The Study On The Financing Pattern Of Indemnificatory Housing In China

The construction of indemnificatory housing is one of the most important Livelihood projects in our country, it's the key to solve the house-purchase-problem for low income families. As the price of the commercial residential building is growing very rapidly all recent years, which continuously hit a record high. It becomes much harder for low-income families to purchase their house on their own. Under this condition, our country focus more on the living problem for these low-income families and make greater efforts to supply indemnificatory housing. The 12th Five-Year Plan stated that the government will enhance the construction of indemnificatory housing, planed to build 10 million units of indemnificatory housing in 2011 and 36 million units during the 12th Five-Year period. In 2015, the coverage of indemnificatory housing would reach 20% at entire housing market. The extensive construction demands huge funds. Ever since a long time ago, the development of indemnificatory housing in our country rely on government investment. It's a traditional single model, but under great fund demand for extensive construction, it's difficult for government to fill this huge financing gap, an innovative mode is thereby required to absorb a wide range of private capital.The first chapter is the introduction of the research.The second chapter is relevant conceptions and theoretical foundation. This chapter bring forward the conceptions of the indemnificatory housing and the financing of the indemnificatory housing. And this chapter also propose the theoretical foundation of this paper.The third chapter is the current financing situation and problem for our country's indemnificatory housing. It analyzes the condition of present fund demand according to the investment plan for indemnificatory housing in The 12th Five-Year Plan, analyzes main source of capitals and the problems in financing-mode for current indemnificatory housing construction in our country. This part indicates that the indemnificatory housing construction in our country is rely on government investment, which is a single-financing mode, seriously lacking of fund supply. Thus it would be the primary task to widely absorb private capitals. Proceeding from above mentioned reality, this part provides the practical basis for multi-financing mode for indemnificatory housing construction.The fourth chapter borrows the ideas from the developed countries and regions on their financing mode. It introduces the financing mode of American public housing, Germany public rental housing, Housing and Development Board (HDB) Flats in Singapore, and Hong kong public housing. The experiences will give some good enlightenments to the present financing operation for our country.The fifth chapter is the building of the multi-financing pattern of the indemnificatory housing. This chapter is the focal part to explain, the former three chapters provide the practical basis, theoretical foundation and precious experience for the financing pattern of indemnificatory housing construction. This part focus on how to build the multi-financing pattern. It provides two ways for thinking how to absorb private capitals:indemnificatory housing REITs and indemnificatory housing PPP financing pattern. For REITs, When analysis indemnificatory housing REITs, it first introduce the meaning of REITs,characteristics and the classification of REITs, then proposes the design thinking, the set-up form and the operation mode of indemnificatory housing REITs. The second way to absorb private capitals is PPP financing pattern. And this paper outline the meaning, characteristics, types, operational objectives and the mode of the PPP. Then it gives the indemnificatory housing PPP model participants design, design process and specific mode selection.The sixth chapter is the proposals of the multi-financing pattern. In order to ensure the multi-financing mode to be smoothly and orderly put into effect, to stimulate private capitals continuously flow into indemnificatory housing construction, and maintain its steady progress, this paper offered the proposals in five aspects to operate the multi-financing for affordable housing construction.