Research On Financing Model Of Large-scale Development Of Pension Real Estate Under PPP+REITs Mode

The aging of China's society is deepening,which is reflected not only in the increase in the size of the elderly population,but also in the proportion of the advanced ages,empty nesters and disabled elderly.In the near future,the first middle class retired will generate large-scale pension demand.The pension real estate,which is the core and carrier of the pension and service industry,has entered the stage of the times,but its development scale is far from the pension requirements of the elderly in the society under the pressure of aging.Although the state continues to provide comprehensive policy support to guide the healthy development of pension real estate,due to the high construction and operation costs,and the tightening of the domestic real estate market financing environment,the financing channels for pension real estate are too simplex,and it is difficult to obtain sufficient development funds from the capital market.Therefore,on the whole,China's pension real estate shows a trend of low development level and insufficient development scale.Establishing high-efficiency financing channels to promote the scale development of pension real estate,alleviating the pressure of inclusive pensions,and helping the elderly to live their life in dignity has become an urgent social problem.The large-scale development of pension real estate should open up funding channels,focusing on the injection and withdrawal of funds in the later stage to achieve rolling development.Summarizing the financing experience of mature pension real estate,the development of pension real estate needs to maximize the diversification of investment entities,and the government has a dominant position in the financing of pension real estate.At the same time,the development of pension finance directly promotes the prosperity of the pension real estate market,especially the most significant is the REITs model.This paper proposes a financing model for the development of pension real estate combined with PPP and REITs,introduces government responsibility and social capital in the PPP mode,fully combines the advantages of the government and private enterprises;further introduces social idle funds and establishes the capital of the pension real estate investment entity in the REITs model.The exit mechanism enables private enterprises to release funds into the development of new pension real estate projects,realize rolling development,and achieve the goal of promoting the scale development of pension real estate.This paper analyzes the necessity of introducing PPP mode and REITs mode in the existing environment.At the same time,based on the analysis of the matching point between PPP mode and REITs mode,this paper discusses the model construction and operation process of PPP+REITs pension real estate model,and analyzes the income distribution and risk sharing mechanism of this model.This paper analyz the feasibility of this model in the current environment from the perspective of supply and demand,and the problems faced by PPP+REITs financing development model from the four aspects of policy,economy,society and technology.The results put forward relevant suggestions for the development of PPP+REITs pension real estate in China.From the consumer side,the PPP+REITs pension real estate model has product attributes that can provide homes with pension services;from the investment side,it is an investment tool that can be circulated in the securities market,which has both financial attributes.Beased on product attributes,the PPP+REITs pension financing model has greatly expanded the financing channels for pension real estate.Its effective capital withdrawal mechanism enables pension real estate developers to have the ability to develop rolling and promote the scale development of pension real estate;On financial attributes,it broke the barriers for social investors to invest in pension real estate,so that social capital can enjoy the dividend of pension real estate development and improve the effective utilization rate of social capital.