保障性住房REITs研究述评

Summary and Appraisal of Low-income Housing REITs

房地产投资信托基金(REITs)在一些国家金融市场中展现出的巨大优势和显著作用,促使国内学者积极探索REITs在中国的发展道路,特别是保障性住房REITs的发展模式。在回顾国内外REITs发展现状和借鉴国外住宅REITs发展经验的基础上,进一步从必要性、可行性和运作模式三个方面探讨了我国保障性住房REITs的研究进展,最后分析我国保障性住房REITs的试点情况。研究表明:REITs能够有效解决保障性住房的融资难题,但因受制于国内金融市场不稳定、信托与税收政策缺失、保障性住房制度不完善等诸多问题,保障性住房REITs在我国的发展非常缓慢,建议从法制建设、风险防控和国外经验引入等方面进行改进。

At present,the Real Estate Investment Trusts(REITs)’great advantages and significantrole in international financial market has been encouraging the domestic scholars to explore the roadof REITs in China,especially the operation mode of low-income housing REITs.Based on a review of theInternational development situation of REITs and experience of the foreign residential REITs,thispaper further discussed the research progress of China’s low-income housing REITs from three aspectsof necessity,feasibility and operation mode,and finally analyzed the practice of China’s lowincomehousing REITs.This paper discussed the theory and experience of China’s low-income housingREITs,considered that REITs could effectively solve the financing problems of low-income housing.But because of many issues like the instability of domestic financial market,the deficiency of trustand tax policy,and the faultiness of low-income housing system,the development of China’s low-incomehousing REITs has been very slow.It is necessary to keep on the exploration of REITs’theory andexperience,especially improving the construction of legal system,prevention and control of the riskand the introduction of foreign experience,etc.