2012年伊始，两部委即相继发力保障房融资。

Since 2012，Two ministries have hair that force security room financing。

　　2月6日，财政部下发《关于切实做好2012年保障性安居工程财政资金安排等相关工作的通知》（下文简称《通知》），要求各地拓宽资金来源渠道，加大保障性安居工程投入力度，确保不留资金缺口。《通知》中更提出2012年中央财政安排保障性安居工程补助资金将大于2011年，中央财政将于2012年4月底前下达剩余的中央补助资金。

February 6,，Ministry of finance allots《About 2012 years to do a live project financial capital support arrangements related work notice》（Hereinafter referred to《notice》），Requires all broaden funding sources，Increased security live engineering investment，So do not funding gap。《notice》In 2012 the central government puts forward more set feasibility project subsidy funds will live more than 2011 years，The central government will in 2012 before the end of the remaining four issued the central subsidy funds。

　　时隔半月，2月20日，国家发改委发布《关于发展改革系统要继续加大工作力度切实做好2012年保障性安居工程建设工作的通知》，文中提及2012年中央将加大保障性安居工程的资金筹措力度，地方政府也要为此加大资金筹措力度，创新融资机制，充分发挥地方政府融资平台作用，鼓励引导社会力量参与建设保障性住房及配套设施。

Six and a half months，February 20,，The national development and reform commission issued《On the development and reform the system will continue to increase efforts to do a 2012 live engineering construction of affordable work notice》，This paper mentioned in 2012 the central will intensify supportability project financing strength of living，The local government will therefore increase financing strength，Innovative financing mechanisms，Give full play to the role of local government financing platform，Encourage guide social forces building affordable housing and supporting facilities。

　　有业内人士指出，此次两部委接连发文，明确了保障房诸多新的资金来源渠道，从地方债到房产税，从部分国有资本收益到城市维护建设税收入，保障房建设资金渠道再度拓宽。

The personage inside course said，The two ministries postings on，Clear the security room so many new funding sources，From the local debt to house property tax，From some state-owned capital gains to urban maintenance and construction tax into，Security room construction funds again broaden channels。

　　多方资金参与

Various funds in

　　“今年保障房资金需求量比去年还要大，必须拓展新的渠道”，上海易居房地产研究院副院长杨红旭在接受《中国投资》采访时告诉记者。

“This year guarantee room capital demand greater than last year，Must develop a new channel”，Shanghai enjoysmart real estate, vice President of the institute YangGongXu in accept《China's investment》In an interview told reporters。

　　为此，《通知》明确指出，市县财政部门除了确保土地出让收益和住房公积金增值收益按规定用于保障性安居工程建设外，还要拓宽资金来源渠道：2012年增加的地方政府债券收入，要优先用于保障性安居工程；个人住房房产税试点地区取得的房产税收入，要专项用于保障性安居工程；国有资本经营预算中，可适当安排部分资金用于国有企业棚户区改造；各地要从城市维护建设税、城镇公用事业附加费、城市基础设施配套费中安排资金，加大保障房项目配套基础设施投入。

For this，《notice》Explicitly pointed out that，The financial department of the city and county in addition to ensuring the land transfer income and appreciation income housing accumulation fund used to support live by the regulation engineering construction outside，To broaden the funding sources：In 2012 the local government bonds increase income，To used in preference to support the comfortable housing project；Personal housing property tax pilot areas have house property in tax revenue，Specially used for security to the comfortable housing project；The state-owned capital management budget，Can be properly arrange some money for the state-owned enterprise reform shanty towns；From all over to the tax on city maintenance and construction、Urban public utilities surcharge、The city infrastructure supporting fees for funds，Increased security room project supporting infrastructure spending。

　　《通知》同时将“创新财政支持方式，引导社会资金投资保障性安居工程”放在显眼位置。各级财政部门要积极支持成立专门企业负责建设、运营、管理公共租赁住房等保障性住房，引导企业通过银行贷款、发行企业债券、吸收社会投资等筹集建设资金。

《notice》At the same time“Innovation means financial support，Guide social capital investment to support the comfortable housing project”In conspicuous position。Financial departments at all levels shall actively support to set up a special enterprise is responsible for construction、operation、Management public rental housing, affordable housing，Guide enterprises through bank loans、Issuing bonds、Absorbing the social investment and raise construction fund。

　　此外，财政补贴等手段也将进一步发挥作用。财政部进一步明确通过投资补助、贷款贴息等方式，支持现有企业进行公共租赁住房等保障性住房建设、运营和管理；各地对商业银行发放的公共租赁住房建设贷款可按规定予以贴息，贴息期限不超过15年。

