The Financing Combination Research Of China Pension Real Estate Project

With the increase of population aging, pension issues has become the focus of Chinese society. As the carrier to provide the living space and the service for aged, pension real estate is an important part of solving the problem. But at present, it’s difficult for pension real estate development to finance, and the problem of financing channel is single. Meanwhile, the traditional real estate market is more competitive, the enterprises are seeking the way of transformation. Research on the financing structure of pension real estate in project development and operation, can not only provide a theoretical basis for the development of enterprises in transition, but also can promote the rapid development of pension real estate.The research is based on the theories and the practices in pension real estate financing combination. At first, according to the research of trade—off theory, pecking order theory, portfolio theory of finance and project financing theory, the financing combination and the theory of project financing, the concept of financing combination is put forward to solve the financing problem in pension real estate. Secondly, through the study of concept, operation mode and application in pension real estate with trust, industry investment fund, public private partnership (PPP), insurance, and real estate trust investment fund (REITs) and bank credit, the paper finds the orders in financing amount, cycle, time node, project required, cost, and participation and market performance. Finally, on account of the different finance demand in China’s pension real estate development and sub item score comparison, the paper finds the optimal financing combination with PPP, industry investment fund, REITs and insurance, sub optimal financing combination with insurance, band credit, industry investment fund and industry investment fund or REITs. Then it describes the application. At the same time, the identification, evaluation and risk control in the process of financing is described. Because of the many factors existing in pension real estate development, the financing combination needs to adjust according to the actual situation.