuss feasibility of introducing REITs to low-rent house in China. The fifth chapter discusses our business mode of REITs in low-rent house construction and studies the possible mechanisms of risk and risk aversion. The sixth chapter is on analysis of stakeholders' The Game situation in the REITs'business mode, proposes the inevitable choice of developing the low-rent house REITs in China. The seventh chapter summarizes this work and to make research prospects.In view of the development of REITs in China still in its infancy, this article focuses on problems which worth considering of the developing low-rent house REITs in China. This article draws on sociology, economics and statistical knowledge and methods, using qualitative and quantitative, theoretical and practical combination of research methods. This article explores feasibility of developing low-rent house REITs in China and the need to face the problems and patterns. Then make policy recommendations.