城市更新项目“PPP+类REITs”融资模式探究

作者：陈玲燕王幼松李嘉鸿

单位：广西建设职业技术学院管理工程学院华南理工大学土木与交通学院

摘要：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。

关键词：PPP类REITs城市更新融资模式

作者简介：陈玲燕，高级工程师，研究方向：工程管理、建筑经济。;王幼松，教授，博士生导师，研究方向：工程管理、建筑经济、房地产开发与经营。;
基金：广西高校中青年课题（2021KY1153）;2022年校级科研重大项目（2022ZDA35）;

尊敬的用户，本篇文章需要2元，点击支付交费后阅读

限时优惠福利：领取VIP会员
全年期刊、VIP视频免费!

参考文献[1] Yu Jin,Ren Xu.Research on the operation mode of infrastructure projects based on ldquo REITs+PPP rdquo[A].3rd International Conference on Advances in Civil Engineering,Energy Resources and Environment Engineering[C].Qingdao,2021.

[2] 国家发展改革委办公厅.关于做好基础设施领域不动产投资信托基金（REITs）试点项目申报工作的通知（发改办投资[2020]586号）[Z].2020.

[3] 周颖.苏宁云商房地产信托投资基金（REITs）运作模式案例研究[D].湘潭：湘潭大学，2020.

[4] 汤兆安.资产证券化在城市更新存量地产改造中的应用研究[D].上海：上海交通大学，2018.

[5] 刘路然.铁路PPP-REITs投融资模式探究[J].铁道经济研究，2021(5):27-32.

[6] 胡明鹏，胡昊，悦国勇，等.铁路REITs：项目成功的影响因素体系研究[J].建筑经济，2022(2):38-44.

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

CHEN Lingyan WANG Yousong LI Jiahong

(Department of Management Engineering,Guangxi Polytechnic of Construction School of Civil Engineering and Transportation,South China University of Technology)

Abstract: 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.

Keywords: PPP; similar REITs; urban renewal; financing mode;

667 0 0