Dilemma and Choice: Consideration of the Real- estate Guaranty Company in China

With the implementation of the policy for house monetarization,the real-estate guaranty company develops quickly in our country.However,there exist many problems as it is a newly emerged thing in financial system of real estate.The problems are as follows: the estate security company is defined as a medium agency in legislature,which does not conform to its feature as financial business;the local restrictions will cause the decrease of credit,weakness in risk-taking capacity and supervision of the company.Such predicament hinders the development of the guaranty company seriously.In order to resolve these problems, the crucial way is to clarify the status of the guaranty company as a non-bank financial institution,and to set up a national guaranty company to offer official security to the people of low income and enhance internal and external supervision.Only through these steps can we realize the functions of the guaranty company for real estate and give full play of its potential function.     

On Decisive Role of Force Majeure Term on Claim Indemnity

Through the example of undertaking contracted projects abroad, this paper inquires into the decisive role of force majeure terms performance for later claim indemnity and opposite claim indemnity in engineering.     

Operation Mode of E-Business in Estate Agency Corporations

The huge investment for intranet and web site prevents the development of the application of electronic business in small and medium real estate agency corporations, which only use the electronic business as an information platform simply. This paper sets up an effective electronic business application flow and disentomb the potential of the electronic business platform adequately.     

当前影响农村信用社贷款无法正常偿还的因素分析

农村信用社贷款无法正常偿还问题突出,其原因有内外两个方面,政策因素、行政干预、信用环境、内部管理等是主要因素。提高农村信用社的信贷资产质量,要从信用建设、制度建设入手,解决贷款无法偿还的问题。     

Application of Shadow Profit in the Quoting of Logistic Company

Quoting price is an important technology in the process of logistic company. The degree of the price has direct effect on the enterprise's profit, and whose correctness influences whether an enterprise can hold its client. In the operation of ship, due to the phenomenon of empty container, it is difficult to decide the quoted price to use the traditional quoting method based on the cost, because if the price is too high, the client can't accept it, but if the price is too low, it can't ensure an enterprise's profit. In this article, we will apply the economy meaning of shadow profit in the corresponding theory to resolve the problem of quoting price in the phenomenon of empty containers in operation of ship. The profit model and correspond opposite model are built, the theory and meaning of shadow benefit are discussed, and some classified formulae and quoting guide lines based on shadow profit are proposed. An example will be used to prove that the quoting theory based on shadow profit can validly direct the quoting price of logistic company for the added goods in the phenomenon of empty container.     

Influence of Real Estate Mortgage Reform on the Chongqing Real Estate Enterprises and Countermeasures

In this paper, primarily, the real estate mortgage reform by the Central Bank of China is introduced. The influence of the reform on Chongqing Real estate enterprises by analyzing the problems existed in real estate development in Chongqing is expounded. To decrease the influence, the developer and the government should make efforts together. For the developers, they can find more ways to finance the projects, optimize the products supply system and strengthen the risk-resisting abilities. For the government, it should find all the ways to create a suitable external environment for the real estate market.     

中国花卉拍卖交易问题的思考

拍卖作为价格发现和资源配置机制,效率是不容置疑的。但中国花卉拍卖市场除了昆明拍卖市场还在正常运作外,其它的都步履维艰。那么到底什么在制约着中国花卉拍卖市场的发展,什么是走出困境的必须解决的问题。根据中国花卉产业的现状及拍卖市场面临的问题,分别从3个不同质市场之间的相互替代、花卉拍卖市场参与者现状和拍卖市场构建前提等3个方面分析了背后深层次的制约因素。并指出电子直销和传统市场对拍卖市场的替代性影响是造成竞价偏离的关键因素,拍卖市场要发展必须吸收这两个市场在流通上的优点才能更好地发挥竞价的效率优势。     

Development And Countermeasure of Timeshare Estate

In this paper the concept and active impaction on economy of timeshare were introduced. According to supply, demand and basic condition, developing timeshare estate were provided with basic condition in China. Analyzing the history of timeshare we can get the conclusion that it was unused real estate to startup the timeshare and so the development of timeshare in China have partly active effect. At last, in this paper the policy risk, consumption anticipation risk, lack of demand risk, product design risk, market orientation risk, system management risk, competition risk, internationalization risk, and market impression risk were analyzed except the market risk, business risk and polity risk and so on which were the common risks of real estate. And the countermeasure and measure how to promoting the development of timeshare estate were put forward.     

