| According to statistics, at the end of 2014, " 4-2-1 " family structure increasingly highlight,elderly consumption and pension services market demand is gradually released.Office of the National Committee on Aging data show that in 2014 the consumption potential of China 's elderly population is 4 trillion, to 2025 years this figure will rise to 106 trillion yuan,a share of GDP will increase from 8% to 33%.Endowment real estate as an important part of pension services market, how to through the government guidance, enterprise development and meet the needs of the broad masses of the elderly, key research worth each related department.This article obtains from the endowment of the early period of the real estate development financing, through combing the special connotation of endowment property, in-depth analysis of the existing pension the connotation, characteristics and adaptability of real estate financing mode, combined with China's specific conditions, to build the endowment estate PFI-REITs(PFIR) financing model, the financing mode of the parties involved and the specific operational procedures will be explained. After analyzing the feasibility of PFIR financing model, had an impartial judgment on its strengths and weaknesses.In addition, aiming at the construction of endowment real estate PFIR financing model, using RBS listed hierarchically its project financing operations in the process of risk factors,through the issue about "endowment real estate financing risk factors questionnaire", collecting data, and further use of entropy method of each item detailed analysis to the importance of the risk factors. After data analysis found that changes in the pension estate investment policy, inflation, and the merits of construction technology, the degree of harmony among all stakeholders as well as the real estate market, the demand for pension and end user satisfaction than other several risk particularly important factor in terms.Based on the above findings, before the adoption of pension PFIR estate financing, the primary task is to establish a sound national policy system to encourage investment,improve the establishment of standards from the SPV, cash income receipts, REITs holders rights approach each party involved in the legal system and other aspects of the proportion of income distribution; Second, the government can quickly change business functions as soon as possible, strengthen coordination and supervision role; Third, once endowment real estate development and construction using this financing model, we must at all times ensure that the information of all stakeholders in the communication, to ensure the harmonious relationship between the parties, to achieve mutual benefit and win-win; Fourth, fully excavating regional demand in the elderly, accurate position, improve the supporting services, ensure the realization of investment income; Finally, to ensure that the entire project development stage financing, construction of specialized management institutions and staff training.In this article, through the above analysis, and gradually to our country endowment risk problems of real estate financing link put forward feasible advice, to provide the reference for the relevant departments. Once the endowment real estate smooth development in different regions of our country, meet the needs of the elderly people body and mind, can alleviate the aging population increase too fast pressure of various social, promote the development of social harmony and stability. |
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