城市更新项目“PPP+类REITs”融资模式探究

Research on the Financing Mode of“PPP+REITs”of Urban Renewal Project

城市更新项目所需资金巨大、占用周期长,仅靠财政资金难以实现高质量、可持续的更新目的。本文根据融资链条“建设—运营”两个环节,以广州何棠下村为研究对象,探索城市更新项目建设期采用PPP融资模式,运营期将符合条件的基础资产进行“类REITs”融资,即“PPP+类REITs”组合融资模式,该模式可在一定程度上解决城市更新资金紧张问题,实现资金从投入到退出的闭环,有效引导资源市场化配置,走出融资困境,缓解政府资金压力,推进城市更新项目可持续发展。

Urban renewal projects require huge funds,and have long occupation period.It is difficult to achieve the purpose of high-quality and sustainable renewal only by financial funds.Based on the construction and operation links of the financing chain,and taking Hetangxia village in Guangzhou as the research object,this paper explores the PPP financing mode used in the construction period of urban renewal project.During the operation period,the qualified basic assets will be“similar REITs”financing,that is,“PPP+similar REITs”combined financing mode.This mode significantly solves the shortage of urban renewal funds and can achieve its closed loop from investment to withdrawal,as well as effectively optimize market resources allocation.It enables government to steer out of financing difficulty,alleviates financial pressure and promotes sustainable development of urban renewal project.