房地产与建设项目管理专业英语

1、房地产与建设项目管理专业英语Unit 1 Characteristics of Real Estateestatestet; e- 财产，资产，产权，社会等级，身份，阶段财产，资产，产权，社会等级，身份，阶段real estate 房地产，不动产房地产，不动产动产：动产：movable propertypersonal propertypersonal estateUnit 1 Characteristics of Real EstateReal estate has many unique characteristics that make it different from other t

2、ypes of products. The characteristics can be divided into physical and economic features.房地产有许多不同于其他产品的特性，这些特性可分为物理特性和经济特性Physical Characteristics1 Immobility Being immobility, the land is subject to control of the state and local governments under whose jurisdiction it exists. 1 固定性 由于土地是无法移动的，因此，它

3、受所在州或者地方政府法规的控制。2 Lack of Standardization Even if the physical features of two homes were almost identical, zoning, deed restrictions, or title encumbrance could make their values considerably different. 2 标准缺乏性 即使两处房屋的物理性能几乎形同，而所在区域、契约条件或债权资格均可以使房屋价格有很大差异。3 Long Life Real property may have a life s

4、pan of 10 to 200 or more years. 3 使用年限长 房地产有10200年甚至更长的使用寿命。4 Indestructibility Indestructibility, fourth physical characteristics of land, causes real estate to be a durable and relatively stable investment.4 不易损坏性 不易损坏性是房地产的第四个物理特征，这使得房地产具有耐久性，而且是一种相对稳定的投资。Economic Characteristics In addition to t

5、he physical characteristics, land also has its particular economic characteristics: scarcity, fixed investment, location, improvements. These economic characteristics also have an impact on the manner in which real estate business is carried out. 除了物理特性外，土地还具有特殊的经济特性，诸如稀缺性、投资固定性和地域性以及可改良性等特性。这些经济特性对

6、房地产中的交易方式产生影响。1 Scarcity There is no scarcity of land as such; however, land of specific uses in specific locations is frequently insufficient to meet demand. 1 稀缺性 土地并非会稀有到这种程度，但是对于特定地点特定用途的土地却常常供不应求。2 Fixed Investment Most modifications or improvements to the land cannot be moved, and it may take

7、twenty or thirty years to repay the investment; thus, the investment is long lasting. 2 投资固定性 大多数对于土地的改良和开发都是不可逆的，而且其投资回收期可能长达二三十年；因此这种投资是个持久的过程。3 Location Similar pieces of real property may have extremely different values just because of the difference in location. 3 地域性 仅仅因为地段的不同，两处相似的房地产可能会拥有完全不

8、同的价值。4 Improvements The fourth economic characteristic of land is its ability to be modified or improved, with the associated impact upon the value. 4 可开发性 土地的第四个经济特性是可以被改良和开发，从而对其价值产生相应的影响。Market CharacteristicsLocal Markets Real estate prices are highly vulnerable to local events such as plant lay

9、offs or decline in local industries. 本地市场 房地产价格非常容易受到当地诸如工厂停工、工业衰退等事件的影响。Unorganized markets We saw that the immobility of real estate results in local markets. This, in turns, causes the real estate business to be highly decentralized and, to extent, unorganized. 无序市场 我们看到，房地产的不可移动性导致了本地市场的形成。这种不可移

10、动性进而造成了房地产交易的分散甚至一定程度上的无序。Unbalanced Supply and Demand There may be a strong demand in some cities where economic conditions are good and, at the same time, a weak market in other cities where employment is low or industries are deteriorating.供需不平衡 在一些经济条件较好的城市，其房地产市场往往有着强烈的需求；同时，在其他一些就业率较低或者工业陷入衰退的

11、城市，其房地产市场常常比较疲软。Private Transactions A large percentage of real estate transactions are between individual buyers and sellers where neither party is in the real estate business.交易的非公开性 大多数的房地产交易都是私人间的，买卖双方都不是从事房地产经营的。私人交易 相当比例的房地产交易都是在个人买家和卖家之间发生，他们双方都不能算作参与了房地产生意。Unit 2 Investors in Real PropertyIn

12、vestment in real property is carried out by private persons, private trusts and the institutionsinsurance companies, pension funds, charities, property companies, property bond funds and property unit trusts. To some extent each has different objectives, and so their preferences differ.房地产的投资者包括个人，私

