A Study On Pubilc Rental Housing Financing Mode Based On Real Estate Investment Trust Fund

To strengthen the affordable housing construction and management, to combinethe establishment of market allocation and government housing security system, is animportant policy move of China’s socialist market economic system reform. Publicrental housing (hereinafter referred to as the public rental housing) is an importantsupplement to the current affordable housing system, playing an important role insolving housing difficulties of this major livelihood issues. However, there are hugefiscal risk and financial risk in public rental construction funding.Therefore, study onpublic rental housing financing pattern has the important practical significance.This thesis firstly reviews the domestic and foreign literature and researchachievements, defines the related concepts of public rental housing, public rentalhousing financing. Discusseing the existing problems in the process of public rentalhousing financing.Secondly,this article analyses the current stage of China’s real estate marketfinancing mode, the financing predicament of public rental housing construction andtheir causes. Public rental housing construction requires a large amount of money, relying solely on government financing is not enough. According to the experience ofdeveloped countries and regions, the market shuold play an important role in resourcesallocation.Thirdly, this article analyses the development of the real estate investment trust inthe United States of America, Singapore and Hongkong.According to their experiencewe shuold Take the following measures: first, vigorously supporting the legislation ofthe relevant laws and regulations; second, the government should ensure the source offunds.third, the government should guide the private investment.fourth, the establishingspecial non-profit organization or company for the construction of affordable housing,operation.Finally, this article constructs the operation mode of the f public rental REITs.Then it discusses the necessity and feasibility of public rental housing financing byusing REITs model.It analyzes the REITs financing mode for public rental housingconstruction economic applicability and external utility, that REITs play an importantrole in alleviating the financial burden of the government public housing. Citing specificcases for the specific implementation of public rental REITs is discussed, at the end of the thesis,it points out the risks and problems in the development of public rentalhousing REITs, and puts forward some reasonable suggestions.