The Research On The Operating Mechanism Of Old Reconstruction Investment Funds

With the development of city economic, to adapt to the current city's detailed planning which have been approved, old city reconstruction is that expanding and lines changing of urban infrastructure, relocation and reconstruction of mining, business, commerce and house, Addition of public green space and the cultural entertainment, which have been incompatible with planning and development of city. Old city reconstruction can achieve savings of land use, improve living environment of old city, prevent economic from landslide and industrial vacuum, enhance the image of city, make the city's functions and structure layout be more rational.However, old city reconstruction faces a series of problems, including financial, land replacement, removal compensation, resettlement placement, job placement and protection of the ancient city; all of issues are the main line of fund. According to the traditional financing model, fund of old city reconstruction comes from city government financial allocations and bank loans, whether from the financial needs or risk control, the traditional mode of financing is far from meeting demand investment, the huge shortfall in funds need financing model innovation of old city reconstruction. Face Business opportunities from old city reconstruction, Real estate enterprises with overall strength access funds through bond market, trust fund model for old city reconstruction, then they access to substantial development profit, but urban residents and householder can't share operating results of city.Learning from industry funds, real estate investment trusts and PPP financing model, this text constructs old city reconstruction investment funds, which raise funds from residents'saving, some compensation for householder, corporate fund and other idle fund for old city reconstruction. On the one hand, old city reconstruction investment fund could expand financial sources of old city reconstruction to fill the fund gap and speed the development of urban construction; on the other hand urban residents and householder can share operating results of city, play an important role in income re-distribution, on the same time, which can ease the social contradiction caused by demolition of old city reconstruction.The paper introduces theoretical basis of old city reconstruction investment funds, including industry funds, real estate investment trusts and PPP financing model; then the role of old city reconstruction investment funds, product design, operating mechanism, profitability model; Based on the operation mechanism, the paper designs internal organizational structure, external organizational structure, fund sources of old city reconstruction investment fund, and different systems of incentives and investment redemption mechanism for different investors. Based on profit mode, the paper designs investment process, evaluation system for enterprises invested, investment and capital evaluation system of investment project, and withdrawal mechanism of old city reconstruction investment fund.Old city reconstruction belongs to commercial activity, which must have to face much risk, so the paper analyses of the risk of old city reconstruction investment funds during operation, and designs external risk control system and internal risk control system. To ensure interests of investors, the paper learns lessons of failure from Sanya real estate investment certificates, and designs double security system and enterprises invested mortgage system. Finally, the paper introduces two actual cases, Chengdu Unity building office old city reconstruction housing project resettlement trust plan and Sanya real estate investment certificates, and analyses successful operation experience of actual cases for old city reconstruction investment funds.