13、人信托和某些机构保险公司，养老基金，慈善团体，房地产公司，不动产债券基金以及不动产信托。 从某种程度上来说，它们都有各自的不同投资目标，因此也有不同的投资侧重点。Private Persons Anybody who purchases a property rather than renting is an investor. The satisfaction or return received should at least equal what could be obtained if, instead, premises were rented and the money inves

14、ted elsewhere.个人个人 任何购买而不是租赁不动产的个人都是投任何购买而不是租赁不动产的个人都是投资者。资者。物业价值的实现或者回报物业价值的实现或者回报应不低于投应不低于投资者出租该物业或作其他投资所得的回报。资者出租该物业或作其他投资所得的回报。Insurance Companies By and large, life-insurance companies try to match assets to future liabilities, and this largely determines the spread of their portfolios as betwe

15、en short and long-term fixed-interest investments and equity holdings.保险公司保险公司 一般而言，一般而言，人寿保险公司人寿保险公司努力使他们的现努力使他们的现有有资产资产与与将来的债务将来的债务相平衡，这在很大程度相平衡，这在很大程度上决定了其上决定了其投资范围投资范围：包括：包括短期的或长期的短期的或长期的固定回报率的投资固定回报率的投资和和股本的持有股本的持有。Pension Funds The smaller pension funds invest in property indirectly through pe

16、nsion fund property unit trusts, whose trust deeds limit membership to pension funds and charities enjoying tax exemption.养老基金养老基金 小型的养老基金一般通过小型的养老基金一般通过投资养老基金不投资养老基金不动产信托动产信托间接地投资房地产。这类信托规定间接地投资房地产。这类信托规定其投资者只能是享受其投资者只能是享受免税待遇免税待遇的养老基金和的养老基金和慈善团体。慈善团体。Charities and Trusts Charities and trusts are c

17、oncerned not only with income (from which periodic distributions are made) but also with retaining the real value of trust funds.慈善团体和信托慈善团体和信托 慈善团体和信托关心的不仅仅只是慈善团体和信托关心的不仅仅只是收益收益（定期分红定期分红的来源），还有保持的来源），还有保持信托基金信托基金的的实际价值。实际价值。 Property Companies Property investment and development companies have grow

18、n considerably since 1945, largely reflecting the boom in urban redevelopment.房地产公司房地产公司 房地产投资和开发公司房地产投资和开发公司在在1945年以后迅年以后迅速发展起来，这在很大程度上反映了速发展起来，这在很大程度上反映了城市再城市再开发开发的兴起。的兴起。Property Bond Funds The person wishing to invest in property is faced with the snag of having insufficient funds to buy prime p

19、roperty, the kind which has shown the greatest capital growth.不动产债券基金不动产债券基金 有意于不动产的投资者总会面临缺乏足够有意于不动产的投资者总会面临缺乏足够资金购买资金购买有成长潜力房产有成长潜力房产的阻碍，而正是这的阻碍，而正是这类房产拥有类房产拥有最大的资本增值能最大的资本增值能力。力。Property Unit Trusts A similar principle operates with those unit trusts which specialize in property, but in order to

20、avoid management commitments, such unit trusts use their funds to buy shares in property companies or in companies such as hotels which are concerned with property.不动产信托不动产信托 运作原则类似于那些专注于房地产的信托公司，但是为了避免管理承诺，这种信托公司用它们的资金购买房地产公司或者像酒店这种与房地产有关系的公司股份。& Building Societies Building societies can be reg

21、arded as institutional investors since they are the most important source of loans for house purchase.建房互助会建房互助会 建房互助会可被视作建房互助会可被视作机构投资者机构投资者，因为它，因为它们是们是购房贷款购房贷款最重要的来源。最重要的来源。Process of developingThe Development Concept Real estate development, like most projects, begins with a person and an idea.开发

22、构想开发构想 和大多数项目一样，房地产开发始于一个人和一个构想。 Unit 3 A Review of the Development ProcessUnit 3 A Review of the Development ProcessThe Development ConceptMarket StudySite Selection and Preliminary Feasibility StudyLand Acquisition StudyRetaining the Professional TeamFinancial Feasibility StudyObtaining Government

23、 Approvals and Refinement of the PlanMarket Study The next step is to conduct a market study to determine what type of development is in demand.市场调研市场调研 下一步就是开展市场调研，从而确定需要何种类型的开发。Site Selection and Preliminary Feasibility Study Remember the Golden Rule of Real Estate Development: those who control t

