保障性租赁住房公募REITs的法律障碍与破解路径

Legal Barriers and Solutions for Public Offering REITs of Affordable Rental Housing

摘要: 保障性租赁住房作为国家住房体系建设的重要一环，承载着重要的民生保障功能。利用公募REITs盘活其巨额存量资产，对于拓宽融资渠道、形成投融资良性循环具有重要意义。然而，保障性租赁住房的“保障性”与公募REITs的“市场化”基因之间存在内在张力，导致其在发行与运营过程中面临独特的法律障碍。当前，我国REITs市场主要依靠部门规章与规范性文件进行规制，立法层级低，规则体系未能充分回应保障性租赁住房在资产转让、持续运营与监管上的特殊性。具体法律障碍体现在资产权属与转让限制、其“保障性”与REITs“市场化”要求的运营冲突，以及信息披露与投资者权利保护不足等方面。为破解这些障碍，应推动REITs专门立法，在立法中创设适应保障性租赁住房特性的法律空间；构建差异化的监管与激励体系，平衡社会效益与经济效益；并通过完善信息披露和治理结构来强化投资者保护。唯有通过系统的法律制度创新，才能保障租赁住房公募REITs行稳致远，实现民生保障与市场效率的双赢。

Abstract: As a key component of the national housing system, affordable rental housing is crucial for people’s livelihood security. Using public offering REITs to activate its huge stock assets helps broaden financing channels and form a sound investment and financing cycle. However, inherent tension between its “affordable nature” and REITs’ “market-oriented attribute” causes unique legal barriers in issuance and operation. Currently, China’s REITs market, regulated mainly by low-level departmental rules, fails to address the particularities of affordable rental housing in asset transfer, operation and supervision. Specific barriers include asset ownership restrictions, operational conflicts, and insufficient investor protection. To resolve these, we need special REITs legislation, a differentiated regulatory system, and improved information disclosure and governance. Only through systematic legal innovation can such REITs develop steadily and achieve a win-win between people’s livelihood security and market efficiency.