A Comparative Study Of The Chinese Social Indemnificatory Housing Financing

In recent years,the rising of house prices make difficulties to the people.Governmentpay more and more attention to affordable housing that are livelihood issues, for protectingliving of low-income families. Quasi-public product、positive externalities、low economicefficiency and market failure are the property of affordable housing which need theintervention of Government, but Government cannot guarantee that heavy investing ofaffordable housing construction yearly carry out smoothly.However, the government can not guarantee that heavy investing ofindemnificatoryhousing construction yearly carry out smoothly. Both the national government and localgovernment are facing huge gaps in indemnificatory housing construction funds.With the year-to-year improvement in our housing system, government invests heavilyinindemnificatory housing, but indemnificatory housing construction coverage rate is stillless than5%.The single model of indemnificatory housing financing, over-reliance on thegovernment and annual requirements to new construction of indemnificatory housing bringenormous difficulties toindemnificatory housing construction. Government requires the fullimplementation of town of indemnificatory housing projects basically building4.7millionunits and newly started construction of6.3million sets, which become the bottleneck ofChineseindemnificatory housingfinance.This paper first introduces related concepts and theoretical basis for indemnificatoryhousing finance, analysis development and successful experience in domestic andinternationalindemnificatory housing financing model, summarizes the problem ofindemnificatory housing finance in China.According to large gap funding requirements ofindemnificatory housing construction and the characteristic of longer payback period, thispaper discusses in depth the characteristics of successful financing models at home andabroad, analysis REITS, PPP, ABS financing model as well as viable and operation processof lottery financing and housing provident fund forindemnificatory housing finance, analysisthe relationship between the investors and financing businesses from the perspective of gametheory,analyzed under which conditions reach to aWin-win situation.Accordingly this paperdesigned and built multi-channel, diversified indemnificatory housing financing frameworkthat is indemnificatory housing finance as the main, government and multi-party social forcesparticipating in multi-channel, diversified financing. This injects huge private capital for indemnificatory housing finance in China, so that the participation of private capital in theconstruction of indemnificatory housing form a market-oriented operation mechanism whichimproves the coverage of indemnificatory housing construction and capital utilization.Besides, this paper explored and innovated in the indemnificatory housing of a variety offinancing channels and patterns, and makes the value of capital investors increasing.Inbrief,this paper has profound theoretical and practical significance to accelerating andpromoting indemnificatory housing construction.