The Role Played by Agricultural Policy-based Finance in New Village Construction

The necessity of the agricultural policy-based finance in terms of supporting the new village construction is analyzed: in the first place, the theoretical roots of agricultural policy-based finance supporting new village construction are "market failure" and "government intervention"; in the second place, the continual decline of agriculture and the "rural financial market failure" in recent years have become the objective evidence and historical mission for agricultural policy-based finance to support new village construction; in the third place, the combination of agricultural policy-based finance and new village construction is conducive to solving the "three agriculture" problems and facilitating the reform of new village construction. The feasibility of the support is analyzed: firstly, agricultural policy-based finance boasts the status and position of the "primary drive" in new village construction; secondly, the nation continuously deepens the reform of rural financial system and policy-based banks and strengthens the functions of Agricultural Development Bank, which provides policies for agricultural policy-based finance to support new village construction; thirdly, the 14 years' reform and development of Agricultural Development Bank and the eleventh five year plan lay sound practical basis for the support of agricultural policy-based finance to new village construction. Based on the necessity and feasibility, the following six aspects are analyzed to fully display the function of the "first engine" of agricultural policy-related finance to new village construction. Firstly, strengthening the credit and loan aid to grain and cotton and some other agricultural products in the circulation domain; secondly, strengthening the credit and loan aid to agricultural industrialization in processing field; thirdly, intensifying the credit and loan aid to agricultural comprehensive development, rural infrastructure construction, application and promotion of agricultural technology, agricultural production means and agricultural ecological construction; fourthly, intensifying the credit and loan aid to rural special group and regional development; fifthly, intensifying the credit and loan aid to agriculture and rural emergency response system and social security system; sixthly, strengthening the credit and loan aid to agriculture and the intermediary construction of rural financial services.

The Financing Situation and Suggestion of the Construction of Indemnificatory Housing in the Background of Land Finance Transformation

In recent years, the Chinese government has taken lots of measures to expand domestic demand and promote economic growth in response to the financial crisis. Accelerating the construction of indemnificatory housing is one of the most important measures. In order to solve the problem of the insufficient supply of the indemnificatory housing, the government speed up the construction of indemnificatory housing and constantly expand the scale of the construction. With the increase of indemnificatory housing, the problem of construction fund is increasingly highlighted. Large-scale construction of indemnificatory housing in the short term results in large funds pressure. Indemnificatory housing fund has several notable features, it requires a large demand for money and the capital turnover time is quite long. Also, its poor liquidity makes it difficult to get your money out at any time. In this article, the present situation and existing problems of indemnificatory housing are analyzed, the countermeasures and suggestions are put forward combining the capital sources of indemnificatory housing, so as to provide reference for indemnificatory housing financing.

Analysis on Affordable Housing Financial Mechanism in USA

Affordable housing development consists of many stages and financing is one stage which plays a critical role.Providing housing developers easy access to high- quality and low-cost capital is an effective way to encourage them to develop more affordable houses.This paper mainly focuses on affordable housing finance mechanism in USA.The first section is an overview of affordable housing in terms of definition,functions and current regulations for affordable housing.In the second section,there is an introduction of the whole affordable housing financing market.Most of the available financing resources are discussed in this part.Mainstream fund resources are discussed in the third section.The purpose of this paper is to provide housing developers an overview about affordable housing financing market and introduce several mainstream ones in detail.As well,this paper will provide an analysis for Chinese affordable housing developers about what they can learn from the USA and what potential opportunities are in China.

Lessons Learnt from Chinese Housing Development the Case of Affordable Housing and Its Funding

Dated back to the opening up policy, Chinese economy had been rising tremendously, coupled with achievement, though housing challenges across the country greatly arose. Under the traditional planned economy since 1949, entirely housing construction became the State responsibility. As a result of lack of finances, new housing production has not emerged while nation population on rise. Till 1988 when Urban housing reform existed as proposed strategy of affordable housing for the ordinary households through the private housing market. However, the strategy faced numerous obstacles such as lack of sec-ond hands market, an undeveloped real estate profession, indistinct land and property and property regulation plus absence of proper property management support. Amid these obstacles, the lack of housing ?nance would appeared to be a vital problem. Government Introduction of housing provident fund (HPF) scheme in 1991 applied as right measures for curving housing funding problems, under the Housing development fun, all employees required to contribute a percentage of their incomes to housing funding problems and employers contributed a similar amount. individual workers Accounts were opened with Construction Bank of China. Currently workers allowed to withdraw their housing development savings at retirement period, instead their application for their housing development savings as homes purchases in housing market. This has been implemented to the letter in most cities in China, regardless of variations of operational schemes and architectural demands in consideration to geological that varies from locality to another [1]. Applying an experiential research of the housing development savings Scheme in Shanghai as a case research, this paper reviews the role of the HPF in ?nancing affordable housing expansion in most parts of China.

