| In August 2017,the Ministry of Land and Resources and the Ministry of Housing,Urban and Rural Construction issued the Pilot Scheme for"Building Rental Housing with Collective Construction Land",which identified 13 cities including Beijing to carry out the pilot construction of rental housing on collective construction land.The construction of rental housing on collective construction land officially entered the public eye for the first time.In January 2019,The Ministry of Housing and Urban-Rural Development and the Ministry of Natural Resources added five cities,including fu zhou,to use collective construction land to build rental housing.Building Rental Housing with Collective Construction Land starts from the land supply side and strengthens the supply of rented houses to effectively alleviate the contradiction between supply and demand in urban housing,which is a realistic requirement for the steady and healthy development of China's real estate market.It is also of great significance to promote the effective allocation of land resources and crack the urban-rural dual economic development model.Building Rental Housing with Collective Construction Land requires large-scale capital investment.A stable and sustainable source of project funding is the guarantee for the smooth progress of the pilot.It is also the main bottleneck in the pilot development of building rental housing with collective construction land in China.The current financing model has been unable to meet the needs of project development,and the new financing mode needs to be explored urgently.This paper focuses on financing of building rental housing with collective construction land projects.Based on the analysis and evaluation of the existing financing models of various pilot cities and researches on the financing of affordable housing projects in China,combining the characteristics of profitability and public welfare with building rental housing with collective construction land projects,this paper constructs a market-oriented,diversified PPP+REITs financing model of building rental housing with collective construction land.This paper is divided into seven parts:The first part mainly elaborates the research background,the significance and the purpose of this paper,focusing on the summary of the research results on the financing of building rental housing with collective construction land and research on the financing models of affordable Housing at domestic and foreign.The second part is the introduction of the basic concepts and theory of building rental housing with collective construction land,such as collective construction land and financing,the theory of land capitalization and new public management.The third part focuses on the current situation and the existing problems of the pilot construction of building rental housing with collective construction land.At the same time,this part summarizes and analyzes the existing main financing models of building rental housing with collective construction land projects.Through analysis,this paper draws the conclusion that traditional financing models such as farmers' self-funding,government pockets,and a single equity joint venture are difficult to meet the needs of project development.The fourth part is oriented to solving the problem of financing for building rental housing with collective construction land projects,combining the China's current policies,this paper constructs the financing model of PPP+REITs for building rental housing with collective construction land in China,and carried out detailed operation design for this financing model.The fifth part is the operational assurance recommendations of the financing model of PPP+REITs for building rental housing with collective construction land.The sixth part is the main conclusions of this paper and some prospects for subsequent research. |
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