论中国房地产en.doc
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1、On the Chinese real estateAbstractWith the rapid development of market economy, estate industry has developed into one of the basic industries that improve national economy and peoples lives , which makes a great contribution to the promotion of national economy .Along with the dramatic development
2、of our countrys economy, estate investment will become on-going hot issues in the next few years,for it has advantages like having a relatively high level of investment income and easy to get the support of financial institutions ,etc. But in the process of investment, with the disadvantages of the
3、huge amount of investment , poor liquidity and benefits and risks exist at the same time ,the risk can hardly be avoided for Chinas real estate investment that is in the economic transition period . Especially after the outbreak of the global financial crisis, the global real estate investors pay hi
4、gh attention to the risk of real estate. So the research on the investment risk of real estate and how to guard against the risk of investment scientifically has important realistic significance to promote our country real estate industry healthy and orderly development. This article analyzes the fi
5、nancial data from 2008 to 2012 of four Chinese and America real estate company, Finally obtains the measures that Chinese real estate industry can take to deal with the world financial crisis, and these measures has a certain reference value for the real estate enterprises to cope with fluctuations
6、in the economic situation. Keywords: real estate; global financial crisis; real estate investment1.IntroductionAfter the reforming and opening policy, especially housing system reform, our countrys real estate industry has been developing sharply, and the real estate markets then came into being. Th
7、e development of the real estate market and real estate industry, on one hand, has played a positive role to promote Chinas national economic development .on the other hand, real estate investment risks can not be ignored at economic turmoil period.2.Chinas real estate situationReal Estate Developme
8、nt Company is the main body of the Chinese real estate, the official figures, nearly 30,000, accounting for more than 80% of the total number of Chinese real estate companies. The continuous deepening of Chinas urban housing system reform, individual purchase to replace the Group acquired to become
9、the mainstream of the market transactions, as well as Chinas accession to the WTO, opening up the pace considerably forward internal and external factors such as unprecedented opportunities for the future development of Chinese real estate development companies and challenges. The macro overall, the
10、 status of the Chinese real estate development companies is not optimistic, many of which are to be resolved, concentrated expression in the three aspects of the ownership, size, and effectiveness.2.1 Chinas real estate ownershipOwnership issues, is the nature of the company. Although domestic schol
11、ars study the problem of state-owned companies deepens each day, there have been few systematic in-depth studies on the problem of state-owned real estate companies. In fact, the drawbacks that the state-owned industrial enterprises have, we state-owned real estate enterprises have it too, such as s
12、oft budget constrain, irrational incentives, widespread wastage of men and corporative low efficiency. And, due to the characteristics of the real estate itself, as well as its increasingly important position in the national economy and greater impact of macroeconomic growth and volatility. Also, th
13、e significant contribution it does to economic growth in the real estate industry and its effect on macroeconomic role in boosting the real estate industry. As well as in the previous large fluctuations in the economy, it played a decisive role in both fueling and destroying, those facts have been c
14、atching the eyes of more and more economists.State-owned real estate enterprises compared with the state-owned industrial enterprises may be faster in exiting. In the last century, around the late 1980s and the early 1990s, is the early development of Chinese real estate companies, which the state-o
15、wned real estate companies took most of the places. But with the deepening of reform and development of the market, the proportion of state-owned real estate company is gradually reduced, in the mid-1990s dropped to less than 50%; the beginning of this century to the late 1990s, the proportion of re
16、al estate state-owned enterprises are no more than 20%. However, even if it only accounted for 20%, due to its possession of scarce resources of land, human resources, capital and social connections, a huge amount of state-owned real estate companies still gave an important impact on the market. In
17、addition, if coupled with a collective company, or a stock company lacked with standardization - these companies in the nature of fact, were similar to the state-owned companies of real estate, but their property rights were unclear, and had fuzzy boundaries of the company and the government. Then t
18、he adverse effects were more significant to the growth of the Chinese real estate industry.2.2 Chinas real estate scaleChinas real estate development companies are scattered, small and poor and those features are evident. According to relevant statistics, the average net assets of the national real
19、estate development company are less than 10 million yuan. Those with first class qualifications take 1% of the space and those with second class qualifications are no more than 10%, the majority of the industry are filled with small businesses or a project companies, lack of large real estate group
20、of companies. Even some large-scaled development companies are also lack in capital and market share. Such as Shanghais largest real estate development company - Lujiazui Finance & Trade Zone Development Co., Ltd., has less than $ 1.5 billion market capitalization. According to statistics, the natio
21、nal real estate development companies on average each year develop the amount of only 16,000 square meters, even the largest real estate development companies take market share less than 0.5%.However, in theory, the real estate industry requires large amount of funds, high investments, high returns,
22、 high-risks, as well as they are capital-intensive. With the features of management and technology-intensive, personnel-intensive, the real estate development industrys entry barriers should be higher. From the international experiences, the general large-scaled real estate development companies, or
23、 the protagonist of the market stage, accounting for the overwhelming share of the market, such as Hong Kongs Big Five real estate developers, the market value of the assets of the company is more than 10 billion U.S. dollars, accounting for half the Hong Kongs property market. Compared with interna
24、tional experience, the mainland real estate industry barriers to entry is way too low, real estate development company size is also too small to be desired.2.3 Chinas real estate-effectiveSee from the data in the China Statistical Yearbook, Operating income compared to the steady growth of the commo
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