A Research Of Financing Model For Public Rental Housing In Our Country Based On REITs

Strengthen the affordable housing system is given priority to with public rental housing construction, is an important measure of our country in the new period, how to introduce market mechanism, the establishment of a government security and market support with the combination of public rental housing financing model is an important part of economic system reform in our country. Public rental housing(hereinafter referred to as public housing) priority among priorities low-income housing construction, plays a very important role in the livelihood problems of housing. Public rental housing as a quasi public product, economic benefit is not obvious, there must be government intervention, but the government is unable to bear alone the public rental housing construction of the huge capital demand. How to adapt to China’s city construction, combining with the characteristics of public rental housing to explore new financing model, the introduction of social capital to participate in investment and construction, to fill our country’s public rental housing a huge funding gap, is a healthy public rental housing development in the rapid development of the need to solve the problem.This article first to domestic and foreign financing for REITs and current research status of public rental housing construction related are summarized, proposed the existence of our current public rental housing financing problems: first, with the development of our country, the construction of public rental housing increased year by year, the huge funding gap; second, to rely on government investment, leading to the local fiscal burden; third, social idle huge amount of money, but the lack of investment channels into public rental housing market.Secondly, China’s present stage of public rental housing financing mode, the channel is summarized, in-depth analysis of China’s public rental housing financing dilemma: at the present stage of our country public rental housing construction financing only by government support is unsustainable, must be innovative financing mode, give full play to the role of market economy, the introduction of social funds to fill the public rental housing construction fund gap.Once again, at home and abroad on low-income housing finance has carried on the thorough analysis. An overview of the development history of REITs America low-income housing, the successful experience of USA low-income housing REITs is analyzed, summed up the reasons for the failure of Tianjin low-income housing REITs, and obtains three enlightenments: first, public rental REITs requires the corresponding laws and regulations support; second, public housing benefits of REITs requires the government to provide the corresponding policy support; third, the government should be in the public rental REITs operation play a leading role.Finally, construct public rental housing REITs financing model. Through qualitative and quantitative analysis, using the internal rate of return IRR model for different market conditions of public rental housing project rate of return was calculated, REITs issued proof of public rental housing in our country is completely feasible. In view of the public rental REITs each participation main body, provides a detailed public rental operation of the REITs process, and the corresponding policy suggestions on the financing of this model is proposed.