Research On The Initial Allocation And The Adjustment Mechanism Of Property Proportion Of Joint-ownership Housing

Affordable housing policy has been implemented for many years in China.However，Practice has proved that it has appeared economically affordable housing isnot economical, buyers arbitrage and other more problems.joint-ownership housing isan innovative design to solve such problems.Compared to traditional affordable housing,property right is clearer, coverage is broader, recovery of funds becomes faster.However, The proportion allocation and adjustment problems between government andbuyers is one of the key factors to make this innovation advantage embodied,and it isalso one of the core issues of institutional design in joint-ownership housing.This dissertation first starts with the concept and features of joint-ownershiphousing, teases joint-ownership housing relevant theoretical basis, and analyses part ofjoint-ownership housing system from foreign countries which have relatively matureexperience. Think that property shares in various form, the initial proportion is flexible,property proportion is adjustable etc. such characteristics can provide a reference for ourcountry. Then study on the initial proportion of china joint-ownership housing rightsdistribution. Get property rights proportion α of property buyers and governmentranges: C2/C1.This dissertation thinks that the initial capital contribution of propertybuyers should be more than housing development costs. And the initial capitalcontributions of property buyers in the range of4-8times annual household disposableincome.Aiming at problem of joint-ownership housing proportion adjustment, thisdissertation constructs a total of three kinds of property right proportion adjustmentways. First，property buyers buy back the remaining property, when the purchase isless than5years, the government will transfer own the equity portion50%of the value-added benefits from the market valuation to the buyers, and give some preferential rent;The purchase is more than five years, property buyers to repurchase the remainingproperty, the price is calculated according to the market valuation of the remainingproperty. Second, government buyback the remaining property, when the purchase isless than5years, the repurchase price is calculated the principal and interest of theproperty buyers’ first capital contributions according to deposit rates of the People’s Bank of China over the same period;When the purchase is more than five years,government to buy back the remaining property according to the market valuation,if themarket valuation is less than the principal and interest of property buyers according todeposit rates of the People’s Bank of China over the same period, the latter as therepurchase price. Third, the joint-ownership housing enters the market, if the purchaseis more than5years, buyers apply for exit but the government does not buyback, tradedat market price, buyers and government ownership share value-added benefits inaccordance with the proportion. Finally, takes Huangshi city as an real exampleanalysis of joint ownership housing, verifies the rationality of this study.Through this study, in the hope of designing property rights Initial proportionallocation and adjustment mechanism of joint-ownership housing.which is of certainreference function and practical value for improving the joint-ownership housingsystem and building China’s housing security system.Due to limited personal capacity,the risks for joint-ownership housing is not in-depth study, it’s need to be furtherstudied on risk aversion and sharing, etc.