Research On The Application Of BOT To The Development Of Public Rental Housing

Affordable housing project is a major strategic project for the livelihood of the fundamental means to resolve the current housing difficulties of low-income families in China. Public rental housing is put forward for the "sandwich class" which not covered by our current housing security policies, how to speed up the development of public rental housing construction project is one of the most important task to improve China’s housing security system. The main bottleneck of affordable housing development projects is the lack of funds, it is the same for the development of public rental housing construction project, there are two issues:how to solve the lack of construction funds and how to fully mobilize social capital to participate in public rental housing construction project, the answer of these two issues is the key to the objective of36million sets of towns’affordable housing projects during China’s12five. Public rental housing is a quasi-public goods, the development and construction funds comes mainly from the government’s financial input, the government’s financial capital is not enough for the huge capital needs of the public rental housing construction project in China. The main problem solved in this paper is how to explore new financing models to improve the enthusiasm of social capital in the construction of public rental housing.This paper first summarizes the basic theoretical point of view of domestic and foreign scholars for the financing of affordable housing projects, combined with the financing status of China’s public rental housing, summarizes the major financing channels for public rental housing construction project in China:financial resources of central and local arrangements, loans of financial institutions, corporate bonds and notes issued in accordance with the regulations, the added income housing funds and loans, land net income, rental funds from public rental housing and ancillary facilities, social investment and other funds. Then, this paper analyzes the problems and main reasons of public rental housing finance, this section lies the foundation for the next question to solve.Secondly, combined with the advantage of BOT financing mode, from the nature of public rental housing, environmental and economic conditions, social capital strength and other considerations, this paper analyzes the feasibility of using BOT financing mode in the public rental housing construction projects. Combined with the main problems of public rental housing construction financing, this paper puts forward the need to develop public rental housing BOT model.Finally, on the basis of related research, this paper puts forward the specific framework, the main participants, the design of the main contract and the operational processes of using BOT financing mode in the public rental housing construction projects. Then, combined with risk management thinking, this paper analyzes the main risks and risk-sharing measures of China’s public rental housing BOT projects, and ultimately this paper gives the countermeasures and suggestions for the development of public rental housing BOT projects.