The land that each district lasts this year flows pat, make so called land the 2nd finance and not to be named on the same day with of in former years.
These problem in the final analysis, how to find construction fund namely. My proposal is, hire room construction through issueing REITs to drive cheap.
Since 2005, I introduce China with respect to the idea that devotes oneself to a REITs. This kind of attempt, made bedding to concern the idea that initiates cheap to hire foundations gold.
In August 2007 portion, the State Council decided cheap hires the serious content that the room ensures as housing.
But hire room construction about cheap, present problem is to lack a harmonious section, make entrepreneur regards a society as fund, in participating in cheap to hire a room to build. Accelerate cheap to hire room construction, the most important is the problem that solves long-term holder. So who comes hold? According to present method, it is administration passes finance hold, according to financial move pays, will take on the construction that cheap rents a house and operation.
My offerring is, come with social capital hold cheap rents a house. The basis is current in a lot of developed countries, this kind uses social capital hold low the successful case that leases property.
REITs originates the earliest at the United States, inside many 190 REITs of American, have many it is property of hack of hold low room. Most extreme is a city of American establishs a jail, also can issue REITs.
The first REITs that Hong Kong initiates is called get collect, the room room that uses governmental institute hold namely and public house and accessary business use property and taxi, will issue REITs. It established company of a fund, buy REITs, through issueing the share of 27 billion HK dollar, issue to the society. Next loan 8 billion, add up to returns Hong Kong government 35 billion yuan. Such Hong Kong governments solved cheap to hire the construction financing of the room, property turned a society into hold, appear on the market current hind, yield is amounted to every year 6.7% .
Does our cheap hire a room to send the condition of REITs quite? This basically is to see yield. General REITs is 7% ～ to the requirement of yield 8% .
At present our cheap hires room yield my estimation can achieve 7% ～ 8% , the reason is:
The first, cheap hires room land is transfer, cost is low;
The 2nd, after REITs is bought, if hire is insufficient, the government can be hit fold sell, this always is assumed than governmental sum be close friends more;
The 3rd, cheap rents a house is by governmental subsidy hire, OK also supply REITs;
The 4th, cheap rents a house not only it is housing, it still has business of form a complete set, consequently if hire is insufficient, can take commercial subsidy;
The 5th, REITs is duty-free commonly, cheap hires foundations gold to also can implement tax-exempt system.
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