本文關(guān)鍵詞： 公租房 房地產(chǎn)信托投資基金(REITs) 新型融資方式　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：我國(guó)正處在高速城市化階段,城市住房不足的問(wèn)題在這一階段凸顯。我國(guó)目前的保障房體系包括限價(jià)房、經(jīng)濟(jì)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(shè)規(guī)模,較長(zhǎng)的運(yùn)營(yíng)周期,較低的投資回報(bào)率決定了其建設(shè)資金主要來(lái)源于政府財(cái)政補(bǔ)貼。如何為公租房建設(shè)拓展新的融資方式為本文研究的重點(diǎn)。本文在提出我國(guó)公租房建設(shè)巨大的資金缺口后提出將REITs應(yīng)用于公租房建設(shè),并試圖分析這一措施的可行性。首先對(duì)我國(guó)的保障房體系進(jìn)行了介紹,對(duì)公租房的特征、與其他類型保障房的區(qū)別、公租房的定價(jià)機(jī)制、公租房的退出機(jī)制一一進(jìn)行了闡述,最后還對(duì)未來(lái)幾年我國(guó)公租房的需求進(jìn)行了預(yù)測(cè)。繼而對(duì)REITs進(jìn)行了介紹,包括REITs與其他房地產(chǎn)相關(guān)投資工具的區(qū)別、REITs的基本屬性、REITs的分類等。然后對(duì)美國(guó)、香港、新加坡三個(gè)地區(qū)的REITs的發(fā)展情況進(jìn)行了介紹,包括各地REITs的設(shè)立規(guī)定、數(shù)量、資產(chǎn)分布及各地之間REITs的區(qū)別。最后主要就公租房REITs的市場(chǎng)環(huán)境、法律基礎(chǔ)、收益率三個(gè)層面進(jìn)行了分析,認(rèn)為我國(guó)發(fā)展公租房REITs的市場(chǎng)環(huán)境基本成熟,法律基礎(chǔ)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(rèn)為我國(guó)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(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.23

【參考文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

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

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本文編號(hào)：1499774