Ralph Lauren polos The whole process of real estat

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The whole process of real estate on the identification of risk

Keywords: real estate; investment; risk identification papers from China Union [link widoczny dla zalogowanych] paper collected. The whole process of real estate investment is generated from real estate investment intentions to real estate for sale 、 the recovery of funds or retirement of the whole process so far. This is a dynamic process, and can be divided into investment decision-making 、 projects implementation and management phases of real estate. different stages have different risk characteristics of each, the negligence of any one link may lead to the failure of investment, investors must factor in all aspects of the identification of uncertainty and to guard against. First, the risk of investment decision-making stage in real estate development process, the most critical investment decision-making stage, with the largest uncertainty and flexibility. once started for real estate investment, it is difficult from the project construction of withdrawal, otherwise they will pay a high price. real estate investment decision-making stage venture mainly from policy and economy. 1. policy risks national policy development impact on the industry is global, the potential change in policy possible to the real estate development and management, bringing all forms of economic loss. especially in China, the market economy has not improved conditions, the policy impact of risk on the property market is particularly important. (1) industrial policy risk national industrial policy changes affect the property structural changes in demand for commodities determines the rise and fall of the real estate industry. countries support the development of tertiary industry will directly promote the city's commercial and service 、 housing market boom. Government, through the adjustment of industrial structure, reduce the status of the real estate industry in the national economy, tightening to invest in real estate funds, commodity market will reduce the vitality of the real estate, real estate development enterprises to the loss. (2) monetary policy risk Real Estate Investment rely on bank loans for most of the state financial policy adjustment on the real estate development impact irreplaceable. June 2003 the central bank issued real estate development fund loan 、 land reserve loans 、 construction enterprises working capital loans 、 eight aspects of individual housing loans, strict rules were made to improve the access threshold for the real estate business loans, so that those who mainly rely on bank loans to invest in enterprises are faced with a certain risk. (3) the risk land policy development and construction of real estate as the vector of land, land policy changes will inevitably have a major impact on the real estate industry. land property rights system changes 、 different way of land acquisition 、 land control system and the enforcement of various land policy will bring the real estate investment risk. (4) risk tax policy changes in tax policy has significant impact on real estate investment. tax policies and land control policy under the conditions of market economy government regulation of the two powerful tool for the real estate market. real estate investment, the various taxes and fees under various names, accounting for a large proportion of development costs, so, once the higher tax rates, real estate development companies will face enormous costs of risk. (5) urban planning urban planning in addition to the risk involved in the planning target and use the compatibility 、 FAR 、 building coverage 、 higher building limits, more importantly,[link widoczny dla zalogowanych], through urban planning and urban layout adjustment function to adjust 、 traffic changes to impact on the real estate industry. Therefore, the real estate business can predict early planning objectives, choosing the appropriate value-added potential for large block, is to determine the success or failure of the core elements of project development. 2. Economic Risk economic risks, including market supply and demand risk and currency risk. market supply and demand risk is the most direct risk. market supply, market purchasing power, market prices reflect supply and demand indicators such as the dynamics and uncertainty, leading to the dynamics of supply and demand and not uncertainty, and thus easily lead to an imbalance between supply and demand and create market demand and supply risks. On the contrary, the market supply and demand imbalance will lead to a large number of poor sales of vacant houses,[link widoczny dla zalogowanych], which expose investors to risk capital backlog. In addition, real estate investment cycle than long, during which the price decline may be subject to the risk of deflation brought about, may also suffer because of price increases and the formation of inflation risk. expansion of the real estate decline will suppress demand for commodities, real estate prices fell, to real estate investors a loss, swelling increases will stimulate demand for real estate. 3. regional social environmental risk the unbalanced nature of the social and economic development, all countries 、 different in different parts of the social environment, which makes the difference regional real estate development face different risk factors, the same effects in various risk factors are significant differences between the degree of that risk has obvious regional. 4. risk of developing time we know from the real estate cycle theory, timing of project development there are risks. As real estate development cycle is long, vulnerable to the impact of the national economy, so economic trends affect the development time to become a major factor. Therefore, the risk and development timing are closely related. Second, the risk of the project implementation stage the implementation phase of real estate investment real estate investment plan is specific implementation process, which includes the acquisition of land from 、 raise funds to design and construction process. This phase will face the specific risk factors. On the one hand, in the land acquisition phase, the real estate development enterprises by agreement 、 Italian investment tenders and auctions and other ways to obtain the required land, access to land, the three choices with a certain risk. the other hand, time 、 quality and cost are the three real estate projects in construction phase management of the core, but also the three major risk factors. mismanagement, will enable enterprises to face the risk of schedule delays 、 quality risk and cost risk. 1. schedule delay risk period was extended once, on the one hand the real estate market conditions are subject to significant change, miss the best rental opportunities, such as pre-sold,[link widoczny dla zalogowanych], will take delivery of the default loss overdue 、 credit losses; the other hand, interest expenses will increase investment capital to increase the management fee. 2. Project Quality Risk Quality is the life. development projects mainly in the quality of the applicability of the project 、 reliability, economic of 、 aesthetics and environmental coordination in five areas. consumer attention to the physical quality of housing, more emphasis on the effectiveness of housing. contractor construction technology lagged behind 、 jerry-building, building structure and other security risks,[link widoczny dla zalogowanych], the risk of project quality is caused by factors ; housing design and size structure did not fully consider the functional requirements of potential consumers, but also an important aspect of poor quality housing. 3. real estate project development costs, development cost risk from the various stages of development risks. Construction of pre- the degree of influence of project costs up to 95% -100% more to the smaller extent of late effects. In the planning and design, program the old 、 deep enough, the parameter used to optimize the selection is not unreasonable, and design, will lead to increased production costs, In the construction period, the state industrial policy adjustments, the introduction of new requirements or higher technical standards, but also will cause the real estate development costs ᦉ

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