中国房地产市场的困局:如何让住房“限购”与住房投资并行?  

Chinese Real Estate Market's Dilemma:How to Keep Homebuying Restrictions and Housing Investment in Parallel

作　　者：林左鸣[1] 闫妍[2,3] 

机构地区：[1]中国航空工业集团公司,北京100022 [2]中国科学院大学管理学院,北京100080 [3]国家信息中心,北京100045

出　　处：《广义虚拟经济研究》2014年第1期5-13,共9页Research on the Generalized Virtual Economy

基　　金：广义虚拟经济研究专项资助项目[项目编号:GX2013-1002(Y)];国家自然科学基金(No.71103179)

摘　　要：1998年"房改"后,住房逐渐成为市场中被追捧的社会性财富标志,房地产对经济发展做出了重要贡献,同时也引发了一些地方政府过度依赖土地财政和强势群体过度投资甚至投机伤民的弊端。出路在于进一步深化改革,做到既能继续发挥房地产对经济增长的带动作用,又能实现房价和房租处于合理水平的目标。建议在区域或全国性中心城市继续维持现行住房限购政策的同时,大力发展公租房,并将公租房的所有权和居住权相分离,以公租房的租金为收益来源,建立公共住房投资信托基金(PHIT,Public Housing Investment Trust),并确定其法定财富标志的地位,将部分希望投资房地产社会性财富标志的资金,引入到以公租房为基础资产的证券化产品投资中来。Since China Housing Reform in 1998, houses have become social wealth identiifcations which are pursued in the market gradually. While real estate industry has made great contributions to economic de-velopment, it has also caused many social problems, such as, local governments depending more on the land revenue, and excessive investments and speculations of advantaged groups which are unfair to ordinary＆amp;nbsp;people. The solution is furthering the reform to make the real estates continualy contribute to the economic growth, while achieving the goals of stablizing the housing prices and housing rents on reasonable levels. We should implement the homebuying restrictions in certain regions and some national central cities as usual, and develop the public rental houses at the same time. It is suggested to separate the ownership and occupation of public rental houses, and develop PHITs （Public Housing Investment Trusts） whose revenues are the rents of public rental houses. PHITs should be established as fiat wealth identifications, which will attract partial capital, originally investing in the real estate as social wealth identiifcations, into the security investment whose basic assets are public rental houses.

关 键 词：法定财富标志 公共租赁住房 住房限购 公租房产权投资 

分 类 号：F293.3[经济管理—国民经济]