The Study Of Participation Of Social Capital In The Financing Of Public Rental Housing

The population base of China’s huge, the city development unevenness is huge, the living condition difference between rich and poor is big, especially along with the modern development, residents living standards is decreased because of housing problems, keep people in good housing environment is doomed to be solved. At present, the public rental housing has become the main form of affordable housing in our country, and also is the most vital way to guarantee the housing rights of low-income groups. But the government has put large amount of money to build it in recent years, this simply rely on government subsidies mode is difficult to ensure that the public rental housing can develop sustainably. The operation of public rental housing is very important to perfect the affordable housing in our country, it is also a solution to the problem of the biggest livelihood of the people in China, only establish a mature and scientific public rental housing finance system, can accelerate the operation of affordable housing and increase supply, make everyone have their habitat, improve the living conditions of the low-income group.This paper mainly studies the public housing financing problems; assists public rental housing in raising funds for construction to provide feasible way. The first chapter is the introduction, mainly introduces the background of the research, the significance of issue choice, discusses public rental housing in general, public rental housing financing at home and abroad research progress of several patterns, including REITs mode, the PPP mode, and points out the study content, main ideas, research methods, innovations and deficiencies. The second chapter discusses the theoretical basis for the possibility of social capital to take part in public rental housing, and the feasibility of social capital to take part in the operation of public rental housing, points out that our country has basically the ability to rely on social idle capital to raise funds. The third chapter analyses the social rental housing’s operation mechanism in Europe, including the social rental housing stock and the provider, in many European countries have had housing association, this special organization collects existing stock in the market, so all kinds of exist stock can be collected as social housing; In addition, also introduced the development of American REITs financing mode and advantages, and points out that in our country can completely draw lessons from it, and to analyze its worth learning place. The fourth chapter points out the difficulties existing in the public rental housing finance, including in lack of construction capital, lack of professional management organizations, immature legal system of public rental housing financing, it is concluded that the biggest financing dilemma of China’s public rental housing is that the investment rate is too low, it can’t attract social capital; analyzes the effect of the low rental yields finance form, also the relationship between the low yield and other reasons. The fifth chapter mainly analyzes the social capital to take part in public rental housing financing mode of REITs, pointed out our public rental housing should be leaded by government, it can involve in the regulation of public housing financing and also involve in public housing in the operation of REITs, to make sure that the public rental housing can operate well under REITs. In the chapter, the second, the paper raised the mode of operation of the real estate housing REITs and framework design, points out that should set up a professional fund management companies to raise all kinds of existing homes in the market, this way not only can reduce the probability that rent a house, on the other hand can raise public housing to speed up the progress, decrease material waste and save time. Finally, put forward the case of operation of REITs in China and the development of our country’s public housing finance policy, institutional suggestions. In the sixth chapter is obtained in this paper, the main conclusion is that social capital has the condition to participate in the public rental housing finance in our country, and can adopt REITs model for fundraising, but also in the present paper summarizes the problems existing in the government guidance pattern of REITs, and this article does not involve public housing financing problem, expect public housing fund management and operation of our country provides some reference opinions.