The Feasibility And Operation Model Of PPP Application On Aging-in-place In China

As China's aging phenomenon intensifies,solving the problem of the elderly's pension has become an important agenda for the government.In fact,the central government's pension policy "9073" is just to encourage 90% of the elderly to adopt aging-in-place model,which is the pension care provided by family and social institution with the community service network.In the meantime,the responsibilities of the care and economic support are born by the family and government.As a result,the suitable living environment for aging and community home care's service network are important attributes to make aging-in-place implemented well,guaranteeing safety and convenience.The government's pension policy is responsible for the specified elderly people,including the renovation for the old communities and the subsidy voucher for the care service.In this way,the financial burden is huge,and this pension model is difficult to be fully promoted.Therefore,how to attract social capital to participate in aging-in-place industry development and break the financing difficulties has become an important problem of improving the aging-in-place.The thesis discusses the feasibility of PPP model in the application of aging-in-place,and analyzes its business model.Firstly,the thesis introduces the two main ways of social capital participation in the pension industry in the UK: the issuance of real estate investment trusts(REITs);private finance initiative(PFI),and research their social capital's participation forms,fare payment,and investment income's source.Furthermore,the thesis discusses several investment and financing models in the current environment in China,from the perspective of capital cost income,exit time and legal system.It concludes the feasibility of PPP model and gives a case study to analyze,including background,equity and debt structure and fare payment.The thesis discusses the possible ways to improve the economic efficiency through the renovation & operation franchise,which aims to deal with the poor living conditions and low care service efficiency.It makes a further analysis of strategies of government and social capital in the choice of investment and financing model in aging-in-place industry.After the analysis of two parties' decision-making behavior,it concludes the impact of government and social capital strategy,including decision-making factors and boundaries.Finally,based on the government's position of developing aging-in-place industry,this thesis discusses the blueprint of government's incentive system to encourage the social capital to participate in the franchise mode,and designs the possible scheme of asset-backed securitization framework.The thesis points out the limition concerning data and application cases.However,this thesis provides the idea of the feasibility and operation model of aging-in-place PPP model,contributing to explore the PPP research field in the housing renovation.It provides evidences to support the detailed scheme of the incentive system in the future when the data and application is available.