The Public Rental Housing Financing Mode Research In Chongqing

In recent years, along with the strength of low-cost housing, economic applicable housing construction and the transformation of shanty towns is progressively increase, the low income family housing conditions have been greatly improved. However, due to some areas of housing security policy coverage is relatively small, some large and medium-sized city commercial housing prices higher, rising fast, can be used for the large-sized apartment rental housing supply shortage and other reasons, some lower middle income housing difficulties families unable to purchase housing is a problem. Especially the " sandwich class" group stage housing difficulties, insufficient capacity to pay for the purchase of commercial housing, do not have to buy affordable housing conditions, this part of the crowd urgently need to solve their housing channels. Government is working to solve housing security problem for the majority of low-income families and the household registration in towns migrant workers. Public rental housing is a kind of housing security policy that government to solve market failure and guarantee the residents’basic living demand pursues, and public housing construction and supply has risen for the"national strategy". At present, Beijing, Shanghai, Shenzhen, Chongqing and other city active exploration of public rental housing construction. Especially in Chongqing, it is the most widely in China rural area, two urban and rural economic structure, the most prominent characteristics of the municipality directly under the central government, but also a large number of migrant workers groups of municipalities, coordinating urban and rural development shoulder heavy responsibilities, public rental housing construction in Chongqing city is urban and rural comprehensive reform important content. Construction required a large amount of capital is the common problem of affordable housing construction. So the study of the public rental financing pattern, widen financing channel, establish the lasting effect mechanism of public housing funds becomes the important guarantee for sustainable development.In this paper, analysis the public rental housing production, meaning, concept, characteristics and necessity; combing related theory and research achievement undertakes, understanding of domestic grandpa housing construction financing mode, especially the developed countries and regions of affordable housing in the mature financing mode and revelation, these basic theory is the foundation for public housing financing mode innovation research, and for the public housing system to establish and perfect the system. Through analysis the Chongqing public rental financing status and main financing channel, summary Chongqing city public housing financing mode effect, looking for Chongqing city public housing financing in the existence of the problem and its causes. Exploration and development of Chongqing harmonious public rental housing financing new pattern, put forward to perfect Chongqing city public housing financing mode of the basic thinking and some reference model.Get the following conclusion through the study:(1) Public housing construction investment and and loan repayment to achieve dynamic balance. Through calculation, in2015,4000×104m2public rental housing construction, through financial investment of the government, banks and non-bank financial institutions loans, provident fund loans and the issuance of bonds; through the introduction of real estate investment trusts, BOT mode and will assume the public rental housing construction as a real estate business in the basic conditions required for investment and financing channels, the targets can be achieved. Through the public housing rent, business matching part according to the market rental, and when conditions are ripe to public rental sold to eligible individuals can be realized by the way of repayment of principal and interest. Among them, the sale of commercial housing and public rental housing for sale, the two parts can be used to balance the social financing capital and surplus. While the public rental housing rental income to pay back the loan with interest, commercial real estate rental income can balance the annual repair and management fees. In addition,60%public rental housing,2400×104m2, as excellent assets long-term operation, access to long-term, stable rental income.(2) The government is the dominant role in public rental housing construction financing. Because of affordable housing investment gain rate is low, the investment recovery period is long, management is relatively complex, and thus to social capital attraction is relatively small. In this case, social capital can flow into the affordable housing areas, governmental dominant is the key, and depends largely on the preferential policies provided by the government, incentive, risk sharing mechanism and modes of cooperation conforms to the social capital investment. Public rental housing as affordable housing main body, must be in the policy making of the leading role of the government. Chongqing city public housing construction financing experience shows that, in public rental housing construction and in the process of financing, government is not only rely on finance and tax money, the comprehensive use of various means of regulation play leverage, to policy move, attract social and private capital to participate actively in are more important. Among them, through tax incentives, tax return, interest subsidies, credit guarantees and other means of guiding the private capital entering the low-income housing construction, effect is apparent. Therefore, the government should fully play the leading role, flexible use of various tools for affordable housing policy, operation and management to provide strong policy and market environment, attract social capital to participate in the affordable housing construction.(3) Social capital is the key to broaden public rental housing financing. Chongqing public rental housing construction financing experience shows, rely solely on the government financial investment and tax relief, cannot achieve sustainable investment for development of public rental housing; in government financial resources finite circumstance falls, development bank financing, financial, provident fund loans, the issuance of bonds and other diversified public rental housing construction financing channel is the key, which, through the financial taxation and other economic means to broaden the financing channels of financing, public housing, is a effective way of; through properly introducing market mechanism, not only for the construction of public rental to provide financial support, but also for social capital to participate in public rental housing construction to create the condition, so as to find a low risk and stable income, and social responsibility of the useful investment way.(4) The investment and financing platform is public rental housing financing mode operation center link. Chongqing city take the investment and financing platform of financing, Chongqing City real estate group, city investment group, two group of quality assets based on construction investment and financing platform, responsible for public housing financing, development and construction, is a public housing project whether carry out smoothly the center link; to effective operators as the basis, the financing channels for public rental housing construction, to provide better support and services, effectively promote the appreciation of assets value, and further enhance the platform of financing capacity and the operation of state-owned asset management capabilities; such a combination of government and market advantage, make it in their respective domains play a role in the platform, help financing mode and the innovation of management mechanism, the operating efficiency of the creation of a favorable environment.(5) REITS, BOT mode is the public housing financing mode innovation. Studies show that, with REITS, BOT mode as the typical representative of project financing in the international application is more mature, able to provide public housing financing mode innovation to provide useful reference. REITS for investors to participate in or withdraw from the investment at the same time, also has the characteristics of high and stable return to public rental business, can be produced in the process of sustained, stable rental income to pay dividends, thereby attracting tend to sound investment investor; BOT model can be established through institutional cooperation, guide developers to invest in the construction of public rental housing, private enterprise intervention can not only broaden the construction and operation of public rental housing funding sources, and can improve the efficiency, reduce the risk. Therefore, if the pattern with some modifications in the form of public rental housing construction, and incorporated into public rental housing financing mode, will greatly enrich the public rental financing means and methods, enhance its financing capacity, and promote the development and innovation of financing mode.(6) Put forward to widen the Chongqing public rental financing countermeasure proposal. Actively and steadily introduce variety of financing modes, encourage social capital to participate in, to regulate the real estate enterprises undertake construction of public rental program as soon as possible, improve relevant laws and regulations, encourage and regulate the affordable housing finance, establish and perfect the credit supervision system, strengthening the construction of public rental operation risk control.