In addition，Financial subsidies means will also further play a role。The Treasury further clear through investment subsidies、Way of loan discount，Support the existing enterprise for public rental housing, affordable housing construction、Operation and management；For the commercial Banks to issue all over the public rental housing construction loans to give by the regulation pay interest，Discount deadline not more than 15 years。

　　根据《通知》，在中央资金将于4月底前全部到位的基础上，拨付市县的资金也需5月底前全部到位。资金落实时间相比往年更早，如严格执行，或许会给同样面临地方债大限的许多地方政府带来相当的压力。

According to《notice》，In the central funds will be in place before the end of April the basis of all，The funds allocated to city and county before the end of may also need to all in place。The fund needed time earlier than in previous years，Such as strictly carry out，May also face place to many of the local government debt deadline considerable pressure。

　　中国房地产学会副会长陈国强在接受《中国投资》杂志采访时表示：“与去年相比，今年对资金落实的时间提前了，这有利于更主动地来安排年度保障房建设。”在他看来，一系列资金渠道的拓宽表明，有关部门推进保障性安居工程建设工作的积极性进一步提高，政策要求也更明确和具体。“中央政策明确之后，接下来就是各地如何抓落实”。

China real estate society vice-chairman Chen guoqiang in accept《China's investment》The magazine said in an interview：“Compared with last year，This year the fund needed to earlier，This is helpful to more actively to arrange the annual security room construction。”In his view，A series of capital channel that widen，The relevant departments of supportability project construction work enthusiasm live rise further，Policy requirements and more clear and specific。“The central policy after clear，The next step is to grasps carries out all over”。

　　部分地方已着手落实上述政策要求。最新报道称，江西省明确地方政府债券资金优先用于保障性安居工程建设。此前，海南省、湖北省也宣布获准发行地方政府债券中相当一部分比例用于保障房建设。

Part of the place has to carry out the above policy requirements。The latest reports say，Jiangxi province clear local government bond funds used in preference to support the comfortable housing project construction。after，Hainan province、Hubei province also announced allowed to issue local government bonds used to guarantee a substantial proportion room construction。

　　重庆财政局相关负责人不久前曾披露，重庆房产税征缴基本做到“应收尽收”，征收率在99%以上，征收金额超过9000万元，如今已达1亿元。而这部分收入将全部用于公共租赁住房的建设和维护。

Chongqing relevant person in charge of bureau of finance not long ago was disclosed，Chongqing housing property tax collects pay basic do it“Stipulated in the law”，In online more than 99%，Collection of more than 90 million yuan，Now has reached 100 million yuan。And this part will be used for public rental income all housing construction and maintenance。

　　1.8万亿-2万亿需求重压

1.8 trillion-2 trillion demand weigh

　　“资金是保障房建设极大的瓶颈所在，财政部、发改委出台相关政策也是想在今年突破这一瓶颈”，杨红旭如是说。

“Money is the guarantee room construction of great bottlenecks，The Treasury、Development and reform commission (NDRC) related policy also to try to break the bottleneck in this year”，YangGongXu said。

　　2010年保障房建设在全国范围内获全面启动，从中央到地方纷纷加大了保障房的建设和投入力度。2011年，保障房进入了更大规模的建设阶段。“今年保障房新开工数量虽然有所下调，但实际的年度在建规模以及竣工规模会超以往年份，相对应的对资金的需求也会创历史纪录”，陈国强说。在他看来，与2011年相比，2012年的保障房建设在资金配套上的压力将更为严峻。

2010 security in nationwide endowed in full swing，From the central to local have increased security in the room of the construction and investment。2011 years，Security room into even more massive construction phase。“This year the number of new security room start though have come down，But the actual construction and project completion of annual scale scale will super in years，Corresponding to the need for the funds will also and historical records”，Said Chen guoqiang。In his view，Compared with 2011，2012 years of security in the capital on the fittest supporting pressure will be more serious。

　　早在2011年10月召开的国务院关于城镇保障性住房相关报告问询会上，全国人大常委委员严以新就曾提出在“十二五”计划建设的3600万套保障房中，中央政府出资仅占13%不到，地方财政压力相当大。此后，财政部部长助理王保安进一步说明，中央财政补助更多向中西部地区倾斜，达到占当地资金比例40%以上的程度。这就使得高度依赖土地财政的东部较发达地区同样面临不小的保障房资金缺口。

Early in October 2011 at the state council on town affordable housing related report at the inquiry，The National People's Congress standing committee be strict to new once put in“1025”Plans to build 36 million sets of security houses，The central government funds accounted for only 13% less than，Local financial pressure quite large。Since then，Assistant Treasury secretary WangBaoAn further explained，The central financial aid more learn a lot from the Midwest tilt，To account for more than 40% of the local fund proportion degree。This makes the eastern part of the land is highly dependent on the financial more developed regions also faced a lot of security room funding gap。

