Abstract
Public-private partnerships (PPP) can be employed to provide public rental housing for young graduates, which has been urgent to achieve social sustainability in China. However, few studies have been conducted to investigate the financing structure of PPPs, particularly the ratio of private investment, which is important in initiating a PPP project. This study develops a robust model to determine the financing structure through considering the uncertainties in operation. A case study in Hangzhou demonstrates the process of the model. The relevant findings provide private investors and the local government with effective references for negotiating the financing structure of a PPP project.
Highlights
The rapid urbanization in China has resulted in fast economic development, such changes have brought about some urgent challenges in urban areas [1,2]
The government would reject a private partnerships (PPP) proposal if the ratio is too low, which implies that the program is still led by the government
We find that the suitable financing structure for this case study is 0.4
Summary
The rapid urbanization in China has resulted in fast economic development, such changes have brought about some urgent challenges in urban areas [1,2]. During the rapid development of the private housing market, China has introduced various affordable housing programs to help middle-to-low-income households settle in cities. Such programs include the Peaceful Living Project (Kang Ju Gong Cheng) program from 1995 to 1998, the Economical and Comfortable Housing (Jing Ji Shi Yong Fang) program from 1994 to the present, the Cheap-Rent. Without considering any affordable housing programs, they usually live in dirty, noisy, and cheap apartments in urban villages or “rural–urban fringes” with low rent [11] Such poor living conditions contribute to the development of serious psychological problems and other social problems in a large, special group [12]. The conclusion and recommendations for future research directions are presented
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