The Study On The Financing Pattern Of Public Rental Housing In China

In recent years, Chinese real estate market continues to heat up; the price of housing commodity is rising constantly. Housing industry creates huge economic benefits, at the same time, the problems that the function of housing security in housing market lag behind have gradually exposed. Currently housing has become biggest people's wellbeing problem in urban society. Especially housing security of vulnerable groups, such as low-income earners, is being a topic that the whole society paying attention to. To establish and improve housing security system, to protect all low-income families well accommodated, and to promote a harmonious and healthy development of the real estate industry has become top tasks and emphasis in at all levels of government. However, the sandwich class that don't meet the requirements for low-rent houses, nor can afford commercial housing or affordable housing, still not belong to housing security system. How to solve housing problem of the sandwich class is a new issue for cities government. In this context, Public rental housing is gradually rising and rapidly developing.Housing finance are accelerators and catalytic converters to the housing industry development; public rental housing project is not excepted. Funds are the basic security to public rental housing construction, and the main bottleneck currently restricting the development of public rental housing. As the public rental housing have properties of quasi-public goods and positive externalities, economic returns are not obvious. The market mechanism is part of the failure in public rental housing area, and must need government intervention. But the government can't take responsibility for the construction of public rental housing by itself. Faced to a huge demand for funds in constructing public rental housing, there is a big gap in local financial authorities. How to adapt to development requirements in the current period, combined with characteristics of public rental housing, and actively explore innovating financing pattern, to raise funds from multiple sources and meet the requirement of public rental housing construction, to become the key issues requiring urgent solved for healthy and rapidly developing public rental housing.This paper selected public rental housing that is the current social hot issues as the research object, put public rental housing financing pattern as the core research content. The aim is to find the crux of troubled financing through initially combing and researching public rental housing financing, and explores the direction that cracks public rental housing construction funds puzzle. It seeks to explore a financing pattern for public rental housing that can be promoted in large scale. And help us form a government-led, market operation, multi-stakeholder involvement, benefit sharing, risk-sharing financing pattern of public rental housing; it will be a new pattern of a good situation.Firstly this paper introduces the research background, the research goal and significance, research methods and clues, elaborated the domestic and foreign research situation about low-income housing financing. It deeply analyzes the conception, character and necessity of public rental housing, the conception, character and ingredient of public rental housing financing pattern, and public goods theory, Item discrimination theory, and marketability evaluate. The aim is to lay a solid theoretical basis for follow-up research. Then briefly introduced the development profiles of public rental housing in China, summed up three main financing patterns in public rental housing development:financing pattern based on government financial allocation; government specialized agencies financing pattern; the investment and financing platform financing pattern, and analyzed the major financing channels in the financing patterns. It sums up major problems arising in the public rental housing financing and summarized the main reason behind its problems. Then briefly introduced the developed countries or regions affordable housing financing pattern, and summarized some inspirations in the experience of foreign financing pattern for developing public rental housing finance in China. Based on the above analysis, combined with the main factors affecting the financing pattern of public rental housing, and the main objectives and principles the financing pattern of public rental housing, put forward a public rental housing finance model framework which putted public rental housing investment and financing platform as the core, government departments and multiple social forces to participate in, Interaction of a variety of financing methods, Integrated ABS mode, PPP mode and other advanced experience; and give full play to market mechanism and business operation. And totally analyzes the basic elements of the framework of the system:elements subsystem and environment subsystem, operating mechanism at three levels:government; platforms and projects and necessary support system in financing pattern. Finally, it introduces the conclusions and prospect of this research.