本报记者 孙 蔚

Our reporter sun wei

　　作为租赁型保障房之一，公租房同廉租房一样，在建设过程中资金投入大、利润少、回收周期长，目前，财政补贴是公租房建设的主要资金来源，这让地方政府不堪重负。因此，如何多渠道筹集资金，让公租房建设进入良性循环，成为摆在地方政府面前一道待解的难题。

As one of the lease type security room，Male with low-cost housing rental，In the process of building a large capital investment、Less profit、Recovery cycle is long，At present，Finance allowance; the main source of funds rent construction，This let the local government is overwhelmed。so，How to multi-channel raise money，Let the male rent construction into the benign circulation，Be in place before the government for a solution of the problem。

　　资金成公租房建设“拦路虎”

Money into male rent construction“tiger”

　　在全国工商联房地产商会理事陈宝存看来，公租房的建设情况并不乐观。“在保障房分类中，公租房和廉租房因为较低的回报率而需要政府资金支持，但这两类保障房需要10年乃至20年才能收回成本，这种盈利模式对投资方来说不堪重负。”

In the national federations of industry and commerce of real estate chamber of commerce ChenBaoCun opinion，And the construction of the rent is not optimistic。“In the security room classification，Male rent and low-cost housing because of the lower rate of return and need government financial support，But the two types of security room needs to 10 or even 20 years to cover their costs，This kind of mode profits to investors is crumbling。”

　　综观各地推进公租房建设的进程，资金短缺一直是让政府头疼的问题。与出售型的经济适用房、限价房不同，公租房只能逐年收取租金。前者一次性就可以收回建设成本，后者要经过10多年才能收回建设成本。大量垫付资金引起一些地方政府的畏难情绪，资金成了公租房建设的“拦路虎”。

Overview of all the process of the construction of the male rent，The shortage of capital has been a headache for the government。And the sales model economy is applicable the room、Price fixing the room different，Male rent can only receive rent year by year。The former one-time can take back the cost of construction，The latter will after more than 10 years to take back the cost of construction。A large money paid by some local governments fear of emotions，A male of the construction of the rent money“tiger”。

　　一位三线城市负责保障房运营的负责人曾对本报记者表示，公租房的建设资金主要来自银行贷款、公积金贷款等，即使有租户认为公租房的租金较高，跟市场价格相比并不具有多大优势，收回的租金也仅够偿还建设贷款的利息，公租房后期的运营、维修费用还需政府自掏腰包。

A three line city is responsible for security room the person in charge of the operation had to our reporter says，And the construction of the rent money mainly from bank loans、Accumulation fund loan, etc，Even with tenants think and higher rents，Compared with the market price does not have a much advantage，The back rent has just enough to repay the construction the interest on loans，And the late rent operation、Maintenance costs to the government for the surge。

　　以当地一栋4万平方米、政府贷款8000多万元收购的公租房项目为例，按10元/平方米/月的价格出租，不考虑空置率，每月可回收租金40万元，一年租金约480万元。然而，按照银行贷款基准利率来计算，8000万元贷款一年的利息约为500万元，租金勉强够支付利息。

With a local building 40000 square meters、Government loans to more than 8000 yuan of acquisition and rent project as an example，According to 10 yuan/square metre/month rental prices，Don't consider the vacancy rate，Monthly rent recovery is 400000 yuan，A yearly rental of about 4.8 million yuan。however，According to the bank lending rate to calculate，80 million yuan loans a year of interest about 5 million yuan，The rent barely enough to pay interest。

　　复旦大学经济学博士郝前进在调研上海市公租房项目时发现，上海市公租房建设成本约为4000元/平方米，如果算上土地出让金及拆迁成本等，实际投资成本约为9000多元/平方米。

Fudan university economics Ph.D. In Shanghai and investigation forward hao rent project found，Shanghai and rent construction cost about 4000 yuan/square metre，If you include the land grant fee and the cost, etc，The actual investment cost about 9000 yuan/square metre。

　　中国社科院财政与贸易经济研究所助理研究员姜雪梅对记者坦言，目前公租房建设或将陷入恶性循环的怪圈。建设公租房需要大量资金，不承诺一定的资金回报率就很难吸引社会资金的加入。但是，资金回报率高了，公租房的租金水平就不能低，就会导致公租房空置率偏高，这样一来，预期的资金收益率就很难实现，会进一步影响公租房建设。

China academy of financial and trade and economic research institute JiangXueMei assistant researcher said to reporters，At present and rent construction or stuck in the vicious circle of the vicious circle。Construction and rent will need a lot of money，Don't promise a return on capital is difficult to attract social capital to join in。but，Capital rapay......，He rents level can't low，Will lead to public rental vacancy rate is on the high side，so，The expected return on capital is difficult to realize，Will further influence and rent construction。

　　北京为公租房建设搭建融资平台

Beijing for rent construction building financing platform

　　为支持各地完成2012年全国公租房建设任务，财政部近日下达了2012年中央补助公共租赁住房专项资金660亿元。记者算了一笔账，如果将660亿元资金摊到230万套公租房上面，每套公租房可享受中央财政补贴约3万元，按每套50平方米计算，每平方米可享受中央财政补贴约600元，这与当前公租房的建设成本还有不小的距离。

