本文關(guān)鍵詞： 房地產(chǎn)投資信托基金 公租房 法律障礙 對(duì)策建議　出處：《上海大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：2012年7月11日國(guó)務(wù)院《國(guó)家基本公共服務(wù)體系“十二五”規(guī)劃的通知》指出，重點(diǎn)發(fā)展公共租賃住房，逐步成為保障房主體，并要求在十二五期間增加公共租賃住房不低于1000萬套。我國(guó)公租房建設(shè)資金投入大、利潤(rùn)少、回收周期長(zhǎng)，如何多渠道籌集資金，讓公租房建設(shè)進(jìn)入良性循環(huán)，成為地方政府面對(duì)的一道難題。對(duì)此，不少專家學(xué)者提出了以房地產(chǎn)投資信托（REITs)作為一種融資渠道，解決公租房的融資問題。目前，上海、天津、北京等地都在進(jìn)行保障性住房REITs的試點(diǎn)，本文試圖借鑒美國(guó)、香港REITs的經(jīng)驗(yàn)，將REITs引入公租房建設(shè)中，解決我國(guó)公租房建設(shè)的資金難題。 第一章介紹房地產(chǎn)投資信托的一般理論，，對(duì)房地產(chǎn)投資信托的定義、分類、法律特征以及法律關(guān)系進(jìn)行簡(jiǎn)要介紹和分析，這對(duì)更深刻地理解房地產(chǎn)投資信托制度起到了重要作用。 第二章分析公租房建設(shè)運(yùn)用房地產(chǎn)投資信托的可行性及法律障礙。REITs在中國(guó)的試點(diǎn)尚未落實(shí)，加之公租房制度推行不久，將其運(yùn)用于公租房建設(shè)是否具有可行性是本章首要解決的問題。其次，一個(gè)法律制度的移植必然會(huì)與現(xiàn)存的法律制度有不適應(yīng)的部分，結(jié)合我國(guó)現(xiàn)有的法律制度，分析公租房在引入建立房地產(chǎn)投資信托方面存在的法律障礙成為本章的重點(diǎn)。 第三章主要介紹了房地產(chǎn)投資信托在美國(guó)、香港兩個(gè)地區(qū)公租房領(lǐng)域的運(yùn)用情況。美國(guó)是第一個(gè)將房地產(chǎn)投資信托運(yùn)用于本國(guó)的保障性住房建設(shè)的國(guó)家，其房地產(chǎn)投資信托的設(shè)立條件以及特殊的稅務(wù)安排，值得我國(guó)借鑒。香港第一個(gè)上市的房地產(chǎn)投資信托是領(lǐng)匯基金，其目的是為香港的公租房建設(shè)籌措資金，本章著重介紹了領(lǐng)匯基金的基本概況、主要參與人以及風(fēng)險(xiǎn)信息披露，為我國(guó)公租房建設(shè)運(yùn)用房地產(chǎn)投資信托提供借鑒經(jīng)驗(yàn)。 第四章在上文論述的基礎(chǔ)上，針對(duì)房地產(chǎn)投資信托運(yùn)用于公租房建設(shè)中的設(shè)立機(jī)制、運(yùn)行機(jī)制、風(fēng)險(xiǎn)監(jiān)管機(jī)制等三個(gè)方面的法律問題提出對(duì)策和建議。
[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.
【學(xué)位授予單位】：上海大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D922.181;D922.282

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