万科房地产英文论文

Realestateindustryofourcountrymarkettrendexpectation

——Vankeasanexample

RealestateistheleadingindustryofthenationaleconomyinChina,inthemodernsocialeconomiclifeplaysavitalrole.Afteryearsofdevelopment,Chineserealestateindustryisinintoalarge-scale,thebrand,thescaleoftheoperationperiodoftransition,thegrowthmodeofrealestateisspeedtopayattentiontothescaleoflayparticularstressonbenefitandmarketsegmentationtransformationfromdependmainlyongovernmentregulationtorelyonmarketandtheregulationofthechangeinthepatternoftheenterpriseitself.

China'srealestatemanagementanddevelopment

In2006,Chinapromulgatedbythestandingcommitteeofthe"thesixcountries"includinghousingstructure,tax,credit,land,cheaprentandeconomyapplicableroomconstructiontopromotethehealthydevelopmentoftherealestate.InMarch2007toAugust,theChinacentralsixtimeinarowimprovebenchmarklendingrate,for13timesraisedepositreserverate,sixtimeinarowofaccumulationfundloaninterestrateincrease.Togovernmentcontinuestousecreditpolicyandtaxpolicytocurbtheriseinhouseprice,butthegovernmentcontrolofthepriceofthehouseunderpowered.

In2007,theU.S.Subprimemortgagecrisistriggeredglobalfinancialtsunami,atthesametimeforChina'seconomicpolicywasalsohashadconsiderableinfluence.ButtheU.S.creditcrisistoChina'srealestatemarket'sinfluenceisnotsingleagain,inashorthousingpricesfall,September2008toOctober,thecentralbankhastwocutbenchmarklendingrateandhousingaccumulationfundloaninterestrate,maketightenpolicybegantoloose.Soinearly2009,withsuchaspectacle:WhentheAmericanrealestatepricesfallinexpanding,andChina'srealestatebuttherewasupagainst.

Inordertoalleviatewarmsupagainhouseprices,thegovernmentputmoreattentiontoturntothehousingstructure.Theministryofconstructionin2009intheconstructionoflow-renthousingallspentmoneyintoashighas33billion.Theministryoflandandresourcesannouncedthe2010yearsforthehousingplan,plantohousinglandsupplyamountmorethan130%year-on-yeargrowth.Ina2011article"eightcountries",thecentalgovernmentagainincreasedsecurityroomconstructionforce,improvetheconstructiontargetto10millionsets.

China'srealestatemarketofthespecifictrends

Policy:Centraladhereregulationdoesnotshake,reasonablerequirement

protected

Thefirstquarterof2012,tofurtherconsolidatecontrolachievements,promotehousepricereasonableregression,thecentralgovernmenthasrepeatedlystressedtheinsistonrealestateregulationnotbemoved.berestrictedtobuypolicyimplementation.Relevantdepartmentshavesaidstrictenforcementmeasuresattitudetocontinue.Ontheotherhand,inspecificpolicyimplementation,controlpolicies"havekeeppressure",continuetoslowdowninvestmentdemandspeculationatthesametime,alsoproposedtotheautonomyofdemandprotection,continuetocarryoutthelawdisseminatingcreditpoliciestosupporttheloandemandfirstsuite.

Bridalchamber:thenationalinvestmentgrowthcontinuetostartback

Nationally,JantoFeb2012,investmentinrealestatedevelopmentandstartnewgrowthof27.8%and5.1%,respectively,continuetogrowfasterfallback.From20keycities,thetotalturnoverofthefirstquarterfell16percent,thelowestinrecentyearsoverthesameperiod,thethird-tiercitiesthelargestdecline,themostprominenteffortstoreboundinthesecond-tiercities.PricesinceSeptember2011,100-citypriceindexchainforsevenmonthsdown,declinetothehighestlevelinFebruary,thedeclineinFebruary,unchangedfromMarch,adropofstabilization;sub-urbanpointofview,thepriceadjustmentbythefirst-tiercitiestransferredtothesecondandthirdline;pricereductionprojectswithsmallandmedium-sizedroompricesbytheexpansionoftheLiberalbrandHousingprices,thespreadofsuburbsinsidethecity,diversificationofpromotionaltools.