Main Influences of Credit and Loan Adjustment Policy on the Real Estate Enterprises and Their Countermeasures

In conjunction with the current situation of the real estate market in China, the main influence caused by the credit and loan adjustment policy is analyzed. On this basis, it has proposed some suggestions on how to strengthen the competitiveness and ability to resist risk of the real estate enterprise. At the end, it is emphasized, that the credit and loan adjustment policy not only makes the enterprise under enormous pressure, but provides a great opportunity of reducing rivals and expanding its own scale to those really powerful real estate enterprises. The real estate enterprise should seize this opportunity to meet the challenge to expand and strengthen itself.     

Valuation Analysis of Commercial Real Estate Using the Nearest Neighbors Appraisal Technique

The Nearest Neighbors Appraisal Technique (NNAT) is pitted against the traditional real estate appraisal process and ordinary least squares (OLS) estimates of value for various types of commercial real estate in Dallas, Texas. Additionally, time is explicitly entered into NNAT. NNAT estimates of value are significantly more accurate than the traditional appraisal process for all types of commercial real estate, it is significantly more accurate than OLS estimates for retail and miscellaneous properties, and it is more accurate, but not significantly so, than OLS estimates for other types of commercial real estate.     

Analysis on Unbalance of Real Estate Investment Goal under the Environment of High Profit Margin

With incessant development of Chinese real estate market, the amount and size of real estate corporations are enlarging rapidly and the real estate corporation investment goal is tending to become divertive. So it is especially important to understand rightly the investment goal of the real estate corporations. This paper analyzes the unbalance phenomena of real estate corporation investment under the environment of high profit margin and discusses the serious aftereffect from this unbalance. Finally this paper brings forward the right order of investment goals for the real estate corporations in order to contribute to a nicer performance of real estate corporations in establishing sustainable development stratagem.     

宁夏清水河产业带新型城镇化与房地产业耦合发展空间分析

基于新型城镇化与房地产业耦合发展为视角,建立了宁夏清水河产业带新型城镇化与房地产业发展耦合度评价指标体系,借助耦合协调度模型与耦合发展度模型,对该区10个县(区)单元的新型城镇化与房地产业发展的耦合关系进行空间分析。结果表明：① 研究区新型城镇化与房地产业整体协调度处于磨合阶段,系统之间相互作用与影响力显著,但并没有达到协调水平,协调度最高的是同心县,最低的是红寺堡区;② 新型城镇化与房地产业整体发展度处于中等水平,且空间格局差异较大,耦合发展度最高的是沙坡头区,最低的是红寺堡区;③ 依据耦合协调度与发展度的组合可将研究区新型城镇化与房地产业发展耦合关系分为4大类型：高发展协调区、高发展磨合区、中发展拮抗区、低发展拮抗区。建议在未来新型城镇化建设过程中政府应因城因地的采取差别化的房地产宏观调控政策,促进房地产业发展与新型城镇化建设的协调关系。     

Research on Calculating Method of Capitalization Rate in Real Estate Appraisal

In order to formalize China's real estate appraisal, an examination and registration system for real estate appraisers has been put into practice. China Institute of Real Estate Appraisers has edited a series of textbooks for this purpose and the standard rules and specifications for real estate appraisal are available. During reading the text book as well as the rules and specifications, the author found that there are some mistakes and uncertainty in the formula of overall capitalization rate. Because of its sensitivity to the value of real estate, it is extremely important to use correct overall capitalization rate. Based on the information collected, the author has systematically analyzed the overall capitalization rate formula, and clearly defined the concept involved. In this paper, it is expected to provide some insight into the improvement of real estate appraisal theory in China and offer some valuable reference for real estate practice.     

