Some Questions and Answers about Real Estate Planning

1. Q: What are the connections and differences between feasibility study and project evaluation?

Answer: (1) Contact information: Both of them are in the early stage of project investment, with the same starting point, basically the same contents and methods, and the same objectives and requirements. Both of them are to improve the scientific decision-making level of project investment, improve investment efficiency and avoid decision-making mistakes. They all require in-depth and meticulous investigation, scientific prediction and analysis, and realistic scheme evaluation, striving for reliable data sources, accurate data and objective and fair conclusions.

(2) Difference: The undertakers of the two have different purposes and tasks in the process of project investment decision-making, and their timing and role are also different. In the process of project construction, there is a feasibility study first, and then an evaluation, which has different functions. Feasibility study is the basis of project investment decision-making and an important premise of project evaluation, but it cannot provide the final basis for project investment decision-making. Project evaluation is a necessary condition for investment decision-making and a continuation, deepening and re-study of feasibility study. By evaluating the project and its implementation scheme more objectively, it provides a direct and final basis for decision makers independently, which is more authoritative than feasibility study.

2. Q: Why didn't the total investment of the project form fixed assets investment?

A: The total investment of the investment project refers to the sum of the costs required for the completion and commissioning of the proposed project. The total investment of the project consists of construction investment (including interest during the construction period) and working capital. Due to the uncertainty of liquidity, the total project investment will change with the different liquidity under the premise of a certain construction fund, so the total project investment will not form a fixed asset investment.

3. Q: What are the sources and differences of the total cost of real estate development projects and general industrial projects? A: General industrial projects are productive projects, which are divided into construction investment and working capital.

Construction investment consists of fixed assets, intangible assets and other assets. A part of fixed assets depreciated every year forms depreciation expense, while intangible assets and other assets form amortization expense. Working capital is used to buy raw materials and fuel-powered machines to pay for labor wages, which constitutes the total cost of general industrial projects. Part of productive projects is used for self-management, and it is also divided into construction investment and working capital. Construction investment is converted into fixed assets, which directly forms depreciation expenses.

The difference is that real estate development projects are used for rental, and all the construction funds sold are converted into total costs.

4. Q: What is the difference between the economic evaluation of real estate development projects and general industrial projects?

A: (1) The total investment is different. In the absence of working capital, the development and construction investment of real estate projects is equal to the total investment. The investment process of sales-oriented real estate development projects is the production process of real estate commodities, which is only divided into development costs and development expenses. General industrial projects are divided into two categories: fixed assets investment and working capital.

(2) The difference of cash flow. The construction period and operation period of real estate are often mixed together, unlike ordinary industrial projects. Coupled with the differences in investment costs, the cash flow of real estate development projects is different from that of general industrial projects.

(3) Different business forms. The main business forms of real estate development projects are sales, leasing or partial sales and partial leasing, which are different from general industrial projects.

(4) Different total cost estimation tables have different cost components. General industrial projects are productive projects, which are divided into construction investment and working capital. Construction investment consists of fixed assets, intangible assets and other assets. A part of fixed assets depreciated every year forms depreciation expense, while intangible assets and other assets form amortization expense. Use working capital

Labor wages paid when purchasing raw materials and fuel-powered machines constitute the total cost of general industrial projects. Part of productive projects is used for self-management, and it is also divided into construction investment and working capital. Construction investment is converted into fixed assets, which directly forms depreciation expenses. The difference is that real estate development projects are used for rental, and all the construction funds sold are converted into total costs.

(5) Financing is different from debt service. Real estate projects are aimed at sales, and a considerable part of their sales income is used for reinvestment besides debt repayment. Therefore, when making the repayment plan, we can't determine the repayment plan according to the repayment funds such as depreciation, amortization and profit, just accumulate the actual repayment demand of each loan and work out the repayment plan of the project.