　　据测算，明年实际在建工程量有1800万套左右，据参加全国保障房座谈会知情人士的观点认为，2012年保障房资金压力可能会攀升到1.8万-2万亿元之间。

According to estimates，Under construction next year with 18 million sets of actual quantity to the left，According to take part in the national security room symposium view of the people familiar with，2012 security room funds pressure could rise to 18000-2 trillion yuan between。

　　上述问询会上，住建部部长姜伟新曾估算2011年实际在建的保障性住房约为1500万套左右，并确认2012年开工数和在建数均增加。按目前单套10万元以上的通用成本估算，业内也估计今年保障房建设资金需求可能接近2万亿元。

The above information meeting，Live JianBu minister he had estimated 2011 under actual affordable housing about 15 million pieces，And confirmed that 2012 years starts increased number or under construction。At the current single set of 100000 yuan of above of general cost estimation，The industry also estimated this year guarantee room construction fund needs could be close to 2 trillion yuan。

　　加大财政投入力度一直备受期待，但各级财政压力较大也是一个不容回避的现实问题。此前，《人民日报》曾报道称，不少地方的负责人表示，2011年已经是“砸锅卖铁”，想尽办法为保障房建设投入资金。近两年，受货币政策和房地产市场调控影响，银行等金融机构对保障房的支持力度仍然有限，地方赖以生存的土地出让收益也在减少，商品房税收下降及地方融资平台清理等举措使得各地保障房资金的可持续越来越难。

Increasing financial investment has been much looking forward to it，But at all levels for finance pressure great is also an unavoidable reality problem。after，《People's Daily》Had reported，Many local officials say，2011 is already“ZaGuoMaiTie”，Try to to ensure room construction investment。Nearly two years，By monetary policy and real estate market control effects，Banks and other financial institutions to ensure room support is still limited，Place the survival of the land transfer income also decreases，Commodity house tax down and local financing platform cleaning measures such as make the security room of funds sustainable increasingly difficult。

　　中央财政分担更多是地方政府的普遍希望。对此，财政部有关负责人表示，保障性安居工程，按照现有的事权划分和财政体制规范，应该是地方事权，就是省级负总责，市县抓落实，中央给予适当补助。

The central government is to share more of the local government generally want。this，The Treasury said the relevant person in charge，Support the comfortable housing project，According to the existing powers of division, and financial system specifications，Should be local voice，Is provincial overall responsibility，City and county grasps carries out，The central grant appropriate allowance。

　　对于地方政府来说，在中央代发地方债或自行发行地方债规模有限、个人住房房产税试点地区取得的房产税收入较低的情况下，还不得不面对土地出让收入下滑的现状。2011年5月财政部和住建部发文要求各地严格按照土地出让净收益的10%计提保障房建设资金。但由于土地市场低迷，相当一部分热点城市土地出让金收入下滑。

For local government for，In the central place undertakes to issue local debt debt or limited scale、Personal housing property tax pilot areas have house property tax into the situation of low，Also, they have to face the land transfer income decline of the status quo。In May 2011, the finance ministry and the live JianBu requires all postings in strict accordance with the land transfer net proceeds 10% plan carry security room construction fund。But because the land market downturn，Quite a number of hot land leasing revenue declined city。

　　中国指数研究院发布的统计数据显示，2011年全年全国130个城市土地出让金总额为19052.3亿元，同比减少11%。其中住宅类用地12666.8亿元，同比减少23%。四大一线城市中，上海土地出让金虽均过千亿，但比2010年分别减少16.1%和35.7%，降幅非常明显。广州和深圳的土地出让金则分别为303.5亿元和192.4亿元，位列榜单前10之后。

China index issued by the institute of statistics，Year 2011 in over 130 cities of land sell one's own things total is 1.90523 trillion yuan，Reduce 11% year-on-year。One residence kind land 1.26668 trillion yuan，Reduce 23% year-on-year。Four big a line in the city，Shanghai of land sell one's own things is all past one hundred billion，But more than 2010 years to reduce by 16.1% and 35.7% respectively，Very obvious by。Guangzhou and shenzhen paid-in land transfer fund respectively for 30.35 billion yuan and 19.24 billion yuan，Rounding out the top 10 was after。

