The Research Of Financial Support For The Development Of Long-term Rental Apartments In China

Since 2017 the basic regulation in real estate is that house is for living not for speculation.Chinese government actively encourages the development of rental housing market,and a series of related policies including industry and financial support have been issued.Under this circumstance,clarifying the financial support of China's long-term rental apartments to better development has become an urgent problem.This paper introduces the development of long-term rental apartments in China and sorts out its financial support,and then compares with the financial support situation in the United States,Germany and Japan,to find that China's long-term rental apartment development financial support has some shortcomings.It mainly includes:the framework system of financial support is imperfect,the specific implementation rules are not perfect,the support of the market supply and demand is uneven,and the financial support measures are different from the national financial market.Based on the economic theory of "market failure",the internal logic of the necessity and effectiveness of financial support for the development of long-term apartment market is elaborated.Through the four-quadrant model theory analysis framework,the financial support measures for supply and demand side are explained to how they affect the long-term rental market.Base on the framework of four-quadrant model and VAR measurement,we Introduce variables such as financing scale,rent level,asset price and new construction volume to construct the empirical analysis of financial support for long-term apartment in China.Empirical result is:on the market supply side,financial support for long-rental apartment companies to obtain financial facilities for direct financing in the financial market is effective for promoting the development of the long-rent apartment market;on the market demand side,rent level has a significant impact on long-term rental apartments,and financial support measures affecting the level of rent will also affect the development of the market.These measures include rental housing subsidies,reni deduction personal income tax and so on.Finally,based on the above analysis,we believe that in the development of long-term rental apartments in China,we could take into account macro and micro financial support measures.Macroscopically,we should establish a complete supply and demand side support framework,intensify indirect financing support in conjunction with financial conditions and actively intervene in stable asset prices.Microscopically,we should improve the standardization of the implementation of the financial products and improve rental subsidy coverage and subsidy levels.