24、he land make the Golden Rules.n选址和初步可行性研究选址和初步可行性研究 请记住房地产开发业的金科玉律：认地不认人（谁控制了土地，谁就取得了主动）。 Under these circumstances, your confidence in the future success of the project will determine if you want to take the risk if buying unconditionally. 在这些情况下，你是否要冒险去无条件地在这些情况下，你是否要冒险去无条件地购买，取决于你对项目的未来是否有把握。购买，取

25、决于你对项目的未来是否有把握。Land Acquisition Study Once you control the land, you can take the time to conduct a more detailed assessment of the parcel.征地研究征地研究 一旦你控制了土地，你就能花时间去开展一旦你控制了土地，你就能花时间去开展更详细的更详细的评估评估工作。工作。Retaining the Professional Team You are looking for people with good track records in development

26、capable of meeting deadlines and budgets.聘用聘用专业团队专业团队 你要寻找在开发方面拥有优异的你要寻找在开发方面拥有优异的业绩业绩，能，能解决解决进度和预算进度和预算等各种难题的人才。等各种难题的人才。Financial Feasibility Study A financial feasibility study is done in conjunction with the land acquisition study, a feasibility study will provide sketches of your site and gener

27、ate financial information necessary to determine how much the job will cost and whether you can make a profit.财务可行性研究财务可行性研究 财务可行性研究财务可行性研究是在做征地研究时一起完是在做征地研究时一起完成，它为你提供成，它为你提供工地草图工地草图和必要的财务信息，和必要的财务信息，从而决定项目的预算以及是否能够从而决定项目的预算以及是否能够盈利盈利。Obtaining Government Approvals and Refinement of the Plan Zoning

28、 and subdivision approval must be obtained from the municipality.获取政府批准和计划的精化获取政府批准和计划的精化 必须要从必须要从市政当局市政当局获取获取城市区划和细分规城市区划和细分规划的批准划的批准。The Development Decision It should be clear that there are four important factors that come into play; market study, physical features, government regulations, and f

29、inancial feasibility.开发决策开发决策 应该清楚有四种因素在起作用，它们是：应该清楚有四种因素在起作用，它们是：市场调研的结果、物业的自然特性、政府法市场调研的结果、物业的自然特性、政府法规和财务上的可行性规和财务上的可行性。Infrastructure Development and Building Once you receive approvals and financing, you can begin the construction phase of the project.基础设施开发和建设基础设施开发和建设 一旦你获得了许可，融到了足够的资金，一旦你获得了

30、许可，融到了足够的资金，你就可以开始进入你就可以开始进入项目的建设阶段项目的建设阶段。Developing a Sales Program A sales and marketing program should have been developed at an early stage and continually refined.制定销售计划制定销售计划 在早期就应该制定营销计划并逐渐将其完善。Sale and SettlementThe settlement is the culmination of developers efforts. Here, the lender is pa

31、id off, the buyer receives a new home, and the developer is paid.销售和结算销售和结算 结算结算标志着标志着开发商开发商大功告成。这时，大功告成。这时，贷款贷款方方获得了回报，获得了回报，业主业主得到了新家，开发商也得到了新家，开发商也获取了收益。获取了收益。Unit 4 Land Acquisition StudyOnce a potential site is located, the land acquisition study can begin. The land acquisition study can be div

32、ided into six categories:Property Inventory Environmental AnalysisUtilitiesRegional InventoryGovernment RegulationsDevelopment Decision一旦一个潜在的地址被选定，征地研究就可以开始了。征地研究可分为六类： 财产清单 环境分析 公用事业设施 区域清单 政府法规 开发决策These categories are themselves divided into about 40 sub categories, listed as follows:1 Property

33、Inventory1) Legal description2) Site of property3) Current use of land and income produced4) Title5) Liens6) Easements and rights of way7) Restrictions8) Assessments9) Property taxes这六大类又可大约40个小类，如下：1 财产清单1) 合法的界定2) 财产地址3) 当前土地使用及所获收益4) 所有权5) 抵押权6) 地役权和通行权7) 限制8) 估价9) 财产税2 Environmental Analysis10)

34、Microclimate11) Water 12) Vegetation13) Topography and land survey14) Soil15) External factors (noise, odors, vistas )2 环境分析10) 微气候11) 水12) 植被13) 地形和土地勘测14) 土壤15) 外部因素（噪音，气味，风景）3 Utilities16) Water17) Sewer18) Electric and gas19) Telephone and cable TV20) Solid waste disposal3 公用事业设施16) 供水17) 排水管道18

