Study On The Operation Of REITs Financing For Public Rental Housing In Kunming

In order to solve the housing problem of low-income residents such as urban low-income workers,rural migrants and newly graduates,government have continuously increased the supply of affordable housing,especially increasing the supply of public rental housing.However,there are few financing methods for the construction of public rental housing in our country recently,the main source of funds is financial fund and bank loans.However,the limited role of government funds alone and over-reliance on government funds can cause tremendous pressure on local governments.Therefore,in order to alleviate the financial pressure in the construction and management of public rental housing and improve the operation efficiency,We need to introduce a new ways of financing.This article studies the public rental housing that covered financing principal and interest with future earnings issue the Real Estate Investment Trusts(REITs),explores the establishment of the public rental housing finance based on market mechanisms.This article will analyze the current situation and the existing financing methods of public rental housing in China to analyze the necessity and feasibility of using REITs in the construction of public rental housing.Through the calculation and analysis of the economic feasibility of using REITs to finance a public rental housing project in Kunming,and through Delphi method and Entropy method to identify and analyze the risk of financing public rental housing in Kunming by using REITs model.This article will discuss the possibility of using REITs to finance the public rental housing in Kunming and the risk factors that should be paid attention to.Finally,this article will design the operation mode of public rental housing by using REITs in Kunming.