| Nowadays, public housing will be the main strategy for a country to stable housing prices and solve the problem of housing difficulties. Chinese government is planning to build 36 million sets of affordable housing during the 12th five-year period. Large-scale construction of public housing require large injection of capital. Financing only though government not only limit the scale of program, but also lead to low efficiency. The use of financing innovation for public housing can reduce the pressure of government spending, and attract private investors and institutional investors which could solve the shortage of funds for the public housing program.First of all, this thesis select the public housing program of Zhuzhou as the research object, studied and analyzed the current financing situation and problem of Zhuzhou public housing program. Though filed investigation, this thesis collected and sort the financing status of public rental project in Zhuzhou.Next, the REIT (Real Estate Investment Trusts, hereinafter referred to as REITs) is introduced into the field of public rental financing for the specific circumstances of Zhuzhou City. After analyze, this thesis believe REITs in equity type, contract type, closed, public placement form are preferable for financing Zhuzhou public housing program. A the economic feasible model is build from government and investors angle though stress testing,. Also, God Jincai Ming rental community, a representative government Zhuzhou exemplary public rental projects, was select as subject of empirical research. After scientific calculation and comprehensive analyze, the REITs model is proven to be feasible to solve financing problem of public housing project in Zhuzhou.Finally, this thesis analyze the risk REITs financing might face after implement, also brought up risk countermeasures. Combining with the development trend in the future, several personal advises is put forward to carry the public housing REITs out smoothly in the future. |
PDF Full Text Request