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| 文章编号：1672-3104(2012)02-0117-04 |
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保障性住房REITs发展路径研究 |
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张彦春1，丁传明2，李香花1 |
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（1. 中南大学土木工程学院，湖南长沙，410004；2. 方正证券股份有限公司，湖南长沙，410005） |
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| 摘 要： 保障性住房是改善低收入家庭居住条件、调控日益高涨的房价、构建和谐社会的重要途径，但是建设资金短缺、融资渠道狭窄造成保障性住房供给严重不足。论文提出以房地产信托投资基金(REITs)模式作为解决我国保障房建设融资难题的途径，分析了其可行性及在我国施行的主要障碍。以最小法律制度障碍及可操作性为目标，创新性提出选取证券公司专项资产管理计划作为保障房建设REITs的可行路径，分析了证券公司专项资产管理计划的本质属性，论证了利用证券公司专项资产管理计划实施REITs的可行性及优势，并提出了相关政策建议。 |
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| 关键词： 保障性住房；融资；REITs；最小法律障碍；专项集合资产管理计划 |
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On the Developmental Path of REITs in the
Low-income Housing Construction |
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ZHANG Yanchun1, DING Chuanming2, LI Xianghua1 |
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（1. School of Civil Engineering, Central South University, Changsha 410004 China;
2. Founder Securities, Changsha 410005, China） |
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| Abstract: The low-income housing is the way to improve the low income family housing conditions, regulate the rising housing prices, so as to build up the harmonious society. However, the shortage of funds for construction and the narrow channels of financing caused a serious shortage of affordable housing supply. This paper proposes using Real Estate Investment Trusts (REITs) as a solution to the problem of low-income housing construction financing, analyzes its feasibility and implementation of the main obstacles in China. Taking the smallest legal regime barrier and the feasibility as goals, this paper creatively puts forward choosing the securities trader’s special set asset management plan as workable developmental path of REITs in the low-income housing construction in China. Then the paper analyzes the natural characters and demonstrates the feasibility and advantages of using the securities trader’s special set asset management plan to carry out REITs. Finally it makes some related policy suggestions. |
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Key words: low-income housing; financing; REITs; smallest legal regime barrier; special set asset management plan; policy proposals |
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