【作者】 王磊；

【导师】 刘菁；

【作者基本信息】 北京交通大学 ， 工程管理硕士（专业学位）， 2018， 硕士

【摘要】 2016年以来,国内各大城市相继推出了部分或整体持有住宅地块。开发商拿到的自持地块如何消化,是摆在各大房企面前的一个难题。2017年以来国家先后出台多个政策鼓励住房租赁市场发展,积极构建购租并举的住房体系,满足多层次的住房需求。中国住房租赁市场风口将至,商业化的“长租公寓”一定是未来房地产企业转型的方向之一。随着住宅租赁业务的大量增加,新的融资模式也将围绕租赁进行针对性的创新。未来将自持项目打包成房地产投资信托基金(Real Estate Investment Trusts,简称REITs),或许会成为开发商加快回笼资金,并且降低拿地风险的有效途径。本文首先通过文献分析法对国内外学者的REITs研究和租赁住房融资研究进行了归纳。结合中国长租公寓目前的发展现状和经营模式,总结了长租公寓已有的融资渠道及融资方式。在深入研究REITs基本理论和实践的基础上,通过剖析美国EQR(长租公寓REITs)的典型案例,总结国外的先进经验,对中国发展长租公寓REITs的可行性和风险进行探讨。最后,又从实操角度比较系统地进行了中国长租公寓REITs模式的融资方案设计。针对长租公寓REITs的各参与主体,分析了基于REITs的中国长租公寓融资模式详细运作流程,针对长租公寓REITs最为关键的几个因素,提出了中国长租公寓REITs的运作模式,提出组织形式契约型、运行方式封闭型、募集方式公募型、投资对象混合型、收益分配比例等具体运作方式,并针对健全法律、税收优惠、人才培养等方面提出对策建议。为丰富中国长租公寓的融资方式、对各方积极探索和尝试新型融资模式具有一定的参考和借鉴意义。更多还原

【Abstract】 Since 2016,domestic major cities have successively introduced residential land in part or in whole.The self-sustaining plots that developers have obtained are a difficult problem facing major housing companies.Since 2017,the state has successively introduced multiple policies to encourage the development of the housing leasing market,actively building a housing system for the simultaneous purchase of rents,and satisfying multiple levels of housing demand.China’s housing leasing market is coming to an end.Commercial long-term apartments must be one of the directions for the transformation of real estate companies in the future.With the substantial increase in residential leasing business,the new financing model will also focus on targeted innovations in leasing.In the future,self-sustaining projects will be packaged into real estate investment trusts(REITs),which may become an effective way for developers to speed up the withdrawal of funds and reduce the risk of land acquisition.This paper first summarizes REITs research and rental housing financing research by domestic and foreign scholars through literature analysis.Combined with the current development status and business model of long-term rental apartments in China,the existing financing channels and financing methods of long-term rental apartments are summarized.Based on an in-depth study of the basic theories and practices of REITs,this paper summarizes the advanced experiences of foreign countries by analyzing the typical cases of EQR(rental apartments in the United States).Then it discusses the feasibility and obstacles of the development of long-term apartment REITs in China,in order to consolidate the theoretical basis for REITs applied to long-term rental apartments in China.Finally,for the participating entities of the long-term rental apartment REITs,providing detailed REITs-based operating procedures for long-term apartment financing in China,the key factors in building long-term rental apartment REITs are brought out,and the operation mode design of long-term apartment REITs in China is designed,and determining specific modes of operation such as organization form contract type,closed operation type,public offer type of fundraising type,mixed investment type,and proportion of income distribution,it also proposed sound laws,tax incentives,talent training and other countermeasures,and has certain reference and reference significance for all parties to actively explore and try new financing models.更多还原