台灣醫療照護不動產信託投資基金之新創研究—以都市更新重建方式推動

Abstract

根據行政院國家發展委員會的統計，臺灣在2025年即將會進入超高齡社會的時代；扶老比(老年人口/青壯人口x100)在2030年是37而到2040年則快速上升到51.2，意即每位老人需要兩位青壯年照顧，老年化的社會即將成為國安問題。 我國推行不動產投資信託REITs多年，面對重重困難而造成目前國內REITs市場發展的侷限。楊育純、游千慧(2002)認為，台灣和日本國情相似，對於日本的不動產證券化的相關立法體例及規定，應該可以做為極好的借鏡及參考。日本醫療投資株式會社基金投資單位在東京證券交易所房地產投資信託基金市場上市，營運資產主要是是老年人設施或醫療設施，其倍數成長的表現，說明了與台灣國情相仿的日本，老人照顧市場方興未艾。 美國REITs基金2019年總市值達到1.3兆美金，而其中的10%左右(130 Billion)是醫療保健基金（Benzinga Web，2023）。美國醫療保健房地產REIT擁有和租賃與醫療保健相關的財產，受益於規模龐大且不斷發展的醫療保健行業，以及嬰兒潮人口平均年紀的上移，2029年以前，80歲以上的人口估計會是成長最快速的族群（Motley Fools Web，2023）。 本研究從多年房地產工作者的角度，以現有的都市更新及危險老舊公寓改建方案的工具為經，美日醫療照護基金做緯，剖析台灣特色的「醫療照護房地產信託投資基金」(T-Healthcare REITs) 的可行性。結論是以不動產業者的專業設計規劃、整合及資金能力，興建設立「中大型的銀髮族醫療照護設施」，不僅對於當地長者的醫療照護，對於照護的人力、水準、技術的提升都會有帶動提升的效果，達到「在地老化」效率提升的優勢。加以，「中大型的銀髮族醫療照護設施」提供包括從鄰近健康長者（居家日托）、住宿間康長者（銀髮住宅住戶）、24小時醫護照護等等，完整的一個生態聚落。無論從地主的角度、從REITs作為提供資金及專業管理團隊的角度分析，與對於一般投資人而言，T-Healthcare REITs也是一個穩定抗通膨的固定投資產品，是可以達到多贏的一個創新且獲利可期的規畫。

According to statistics from the National Development Council of the Executive Yuan, Taiwan is set to enter the era of a super-aged society by 2025. The elder care ratio (elderly population / working-age population x 100) is projected to be 37 in 2030 and rapidly rise to 51.2 by 2040. This means transforming an aging society becomes a matter of national security. Taiwan has been implementing Real Estate Investment Trusts (REITs) for many years, but the domestic REITs market development is currently facing considerable limitations. Yang and You (2002) suggested that Taiwan's national conditions are similar to those of Japan. Thus, the legislative framework and regulations related to real estate securitization in Japan could serve as a valuable reference for Taiwan. The Japanese medical investment corporation fund units, primarily operate assets that are elderly facilities or medical facilities. The exponential growth performance of these units indicates that the elder care market in Japan, a country similar to Taiwan, is thriving. In 2019, the total market value of US REITs funds reached $1.3 trillion, of which approximately 10% ($130 billion) were in healthcare funds (Benzinga Web, 2023). By 2029, it is projected that the fastest-growing demographic will be those aged 80 and above (Motley Fools Web, 2023). From the perspective of experienced real estate workers, this study uses the tools of existing urban renewal and the reconstruction of dangerous old apartment buildings, with the reference of the US and Japanese healthcare funds, to analyze the feasibility of the uniquely Taiwanese "Medical Care Real Estate Investment Trust Fund" (T-Healthcare REITs). Conclusion is that professional design planning, integration, and funding capabilities of real estate developers can lead to the establishment of "medium-to-large elderly medical care facilities". Not only does this provide medical care for local seniors, but it also boosts the level of care, manpower, and technical standards, thereby achieving efficient "local aging". They also provide a range of services, including care for nearby healthy elderly individuals, residents in care homes , 24-hour medical care, and so forth, creating a comprehensive ecosystem. In conclusion, T-Healthcare REITs are a stable, inflation-resistant investment product. It represents a multi-win innovative plan with promising profits.