| Along with our country economic restructuring and urbanization, the number ofcity "sandwich class" has increased, and the contradiction between their urgent housingneeds and city lags behind the housing security system has been increasingly prominent.Public rental housing as a powerful means to solve the "sandwich class" housingproblems, is an important supplement of housing security system in our country, and animportant way is to achieve the goals of people’s "housing" and livelihoodimprovement.In the past two years, local governments in response to the national requirements,vigorously carry out the policy of construction of public rental housing, but thegovernment-led construction mode mainly depends on the government funds and bankloans. In front of a huge demand for funds, the government is facing enormous financialpressure and the development of public rental housing is meeting the capital bottleneck.Therefore, in addition to give full play to the leading role of the government, it iscurrently an important topic worthy of study to explore how to mobilize social resourcesto participate in public rental housing construction and operation, how to broaden thefinancing channels and how to solve the shortage of government funds in the shortterm.Aiming at the financing situation and dilemma of China’s public housing, we aresupposed to utilize the real estate investment trust fund to solve the problem of publicrental housing financing in China. It has certain practical significance for our country inhousing finance and development to argue about the international case and the situationof our country’s argument and analyze REITs in China’s public rental housing financingin the specific application mode,.First of all, the paper analyzes the operating status of China’s public housing, findsthat China’s public housing have problems of slow improvement and lack of supply, andpoints out that the most important cause of the problem is the shortage of funds.Secondly, through an analysis of China’s public rental housing financing channels anddilemma, the reasons for the difficulties are summarized, leading to the fact that themain problems of China’s public rental housing financing are the pressure ofgovernment finance and lack of social participation so that financing channels need tobe expanded and innovative. Thirdly, after the analysis of the concept, the classificationand the characteristics of the advantages of REITs, the paper introduces in details two cases including the United States low-rent housing REITs and The Link REITs of HongKong, and draws implications for China’s public rental housing financing in theexperience of using REITs model. On this basis, combined with the characteristics ofChina’s specific conditions and public housing, the paper introduces an analysis ofChina’s public rental housing and feasibility of the REITs financing mode. Finally, onthe basis of the study above, it is regarded as the key point to design the basicframework of profit, China’s public rental housing REITs financing mode, the operationflow and supervision mechanism, and some rational suggestions are put forward againstthe obstacles on the road. |
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