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我国租赁住房市场结构（按照市场化/政策性和分散/集中产权两个维度划分）

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所属报告：

房地产行业-华夏基金华润有巢REIT（508077.SH）：首单房企背景保租房REIT市场化程度高-230518（27页）.pdf

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REITs深度报告图 11：有巢 REIT两个项目租赁住房部分的出租率 .................................................................................................. 14 图 12：中国租赁住房行业市场规模 .......................................................................................................................... 15 图 13：主要城市“十四五”期间保障房新增建设目标 .................................................................................................. 16 图 14：有巢获评 2022年住房租赁经营质量第一名和住房租赁成长性第一名 .......................................................... 19 图 15：NAV估值法说明 ........................................................................................................................................... 20 图 16：上海市长租公寓/服务式公寓的资本化率（Cap rate）在 4.5%~5.3%之间 .................................................... 22 图 17：产权 REITs底层资产的资本化率（Cap rate） ............................................................................................. 22 表 1：政策性租赁住房项目和市场化长租房的对比 ..................................................................................................... 4 表 2：保障性租赁住房和公共租赁住房的对比 ............................................................................................................ 5 表 3：美/日/英/新/德国的租赁住房 REITs情况 ........................................................................................................... 8 表 4：有巢 4条产品线及各自定位 ............................................................................................................................ 10 表 5：项目基本信息 .................................................................................................................................................. 11 表 6：有巢 REIT两个项目的基本运营情况 .............................................................................................................. 14 表 7：主要住房租赁企业发展情况 ............................................................................................................................ 16 表 8：4单保租房 REITs底层资产对比 ..................................................................................................................... 17 表 9：有巢在营的 34个项目遍布全国 ...................................................................................................................... 19 表 10：华润有巢底层项目 2023/2024/2025年合计 NOI测算过程 ........................................................................... 21 表 11：华润有巢 REIT 2023年末 NAV测算过程 ..................................................................................................... 22 附：财务预测表 ........................................................................................................................................................ 26 REITs深度报告一、保租房 REITs背景：保租房是解决大城市住房问题的重要抓手，REITs1、什么是保障性租赁住房：政策性租赁住房的重要分支，主要解决新市民、青年人等市场化长租房和政策性租赁住房共同构成我国住房租赁市场。按照市场化程度的高低，我国住房租赁市场可分为市场化长租房1和政策性租赁住房（见图 1），二者在产权可转让性、房源、资产价值、经营主体、运营方式、租户结构等方面都有显著差别（见表 1），相较于市场化长租房，政策性租赁住房项目的产权多为协议出让或行政划拨，取得方

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