Research On ABS Embedded In PFI Project Financing Of W Public Housing

Since 2014, according to “state council general office on low-income housing project construction and management guidance”, public rental housing and low-rent housing run at the same time, following the principle which "who invests, who owns, then who benefit ", without changing the nature of their use of the premise, adopt market-oriented approach, to encourage private capital to participate in construction and operation. By reference the financing experience of foreign affordable housing, in public housing has already begun to adopt PFI financing pattern,but public housing PFI project has low investment rate and long payback period, that has restricted the social the participation of private capital, combined with the single financing model has certain limitation, in the actual operation effect is not ideal.On the basis of analyzing the financing status of public housing, aiming at the condition which the traditional financing model isn't applicable, exploring the proposed introduction of ABS pattern applied to public housing in the PFI project financing, in PFI pattern for public housing projects provide start up capital, responsible for project construction, when project rental income to achieve expected to adopt ABS pattern implementation of asset the securities financial institutions through securities funds raised in the social capital market to repurchase let public housing projects, at the same time to operation phase of high rents and income stable public housing project as the object of the asset can effectively reduce the risk of ABS investors.This paper elaborates the topic background firstly, on the basis of analyzing the existing problems, this paper expounds research purpose and research significance, analyzes domestic and foreign related research situation, discuss PFI financing pattern theory, ABS financing pattern theory and Hall three-dimensional structural model.Secondly, this paper introduces the construction background and situation of W public housing project, and then analyzes W public housing PFI project financing to implement comprehensive agency system and the operation process, and according to the actual project situation, analyzes and summarizes shortcomings of W public housing PFI project financing pattern.This paper expounds the necessity and feasibility of W public housing PFI embedded ABS,analysis scientific nature and rationality, then analyze the ABS into the body of the PFI project finance, public housing design ABS embedded W PFI project financing operation process, and from the hall three-dimensional model of three dimensions, such as integrated comparative study for comparative analysis, through the hall three-dimensional evaluation model of operationanalysis, the PFI- ABS model and the model of PFI W public housing expected effect are analyzed in comparison.Finally, this paper puts forward suggestions from the perspective of government agencies ABS embedded PFI model of construction land supply, targeted tax breaks to encourage measures; From the perspective of social capital this paper puts forward the various specification participants, sets up reasonable risk-sharing mechanism implementation suggestion; From the perspective of third party independent operation of the SPV platform this paper puts forward such measures as Suggestions, to promote the ABS embedded PFI financing model applied to provide the reference and draw lessons from public housing project.Through the study,this paper expects to promote the PFI- ABS financing model applied to the public housing projects, attract more social capital construction investment, break public housing financing predicament, fully release the pressure of government finance, promote healthy and sustainable development public housing project. Along with our country public housing development and mature of the market, the results will play useful application value and significance.