Research On The Application Of Real Estate Investment Trust In PPP Projects

Since 2014,China's PPP development has gone through a period of rapid development,adjustment and normative development,and the public attention of PPP has been greatly increased.The understanding of the PPP model by the government,social capital,financial institutions and other participants has been deepened,and a number of PPP projects have begun to be implemented.According to the PPP comprehensive information platform project management database of the ministry of finance,by the end of January 2019,the total number of projects under the management database was 8,735,with the investment of 13.2 trillion yuan,and the total number of projects under the management database was 4,814,with the investment of 7.3 trillion yuan,with the landing rate of 55.1%.The total number of projects under construction was 2,282,with the investment of 3.2 trillion yuan,and the operating rate was 47.4%.However,compared with the 8,735 projects in the management library,the overall utilization rate of PPP projects is only 26.12%,which is still at a low level.Through investigation,it is found that financing difficulty and high financing cost are the important factors affecting the low landing rate of PPP projects.PPP mode is conducive to improving the quality and level of public service.In order to promote the development of public undertakings and provide high-quality and high-level public services to the public,it is urgent to innovate the financing mode of PPP projects,increase their financing channels,reduce financing costs and improve the exit mode of PPP projects so as to better promote the PPP development.As one of the financial tools for project financing,Real Estate Investment Trust(REITs)is applied to PPP projects,which has the significance of activating the existing assets of PPP projects,optimizing the financing arrangement of the whole life cycle of PPP projects,improving the stable operation capacity of projects,and promoting the standard development of PPP projects.Based on a deep understanding of the connotation of PPP development in China under the new situation,this paper determines the application of real estate investment trust fund in PPP projects as the research object.The main research ideas are summarized as follows:Firstly,by elaborating the background and research significance of this topic,systematically sorting out relevant research results at home and abroad,and analyzing the research status of PPP,REITs and PPP REITs;Secondly,combined with the theory of public goods,project financing theory and principal-agent theory,this paper discusses the application of real estate investment trust fund in PPP projects at the theoretical level.Thirdly,based on the characteristics and reality of China,the feasibility and necessity of applying real estate investment trust fund in PPP projects are analyzed in detail,the basic connotation,main types and organizational forms of PPP REITs are clarified,and the PPP types suitable for REITs investment are analyzed on this basis.Fourth,analyze the energy management infrastructure REITs of American CorEenrgy company on this basis;Fifth,in-depth analysis of China's PPP REITs development status,fully revealed the risks and problems faced by China's PPP REITs;Sixth,summarize the regulatory system,tax system and other aspects of the REITs and its infrastructure in the United States,Japan and Singapore,so as to form useful experience;Seventh,on the basis of case analysis and reference to international experience,combined with China's policy environment,put forward the possible path for the development of China's PPP REITs,and put forward countermeasures and Suggestions for the problems facing the development of China's PPP REITs.