【文章內(nèi)容簡介】 tor’s desired return and a bination of the costs of debt and equity employed in making the investment.‖ (Bower 2023)還原率是投資者希望獲得的收益率，和借款和股權(quán)投資的成本。 ? Factors affecting investors’ desired return on real estates影響投資者對房地產(chǎn)期望收益的因素 ? Culture, economic trends, other investment property type, other investment opportunities, 、經(jīng)濟趨勢，其他投資財產(chǎn)，其他投資機會等 ? In practice在實踐中 ? The most simplified way is to use available loan interest rates for such an investment as a capitalization 作為還原率 ? When interest rates are used as a capitalization rate, loan officers must be aware that the interest rate does not include necessary returns for taking risks inherent to the investment, hence, the oute overvalues the real ，借款主管必須知道利率中沒有包括這項投資所承擔(dān)風(fēng)險所對應(yīng)的回報，計算結(jié)果會高估價值。 Source: Understanding real estate values in a rising market—Brief Article, Gerald A. Bower, 2023 Price Adjustment I 價格調(diào)整 ? Usage of the property房產(chǎn)用途 ? Ownuse residential property自用住宅 ? Most useful 最有用的 ? Ownuse farm and forest land/factory and warehouse自用農(nóng)場和林地 /工廠和倉庫 ? The ine capitalization approach收入還原法 ? Residential/business property for lease出租用住宅 /商用房產(chǎn)物業(yè) ? Ine capitalization approach收入還原法 ? Rent prices in the neighborhood附近社區(qū)的出租價格 ? Future occupancy rate estimation未來占用率預(yù)計 ? Residential leasing property and business leasing property出租住宅物業(yè)和商用出租物業(yè) ? For sale出售 ? Speculative in nature投機性 Price Adjustment II 價格調(diào)整 ? Trends of real estate price房地產(chǎn)價格趨勢 ? Sales and transaction prices銷售和交易價格 ? Information from neighbors鄰近地區(qū)的信息 ? Information from experts, brokers, sales registries, and mortgage registries專家，經(jīng)紀人，銷售登記和抵押登記機構(gòu)的信息 ? Ine level of the area該地區(qū)的收入水平 ? Demand and supply conditions of the market市場的供求情況 ? Published land prices and tax rates公布的土地價格和稅率 ? Regional development plan地區(qū)發(fā)展計劃 ? Availability of mortgage loan/foreign land ownership是否存在抵押借款和外國土地所有權(quán) Price Adjustment III 價格調(diào)整 ? Conditions of the property/nature of the surrounding area周邊地區(qū)的房產(chǎn) /自然情況 ? Geographic conditions, such as, close to the coast, river, cliffs, or located on tilted land, in a dip, on the weak stratum 地理情況，例如，靠近海灘，河流，懸崖或者位于傾斜的土地上，地層不牢固。 ? Size of the real estate房地產(chǎn)的規(guī)模 ? Shape of the real estate房地產(chǎn)的形狀 ? Location of the real estate in the block房地產(chǎn)在街區(qū)的具體位置 ? Accessibility to the public roads是否可以方便地到達公共道路 ? Accessibility to public and mercial facilities是否可以方便的到達公共和商業(yè)設(shè)施 ? Existence of unfavorable facilities是否存在不良設(shè)施 ? Municipal services available是否有市政服務(wù) Price Adjustment IV 價格調(diào)整 ? Legal issues法律問題 ? Easements: restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar ：限制，妨礙，租賃，保留，限制性條款，合同申明，特別估價，法令或者其他類似性質(zhì) ? ―Eminent domain‖: in mon law countries, the government may have the rights to buy real property without the owner’s consent for the purposes of public usage, such as public utilities, highway, airport, and ：在普通法系國家，政府有權(quán)力不經(jīng)過所有者的同意購買房地產(chǎn)用于公共用途，例如公共設(shè)施，高速公路，機場和鐵路。 ? Legitimacy of buildings (illegal construction/usage)建筑物的合法性（非法建筑 /使用） ? What are the most major methods to evaluate real estate collateral in your country?你們國家最主要的房產(chǎn)抵押評估方法是什么？ Note: When the above legal issues are involved, the price of the property could drop substantially. 注意：當涉及到以上法律問題時，房地產(chǎn)的價格可能會大幅降低 4. Evaluation of Collateral (Other Assets) 抵押品評估（其他資產(chǎn)） Collateral Evaluation I 抵押品評估 ? Farm Product/Inventory農(nóng)產(chǎn)品 /存貨 ? Market price basis依據(jù)市場價格 ? Interview with major buyers采訪主要買家 ? Market liquidity市場流動性 ? Market size市場規(guī)模 ? Market volatility市場波動幅度 ? Perishable products容易腐爛變質(zhì)的產(chǎn)品 ? Dealer listings, market sales reports經(jīng)銷商清單，市場銷售報告 ? Location of the storage存儲場地 Collateral Evaluation II 抵押品評估 ? Mobile Vehicle機動車 ? Secondhand car market price basis二手車市場價格 ? Interview with experts and dealers采訪專家和經(jīng)銷商 ? Maker, type, popularity, market, in case of inventory如果是存貨：制造商，種類，普及程度，市場 ? Age, depreciation schedule, unpaid taxes, prior lien, in case of equipment設(shè)備：使用年限，折舊時間，未交納的稅款，之前的留置權(quán) ? Government’s import tax policy or other policies affecting market政府的進口稅政策和其他影響市場的政策 Collateral Evaluation III 抵押品評估 ? Intangibles無形資產(chǎn) ? Negotiable instrument: validity of the instrument, obligor, credit rating, maturity, type of transaction: collateral/repurchase agreement/discount流通票據(jù)：票據(jù)的有效性，債務(wù)人，信用等級，交易類型：擔(dān)保 /回購合同，折扣 ? Document of title: bill of lading: validity of the document, location of the property, quantity, species/variety, measure/weight, value per unit, quality, condition, schedule, as well as marketability and market price.物權(quán)憑證：提單：單據(jù)的有效性，財產(chǎn)所在地，數(shù)量，種類 /品種，尺寸 /重量，單位價值，質(zhì)量，條件，時間表以及可銷售性和市場價格 ? Investment Property: issuer, credit rating, market price, market volatility, (maturity), OTC/exchange投資財產(chǎn)：發(fā)行者，信用等級，市場價格，市場頗動幅度（到期日），場外交易 /交易方式 ? Account (book debt): obligors, the extent of diversification, the length of terms, aging schedule, the past default rate應(yīng)收款：債務(wù)人，多元化程度，期限長度，帳齡時間，過去的違約情況 ? General intangible: variability of the right (document), terms and conditions, restrictions contained in the document, marketability, etc. 一般無形資產(chǎn)：所有權(quán)（單據(jù)）的可變性，條款和條件，文件中的限制條件，可銷售性，等 5. Protection of Collateral 抵押品保護 Creation of Security Interest 擔(dān)保利益的產(chǎn)生 ? Elements to create valid security interest:擔(dān)保利益產(chǎn)生的要素 ? The debtor has rights in the collateral*債務(wù)人對抵押品有所有權(quán) ? A security agree