Research On Innovational Financing Model Of Public Rental Housing Based On Real Estate Investment Trusts

To achive the goal of "housing" put forword by the17th National People’s Congress of the Communist Party, Chongqing government innovative the model of housing security and raise a new Urban housing supply model called "Market plus protection" The basic idea of the new housing supply model is:the housing of lower-middle income groups which is about30%-40%of people in Chongqing will be supplied by the government; the housing of high-income groups which is about60%-70%of people in Chongqing will be supplied by thet real estate marke. Through a series of measures, a system of "low-end security, mid-market, high-end constraint"will be formed, and the the housing problem of whole peple in Chongqing will be solved.In early2010, a plan of a large-scale construction of public rental housing had been raised in Chongqing. In the next three years,40millions square meters of public rental housing wiil be start to constract and it can solve the housing difficulties of low-income people more than50millions. A lot of projects about public rental housing for the "sandwich class" has been lanched in Chongqing. But the financing mode for public rental housing is just single. It’s urgent to innovative financing model of the public rental, and then to increase financing channels to achieve the sustainable development of public rental. This paper first introduced the concept, characteristics, classification and mode of Real Estate investment trusts, as well as abroad, successful experienced about using Real Estate Investment trusts for residential financing. Then this article describes the backgrounds and significances about put Real Estate Investment Trusts into practice in public rental housing in Chongqin, and on this basis, SWOT analysis was used for demonstrating the feasibility. Then, this paper investigated a mode of putting Real Estate Investment Trusts into public rental housing. Finally, two case studies for Real Estate Investment Trusts-"The Linhui REITs and Yuexiu REITs" had been comparative analysed, and based on it’s conclusions,several suggestions had been drawn on for promoting the developments of public rental housing.