中国式现代化的合理住房制度构建

我国现行住房制度与全体人民住有所居的目标差距显著,症结在于普通商品房结构性过剩,重售轻租、重商品轻保障和供需错配的结构性矛盾突出。系统构建面向中国式现代化的合理住房制度,需要协同发挥政府和市场两种力量,以普通商品房合理调控推动实现人口规模巨大的现代化,以保障性住房合理建设推动实现全体人民共同富裕的现代化,以改善性住房合理供给推动实现人与自然和谐共生的现代化。房地产税改革将从效率、公平和治理三个维度完善合理住房制度构建。在调整中央与地方财权与事权关系的前提下,流通和保有环节的差异化课税对促进合理住房制度内部循环意义重大,并在远期推动实现物质文明与精神文明相协调的中国式现代化。

数字普惠金融与房价β收敛:作用机制及影响效果

采用2011—2020年中国286个地级市的面板数据,就数字普惠金融对房价β收敛的作用机制与影响效果进行了实证研究。结果发现:以286个地级市为样本的中国城市房价不存在β绝对收敛但存在稳定的β条件收敛,平均收敛速度为0.300%。基准回归和稳健性检验表明数字普惠金融的发展能显著地提高房价的收敛速度,具体而言数字普惠金融总指数每提高1%,房价的条件收敛速度会加快0.040%。与此同时,机制检验和异质性检验发现数字普惠金融对房价收敛的影响还具有显著的内部差异、区域差异和时段差异。

构建“住房融资租赁+REITs”创新模式培育市场有效需求

我国房地产市场面临着潜在总需求大与当前有效需求相对不足并存、总量过剩与结构性短缺并存,以及住房租赁市场与销售市场间衔接不畅等情况,阻碍房地产高质量发展。作为房地产开发经营的一种运营模式,住房融资租赁经营有着资产安全性强、租期长期稳定、前期投入较小的独特优势,与传统的房地产出租经营和房地产销售方式存在明显差异。本文提出“住房融资租赁+REITs”的新模式,加快实现盘活存量住房、提升居住条件、促进结构升级、实现租售并举等目标,是加快修复房地产市场,推动经济平稳增长的一项创新举措。

住房反向抵押贷款主体行为策略选择——基于演化博弈模型分析

构建包含老年人、金融机构和政府部门在内的三方演化博弈模型,采用MATLAB 2021a进行数值仿真,分析住房反向抵押贷款各种策略的有效性。研究表明:当老年人申请住房反向抵押贷款的消费效用大于将房产遗赠给子女获得的遗赠效用和消费养老储蓄所获得的消费效用总和时,住房反向抵押贷款市场有且仅有(申请、开展、支持)一种演化均衡状态;其他博弈参与者选择住房反向抵押贷款的概率越高,某一博弈参与者选择住房反向抵押贷款的概率也会随之升高;住房反向抵押贷款市场的初始状态和博弈支付矩阵的相关参数会对市场的整体演化产生影响。具体表现为房价越高,住房反向抵押贷款市场演化至(申请、开展、支持)均衡点的速度越快,与遗产税税率的影响截然相反。

房价对小微企业创新的影响:来自中国小微企业调查的经验证据

小微企业是市场经济的微观基础,其做大做强对我国经济发展和社会稳定有着重要意义。通过匹配中国小微企业调查(CMES)数据和省级房价数据,实证分析房价对小微企业创新的影响效果及作用机制,其结果表明:房价上升能够显著促进小微企业的创新研发活动。此外,房价对小微企业创新研发的影响在企业规模和所处环境、所有者性别和学历水平方面存在明显的异质性。机制分析发现,房价上升通过缓解小微企业融资约束、增加创新研发支出来增强小微企业的创新意愿和创新活力,促进其创新研发。进一步分析发现,房价上升能够显著促进小微企业的自主创新研发活动,且房价与小微企业创新之间呈倒U形关系。上述研究为房价与小微企业创新之间的关系提供了微观层面的经验证据,有助于客观理解房价对小微企业创新的影响,为保障小微企业健康发展提供参考。

