CAJ | 학술논문

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。
1998년“방개”후，주방축점성위시장중피추봉적사회성재부표지，방지산대경제발전주출료중요공헌，동시야인발료일사지방정부과도의뢰토지재정화강세군체과도투자심지투궤상민적폐단。출로재우진일보심화개혁，주도기능계속발휘방지산대경제증장적대동작용，우능실현방개화방조처우합리수평적목표。건의재구역혹전국성중심성시계속유지현행주방한구정책적동시，대력발전공조방，병장공조방적소유권화거주권상분리，이공조방적조금위수익래원，건립공공주방투자신탁기금（PHIT, Public Housing Investment Trust），병학정기법정재부표지적지위，장부분희망투자방지산사회성재부표지적자금，인입도이공조방위기출자산적증권화산품투자중래。
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 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.