REITs及其在我国公租房建设中应用的可行性

发布时间：2018-02-10 05:34

本文关键词： 公租房房地产信托投资基金(REITs) 新型融资方式　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国正处在高速城市化阶段,城市住房不足的问题在这一阶段凸显。我国目前的保障房体系包括限价房、经济适用房、公租房和廉租房四种住房类型,其中公租房为保障房的主体。公租房巨大的建设规模,较长的运营周期,较低的投资回报率决定了其建设资金主要来源于政府财政补贴。如何为公租房建设拓展新的融资方式为本文研究的重点。本文在提出我国公租房建设巨大的资金缺口后提出将REITs应用于公租房建设,并试图分析这一措施的可行性。首先对我国的保障房体系进行了介绍,对公租房的特征、与其他类型保障房的区别、公租房的定价机制、公租房的退出机制一一进行了阐述,最后还对未来几年我国公租房的需求进行了预测。继而对REITs进行了介绍,包括REITs与其他房地产相关投资工具的区别、REITs的基本属性、REITs的分类等。然后对美国、香港、新加坡三个地区的REITs的发展情况进行了介绍,包括各地REITs的设立规定、数量、资产分布及各地之间REITs的区别。最后主要就公租房REITs的市场环境、法律基础、收益率三个层面进行了分析,认为我国发展公租房REITs的市场环境基本成熟,法律基础尚且不足,在某些情况下收益率已满足投资者所要求的最低收益率。故认为我国公租房REITs基本可行。
[Abstract]:Our country is in the stage of high-speed urbanization, and the problem of urban housing shortage is prominent at this stage. The current indemnificatory apartment system in China includes four types of housing, namely, limited price housing, comfortable housing, public rental housing and low-rent housing. Among them, public rental housing is the main body of indemnificatory apartment. Public rental housing has a huge construction scale and a long operation cycle. The low rate of return on investment determines that the construction funds mainly come from the government financial subsidies. How to develop new financing methods for the construction of public rental housing is the focus of this paper. This paper puts forward the huge capital for the construction of public rental housing in China. After the gap, it is proposed to apply REITs to the construction of public rental housing. And try to analyze the feasibility of this measure. First of all, the indemnificatory apartment system of our country is introduced, the characteristics of public rental housing, the difference with other types of indemnificatory apartment, the pricing mechanism of public rental housing, the exit mechanism of public rental housing are expounded one by one. Finally, it forecasts the demand for public rental housing in China in the next few years. Then it introduces the REITs, including the difference between REITs and other real estate related investment tools, and the classification of REITs. The development of REITs in three regions of Singapore is introduced, including the establishment regulations, quantity, distribution of assets and the difference of REITs between different regions of Singapore. Finally, the market environment and legal basis of REITs in public rental housing are mainly discussed. This paper analyzes the three levels of yield, and concludes that the market environment for the development of public housing REITs in China is basically mature, and the legal basis is still inadequate. In some cases, the rate of return has met the minimum yield required by investors. Therefore, it is considered that the REITs of public rental housing in China is basically feasible.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.23

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