在上千亿元的公租房建设资金需求面前，已箭在弦上的京版保障房REITs（房地产信托投资基金）或成新的“引水之源”。

Billions of dollars in the male renting a house construction funds before demand，Already a point of no return the Beijing edition safeguard room REITs（Real estate investment trust funds）Or into a new“The source of water”。

　　“关于京版保障房REITs的进展，目前正在制定方案的过程中，具体细节尚不能透露，但我们会努力并争取让北京公租房REITs试点成行。”北京市住房保障办公室发展规划处处长张国伟在接受本报记者采访时表示。

“About Beijing edition safeguard room REITs progress，At present is developing in the process of scheme，Specific details were not revealed，But we will try our best and try to let Beijing public rental REITs pilot lines。”Beijing housing security office development planning marshal deng in accepting our newspaper reporter to interview said。

　　早在2006年，REITs试点的相关研究就已经启动。随着各地保障房建设任务的加重，REITs也一度成为各地解决保障房建设过程中资金短缺问题的“法宝”，但终因各种缘由，中国版REITs千呼万唤仍未出来。6年之后，京版保障房REITs呼之欲出，一旦成行，保障房建设的资金筹集模式将由现行的“外部输血”转向“内部造血”。

As early as in 2006，REITs pilot studies have start。As local security room construction task aggravated，REITs once become solve security around the room during the process of construction fund shortage problem“Magic weapon”，But eventually because of various reasons，Chinese version of REITs call again and again is still not out。Six years later，Beijing edition safeguard room REITs be vividly portrayed，Once it，Security room construction fund raising mode will be from the current“External blood transfusion”steering“Internal hematopoietic”。

　　8月7日，在中国发展研究基金会举行的中国保障性住房政策国际研讨会上，北京市住房和城乡建设委员会（以下简称“北京市住建委”）委员、北京市住房保障办公室常务副主任邹劲松透露，北京已将朝阳区的5个公租房项目打包，申请试点发行REITs，一旦获得证监会批准即可将公租房进行资产证券化。至此，在全国范围内酝酿许久的REITs支持保障房建设之旅，终于在京破冰。

August 7，In the China development research foundation at the China indemnificatory housing policy international conference，Beijing housing and urban and rural construction commission（Hereinafter referred to as“Beijing is built appoint live”）members、Beijing housing security office executive deputy director ZouJinSong revealed，Beijing chaoyang district has five male renting a house package，Apply for pilot issue REITs，Once get approved by the commission can rent a house and on asset securitization。So far，In the nationwide brewing for a long time of REITs support room construction trip，Finally in the ice。

　新版“印钞机” new“managers”

　　保障房建设历来缺钱，REITs对于政府而言，好比“印钞机”，能够解决保障房建设中长期运营的资金短缺问题。中房集团前总裁孟晓苏就曾表示，用REITs助推保障房建设或将成为楼市新突破。

Security room construction has been short of money，REITs for governments，like“managers”，To solve the security room construction long-term operation of fund shortage problem。Chinese real estate group President before meng xiaosu had said，Endowed with REITs boost security sobeit will become the new breakthrough in the property market。

　　邹劲松表示，北京市“十二五”期间的公租房建设大概需要的资金量为1500亿元，由政府提供资本金的20%，80%通过市场融资解决，房地产信托基金模式也是一种解决方案。目前北京保障房融资已申请公积金贷款200亿元；私募债额度500亿元，目前已发行226亿元，其余274亿元年内发行；商业贷款300亿元，包括国开行提供的100亿元和建设银行(601939,股吧)提供的200亿元低于基准利率的贷款。

ZouJinSong said，Beijing“1025”During the period of male renting a house construction need more financing volume for 150 billion yuan，The government should provide 20% of the capital，80% through the market to solve the financing，Real estate trust fund mode is also a kind of solutions。At present Beijing security housing accumulation fund loan financing has applied for 20 billion yuan；SiMuZhai limit is 50 billion yuan，At present already issued 22.6 billion yuan，The rest of the 27.4 billion yuan years issue；Commercial loans 30 billion yuan，Including countries operation to provide 10 billion yuan and construction bank(601939,guba)Provide $20 billion less than the benchmark interest rate loans。

　　据了解，此次北京保障房REITs首批试点的朝阳区政府共推出5个公租房项目，涉及2000～3000套已经建成的公租房，与国投瑞银基金(博客,微博)管理有限公司合作，采取一个项目一个方案的方式试点。

It is understood，The Beijing security REITs room the first batch of pilot the chaoyang district government launched a total of five male renting a house project，Involving 2000 ~ 3000 sets has been built and the rent，And international trust &investment ubs fund(blog,Micro bo)Management co., LTD. Cooperation，Take a project a scheme of pilot way。

　　今年全国保障房开工总量计划为700万套。粗略计算，700万套保障房建设成本至少在6300亿元以上。另外，2011年实际开工1043万套，实际竣工率仅有约41.4%，考虑到保障房建设周期一般是1～2年，这就意味着2011年积存下来的、将要竣工的保障房将达到600万套，这部分项目也到了用钱高峰。因此历史项目加上新开项目建设，今年全国保障房资金需求超过万亿元。对于REITs无疑求之若渴。

This year the national security room commencement plans for 7 million sets of the total amount。Rough calculation，7 million set of security housing construction cost at least 630 billion yuan of above。In addition，In 2011 the actual commencement of 10.43 million sets，Practical completion rate is only about 41.4%，Considering the safeguard room construction period is generally 1 ~ 2 years，This means that 2011 funding down、Will be completed guarantee room will reach 6 million sets，This part of the project is to use the money to peak。So history project and the new open project construction，This year the national security housing fund demand more than one trillion yuan。No doubt for REITs; if the thirst。