住房租赁金融发展现状、存在问题与对策研究

中央金融工作会议提出,促进金融与房地产良性循环,加快保障性住房等“三大工程”建设,构建房地产发展新模式。基于我国房地产发展新趋势,以金融支持住房租赁市场供给侧结构性改革为根本,深入探讨我国住房租赁金融发展情况。研究发现:近年来我国加大政策支持力度,推动住房租赁金融的加速发展,在传统信贷、债券、资产证券化产品及股权投资等方面进行了积极探索和实践,对促进住房租赁市场发展起到了一定的支撑作用。但受住房租赁市场低市场化结构、低回报率特性和低迷发展环境等因素影响,我国住房租赁金融发展存在规模小、金融机构参与积极性不高、金融创新不足和金融服务效能不畅等问题,住房租赁市场与金融市场的良性循环有待提升。建议加强顶层设计、强化激励措施、加快金融创新、优化配套政策,通过建立健全的住房租赁金融支持体系,促进住房租赁市场稳健发展。

保障性安居工程的融资模式研究——以A公司为例

保障性安居工程一直以来都是舟山市重要的民生工程项目。A公司作为承接主体,承担着保障性安居工程的建设任务。然而,A公司承接的保障性安居工程的建设资金主要依赖政府财政补助资金、银行贷款等。但受规模限制,目前列入年度计划的保障性安居工程基本都已推迟建设。文章以A公司在2017—2021年承接的保障性安居工程建设为例,分析了现有的保障性安居工程的融资模式及其问题,提出了相应的解决路径,探索了未来融资模式。

从上一轮“棚改”看本轮“超大特大城市城中村改造”

“城中村改造”已经成为2024年中央工作的发力重点。通过对2014年开始启动的“棚改”进行系统总结和分析,在肯定其对于整体宏观基本面改善正面作用的同时,对“棚改”的负面影响也进行了分析和阐述。通过与上一轮“棚改”实施成效和经验对比,结合本轮“城中村改造”政策出台的宏观面背景,对当前相关政策要求和特点进行解读,并提出需要践行“一城一策”原则、增加“保障性”住房建设供给、亟需缓解当前“开发商”融资困境难题、创新投融资模式必要性,以及利用好第三方团队和专家智库资源等相关建议,以期更好地推进“城中村改造”工作,实现和落实好政策意图和目标。

A Study on the Relationship Between Land Finance and Housing Price in Urbanization Process: An Empirical Analysis of 182 Cities in China Based on Threshold Panel Models

Scholars have a variety of theoretical explanations for housing price growth. However, few scholars have studied the internal influence mechanism among urbanization, land finance, and housing price. Based on the data of 182 prefecture-level cities from 2009 to 2016, this paper studies the influence of land finance on housing price under different urbanization rate levels. The study finds that with the increase of urbanization rate, the effect of land finance on housing price presents a "U" shape.Specifically, an increase in land finance by 1% results in a corresponding increase in average housing price by 0.18%, with relatively low urbanization rate, 0.06% with medium level of urbanization rate,and 0.38% with high level of urbanization rate.

STATION POINTE GREENS-THE JOURNEY TO NET ZERO AFFORDABLE HOUSING

INTRODUCTION Station Pointe Greens,a proposed 219-unit residential and commercial development,promises to be one of the most leading edge Passive House Certified Developments in North America.However,an innovative project such as this requires much time and research,and this project being no exception,it is still in its research and design phase.Its story began in 2008 when the City of Edmonton issued a request for proposals from developers regarding improvement of a brownfield site in Belvedere.This was done as part of the City’s redevelopment initiative for an area which was in dire need of revitalization.The Communitas Group saw a huge opportunity to develop a large-scale multi-family project immediately adjacent to a light rail transit and bus hub.And so the vision of an affordable and sustainable housing project began to take shape.Communitas had already tested the‘green’construction waters on previous projects,most notably Grandin Green,a 15-storey high-rise which was the first Canadian project to qualify for the Federal CBIP grant(25%more energy efficient than required by the Model National Energy Code for Buildings).However,they had never attempted anything as bold and leading edge as Station Pointe Greens.Their goal from the outset was to build one of the greenest multi-family housing cooperative complexes in North America.And like most developers,Communitas wanted to build it with as little‘green’premium as possible.This was,after all,to be affordable housing.

