- 规划与建设
- 文章编号：1009-6000(2025)08-0065-07
- 中图分类号：TU984 文献标识码：B
- Doi：10.3969/j.issn.1009-6000.2025.08.009
- 作者简介：徐奕雯，上海社会科学院应用经济研究所博士研究生；
万勇，上海社会科学院应用经济研究所研究员，教授级高级规划师，博士生导师。
- REITs应用于城市更新的现实困境与优化路径研究
- Research on the Realistic Dilemmas and Optimization Paths of REITs Application in Urban Renewal
- 徐奕雯 万勇
- XU Yiwen WAN Yong
- 摘要：
在城市更新成为城市发展核心议题的背景下，文章分析了中国发展房地产投资信托基金（REITs）对盘活存量资产、缓解城市更新资金压力与优化资源配置的重要作用，总结了美国、日本及中国的典型城市更新 REITs 项目经验，指出清晰的产权界定、税收优惠及市场化运作是 REITs 成功的关键。同时，文章深入剖析了我国 REITs 在城市更新中面临的法律法规不完善、税收负担重、监管协调不足、产权界定困难及市场认知偏差等现实问题。在此基础上，从加强顶层设计完善专项法规、提供差异化税收优惠、建立跨部门监管协同机制、优化产权交易流程及培育专业人才与市场认知等方面，文章提出了针对性对策建议，以推动 REITs在城市更新中高效应用，促进城市可持续发展。 - 关键词：
城市更新；REITs；产权界定；税收政策 - Abstract: As the backdrop of urban renewal emerging as a core issue in urban development, this paper analyzes the crucial role of Real Estate Investment Trusts (REITs) in China in revitalizing existing assets, alleviating the financial pressures of urban renewal, and optimizing resource allocation. It summarizes the experiences of typical urban renewal REITs projects in the United States, Japan, and China, highlighting that clear property rights definition, tax incentives, and market-oriented operations are the keys to the success of REITs. Meanwhile, it delves deep into the practical problems faced by REITs in urban renewal in China, such as incomplete laws and regulations, heavy tax burdens, insufficient regulatory coordination, difficult property rights definition, and market perception biases. Based on this, targeted countermeasures and suggestions are put forward, including strengthening top-level design to improve special regulations, providing differentiated tax incentives, establishing cross-departmental regulatory coordination mechanisms, optimizing property rights transaction processes, and cultivating professional talents and market awareness, so as to promote the efficient application of REITs in urban renewal and facilitate the sustainable development of cities.
- Key words: urban renewal; REITs; property rights definition; tax policy