Support for all over the country in 2012 and completed rent construction tasks，The Treasury recently issued in 2012 the central public rental housing subsidies special fund 66 billion yuan。Reporter calculate a bill，If the $66 billion fund to 2.3 million sets of male booth rent it，Each male rent can enjoy the central finance allowance of about 30000 yuan，According to every 50 square metre calculation，Every square metre can enjoy the central finance allowance of about 600 yuan，This and the current and the cost of construction and rent a big distance。

　　压力之下，北京市进行了大胆的尝试。2011年6月，北京市财政一次性货币注资100亿元，成立了全市统一的保障房投融资平台北京市保障性住房建设投资中心，这是全国最大的保障性住房融资平台。同时，北京市政府决定，每年全市国有土地出让净收益的10%和全部住房公积金净增值收益将注入这个平台。这种可持续投入机制的形成，为北京市公租房等保障房建设提供了有力的资金支持。

Under pressure，A bold attempt for Beijing。June 2011，Beijing financial one-time monetary capital 10 billion yuan，Set up the unified security room investment and financing platform Beijing affordable housing construction investment center，This is the largest affordable housing financing platform。At the same time，The Beijing municipal government decided，Every year the city state-owned land transfer net proceeds 10% and all housing accumulation fund JingZengZhi earnings will add to the platform。This kind of sustainable input mechanism formation，For Beijing and rent etc security room construction provides a strong financial support。

　　日前，北京市保障性住房建设投资中心总经理金炎接受记者采访时表示，该中心成立一年来，共投入保障房建设资金148亿元，解决了6.8万套保障性住房的资金需求。其中，通过收购持有的方式，解决了1.8万套公租房35亿元的资金需求。

a，Beijing affordable housing construction investment center JinYan general manager when accepting a reporter to interview said，The center was established for one year，Total investment guarantee room construction fund 14.8 billion yuan，Solve the 68000 sets of affordable housing financing needs。Among them，Through the acquisition of holding way，Solve the 18000 sets of male rent $3.5 billion capital requirements。

　　据金炎介绍，该中心通过公积金贷款等多种渠道筹措资金，同时，研究探索保险资金、房地产信托投资基金、境外股权基金、保障房产业基金及社保基金支持保障房建设的可行性，为保障房建设提供可持续的资金保障。成立一年来，北京市保障性住房建设投资中心已经完成收购并持有公租房项目17个，房屋共计1.8万套；完成了30个项目收购的可行性研究报告，涉及住房4.3万套，为进一步扩大收购规模做好充分准备；积极推进自有项目建设，持有5个自建项目，预计可提供公租房1.5万套。

According to JinYan introduced，The center through the accumulation fund loan and other channels raise capital，At the same time，Explore the insurance fund、Real estate investment trust funds、Overseas equity fund、Security industry funds and social security fund room support guarantee of the construction of the room is feasible，To guarantee the construction of the room providing sustainable funding。Established a years，Beijing affordable housing construction investment center has held the completion of the acquisition and male rent project 17，Building a total of 18000 sets；Completed the project takeover of the 30 feasibility study report，Involving housing 43000 sets，In order to further expand the scale of purchase well prepared；Actively promoting their own projects，Hold five self-built project，Can be expected to provide public rental of 15000 sets。

　　鼓励社会投资建设公租房

Encourage social investment construction and rent

　　为了填补资金缺口，住建部上月颁布的《公共租赁住房管理办法》对公租房的申请条件、运营监管、退出机制等做出明确规定，同时鼓励社会民间资本在政府主导下投资公租房。《办法》明确表示，公共租赁住房可以通过新建、改建、收购、长期租赁等多种方式筹集，可以由政府投资，也可以由政府提供政策支持，由社会力量投资。

Funding gap to fill，Live JianBu issued last month《Public rental housing management approach》Tests of the application condition of rent、Operation regulation、Exit mechanism to make clear rules，While encouraging society dominated by the government in private capital investment and rent。《way》Made it clear that，Public rental housing can through the new construction、reconstruction、acquisition、Long-term leases and so on many kinds of way to raise，The government investment，Can also be provided by a government policy support，By social forces investment。

　　北京市第一个公租房项目远洋沁山水的开发商远洋地产董事局主席、行政总裁李明对记者明确表示：“无论在何种市场状况下，响应政府号召，积极参与保障房建设始终是远洋地产关注的重点。这并非是远洋地产为了度过市场低迷期而被动转向保障房，而是我们主动为之，体现出企业的社会责任感。”

Beijing the first male rent project, the developer of the ocean ocean ooze landscape board chairman of real estate、Chief executive li Ming to reporters make it clear：“No matter what the market condition，Response government called on，Actively participate in security room construction is always ocean real estate focus of concern。It is not the real estate market to ocean through the downturn and passive turned to ensure room，But we initiative，Manifests the enterprise the social responsibility。”

　　“对于公租房的盈利模式，远洋地产正在积极研究，并愿意配合政府摸索出一套行之有效的办法。目前，参与公租房建设对公司业绩及资金运转并无太大影响。”李明认为，保障房建设必须建立可持续的发展模式，设定合理的盈利空间，这是实现保障房建设良性发展的重要前提。然而，在现阶段一切仍处在磨合期，还需要各方的共同努力。

“For the profit pattern of male rent，Ocean property are actively research，And is willing to cooperate with the government found out a set of effective measures。At present，Participate in male rent construction of the company's performance and capital operation and without too much influence。”Li Ming think，Security room construction must establish a sustainable development model，Set reasonable profit space，This is to achieve security room construction of the benign development of the important premise。however，At present all still in the period，Still need the joint efforts of all parties。