摘要:中国房地产业的步伐开始在上世纪90年代,这已大大繁荣起来,在接下来的20年。它已经发现,房地产投资已增长20 %,从1999到2006。贡献的房地产,中国国内生产总值占9.2 % 2006(中国国家统计局,2007),反映中国经济严重依赖房地产业务
and regulations to protect environment will be launched. Therefore, the real estate corporations need to enlarge their recognition of environmental issues. For example, the dealing of construction garbage and use the construction materials all have to reach the standards of laws that regulated. In the future, the effective management of the real estate will be highly dependent upon the environmental protection which should be realized by the real estate practitioners.
4.1.4 GDP Growth risk
The ups and downs of real estate industry is closely related to the GDP growth. The economic development is an important factor that imposes risks to real estate investment. The better the economic development, the better will be the real estate market. Except the above elements, other risks for the Chinese real estate corporations include inflation risk, human resource risk, new technology risk, urbanization risk, supply and demand risk, legal environment risk and interest rate changes risk.
5. The Project Risks in Chinese real estate corporations
The risks for project involved in Chinese real estate corporations are categorically described in the below sub sections.
5.1 Land price risk
The cost on land acquisition will account for most of the real estate investment. Investors acquire lands through two methods, including purchasing equity capital of other corporations or through public auctions, bidding and sale under agreement (Hong and Tan, 2006).
Real estate investors have to predict and estimate the value of the land they attempt to purchase based on the information they collected when they decide to purchase lands through the method of bidding or having auction. However, it has been found that the price of bided lands is usually expensive than other real estate. The high price of lands can test financial potential of real estate corporations because investors can never know whether they can recover these investments in the future business.
Bidding, as a method to acquire lands, is not a way to be chosen if real estate investors expect their profits to reach more than 15% according to Shivi Pan- the president and proprietor of a largest Chinese real estate corporation-SOHO. The high land and housing price has dragged Chinese real estate industry into vicious circle. It has been revealed that the area of bided land have been increased 9.2% in comparison to that of last year in Jiangsu province, where the price of bided lands have increased above 60 % according to the statistic data obtained from the Jiangsu province statistic bureau.
There are mainly two reasons, which will be shown as follows to justify the irrational attitude of the Chinese people that lead to the above situations.
Reason # 1: The real estate investor is concerned about the limited land supply. Lands can be categorized into two types, agriculture lands which owned by farmers and non-agricultural lands which are owned by government. Agricultural lands can not be directly used by real estate industry according to the land law of China. On the other hand, local government in every places has obtained the exclusive right to acquire lands and transfer them into lands that can be used in the real estate market after they make sure that these lands can be circulated in the market. Therefore, the real estate investors concerned about the limited supply of lands in Ch
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