本文關鍵詞： 公租房 房地產信托投資基金(REITs) 新型融資方式　出處：《復旦大學》2014年碩士論文　論文類型：學位論文

【摘要】：我國正處在高速城市化階段,城市住房不足的問題在這一階段凸顯。我國目前的保障房體系包括限價房、經濟適用房、公租房和廉租房四種住房類型,其中公租房為保障房的主體。公租房巨大的建設規(guī)模,較長的運營周期,較低的投資回報率決定了其建設資金主要來源于政府財政補貼。如何為公租房建設拓展新的融資方式為本文研究的重點。本文在提出我國公租房建設巨大的資金缺口后提出將REITs應用于公租房建設,并試圖分析這一措施的可行性。首先對我國的保障房體系進行了介紹,對公租房的特征、與其他類型保障房的區(qū)別、公租房的定價機制、公租房的退出機制一一進行了闡述,最后還對未來幾年我國公租房的需求進行了預測。繼而對REITs進行了介紹,包括REITs與其他房地產相關投資工具的區(qū)別、REITs的基本屬性、REITs的分類等。然后對美國、香港、新加坡三個地區(qū)的REITs的發(fā)展情況進行了介紹,包括各地REITs的設立規(guī)定、數(shù)量、資產分布及各地之間REITs的區(qū)別。最后主要就公租房REITs的市場環(huán)境、法律基礎、收益率三個層面進行了分析,認為我國發(fā)展公租房REITs的市場環(huán)境基本成熟,法律基礎尚且不足,在某些情況下收益率已滿足投資者所要求的最低收益率。故認為我國公租房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.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.23

【參考文獻】

相關碩士學位論文 前1條

1 黃丹;我國廉租住房投資信托基金REITs模式研究[D];重慶大學;2011年

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本文編號：1499774