35、) 电力和煤气19) 电话和有线电视20) 固体废弃物处理4 Regional Inventory21) Adjoining land use22) Community facilities23) Schools24) Emergency services25) Surface transportation26) Public transportation27) Existing and proposed land uses28) Growth patterns-proposed and projected 4 区域清单21) 邻近土地的使用22) 社区设施23) 学校24) 急救服务25)

36、地面交通26) 公共交通27) 现有和计划土地用途28) 计划发展模式5 Government Regulations29) Permits and regulations30) Zoning and subdivision regulations31) Environmental regulations32) County and municipal comprehensive plan33) Plan submission5 政府法规29) 许可和管理30) 区划法与细分条令31) 环境法规32) 国家和城市整体规划33) 计划呈报6 Development Decision34) Ass

37、essment of land acquisition study35) Market analysis36) Development concept 37) Financing38) Negotiating land acquisition39) Price and conditions40) Go or fold.6 开发决策34) 征地研究的评估35) 市场分析36) 开发构想37) 融资38) 协商征地39) 价格和条件40) 实施或者放弃Unit 5 Land Use Planning and Zoning Land can be used for farming, industry

38、, commerce, residential living, or recreation. 土地可用作农耕，工业，商业，住宅或者娱乐等用途。 As urban area expands, it becomes important to plan the use of land rather than to let it be developed in an unplanned manner.随着城市范围的扩大，有计划地使用而不是盲目地开发土地显得犹为重要。 It is then necessary to enforce the plan through restrictions on lan

39、d use that implemented by (a) zoning regulations and building codes and (b) requirements for starting subdivisions of residential or industrial construction.因而，总体规划的实现需要借助于对土地利用的两种限制来完成：（1）区划法和建筑法（2）对居住区或工业区细分规划的规范。1 Levels of Planning 规划层次 Urban area planning takes place at the federal, regional, s

40、tate, and local levels. 城市规划出现在联邦，地区，州和本地等层次。 The Great Lakes are a collection of freshwater lakeslocated in northeastern North America, on the CanadaUnited States border.Consisting of LakesSuperior, Michigan, Huron, Erie, and Ontario, they form the largest group of freshwater lakes on Earth, contai

41、ning 21% of the worlds surface fresh water.State legislatures have also given these municipalities the right to establish planning commissions under legislation referred to as enabling acts.各州法律机构也已授权其市、镇政府部门依照实施法设立规划委员会。 It may be either advisory or have executive responsibility, although experienc

42、e has shown that a planning commission, in order to be effective, needs the authority to enforce its decisions.规划委员会可能是一个顾问性质的机构，也可能是具有执行职能的机构。然而经验表明规划委员会要有效实施其决策，必须得到相应的授权。The development and implementation of the master plan require funds. Initial funds can be secured from bond issues because the

43、plan usually results in building project that increase taxable values. Thus, bond issue for master plans provide for a return through future taxes of amounts substantially higher than the original costs of the master plan.总体规划的研拟和执行需要资金。由于总体规划往往会带来房产项目，导致税收增加，因此规划的启动资金可以通过债券的发行来筹集。这样，为规划而发行的债券通过未来税收

44、的形式，带来的回报将远远高于规划成本。2 Purpose of Zoning Implementing the plan for an urban area depends heavily upon the power to the zone. Zoning is a means for regulating and controlling land and its use even though property is privately owned. The first real zoning ordinance was passed by New York City in 1916. T

45、otal floor area / Lot area= Floor area ratio (FAR).2 区划的目的 一个城市规划的执行在很大程度上依赖于区划的力量。区划是管理和控制土地及其使用的一种手段，即使对于私人拥有的物业也依然如此。 纽约在1916年通过了第一部真正意义上的分区区划法规。 总建筑面积 / 用地面积 = 容积率Unit 6 Mortgages and Financial Market All types of debt instruments are bought and sold in financial market, which is made up if two

46、components, the money market and the capital market. 金融市场由货币市场和资本市场两部分组成，里面买进卖出着各种类型的债务票据。 Corporate and consumer debts are split about evenly between the money market and the capital market, whereas mortgage market utilizes long-term instruments almost exclusively and thus is part of the capital ma

47、rket. 公司和消费者的债务大致均衡地分布在资金市场和资本市场，抵押市场几乎无一例外地运用长期票据从而成为资本市场密不可分的一部分。1 Primary Mortgage Market By definition, an institutional lenders is a lender that meets two criteria: the institution accumulates deposits from individuals of businesses (such as savings accounts), pools the funds ,and reinvests the