(6) The evaluation parameters and indicators are different. Sales tax and surcharge are not included in the total cost in the economic evaluation. The investment analysis of real estate projects is different from general industrial projects in the selection of evaluation parameters and indicators. Due to the long development and construction period of real estate projects, it is difficult to accurately grasp the future price level of raw materials and other costs. Considering that the sales price of commercial housing will also change with the fluctuation of cost, in the calculation of financial evaluation index of real estate investment projects, in addition to sensitivity analysis, generally only the data of the year when the project started to invest are used, and the influence of price index is no longer considered.

(7) Different tax rates. The tax rate levied according to the rental income of real estate is 12%. In terms of rent, if it is rented, it will be paid according to 12% of the rental income. Hand it in if you have it. Property tax is included in the management fee.

(8) Different financial statements. Because the management form, investment composition and cash flow of real estate projects are different from general construction projects, the financial report describing the financial status of the projects.

Table, which is different from the financial statements of general construction projects, constitutes its own special and special financial statement system. 5. Q: How to calculate the floor area ratio? Is the floor area calculated on the ground and underground?

A: Floor area ratio: also known as gross density of construction area, the ratio of the total construction area above the ground (but it must be the construction area above plus or minus 0 elevation) to the total land area of the project. The plot ratio is an important index to measure the intensity of construction land. The value of the plot ratio is a dimensionless ratio. Usually, the plot area is 1, and the multiple of the total construction area of buildings on the land and the plot area is the value of the plot ratio.

Calculation formula: floor area ratio = total building area above ground ÷ planned land area.

When the building height is more than 8 meters, the floor area of this floor will be doubled when calculating the floor area ratio (each region or city has its own relevant regulations).

The higher the plot ratio, the lower the comfort of residents, and vice versa.

Basement and semi-basement (workshops, shops, stations, garages, warehouses, etc.). ), including the corresponding entrances and exits with permanent roofs, calculated according to the horizontal area surrounded by the outer contour line of the upper opening of the external wall (excluding the lighting well, the moisture-proof layer of the external wall and its protective wall). The total area should be calculated if the height is 2.20m or more; If the height is less than 2.20m, the L/2 area shall be calculated.

6. How to judge a serviced apartment?

Answer: A serviced apartment means that the building structure of the property is similar to that of a hotel, and the managed property company provides hotel-style services, such as room cleaning and laundry. And the room is equipped with full furniture and kitchen equipment. Simply put, it is to integrate the high standard service of star-rated hotels into daily life.

(1) Clients: The target market of serviced apartments is mainly engaged in business activities in China.

Mainly foreigners living for a long time. Although there are no specific standards, the definition of long-term residence is generally more than four days. The main customers in this market are business people who have been in China for a long time, managers of foreign companies and families who have come to China for a long vacation.

(2) Features:

Huxing: The apartment type of hotel-style apartment, ranging from tens of square meters to hundreds of square meters, can meet the individual needs of users, and it is unified as fine decoration in decoration, providing a full set of home design and electrical appliances. Different units have different styles. Supporting facilities provide hotel-style services according to residents' requirements, and at the same time, other projects such as banks, clubs and small supermarkets have been added.

Property right: the owner has independent property right, and the investor obtains the independent property right of the guest room through one-time payment or installment payment or mortgage. At present, there is another kind of property, apartment hotel, which is not much different from serviced apartment in terms of service content. The essential difference is that serviced apartments can sell every room to investors, who own, lease and resell it, so they are private property hotels, while serviced apartments have no property rights. However, in most serviced apartments, investors only have room ownership within a certain period of time and have no right to operate.

Management: Hotel-style management. Hotel-style apartment is a kind of hotel, which also provides various hotel-style services, such as home cleaning, food delivery, washing and ironing, changing sheets, wake-up service and various times. In this respect, there is no difference between a property hotel and a hotel. Because the public facilities of serviced apartments are similar to hotels, they can show the identity of the guests.

Function: It has two functions: residence, vacation and investment. Serviced apartments can be used for living.

Holiday life can also be used for investment or both. Different buyers have different ideas, and the same buyer has different uses at different times. Some buyers are purely for self-occupation, and some are for investment preservation.