刘婷-公租房项目障碍分析.pdfVIP

Obstacles in Public Rental Housing Development Ting Liu1, Shouqing Wang2 1 Institute of International Engineering Project Management, Tsinghua University, Beijing, China 2Institute of International Engineering Project Management, Tsinghua University, Beijing, China Email : shuimufengjin@163.com, sqwang@ Abstract: The Chinese government has launched an Affordable Housing Program, focusing on the develop- ment of Public Rental Housing. To identify obstacles in the program, this paper reviews firstly relevant poli- cies and current practice, and analyzes cash flow of Public Rental Housing projects in seven typical cities like Beijing. The result shows that the average recovery period for such projects is 30 years and the IRR is 3.3%. It is also found that, however, the occupancy rate is less than 50% for projects in those cities. Financing comes out to be quite difficult and the projects are not sustainable. Taking into account the current obstacles, policy recommendations are made in this paper as well. Keywords: Public Rental Housing; financial analysis; Public Private Partnership (PPP) 公租房项目障碍分析 刘 婷1 ，王守清2 1 清华大学国际工程项目管理研究院，北京，中国，100084，Email: shuimufengjin@163.com 2 清华大学国际工程项目管理研究院，北京，中国，100084，Email: sqwang@ 摘 要：公共租赁住房是“十二五”期间保障性安居工程的重点。本文梳理了公租房的相关政策及建 设现状，对其现金流进行了定量分析，发现北京等七个典型城市的平均静态投资回收期为30 年，IRR 为3.3% ，且还面临承租率不足50%的供需脱节问题，筹融资困难较大，将成为公租房持续推进的瓶颈。 本文梳理了上述障碍之间的逻辑关系，有针对性地提出重新界定项目范围以改善现金流，增加市场参 与度以促进供给与需求的匹配等解决问题的思路。 关键词：公租房；财务分析；政企合作（PPP ） 2 公租房政策要点及建设现状 1 引言 住房是人的基本需求，然而实行住房市场化以 2.1 政策要点 来，我国对住房保障有