Figure1:realestateandresidentialdevelopmenthasaccumulatedyear-on-yeargrowthandinvestment

Datasources:CREISmiddlefingerdata,

Developmentinvestmentgrowthcontinuestofall,butthehouseisgreaterthanthewholebyrealestate,growthhasbeenlowerthantheaveragelevelinnearlyfiveyears(about25%)

Land:pricevolumecontinuetodrop,premiumrateshavefallentohistoricminimum,clinchadealpriceofmainstream,sellone'sownthingsbyexpanding.

2012quarter,landmarketcontinuestoslump,floorallvalencetocontinuedown,premiumratesreachedanewlow,thecountry's300cityhousinglandappearanceallvalence12.2%year-on-yeardrop,premiumratesfelltothelowestinthepasttwoyears,only2.5%,clinchadealthepriceofthemainstream.Supplyand

Thefuturetrendprojection

Salesinthefirstquarter2012,Vankesalesdown,sales10%year-on-yeardrop,tothis,ChinaVankeenterprisewilladjustsalesstrategy,depreciatesalespromotioneffortscontinuetowiden,meansmorevaried.

Giveland,ChinaVankegivelandstillcautionsattitude,continuetotaketospendingless.

Capitalfunding,onlydepositsandadvancereceiptsayear-on-yeardecline,self-financingaccountedcontinuetoimprove.

Profit

Profitforecast

2011

2012

2013

2014

EPS（yuan）

0.8800

1.1163

1.3704

1.6679

BeforeJanuaryforecastearnings

0.8800

1.0964

1.3694

1.6847

Netassetsyield

19.8300

18.7935

19.1080

19.6826

Netincome(hundredmillion)

96.25

123.66

153.71

189.99

Businessincome（hundredmillion）

717.83

941.96

1199.96

1453.73

Predictionnumberofinstitution

47

36

20

Netassetspershare（yuan）

4.8200

China'srealestateindustrytrendanalysis

Therealestatemarketmatures

Fromthecurrentrealestateinvestmentandhousingmarketsperformanceanalysis,China'srealestateindustryisstillontherisestage,butfromthemarketperformancetosee,thehousingmarketisinanimmaturetomaturesetting,inthenextfewyears,themarkerwilleventuallyreturntoreason.Inaddition,fromtheeconomicstrengthandpurchasingpowerofurbanresidents,aslongasthenationaleconomymaintainedsteadygrowth,thepropertydoesnotappearthecaseofsevereshortage,thenthepropertymarketwillnevercrash.Moreover,throughthenationalpolicyadjustmentsontherealestateindustry,andguidetherealestateintoamatureandrationaldevelopmentofthemarketwillcontinuetomature.

Upstreamanddownstreamindustryintegration

AsChina'seconomicstrengthunceasinglyexpands,therapiddevelopmentofscienceandtechnologypower,realestateenterpriseisnolongerthewholeindustrychainasimplenode,buthavetakentheirkeytechnologyandcorecompetitiveness,theenterpriseoftheindustrylayouttocompleteindustrychainupstreamanddownstreamdirectionexpansion.

Housepriceappreciationisstable

Housepriceandthedevelopmentofthenationaleconomythantherelationshipwaspositively,solongasourcountrysteadyeconomicgrowth,governmentmacro-controlproper,housingpricewon'tappeartoobigwavemotion.Thelimitedlandresourcesisthehousepricerisingincentives,andchasedperiodofthelandpriceincreases,drivetheriseinhousepricessituation.Ontheonehand,thedeveloperinordertoimprovethegradeofrealestate,buildbrand,willleadtorisinghouseprices;theotherhand,withthenationaleconomicdevelopmentandtheimprovementofpeople'sincome,thedemandforhousing,moreandmorestrong,butinthemarketaswellasnationalpolicyunderthecontrolofgrowthofprices,theincreasinglystable.

Lastwords

Therealestateindustryistoinfluencethepeople'slivelihoodpilarindustry.Realestateisathirdfinancial,athirdarepolicy,athirdarerealestateproperties.Asarealestateenterprisetorespondtocountriescalledfor,strictlyabidebythepolicysets,andconstantlyunderstandingandlearningofnationalmacropolicies,andcarefullyevaluatedenterprisedevelopmentdynamic,graspingtheopportunityandprogress,makeourcountryforthehealthydevelopmentofrealestateindustryharmonious.

References

[1]ChinaIndexResearchInstitute.Chineserealestatemark