The Study Of Financing Pattern Of ABS On Public Rental Housing In China

Because of the defects of old housing security system in China,"sandwich class"in cities appeared, and with house prices rising, the number of it is getting bigger, to a certain extent, it is not good for social stability. To protect this part of the population's basic housing needs, and promote social harmony and development, China issued a call for the construction of public rental housing. However, considering the current situation of the supply of public rental housing in major cities of China, the construction of public rental housing is in slow progress and in short supply. One of the most important reasons is the lack of funds in the construction of public rental housing. Therefore, this paper focuses on the financing problems of public rental housing, through analyzing and researching the financing situations of public rental housing, identify the financing problems of public rental housing, and taking the experience from abroad, introduce the financing pattern of Asset-backed Securitization(ABS) into the construction of public rental housing, in order to provide a direction of thinking about offering funds to the construction of public rental housing.Firstly, this paper made a brief introduction of the current situation of the construction practices of public rental housing in major cities of China. From these construction practices, this paper found a very difficult problem of the construction of public rental housing—in slow progress, and in short supply, and pointes that the lack of funds is the main reason of this problem. Secondly, this paper made a summary and analysis of the current financing situation of public rental housing. The main sources of funds and the financing patterns of public rental housing in China were introduced. Among them, the funding sources, including the central special funds, local funds, housing provident fund loans, funds of land transfer, rent of public rental housing and public facilities, property taxes, and other funds. According to the typical patterns of operation into the main cities in China, financing patterns of public rental housing in China are classified into Chongqing pattern, the Beijing pattern, Shanghai pattern, and Shenzhen pattern. Based on the details of these two aspects, this paper analyzed and summarized the main financing problems of public rental housing and reasons for these problems. Thirdly, this paper introduced and analyzed the typical foreign construction practices of affordable housing, and received inspiration about financing of public rental housing: In addition to the public finances, we have to take the initiative, introducing the advanced financial tools for financing mechanism innovation, improve the financing system of public rental housing. Then, based on our analysis of the current financing situation of public rental housing, the inspiration of foreign experience, the introduction of the financing pattern of ABS, combined with China's national conditions, this paper introduced the financing pattern of ABS into the construction of public rental housing, in order to address the problem of the lack of funds. Meanwhile, this paper designed the basic operating process of the financing pattern of ABS on the construction of public rental housing, and made simple analysis about the financing efficiency and the case of it. Finally, in order to protect the financing pattern of ABS on the construction of public rental housing can be effectively run, this paper put forward some proposals from the macro and micro levels.