我国房地产企业发展模式转型研究

房地产企业发展模式转型是我国经济发展模式转型的重要方面。从龙头房企的国际对比来看,我国房企规模遥遥领先,但业务结构单一、运营能力偏弱、杠杆水平较高,大而不强特点突出。这不仅与国内外房地产行业发展阶段不同、土地对房企资金占用程度不同、融资税负制度性成本不同等因素有关,也与房地产企业经营发展理念不同有关。面向“存量时代”,美国住宅建筑商模式、新加坡资产管理人模式、日本综合集团开发模式等值得学习,但也要汲取部分房企盲目拓展业务范围、进行大规模海外扩张、高杠杆激进扩大规模等教训。未来,我国房企需从四个方面推动全面转型,即开发模式从“三高”模式向轻重并举的“开发+持有”模式转型;盈利模式从增量开发盈利向增加开发、存量更新、保障性住房建设、产业链上下游轻资产业务综合盈利模式转型;融资模式从高负债向多元化模式转型;目标模式从追求规模速度扩张向品牌品质提升转型。在房企转型过程中,建议宏观政策着力减弱房地产行业对经济周期波动的放大效应;加快推动商业不动产REITs发行,探索进一步拓展不动产范围并简化发行手续、降低发行成本;提高城市更新、保障性住房建设等项目吸引力,提升房企参与积极性。

公募REITs在保障性租赁住房领域应用的基本逻辑与实现路径——基于产业发展视角

公募REITs在保障性租赁住房领域的“破冰”,意味着中国公募REITs应用领域的拓展以及对保障性租赁住房供给的赋能。公募REITs不仅是一种单纯的金融产品,更多是链接资本市场和实体经济的重要手段。既有研究普遍关注公募REITs的金融属性特征,较少关注公募REITs对保障性租赁住房等基础设施产业发展的重要意义。本文以公募REITs在保障性租赁住房领域的应用为研究对象,探讨公募REITs在保障性租赁住房领域应用的基本逻辑和实现路径。研究发现,其应用的基本逻辑包括政策体系牵引、资金需求驱动和产业转型需要四个方面,其实现路径需要在产品方案、交易结构、底层资产和保障机制三个方面着力,为公募REITs的产融结合和稳步发展提供启示。

Financing the American Dream in China

Nowadays, people in China also have the American dream, which is a wish of living in a large house and enjoy the convenient life. By reviewing the history of the development of the American economic, we believe that the American dream can be realized by consumer credit. But in recent years, shocked by the decline of the economic of America, the government of the American began restrict the development of the consumer credit. Meanwhile, it seems that the consumer credit in China still has a good future. Both the market itself and the government of china look a good view on the consumer credit and we believe, we Chinese can finance the American dream in china.

韩国住房金融体系的现状及启示

韩国为应对住房问题,建立了完善的住房金融法律和组织机构,形成了由住宅城市基金、住宅金融信用担保基金等组成的政策性住房金融为主导的体系,为大量中低收入家庭提供差别化低利率住房贷款,同时,积极通过住房抵押贷款证券化、房地产投资信托的方式筹集低成本市场化资金,有力支持了住房建设与消费。我国住房市场存在严重的房价与购买力脱节问题,影响有效需求满足,在经济下行、住房需求萎缩背景下,借鉴韩国的政策性住房金融发展经验,我国应加快以住房公积金为基础的政策性住房金融改革,发展证券化市场,完善住房金融体系。

住房金融理论综述与启示

新兴经济体在实现现代化的进程中,“贫民窟陷阱”与“中等收入陷阱”是必须跨越的两大障碍。认真研究和系统梳理住房金融理论,对构建有效率的住房中长期投融资体制和解决中低收入群体住有所居难题具有重要意义。本文沿着四条主线,对住房理论与住房政策的发展演进脉络进行系统梳理;运用开发性金融理论、金融发展理论、制度经济学的产权理论,对住房金融的理论内涵进行多维度诠释。本文的目的,不是创立一个新的理论体系,现有的金融理论和住房政策已经提供了丰富的理论基础。本文主要从文献综述的角度进行归纳总结,为中国构建有效率的住房金融中长期投融资市场提供可借鉴的理论基础和经验教训,依据渐进务实的原则,提出有价值的思考。

土地金融、房地产税与去杠杆

近年来,中国的宏观杠杆率持续上升,对金融安全与稳定造成了一定的负面影响,引起了广泛关注。本文构建一个包含土地金融放大机制的多部门动态随机一般均衡模型,来研究房地产市场发展对杠杆率的放大作用,并评估房地产税在去杠杆过程中所发挥的作用。本文发现,地方政府采用土地金融方式进行融资放大了宏观经济波动,造成宏观杠杆上升。无论是对存量房地产还是流量房地产征税,房地产税均可以降低宏观经济波动和杠杆率。福利分析结果表明:在合理的取值范围内,房地产税税率与消费补偿呈U形关系,当房地产税税率较高时,需要补偿的消费比例较大。