资产发展与财务)

PropertyDevelopmentandFinance资产发展与财务Lecturer:YUYONGPart1INTRODUCTIONCHAPTER1:INTRODUCTIONTOTHEPROPERTYDEVELPOMENTPROCESS对房地产开发过程的介绍•Section1.Introduction（介绍）•Section2.Theeconomiccontextofpropertydevelopment（房地产业发展的经济背景）Section1.Introduction•DefinitionPropertydevelopmentistheprocessbywhichbuildingsareerectedforoccupationorforsale/investment.房地产开发是一个从建设到处置的过程•EssentialpointPropertydevelopmentismuchlikeanyothereconomicactivity,itactstosatisfywantswiththeapplicationofscarceresources.房地产开发像其它商业活动一样是一个在无限需求中分配有限资源的过程。•Thedevelopmentprocess开发过程•choosingalocation位置选择;•identifyingasiteandcarryingoutadetailedsitesurvey地点选择与勘察;•providinganoutlineschemeandappraisal制定开发计划和可研;•negotiatingforsiteacquisition土地谈判;•Design初设;•planningconsent规划审批;•Finance融资;•siteacquisition获取土地;•detailedplans详细设计;•tenderdocuments招投标;•Construction建设;•occupationormarketingandmanagement处置.•BasicFormulasvalue-cost=profitGDV-(buildingcosts+sitevalue)=profitthegrossdevelopmentvalue(GDV开发总值)GDV-(buildingcosts+profit)=EUV(existingusevalue剩余使用价值)•SomeConcepts•Valueofthesite:whichdependsonlocation,use(underplanninglaw),topography,legalconstraints,groundconditions,servicesandaccess.土地价值取决于位置、用途、地形、法律限制、地况和基础设施。•Valueoftheproposeddevelopment:whichdependsonuse,density,design,layoutandinfrastructure.预计的开发价值取决于用途、容积率、设计、布局和基础设施。•Costofconstruction:whichdependsonsize,design,typeofbuildings,planningconstraintsonbuildings,landscapingandprovisionofservicesandaccess.建设成本取决于规模、设计、建筑类型、规划约束、景观及基础设施。•Approachestovaluingthedevelopmentproperty•theinvestmentmethod投资法（重置成本法）;•thecomparativemethod比较法;•thecontractor‘stest成本加成法(acostbasedmethod)•theprofitsmethod收益法;and,•theresidualvaluation余值法.•Partiesinthedevelopmentprocess地产开发的参与者•Theprofessionaladvisors专家•Theclients客户•Theplanningauthority规划部门•Thecontractor施工方•Thecommunity社区•Thefunders资金方SECTION2:THEECONOMICCONTEXTOFPROPERTYDEVELOPMENT房地产业发展的经济背景•Historictrace•Keynesianapproachto‘demandmanagement’凯恩斯主义与需求管理•The‘supplyside’ofmacroeconomics供给学派•Developmentproperty房地产业的发展•Twoviews两种观点•Fromeconomists’aspect宏观政府方面Economistsarebasicallyinterestedintheinfluenceofpropertyoneconomicgrowthandefficiencyandtheeffectoflocationonfirmsandjobs.经济增长和就业•Frompropertydevelopers’aspect微观企业方面Propertydeveloperstendtoapproachpropertyfromadifferentviewfromeconomists.Theyarelikelytofocusonanarrowbandofthepropertymarket,moreconcernedwiththemarketabilityandprofitabilityofpotentialdevelopments.盈利•Optimalsizeofbuilding最优开发规模UnitsofaccommodationSitevalueMCMRXPQYV•MR边际收入=theextrarevenuetobeearnedfromtheadditionofeachsuccessiveunitofaccommodationtoafixedareaofland.Theextraaccommodationisathigher,lessaccessiblelevelsandthusvaluefalls(decreasingmarginalproductivity).•MC边际成本=theadditionalcostsofeachextraunitofaccommodation.Initiallythisfalls(ieinbuildingasecondstorey)butthenitincreases(extralifts,expensivefoundations,projectperiodlengthens).•PQY=theprofitthedeveloperwillmakefromthesite(thedifferencebetweenthetotalrevenueandcost).Part2FINANCIALAPPRAISAL财务评价CHAPTER2:THEDEVELOPMENTAPPRAISAL开发评价•Section1.Introduction•Section2.Sitefinding寻找土地•Section3.Siteappraisal土地评价•Section4.Planningconsiderations规划安排•Section5.Marketresearch市场调研Section1.Introduction•Theselectionofasitefundamentallyaffectsthenatureandsuccessofadevelopment.Noamountofcarefuldesignorpromotioncantotallyovercomethedisadvantageofpoorlocation.土地的重要性就在于它决定了开发的性质和成功与否。这些往往不是后期的设计和促销工作能替代的。Section2.Sitefinding土地寻找的影响因素•Thedevelopermayhaveabusinessstrategywhichrestrictstheoperationstoageographiclocationorrestrictsactivitytoparticulartypesofdevelopment公司的发展战略•Distancetodevelopmentsitesmaybeaproblemineffectivelymanagingsites.开发距离•Thedeveloper‘sskillandknowledgeisimportantinidentifyingareasofpotentialgrowth开发商的专业知识.•Thereleaseoflocalauthoritylandwillhaveregardtomarketconditionsbutwillalsobeinfluencedbytheprovisionsoftheirdevelopmentplans政府规划•Sitedisposals土地的处置方式•Informaltenderandinvitationstooffer邀标.Thedeveloperwillhavetheabilitytorenegotiatethepricebeforeexchangeofcontracts•Formaltenders投标Developersdonotlikeformaltendersasitreducestheirflexibilityandincreasestheirrisk.•Competitions竞标Thesecompetitionsareusedwhenfinancialconsiderationsarenottheonlycriteriaforthedisposalofthesite.•Auctions.拍卖Section3.Siteappraisal土地评价•Access通道Accessisimportantfromalegalpointofview.Youhavetoascertainifaccessisprovidedfromasitetoapublicrightofwaysuchasaroadorhighwayadoptedbythelocalauthority.Iftheroadhasbeenadopted,thenresearchintothedeedstodiscovertheextentofrightsoveraccessroadswillneedtobecarriedout.•GroundConditions土地状况Thegroundconditionsofasitewillbeextremelyimportantwhetherthesitehasbeenanagriculturalsite,wastelandorapreviouslyusedsite.•SurfaceLandscapeandBoundaries地面景观和边界Theexistingsurfacelandscapemaybetreasuredonalocalornationallevel.Theseaspectsmayrelatetoplanninglaw.Ownershipoftheboundariesshouldalsobenotedfromthedeedsbuttherecanbedisagreementwhereboundarieshavebeenreplacedorwhereonepartyhasmaintainedthefenceasopposedtoanother.•Services基础设施Servicesmaygooverorundertheland.Thoserunningoverareusuallycables,probablyelect