Research On The Development And Operation Mode Of Pension Real Estate Project Based On PPP

Pension real estate in our country has gone through a long process. With the aging of population increasingly aggravate, pension real estate has caught the wild concern of social public.However, solely relying on government investments in projects of pension real estate, the traditional development and operaiton mode not only increases the financial burden of the government, but also can't solve low efficiency issue of development under administrative system. At the meantime, some real estate enterprises head to pension real estate. While, most enterprises only focus on circle terrestrial development in the name of aged support,which is as the same as the marketing of traditional dwelling products and can't meet the increasing needs of social provision for the aged. Based on this situation, this paper studies the development and operaiton mode of pension real estate projects based on PPP, to solve the shortcomings of the traditional mode, so that the projects can develop smoothly.This paper starts with the development and operaiton reality of Chinese pension real estate,and analyzes the concept and developing process of pension real estate, market supply and limitations of the traditional development and operaiton mode. Secondly, aiming at the shortcomings of traditional development and operaiton mode, the study puts forwards the development and operaiton mode of pension real estate based on PPP, analyzes the necessity and feasibility of the application of PPP models in the construction of pension real estate projects,analyzes the necessity and feasibility to develop pension real estate projects with PPP, and design its specific operating and running process. Then, this paper analyzes the key factors of successfully applying PPP mode to pension project, including sharing ratio of the most optimal investment and reasonable concession period. Accordingly, it makes models of projects investment sharing game and concession period decision respectively, and analyzes the specific steps of using models. Finally, this paper does a research on practical application by combining Huailai-Yongyang Bay pension projects in Hebei province and models. The main study results of this paper include the followings.(1) This paper makes a comprehensive analysis of developing and operating reality of Chinese pension real estate. The emergence and development of the pension real estate in China has undergone three major development stages, but it still faces the problems of insufficient supply and low service level, which can't meet diversified needs of social pension for the aged.At the same time, the traditional operation mode of pension real estate also has the problems of financial pressure, low developing efficiency and non-standard market rules.(2) This paper built the development and operation mode of pension real estate based on PPP. Using PPP mode to promote pension real estate projects can achieve the complementarity of government and enterprise. Through theoretical feasibility, economic and policy environment and the technical and talent reserve, this paper analyzes the feasibility of using PPP model to develop the pension real estate, and design main participants, running mode and specific operating process.(3) This paper confirms the key success factors of applying PPP mode to pension project.The key factors include sharing ratio of the most optimal investment and reasonable concession period. Based on game theory, the paper built game model of investment sharing ratio between government and enterprise. Additionally, based on the real option theory, it built decision model of concession period. Accordingly, the paper analyzes the specific steps of using models to improve its operability.(4) This paper does a research on practical application by taking Huailai-Yongyang Bay pension projects in Hebei province as an example. Based on the above study results, the paper takes Huailai-Yongyang Bay pension projects as an example and practically analyzes the main participants and operation mode of this pension real estate under PPP mode, sand uses models to work out the sharing ratio of the most optimal investment between government and enterprise are 52.65% and 47.35% respectively, and a reasonable concession period is 21. 68 years.The study results provide reference for government and enterprise to develop and operate pension real estate projects, and have important meanings and values for solving the shortcomings of traditional development and operation mode.