大都市城镇居民对地产蔬菜的支付意愿研究——基于上海市532份消费者问卷调查数据的实证分析

基于上海市12个城区532份消费者问卷调查数据,选用假想价值评估法设计问卷,实证分析上海城镇居民消费者对地产绿叶菜的支付意愿及其影响因素,重点关注价格对消费者地产绿叶菜购买意愿的影响。研究发现,投标价格、蔬菜放心程度、地产蔬菜信任程度、购买成员、性别等变量显著影响消费者对地产蔬菜的支付意愿。具体而言,投标价格是影响支付意愿的主要因素,随着价格的增加消费者的支付意愿下降;消费者对蔬菜的放心程度越低,越倾向于购买地产绿叶菜,说明消费者对上海市地产绿叶菜质量安全总体信任度较高;消费者对地产蔬菜信任度越高,其额外支付意愿越高;男性消费者愿意为地产绿叶菜支付额外价格的可能性更大;相较于家庭中非主要购买成员,作为家庭中蔬菜主要购买成员的消费者愿意为地产蔬菜支付额外价格的可能性更大。计算得知,相比外地产绿叶菜,消费者愿意为地产绿叶菜额外支付2.12元/kg。根据结论提出加强食品质量安全监管提升蔬菜质量、稳控蔬菜价格、加强对消费者教育和宣传等措施。     

Study on Principal -agent Relationship between Developers and Agents

With the development of real estate market,the agency model will be more popular.Under asymmetry of information,both developer and agent are faced with moral hazards.In this paper,the authors analyzed the Principal-agent relationship between developers and agents,and used a principal-agent model to analyze the influencing factors for agent's moral hazards,and the influencing factors for developer's moral hazards,at last,the authors provided some ideas to solve this problem.     

On Application of the Price Mechanism in Real Estate Market

At present the contradiction between the supply and demand of the commercial real estate becomes more and more acute. There are two sides of unbalance, one of them relates to the total amount about the supply and demand, the other relates to the structure of them. Either of them can block the circulation of the market and restrict the development of the real estate if any inconsistency happened. The most important reason, which results in the disharmony, in the author's opinion, lies in the inefficiency of the price mechanism in real estate market.     

Gibrat's Law in the “Third Italy”: Firm Growth in the Veneto Region

According to Gibrat's Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the period examined. While earlier studies tended to confirm the Law, more recent research generally rejects it. The aim of this paper is to test whether Gibrat's Law is confirmed, for the 1995–2005 period, for a large sample of firms active in the Veneto region of Italy. Controlling for firm age and size, findings show that the Law is not confirmed in the early stages of a firm's life cycle, with younger firms growing faster than established ones, whereas it cannot be rejected once a given threshold in terms of age is reached. These findings are consistent with the life cycle theory of the firm and with the hypothesis that fast growing small and medium‐sized enterprises may have played a role in the evolution and the structural transformation of local systems in the “Third Italy” during the 1990s and early 2000s.     

Real-time Online Auction Based on Multicast and Intelligent Agent Technology

Current online auction modes are all non real-time and have many defects. They are centered on auctioneers, forming star shaped information communication mode among auctioneers and bidders, and are actually the computerization of traditional auction mode. The power of Internet has not been fully utilized. In order to solve these problems, a real-time online auction mode is put forward. In this mode, bidders and auctioneers have peer-to-peer status, forming netlike information communication mode between two sides. The characteristics of real-time online auction are analyzed. The application of Multicast technology in real-time online auction and how to lighten the burden of bidders and auctioneers by intelligent Agent technology are elaborated. Finally, the application effect of real-time online auction is verified through an experimental system.     

Real Option Method in Real Estate Investment Decision

Through analysis of basic assumptions and limitations of the conventional real estate investment decision method, in this paper, its unconformity to the investment environment, which includes a great number of uncertain elements, is pointed out. By analyzing the real option and the price formula, the pattern of real option in real estate investment decision is put forward and this breaks through the limitations of the conventional investment decision method and makes the decision scientifically and reasonably, moreover, it has some directive significance to investment administration work of real estate corporation.     

The Influence of Interest RateReduction on the Real Estates

The fluctuation of interest rate may affect the market of real estate.In Oct. l997,the central bank declared the interest rate reduction.This will promote the investment in the field of real estate,on the other hand,the developers' interest burden will be reduced as well.Thus,the cost of building will be declined and its price also will fall.At present,if we want to stir the real estate market,the overstocked buildings must be sold .The decline of interest rate makes the goal possible to reach.