Real Options Method Based on Market Information in Corporate Valuation in M&As

The authors analyze the existing problems that those traditional firm valuation methods and Real Option Theory in corporate valuation in M&As face with, a new model based on real options method which makes full use of market information including price, cost and production is developed,which improves the real options method.     

Functions of Project Management Company in Real Estate Development

In this paper,the functions of project management company in real estate development are discussed, which include control procedures at different stages from the planning, designing, construction to the finished stage, the project's market orientation and sales planning and their optimization.     

A Study on the Phases Division of Real Estate Project Life Cycle in China

Recently,many large and medium-sized real estate companies in China have attempted to construct a standard project management system regarding project culture,organization and value chain,to enhance their ability of integrating resources and effectively delivering projects.An appropriate definition of project phases is the base of standard management for these enterprises.According to the existed literature and the observation of some real estate companies,a Six-Phase(SP) approach is presented.The method standardizes real estate project in China by dividing a project life cycle into six phases.A case study shows that the six phases correspond appropriately with those suggested by the departments of four real estate companies.An industry survey by means of questionnaire has also been conducted.The respondents,most of which are the CEOs from 50 real estate companies in China,agreed that this approach is reasonable and acceptable.     

The Real Option Method of Real Estate Exploitation Evaluation

Real estate exploitations have high risk and its exploitation environment is quite uncertain. The traditional investment value methods, such as the net present value and discount cash flow methods, usually undervalue the real estate value. In this paper the real option pricing theories and methods are applied to discuss real estate investment value under uncertainty. This method provides a new approach for real estate items.     

Method for Analyzing the Value of Stocks of Listed Real Estate Companies

The new listed real estate companies will greatly influence the real estate stocks in Shenzhen and Shanghai Stock Exchanges. Based on this special background, this paper established an operable model by comprehensively applying the Grey Theory, DEA Appraisement and its sequence arrangement method to compare various values of real estate stocks.     

The Shortcoming and Improvement of the Project Break-Even Analysis Method

This paper points out the shortcoming of the existing project break-even analysis method. A new improved method-the dynamic project break-even analysis method has been put forward.     

Application of Residential Environmental Adaptability to Environmental Influence Assessment of Real Estate Project

In this paper, the Environment Influence Assessment (EIA) characteristics of real estate are analyzed and the application of residential environmental adaptability to the EIA of real estate is mentioned.The assessment index system of residential environmental adaptability and the method of assessment are submitted, which can be used to guide the EIA of real estate in order to create a suitable residential environment and improve the living standard.     

Deciding Method of Capability Vs. Price of Real Estate

The authors determine the index system and the index weight of capability of real estate by applying Delphi method and AHP method, and found the fuzzy comprehensive evaluation model of capability of real estate. They creates the model of capability Vs. price based on value engineering theory. The authors analysis detailedly deciding method of capability Vs. price of real estate combined with a practice example and application. The method adapts to a house as well as the type of the house. The method resolves the problem which capability Vs. price of real estate was only described by qualitatively for ages, which supplies theory basis to developer and consumer.     

Real Option Analysis of the Underpricing of IPO

The underpricing of initial public offering(IPO) has been one of the "the new issue puzzles" in the finance.The paper studes the underpricing of IPO phenomenon by real option methods.The research find that even the information of stock market is symmetry,the underpricing of IPO is inevitable.With the development of stock market,the(degree) of the underpricing of IPO will be lowed.The reasons of underpricing of the IPO in Chinese stock market,on the one hand come from widespread existing IPO underpricing,and on the other hand,come from the irrationality of IPO pricing way and stocks is not all circulate.     

Investment Choice for the Tail Part of Real Estate Based on a Fuzzy Comprehensive Evaluation

As the real estate industry in P. R. China developed rapidly in recent years and the housing price constantly rose, the Tail Part of Real Estate (TPRE) became a new investment option for shrewd investors due to its huge profit possibilities. We appraise the investment values of different TPREs and provide the investor with scientific decision making support regarding the selection of TPREs. We introduce the TPRE concept and analyze the causes and factors influencing TPRE formation. We construct a mathematical fuzzy comprehensive evaluation model to analyze the investment options for TPREs. We provide an example showing how to analyze the TPRE investment choices using our method provided herein. It could be a good reference for the investors in choosing a TPRE for investment.     

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.     

Approach to Effective Control on the Project Investment

In this paper, in allusion to the three kinds of serious overvaluation (the budgetary estimate of project construction exceeds the rough estimate, the budget exceeds the budgetary estimate and the final accounts exceed the budget) causing uncontrollable project investment often appeared in domestic project construction,the main causes for that are analyzed. That is, the frequent project change and the malpractice of the cost managing system. In this paper, according to some real projects,the kinds and causes of project change are clarified and the malpractice of the cost managing system is analyzed. The effective approaches of reducing the project change, especially the united surveying and improving the cost managing system in order to make the effective control of the project investment are realized.     

Analysis of the Trust Degree of Non-equity Strategic Alliance

The important function of the trust is analyzed, which is between the members of non-equity strategic alliance, The authors research the main affected factors of the trust between the members of non-equity strategic alliance, indicates that the trust between the members of non-equity strategic alliance is effected both by the interior factors and the exterior factors. Then, the trust degree between the members of non-equity strategic alliance is put forward, and the method of fuzzy comprehensive evaluation is used to introduce the trust degree.     

Strategies of Foreign Market Entry on the Basis of Strategic Alliance

By analyzing the achievements the TTX company and QI company gained on the basis of strategic alliance, this paper proves that strategic alliance is an effective mode of foreign market entry by Chinese enterprises, especially, private, small and medium enterprises, and they can actually promote their competence and acquire profit upon restricted resources by making an alliance with partners. This paper also discusses the problems exist in the alliance and the threat TTX faces, and put forward effective countermeasures.     

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.     

A New Idea on the Avoidance of Real Estate Financial Risks

This paper reviews some major opinions on the avoidance of real estate financial risks. The author puts forward a new idea on this object from the view points of externality and systematic risk.     

Discussion about the Agent- Construction System of Governmental Project in China

The agent - construction system, as a new public project management mode, has been practiced in some cities and attracted attention from the society. This paper firstly studies the features and operation modes of agent - construction system, and discusses the agent - construction system from the viewpoints of promoting competition, nourishing agent -construction enterprises, setting up a supervisory and encouraging mechanism, and its connection with the governmental project procurement system etc.