REITs在公租房运用中的法律问题分析

发布时间：2018-02-10 07:18

本文关键词： 房地产投资信托基金公租房法律障碍对策建议　出处：《上海大学》2013年硕士论文　论文类型：学位论文

【摘要】：2012年7月11日国务院《国家基本公共服务体系“十二五”规划的通知》指出，重点发展公共租赁住房，逐步成为保障房主体，并要求在十二五期间增加公共租赁住房不低于1000万套。我国公租房建设资金投入大、利润少、回收周期长，如何多渠道筹集资金，让公租房建设进入良性循环，成为地方政府面对的一道难题。对此，不少专家学者提出了以房地产投资信托（REITs)作为一种融资渠道，解决公租房的融资问题。目前，上海、天津、北京等地都在进行保障性住房REITs的试点，本文试图借鉴美国、香港REITs的经验，将REITs引入公租房建设中，解决我国公租房建设的资金难题。第一章介绍房地产投资信托的一般理论，，对房地产投资信托的定义、分类、法律特征以及法律关系进行简要介绍和分析，这对更深刻地理解房地产投资信托制度起到了重要作用。第二章分析公租房建设运用房地产投资信托的可行性及法律障碍。REITs在中国的试点尚未落实，加之公租房制度推行不久，将其运用于公租房建设是否具有可行性是本章首要解决的问题。其次，一个法律制度的移植必然会与现存的法律制度有不适应的部分，结合我国现有的法律制度，分析公租房在引入建立房地产投资信托方面存在的法律障碍成为本章的重点。第三章主要介绍了房地产投资信托在美国、香港两个地区公租房领域的运用情况。美国是第一个将房地产投资信托运用于本国的保障性住房建设的国家，其房地产投资信托的设立条件以及特殊的税务安排，值得我国借鉴。香港第一个上市的房地产投资信托是领汇基金，其目的是为香港的公租房建设筹措资金，本章着重介绍了领汇基金的基本概况、主要参与人以及风险信息披露，为我国公租房建设运用房地产投资信托提供借鉴经验。第四章在上文论述的基础上，针对房地产投资信托运用于公租房建设中的设立机制、运行机制、风险监管机制等三个方面的法律问题提出对策和建议。
[Abstract]:In July 11th 2012, the State Council's Circular on the Twelfth Five-Year Plan of the National basic Public Service system pointed out that the focus on the development of public rental housing has gradually become the main body of indemnificatory apartment. During the 12th Five-Year Plan period, the number of public rental housing units should be increased to no less than 10 million. Our country has a large investment in public rental housing construction, less profits, and a long recycling period. How to raise funds through multiple channels to make the construction of public rental housing enter a virtuous circle? This has become a difficult problem for local governments. For this reason, many experts and scholars have proposed using REITs as a kind of financing channel to solve the financing problem of public rental housing. At present, Shanghai, Tianjin, Beijing and other places are trying to pilot the REITs of affordable housing. This paper attempts to draw lessons from the experience of REITs in the United States and Hong Kong, and introduce REITs into the construction of public rental housing to solve the problem of financing for the construction of public rental housing in China. The first chapter introduces the general theory of real estate investment trust, the definition, classification, legal characteristics and legal relationship of real estate investment trust. This has played an important role in a deeper understanding of the real estate investment trust system. The second chapter analyzes the feasibility of public rental housing construction and use of real estate investment trust and legal obstacles. The pilot project of REITs in China has not been implemented, and the public rental housing system has not been implemented soon. Whether it is feasible to apply it to the construction of public rental housing is the first problem to be solved in this chapter. Secondly, the transplantation of a legal system will inevitably have an inadaptable part to the existing legal system, combining with the existing legal system of our country. It is the focus of this chapter to analyze the legal obstacles to the establishment of real estate investment trust in public rental housing. The third chapter mainly introduces the use of real estate investment trust in the public rental housing field in the United States and Hong Kong. The United States is the first country to apply real estate investment trust to the construction of its own affordable housing. The establishment conditions and special tax arrangements of the real estate investment trust in Hong Kong are worthy of our country's reference. The first real estate investment trust listed in Hong Kong is the remittance fund, the purpose of which is to raise funds for the construction of public rental housing in Hong Kong. This chapter mainly introduces the basic situation, main participants and risk information disclosure, which provides reference experience for the construction and use of real estate investment trust in the construction of public rental housing in China. On the basis of the discussion above, the 4th chapter puts forward the countermeasures and suggestions on the legal problems of the establishment mechanism, the operational mechanism and the risk supervision mechanism of the real estate investment trust in the construction of public rental housing.
【学位授予单位】：上海大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.181;D922.282

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