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1、Property Development and Finance 资产发展与财务,Lecturer: YUYONG,Part 1,INTRODUCTION,CHAPTER 1: INTRODUCTION TO THE PROPERTY DEVELPOMENT PROCESS 对房地产开发过程的介绍,Section 1. Introduction （介绍） Section 2. The economic context of property development （房地产业发展的经济背景）,Section 1. Introduction,Definition Property develop
2、ment is the process by which buildings are erected for occupation or for sale/investment.房地产开发是一个从建设到处置的过程 Essential point Property development is much like any other economic activity, it acts to satisfy wants with the application of scarce resources. 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。,The developme
3、nt process开发过程 choosing a location位置选择; identifying a site and carrying out a detailed site survey地点选择与勘察; providing an outline scheme and appraisal制定开发计划和可研; negotiating for site acquisition土地谈判; Design初设; planning consent规划审批; Finance融资; site acquisition获取土地; detailed plans详细设计; tender documents招投
4、标; Construction建设; occupation or marketing and management处置.,Basic Formulas value cost = profit GDV (building costs + site value) = profit the gross development value (GDV开发总值) GDV (building costs + profit) = EUV (existing use value剩余使用价值),Some Concepts Value of the site: which depends on location,
5、use (under planning law), topography, legal constraints, ground conditions, services and access .土地价值取决于位置、用途、地形、法律限制、地况和基础设施。 Value of the proposed development: which depends on use, density, design, layout and infrastructure. 预计的开发价值取决于用途、容积率、设计、布局和基础设施。 Cost of construction: which depends on size
6、, design, type of buildings, planning constraints on buildings, landscaping and provision of services and access.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。,Approaches to valuing the development property the investment method投资法（重置成本法）; the comparative method比较法; the contractors test 成本加成法(a cost based method)
7、the profits method收益法; and, the residual valuation余值法.,Parties in the development process 地产开发的参与者 The professional advisors专家 The clients客户 The planning authority规划部门 The contractor施工方 The community社区 The funders资金方,SECTION 2: THE ECONOMIC CONTEXT OF PROPERTY DEVELOPMENT房地产业发展的经济背景,Historic trace K
8、eynesian approach to demand management 凯恩斯主义与需求管理 The supply side of macroeconomics 供给学派 Development property房地产业的发展,Two views两种观点 From economists aspect宏观政府方面 Economists are basically interested in the influence of property on economic growth and efficiency and the effect of location on firms and j
9、obs. 经济增长和就业 From property developers aspect 微观企业方面 Property developers tend to approach property from a different view from economists. They are likely to focus on a narrow band of the property market, more concerned with the marketability and profitability of potential developments. 盈利,Optimal siz
10、e of building 最优开发规模,Units of accommodation,Site value,MC,MR,X,P,Q,Y,V,MR边际收入 = the extra revenue to be earned from the addition of each successive unit of accommodation to a fixed area of land. The extra accommodation is at higher, less accessible levels and thus value falls (decreasing marginal pr
11、oductivity). MC 边际成本= the additional costs of each extra unit of accommodation. Initially this falls (ie in building a second storey) but then it increases (extra lifts, expensive foundations, project period lengthens). PQY = the profit the developer will make from the site (the difference between t
12、he total revenue and cost).,Part 2,FINANCIAL APPRAISAL 财务评价,CHAPTER 2: THE DEVELOPMENT APPRAISAL开发评价,Section 1. Introduction Section 2. Site finding 寻找土地 Section 3. Site appraisal土地评价 Section 4. Planning considerations规划安排 Section 5. Market research市场调研,Section 1. Introduction,The selection of a sit
13、e fundamentally affects the nature and success of a development. No amount of careful design or promotion can totally overcome the disadvantage of poor location.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。,Section 2. Site finding土地寻找的影响因素,The developer may have a business strategy which restricts t
14、he operations to a geographic location or restricts activity to particular types of development 公司的发展战略,Distance to development sites may be a problem in effectively managing sites.开发距离 The developers skill and knowledge is important in identifying areas of potential growth开发商的专业知识. The release of l
15、ocal authority land will have regard to market conditions but will also be influenced by the provisions of their development plans 政府规划,Site disposals土地的处置方式 Informal tender and invitations to offer邀标. The developer will have the ability to renegotiate the price before exchange of contracts Formal t
16、enders投标 Developers do not like formal tenders as it reduces their flexibility and increases their risk. Competitions竞标 These competitions are used when financial considerations are not the only criteria for the disposal of the site. Auctions.拍卖,Section 3. Site appraisal土地评价,Access通道 Access is important from a legal point of view. You have to ascertain if access is provided from a site to a public right of way such as a road or highway adopted by the
