租赁性住房企业化供给的市场困境与政策选择

租赁性住房企业化供给的市场困境主要为投资收益太低、税负较重以及资金筹集困难等。通过对住房租赁企业投资收益与成本进行测算，发现售租比、利率及税费是影响住房租赁企业发展的关键因素。围绕这三个关键因素可进行不同模式的政策设计，即限地价模式、限利率模式、住房保障模式，以支持不同地区、不同市场的住房租赁企业的发展。对于房价很高、售租比很大的大部分城市，可选择降低土地成本、实施土地限价出让、减少税费、提供长期性贷款的政策支持模式；对于售租比较为合理的部分城市，可选择提供长期性低利率贷款、减少税费的政策支持模式；此外，对于中低收入家庭的住房困难问题，可选择全方位的税费减免、土地限价、长期性低利率贷款的政策支持模式，作为住房保障体系的重要补充。

The Market Troubles and Police Selection of House Rent Enterprise Supply

The market constraints on the development of house rent enterprises are mainly due to low return on investment, heavy tax burden, and difficulties in raising funds. Through the calculation of the investment income and cost of the housing leasing enterprises, it is found that the ratio of sale to rent, interest rate and tax are the key factors that affect the development of the house rent enterprises. Around these three key factors, we can carry out different policy designs, namely, limited land price mode, limited interest rate mode and housing guarantee mode to support the development of house rent enterprises in different regions and different markets. For most cities with high housing prices and high sale to rents ratio, we can choose the policy support mode of reducing land cost, implementing land price limited transfer, reducing taxes and fees, and providing long term loans; for some cities with reasonable sale to rents ratio, we can choose the policy support mode of providing long term low interest loans and reducing taxes and fees. In addition, To cope with the housing difficulties of low and middle income families, the policy support mode in which the full tax and fee could be reduced or eliminated, the land price limited, and long term low interest loans conducted should be adopted as an important supplement to the housing security system.