For the implementation of low-rent housing REITs financing of the SWOT Analysis（实施廉租住房房地产投资信托基金融资的SWOT分析）

1For the implementation of low-rent housing REITs financing of the SWOT AnalysisAbstract: The use of low-rent housing REiTs SWOT model for financing the advantages and disadvantages, opportunities and threats facing a systematic analysis to the implementation of low-rent housing REITs financing will fund the construction of the current shortage of low-rent housing, commercial housing price increases and other issues from the non-rational to reduce it. final recommendations should be timely introduction of relevant laws and supporting policies to speed up training and to improve yield and other pools of assets. Keywords:: low-rent housing, SWOT, REITs I. Background (A REITs REITs, real estate investment trust that is the English ‘RealEstateInvestmentTrust’ acronym, is a way to issue income certificate certain the majority of investors pooling funds, investment institutions by specialized real estate investment management, investment and comprehensive income by proportion 2allocated to a trust fund .1960 investors, REITs in the United States was born first, after 50 years of development, there are about 480 more than the world of REITs in operation to the management of assets over 605 billion U.S. dollars . REITs generally have the following classification: classification according to forms of organization can be divided into contractual, corporate, contract type can be subdivided into unit type (including partnership and fund type, classified according to investor redemptions can be into development-oriented, closed, according to capital investment category can be divided into interest-based (EquityREITs, mortgage type (MortgageREITs and hybrid (Hybrid REITs). In the U.S., REITs type and structure, scope and development of other major investment by the relevant the impact of the evolution of tax law, the current U.S. REITs generally use three basic structural forms, namely the traditional structure, under the umbrella partnership structure and the partnership structure in Japan, is widely used corporate structure REITs, publicly traded REITs are part of the company type, 3it is first set up an SPV (SpecialPurposeVehicle, referred to as the SPV company to issue investment certificates to raise funds from investors, then purchase and manage real estate, SPV company must be responsible for their own real estate management and operation, or to outsource the management and operation functions third parties in Singapore and Hong Kong REITs are trust units issued to investors, then use the financing to purchase real estate or gold-related assets (such as mortgage-backed securities, REITs do not have independent legal status, management must appoint trustee REITs, real estate management company also appointed management buy real estate and related assets of China’s ongoing preparations for a pilot implementation in Tianjin and Shanghai, REITs, of which Shanghai is the debt-based REITs, the financing side is the right of return of property collateral, without the need transfer of equity financing, mainly by the central bank and the CBRC head, while Tianjin is Equity REITs, mainly by the Commission in charge. (B financing situation of domestic low-cost 4housing To carry out low-rent housing from the pilot cities, the current sources of funding including financial allocations, value-added income housing fund, social security and social donations and net proceeds of the land transfer part of the funds, China’s low-rent housing construction financing channels are still relatively single, and the money supply there is a very unstable character. At the same time in the financing aspect has also exposed the following questions: 1, the local government’s active participation is not high. The land transfer in the local government budget revenue accounts for a large proportion, known as the ‘second-’ and low-rent housing is not only related to low-cost transfer of land, but also part of the financial subsidies, the local government low-rent housing construction is often not enthusiastic. At the same time stimulating local GDP considerations, local governments are more inclined to general real estate development. 2, low-rent housing construction funds demand, a serious funding gap. Low-rent housing for the poorest of China’s construction of housing, ‘900 billion yuan 5housing plan’ put forward in the next three years, plans low-cost housing solution 7.47 million income family housing difficulties of which 2.87 million through Shiwupeizu solution, 4.6 million through rental subsidies to solve this aspect of the total investment of about 215 billion yuan, while the state used to finance the construction of low-rent housing is not stable funding sources, often because Features reason was diverted in recent years, China’s social welfare and pension relief spending growth has slowed compared with previous years, resulting in social security funds for the construction of low-rent housing support is very lim