　　中国房地产学会副会长陈国强在接受本报记者采访时分析认为，REITs可以作为解决公租房融资的一个渠道，但针对公租房发行REITs的可行性是成问题的，REITs的发行是依托于优质的、能够实现稳定收益的物业，显然公租房不具备这样的特点。公租房能不能实现盈利，能达到什么样的盈利水平，都是值得怀疑的。

China's real estate society vice-chairman Chen guoqiang when accepting our newspaper reporter to interview that analysis，REITs can be used as a male renting a house to solve the financing a channel，But for rent and the feasibility of issuing REITs is debatable，The issue of REITs is depends on the quality、Can realize stable income property，Obviously public renting a house does not have such characteristics。Male renting a house can realize the profit，Can achieve what kind of profit level，Is questionable。

　　用益信托研究员岳婷在接受本报记者采访时分析认为，京版保障房REITs可以作为一种尝试，像这种政策性的投资，它的回报率应该是稳定的，不一定每个投资者都追求高收益，如果它的收益比银行存款高一点，投资门槛不是很高，普通老百姓是可以做的。主要问题是回报期太长了，没有哪个投资者愿意投10年获得4%～5%的收益，目前国内REITs的发行机构和市场都不够稳定、成熟，不能把老百姓当成“试金石”。

Usufructuary trust researchers YueTing in accepting our newspaper reporter to interview that analysis，Beijing edition security REITs room can serve as a kind of attempt，As the policy of investment，Its rate of return should be stable，Not every investors are the pursuit of high yield，If it yields a little taller than bank deposit，Investment threshold is not very high，Ordinary people can do。The main problem is that return period is too long，No investor to vote for 10 years for 4% ~ 5% of the income，At present domestic REITs issue institutions and markets are not stable、mature，Can't take people as“touchstone”。

　　“试点需要保证国投瑞银每年6%的资本收益率。对于大型基金来说，每年稳定获得6%的回报率并不低。”张国伟说。

“Pilot need to make sure that the international trust &investment ubs every year 6% of the rate of return on capital。For large fund it，Every year stability get 6% of the rate of return is not low。”Deng said。

前景“不乐观” prospect“Not optimistic”

　　早在2009年11月，国务院就批准了北京、天津和上海作为REITs发行的试点城市，但至今三地都未真正成行。今年初，北京市金融局便牵头与国投瑞银签署相关合作协议，启动REITs支持保障房，特别是公租房建设的相关试点工作。

As early as in November 2009，The state council has approved the Beijing、Tianjin and Shanghai as REITs issue of the pilot cities，But so far have not really three lines。Earlier this year，Beijing financial bureau will lead with international trust &investment ubs and sign the cooperation agreement，Start REITs support room，Especially male renting a house construction related pilot work。

　　上海易居房地产研究院副院长杨红旭指出，除了在融资方面实现自我造血功能外，发行REITs对于公租房最大的好处就是突破现有任何一种融资模式的周期性问题。

Shanghai enjoysmart real estate institute vice President YangGongXu pointed out，Except in financing issues to realize self hematopoietic function outside，REITs issue for male renting a house the biggest advantage is break through existing any kind of financing model of cyclical problem。

　　这一切在岳婷看来虽说是个很好的尝试，但对其前景的持续性并不乐观。国外的REITs在市场上是可以流通的，但国内信托肯定不具备这样的条件。公租房的回款期限大多在10年以上，如果做信托是不可能做到10年以上的，肯定要拆散。现在国内的大环境不适宜做REITs，虽然有信托公司申请到试点，但是真正能做起来的还没有。

All this in the YueTing it seems it is a very good try，But the prospects of sustainability is not optimistic。Foreign REITs in the market can be of circulation，But domestic trust sure does not have such a condition。And the rent collection period mostly in 10 years，If the trust is impossible to accomplish more than 10 years，Certain to unravel。Now the domestic environment do not suitable for REITs，Although there are trust company apply to pilot，But the real can make up is not。

　　对于京版保障房REITs的推出，北京市住建委似乎跃跃欲试，然而从国投瑞银内部传出的消息并不是很理想。据国投瑞银的内部人士对记者透露，对于北京保障房REITs这个项目他们跟了一年了，现在卡在税收让利上，今年推出恐怕有点难。对于具体细节没有过多透露。

For Beijing edition safeguard room REITs launch，Beijing is built appoint seems to be living a try，However, from international trust &investment ubs internal efferent news and is not very ideal。According to international trust &investment ubs's insiders revealed to reporters，For Beijing security room REITs this project with them for one year，Now stuck in a tax on the profits，This year I'm afraid a little difficult。For specific details without too much revealed。

　　陈国强认为，如果单纯靠公租房的租金收入来支撑后续的收益，那么发行REITs的难度较大。但是政府肯定会给予一些优惠，比如减免公租房税费，甚至运营收入当中政府给予一些补助，或是将规模化的公租房住宅项目和商业物业打包在一起，也可以给公租房的后续盈利带来支撑。这样发行REITs可能就会另辟蹊径。

Chen guoqiang think，If is realized by the male rents income to support subsequent income，So the difficult issue REITs。But the government will give some discount，Such as derate public rental taxes，Even in operating income of the government to give some assistance，Or will scale public rental housing project and commercial property pack together，Also can give male the subsequent rent profits bring support。This issue REITs might path。