　　仍需制度创新

Still need system innovation

　　目前，各地已开始纷纷探索保障房建设的资金难题解决途径，其中一个典型类型就是通过设立平台公司推进保障房建设。将土地和启动资金注入该平台公司，由平台公司获得金融机构贷款、吸收社会投资。这一做法也得到有关主管部门的鼓励。去年银监会有关负责人表示，银监会将继续加大保障性住房建设支持力度，支持设立省级、计划单列市政府保障性住房融资平台，督促银行业金融机构在符合要求的前提下，加大力度抓紧放贷。

At present，All have started to explore the construction of guarantee room have financial difficulties solution，One of the typical type is by setting up a platform of security room construction company。Will land and start-up money into this platform company，Platform for financial institutions by the loan、Absorbing the social investment。This approach also get relevant competent department of encouragement。Last year a head of the banking regulatory commission (CBRC) said，Banking regulatory commission (CBRC) will continue to increase the affordable housing construction support，Support set provincial、Plan a single city government affordable housing financing platform，Supervise banking financial institutions in compliance with the requirements of the premise，Efforts to lend to borrowers。

　　近两年各地已经纷纷建立了保障性住房专属的投融资平台，成为创新保障房融资的主要方式。如北京市2011年在安排专项财政资金131亿元的基础上，成立北京市保障房建设投资中心，市财政一次性注资100亿元；江苏常州则将每年的一部分财政专项资金为融资平台增资，降低负债率；陕西省首创了“财政+国企”的模式，省政府出资10亿元，企业出资30亿元，共同成立平台。

All over the past two years has been established in affordable housing exclusive investment and financing platform，Become the innovation safeguard room the main mode of financing。Such as Beijing 2011 in allocating special financial capital 13.1 billion yuan basis，The room was guarantee construction investment center，The municipal finance one-time capital of 10 billion yuan；Jiangsu changzhou will each year for part of the special fund financial capital financing platform，Reduce leverage；The harnessing of shaanxi province“Financial + state-owned enterprises”mode，The provincial government invested 1 billion yuan，Enterprise invested 3 billion yuan，Jointly established platform。

　　“但这些举措只能起到补充作用”，据秦虹分析，尽管地方债要求今年明确向保障房倾斜，但估计量也不会很大；而房产税只在上海、重庆两地试点，收入也非常少，只有重庆超过1亿元；部分国有资本收益用于保障房建设更是存在不确定性，这取决于企业的经济效益如何；而城市维护建设税收入，虽然去年主要受2010年12月1日起对外资企业征收城市维护建设税翘尾增收影响出现较高增长，但是其主要用于城市基础设施建设。

“But these measures can only play a complementary role”，According to QinHong analysis，Although local debt this year to ensure room requirements clear tilt，But that is also not very big；While housing property tax only in Shanghai、Chongqing both pilot，Income also is very little，Only chongqing more than 100 million yuan；Part of the state-owned capital gains for security room construction is uncertain，It depends on the economic benefit of enterprise；And urban maintenance and construction tax into，Although mainly by the last year December 1, 2010 on foreign capital enterprise collection to the tax on city maintenance and construction QiaoWei 'income influence to appear higher growth，But the main used in urban infrastructure construction。

　　“这些资金的加入，虽然会在一定程度上缓解保障房的资金压力，但是带来的影响不会很大”，秦虹认为，保障房的资金主要还是依靠中央和地方的财政投入。

“These funds to join in，Although will some relief in the room of the security financial pressure，But bring impact will not be huge”，QinHong think，Security in the room of the main or rely on funds of the central and local financial investment。

　　杨红旭也向记者表达了类似观点：“新举措只能起到补充作用，不能担当挑大梁的角色。”他认为，地方债发行的总量不是很大，并且还有很多其他用途。而房产税除非试点范围扩大，否则收入数量微乎其微。

YangGongXu also expressed similar views to the reporter：“New measures can only play a complementary role，Do not bear plays a role。”He thinks，Place the amount of debt issuance is not great，And there are many other USES。While housing property tax unless the scope to expand，Otherwise income little number。

　　我国曾多次强调引导社会资本进入保障房建设领域，然而至今房地产开发企业进入保障房建设领域的热情并不高。

Our country has many times that guide the social capital into security room construction fields，So far, however, real estate development enterprise in the field of construction guarantee room enthusiasm is not high。

　　原因很明显，作为一个市场主体的企业，追逐利润是其本性。然而，保障房领域具有特殊性，具有很明显的民生色彩，利润空间较小。

The reason is obvious，As a market of the main body of the enterprise，Chasing profits is its nature。however，Security room is a special field，Has the very obvious the livelihood of the people of color，Profit space smaller。