48、 funds in real estate mortgages or other loans or securities; and the institution conforms to state andfederal regulation applicable to its charter.1 初级抵押市场 从定义来看，机构性贷方符合两个条件：一是机构必须吸收个人的储蓄，汇集资金，并把资金再投向不动产抵押贷款市场或其他贷款市场或证券市场；二是机构须遵守与其营业范围相关的州和联邦政府的法规。2 Primary Mortgage Market Activities The primary mo

49、rtgage market deals with relationships between mortgage loan borrowers and lenders originating the loans. 2 初级抵押市场活动 初级抵押市场涉及因贷款而产生的抵押贷款借贷双方之间的关系。 The term origination is sometimes used to include all activities related to bringing a loan into the lenders portfolio. The term may include only the sol

50、icitation to obtain mortgage loans and the taking of the loan application.发起这一术语有时指所有把贷款纳入贷方投资项目范畴的活动，有时特指获取抵押贷款和接受贷款申请。3 Secondary Mortgage Market The secondary mortgage market consists of investors, lenders, or government agencies who buy and sell mortgages originated by primary lenders.3 次级抵押市场 次

51、级抵押市场由投资者，贷方或者某些政府机构构成。这些政府机构参与买卖源于初级贷方的抵押权。Loan warehousing is the borrowing of funds by a mortgage broker on a short-term basis as necessary to fund the mortgage before it is sold to an investor or in the secondary market.贷款储备是指抵押经纪人，在将抵押权卖给投资方或在二级市场上市之前为筹集资金而进行的短期借款。Unit 7 Marketing Real Estate M

52、arketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives. 市场营销是对思想、货物和服务进行构思、定价、促销和分销的计划和实施，从而产生满足个人和组织目标的交换的过程。 The real estate broker deals both with

53、 sellers and prospective buyers of real estate. The brokers relationship with the sellers involves obtaining properties to list. 房地产经纪人同房产的卖方和潜在买方都要打交道。他们和卖方的业务主要是将卖方的物业列入等待交易的名单。The dominant reasons that home sellers turn to real estate broker rather than trying to sell their property on their own

54、are they need technical assistance and are hesitant to take risks. 住房出售者请房地产经纪人代理而不是自己操办的主要原因，一是他们需要经纪人的专业协助，二是他们不愿意承担风险。Unit 8 Methods of Valuation (1)1 The Comparative Method The more uncommon a property is, and the more specialized the type of property, the less likely is it that the valuer will

55、be able to find good “comparables”. 1 比较法 物业越不一般，其类型越特殊，估价者就越难找到好的比较案例。 The skill of the valuer will be required to make an allowance in money terms for such difference in value caused by a different geographical situation. 要凭估价员的经验对地理的差异引起的价值差异作价格修正。2 The Contractors Method In using the contractors

56、 method the valuer must therefore make a deduction to allow for both depreciation of the building and obsolescence of design. 2 重置成本法 在使用重置成本法时，估价员必须对建筑物磨损与式样过时进行折旧。Unit 9 Method of Valuation (2)1 The Residual Method The residual method (hypothetical development method ) is used when a property has

57、development or redevelopment potential.1 剩余法 当一个物业有开发或者再开发的潜在可能时使用剩余法（假设开发法）。These may include such items as the cost of site clearance, architects fees, site engineers fees, quantity surveys fees, and all other professional fees incurred in creating the development .这些（开支）包括如下几项：拆迁费，建筑设计费，工地工程师费用，估

58、算师费用以及建设开发过程中所需的其他专业人员的费用。2 The Profits Method The profits method (accounts method, treasury method) is based on the assumption that the value of some properties will be related to the profits which can be from their use.2 利润法 利润法（会计法，财政法）基于一个假设：某些物业的价值与通过使用它们所产生的利润相关。3 The Investment Method The inv

59、estment method (capitalization) is based on the principle that annual values and capital values are related to each other and that, given the income a property produces, or its annual value, the capital value can be found.3 收益法 收益法（资本化）基于一个原则：年金和资本价值互相关联，因此给出一个物业所产生的收益也就是年金，那么资本价值也就能够得出。Unit 10 Prop

60、erty Management1 Approaches to Property Management Property management involves a wide variety of tasks and responsibilities. The responsibilities can be handled by one of three basic approaches:1 物业管理的途径 物业管理涉及到一系列各种各样的任务和职责。这些职责可以通过三个基本途径中的一个解决：A firm that deals exclusively in property management.A re