【正文】 (Real Estate) 抵押品評(píng)估（不動(dòng)產(chǎn)） Principles of Collateral Evaluation 抵押品評(píng)估原則 1. Collateral evaluation is not to find an accurate, unique price, but to find a price and logic which are realistic, practical, and acceptable by ordinary market participants. 抵押品評(píng)估并不是為了尋找一種精確的，唯一的價(jià)格，而是找到一個(gè)合理的、實(shí)際的、能夠被普通的市場(chǎng)參與者接受的價(jià)格和方法。 Basics of Land Collateral Evaluation 土地抵押品評(píng)估基礎(chǔ) ? Step 1: Estimate a price par square meter/feet either by:估計(jì)每平方米 /英尺價(jià)格方法： (1) The sales parison approach 市場(chǎng)比較法 (2) The ine capitalization approach (mainly for lease properties) 收益還原法（主要用于出租場(chǎng)地） (3) The cost approach (in case of houses and buildings) 成本法（用于房屋和建筑物） ? Step 2: Adjust the price by factors unique to the real estate 用房地產(chǎn)業(yè)獨(dú)有的因素來調(diào)節(jié)價(jià)格 (1) Usage of the property房地產(chǎn)的用途 (2) Trends of real estate price房地產(chǎn)價(jià)格趨勢(shì) (3) Conditions of the property/nature of the surrounding area房地產(chǎn)的環(huán)境 /附近地區(qū)的自然狀況 (4) Legal issues法律問題 Sales Comparison Approach 市場(chǎng)比較法 ? If recent transactions or sells prices for the similar real estate are available in the city, town or village, the sales parison approach provides good 、城鎮(zhèn)或鄉(xiāng)村最近同類房地產(chǎn)的交易或銷售價(jià)格，那么市場(chǎng)比較法可以提供很好的預(yù)測(cè)。) Price A (2,000$/m178。) ? Weightedaverage of A and B (Price D) A和 B的加權(quán)平均價(jià)格 ? Unadjusted estimated Price E ($/m178。) = 2,211 ($/m178。 ? The estimated value may be much lower than a potential market value (additional margin for valuation uncertainty).估計(jì)的價(jià)值可能遠(yuǎn)低于潛在的市場(chǎng)價(jià)格（由于價(jià)格的不確定性而需要附加利差） ? It depends on bank’s loan policy, but time horizon should be limited to 10 to 12 years. 這取決于銀行的貸款政策，不過一般的時(shí)間跨度應(yīng)該在 1012年以內(nèi) Ine Capitalization II 收益還原法 Annual rent – (maintenance cost + property taxes) 年租金 （維護(hù)成本 +房產(chǎn)稅） PV= Σ ( 1 + r ) n PV: Present value現(xiàn)值 Annual rent年租金 (336 12)–(maintenance cost維護(hù)成本 300) (Price D 40) + (Price C 10) (Price A 15) + (Price B 30) Ine Capitalization Approach: Example 收益還原法：舉例 PV = Σ ( 1+ ) t ? Evaluate the land price E的價(jià)格 ? Monthly rents of the three leasing properties are三個(gè)出租場(chǎng)地的月租金分別為 : A: $350, B: $320, and C: $360 ? Distances between these properties areE到這三個(gè)場(chǎng)地的距離分別是 : AD: 30m, DB: 15m, DE: 10m, and CE 40m. ? Using the above information, estimated rent price E will be使用上述信息，估計(jì) E的出租價(jià)格是 : ? Assume the annual maintenance cost including property taxes is $300, interest rate is 8%, and you calculate up to 10 years, then estimated collateral value is: 假設(shè)包括房產(chǎn)稅的年維護(hù)成本是 $300,利率 *%，計(jì)算 10年的估計(jì)擔(dān)保價(jià)值是 Rent D = 30 + 15 Rent E = 10 + 40 = 330 ($/month) = 336 ($/month) t=1 10 = 25,042 ($) PV: Present value現(xiàn)值 Ine Capitalization Approach III 收益還原法 ? Basic concept of the capitalization rate收益還原法的基本概念 ? ―The capitalization rate itself is a function of the investor’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。 Source: Understanding real estate values in a rising market—Brief Article, Gerald A. Bower, 2023 Price Adjustment I 價(jià)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(chǎng)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(jià)格 ? Future occupancy rate estimation未來占用率預(yù)計(jì) ? 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(jī)性 Price Adjustment II 價(jià)格調(diào)整 ? Trends of real estate price房地產(chǎn)價(jià)格趨勢(shì) ? Sales and transaction prices銷售和交易價(jià)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(jì)人，銷售登記和抵押登記機(jī)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(chǎng)的供求情況 ? Published land prices and tax rates公布的土地價(jià)格和稅率 ? Regional development plan地區(qū)發(fā)展計(jì)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(jià)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。 ? 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(píng)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(dāng)涉及到以上法律問題時(shí)，房地產(chǎn)的價(jià)格可能會(huì)大幅降低 4. Evaluation of Collateral (Other Assets) 抵押品評(píng)估（其他資產(chǎn)） Collateral Evaluation I 抵押品評(píng)估 ? Farm Product/Inventory農(nóng)產(chǎn)品 /存貨 ? Market price basis依據(jù)市場(chǎng)價(jià)格 ? Interview with major buyers采訪主要買家 ? Market liquidity市場(chǎng)流動(dòng)性 ? Market size市場(chǎng)規(guī)模 ? Market volatility市場(chǎng)波動(dòng)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(chǎng)銷售報(bào)告 ? Location of the storage存儲(chǔ)場(chǎng)地 Collateral Evaluation II 抵押品評(píng)估 ? Mobile Vehicle機(jī)動(dòng)車 ? Secondhand car market price basis二手車市場(chǎng)價(jià)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(chǎng) ? Age, depreciation schedule, unpaid taxes, prior lien, in case of equipment設(shè)備：使用年限，折舊時(shí)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(jìn)口稅