Dissertation > Economic > Economic planning and management > Urban and municipal economy > Urban Economics and Management > The real estate economy

Research on Application Mode of Using REITs in Public Rental Housing in China

Author YangYing
Tutor ZhangWei
School Chongqing University
Course Technology Economics and Management
Keywords Public Rental Housing REITs Financing mode
CLC F293.3
Type Master's thesis
Year 2011
Downloads 182
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As the continues heating-up of the real estate market in our country, the issue that the lag of housing market support functions has been revealed. The housing difficulties of the "sandwich class" group which are out of the old housing security system have became a new problem of city government. With the continual rising of house prices, the number of "sandwich class" has been increased too. In order to protect the basic housing needs of this part of population, the concept of public rental housing was proposed and gradually developed. But from the present situation of the construction and supply in some major cities, it is in a slow developing progress and is short of supply. Adequate capital investment is the most basic guarantee of the construction, and it is also the main bottleneck which restricts its development.This thesis mainly discusses the financing of public rental housing in our country, and is trying to find out its problem by analyzing domestic and foreign financing of public rental housing. Learning from foreign experience, I put forward introducing REITs into the construction financing of public rental housing, so as to provide a new channel to the funds raising of public rental housing.First, this thesis analyzes the current situation of public rental housing construction and finds the problem of the slow construction developing progress and the shortage of supply and points out that lack of funds is the main reason. Then it introduces the foreign and domestic financing channels and methods of public rental housing, compares the domestic and foreign financing channels and summarizes the main problems and reasons. I have got some inspiration from the mature experience in foreign countries: we have to introduce advanced financing tools actively, make innovation in financing mechanisms and try to improve the public rental housing financing system. Then, it discusses the concepts, classifications and benefits of REITs, and combining the mature foreign experience and the specific national conditions in China, proposes the basic financing model of public rental housing REITs. According to the different sources of public rental housing, this thesis designs two detail financing mode. Finally, in order to ensure the effective running of the financing of public rental housing REITs, the thesis proposes seven operating conditions which are necessary for the public rental housing REITs in China.

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