　　“社会资本进入保障房领域，要看资本和收益的关系”，杨红旭告诉记者，“保障房收益明显偏低，限价房和经济适用房可以出售，短期可以收回投资，因此情况稍好些。尤其是作为主导产品的公租房，由于不能出售，仅靠租金获得收益，收益率很低，无法满足企业投资的需求。”吸引社会资本进入这一领域，只有通过各种税收优惠政策的刺激。

“Social capital into security room field，To see the relationship between capital and income”，YangGongXu told reporters，“Security room obviously low income，Price fixing the room and economy is applicable the room can be sold，In the short-term recovery of investment，So is a bit better。Especially as the leading product male renters，Because can't sell，Only on the rent achieve earnings，Yields low，To meet the needs of enterprise investment。”Attract social capital into this field，Only through the various preferential tax policy stimulation。

　　当前我国保障性住房存在产品体系不清楚、类别很多等问题，都需进一步分清哪些需要政府投资，哪些需要以市场运作方式来解决。

The current our country exists affordable housing products system is not clear、Many categories，All further tell which need the government investment，What needs to marketing method to solve。

　　“保障房的产品体系要梳理清晰，另外要分门别类”，杨红旭认为，由于主要是满足最低收入群体的住房需求，因此廉租房需要政府投资开发建设；经济适用房和限价房，主要针对有一定经济实力的人群，因此需要进一步吸引社会资本进入这一领域。

“Security in the room of the product system to create clear，In addition to classify”，YangGongXu think，Because basically is to meet the lowest income group housing needs，So low-cost housing need government investment in the development of construction；Economy is applicable the room and price fixing the room，Mainly aimed at a certain economic strength of the population，Therefore need to be further attract social capital into this field。

　　此外，在财税和金融服务领域，还需政策红包。杨红旭建议，加大对民间资本进入保障房领域的优惠措施，除了诸多税收优惠措施之外，信贷方面能否优先贷给相关企业。此外，在企业债的发行方面也还需要进一步加大扶持力度。总体来看，要通过税收、信贷、土地全面的优惠政策来刺激引导社会资本进入保障房领域。

In addition，In the finance and tax and financial services，Still need policy red packets。YangGongXu Suggestions，More on private capital into the security in the field of room preferential measures，In addition to many preferential tax measures outside，In credit loans to relevant enterprises can priority。In addition，In the issue of QiYeZhai also needs to be further increases the support strength。overall，Through the tax to、credit、Land comprehensive preferential policies to stimulate guide social capital into security room field。

　　对此，住建部副部长齐骥去年“两会”期间曾提出，经济适用住房和“两限房”的建设，主要由社会机构通过市场运作方式来解决。在公共租赁住房投资建设的主要模式中，除政府出地、政府投资、政府管理的模式外，还要采取“政府出地、企业出钱”模式，即政府划拨土地，吸引社会机构来参与建设。另外，有些地方正在尝试另一种模式，即政府供应土地时确定其用于建设公共租赁住房，各类企业通过市场方式获得相应地块后建设公租房并拥有其所有权。

this，Live, vice minister of 齐骥 built last year“Two meetings”Period once put，Economy is applicable housing and“Two limited room”construction，Mainly by the social institutions through the marketing method to solve。In public rental housing investment of the construction of the main mode，In addition to a government、The government investment、The management mode outside，Will be taken“The government out、Enterprise pay”mode，As the government transfer land，Attract social institutions to participate in the construction。In addition，Some places are trying to another mode，The government supplies land determine its for the construction of public rental housing，By way of of all kinds enterprise market to obtain corresponding plot construction and rent after and have its ownership。

　　在陈国强看来，《通知》体现了推动企业参与投资保障房建设的制度创新，以后还应有更多的突破，更多的创新机制和配套条件。“引导企业参与保障房建设一个很重要的问题就是解决企业参与动力，保障房本身是政府提供的公共服务，对企业要有相应的激励，要保证其投资有一定收益，这是很基本的”。

Chen guoqiang seems in，《notice》Embodies the push enterprises to participate in the construction of investment guarantee room system innovation，Later also should have the more breakthrough，More innovation mechanism and the necessary conditions。“Guide enterprises to participate in the security room construction a very important question is to settle the enterprises to participate in power，Security room itself is the government provide public services，To the enterprise must have the corresponding incentive，To ensure that its investment have certain benefits，This is very basic”。

　　陈国强表示，保障房建设是将来政府住房政策中一个非常关键的环节，未来一段时间内，在保障房建设资金投入上需要形成制度化的体系，否则只能是一个短期行为。

Said Chen guoqiang，Security room construction is the government housing policy in the future in a very key link，The future within a period of time，In the security room on capital investment in the construction of institutional system to develop，Or you can only be a short-term behavior。