房地产市场监管研究外文翻译文献
外文翻译--浅析我国房地产市场存在的主要问题及对策
Analysis of China's real estate market problems and Countermeasures The housing market interference can be generally classified into two methods: the number of interference and interference. The amount of interference is important for the housing supply amount of interference, directly through the government built a large number of public housing to rent to supply low income households and hard user applications, but this approach is easy to carry the heavy burden of finance. Therefore, in practice, in addition to public housing, the government also adopted the finance allowance method, that is actually on housing price regulation and interference, financial subsidies can be divided into the demand for property buyers and developers supply subsidies subsidies to. In accordance with the government policy and real estate market interference of different characteristics, this article from the amount of interference and interference of two part price assessment real estate policy, government intervention in two part investigates the government real estate policy, intervention and policy evolutionKey words: problem; countermeasure; real estate marketReforming and opening especially housing system reform, our country real estate industry such as bamboo shoots after a spring rain is swift and violent development, the real estate market emerge as the times require. The real estate industry and the development of real estate market, on the one hand, promote the development of economy of our country countryman, people living condition is improved to have positive effect, but also causes some problems can not be ignored in the market.The first section of the current real estate market in China the main problemsAt present, China's real estate market problems, to sum up, mainly in the following four aspects:(1) the investment in real estate development investment scale is too large, resulting in economic risk. According to the National Academy of Social Sciences,"2008real estate Blue Book" provides data, in 2007 the national real estate investment of 2.52 yuan, a year-on-year increase of 30.2%, an increase of 8.1percentage points year-on-year growth rate, higher than the same period of urban fixed asset investment growth rate 4.4 percentage points; wherein, commodity residential investment1801000000000 yuan, a year-on-year increase of 32.1%, the highest since 2003, increasing ratio year increase by 6.5 percentage points higher than the same period, the real estate investment growth rate 1.9 percentage points since 2004, continued the residential investment growth rate were higher than that of the real estate investment growth trend. According to another survey of traffic bank, investment in real estate development, most enterprises of real estate developers because of its own funds less, development of source of funding to the bank credit and indirect financing, asset indebted rate is higher. In the fierce competition in the market and the government macroeconomic regulation and control policy under the influence, the enterprise once the operation errors or capital chain ruptures, will lead to a large number of bad assets and non-performing loans, contains the financial risks and economic risks can not be ignored.(2) housing sales price is exorbitant, cause the majority of consumers at the housing stop. In recent years, the country house prices continue to soar.(3) housing the unbalance of structure of supply and demand, leading to many consumers to buy suitable housing. At present our country 's real estate market housing supply, prevalence of high profile, small-sized apartment house slants much, cheap, large-sized apartment housing and economic housing, low rent housing less problems, leading to many living conditions for property buyers to buy suitable housing, aroused the public especially low income groups dissatisfaction, and then increase the differences between groups of social contradiction, increase social disharmonious factors.(4) the market order and chaos, led to the illegal behavior increases. One is the development of enterprises in the housing sales, land acquisition and planning approval such links exist illegal acts; the two is the government departments at all levels in land development, housing construction exists in the process of land expropriation, the development of enterprises to chaos to collect fees behavior. According to the Ministry of construction in 2007eight departments to carry out the national real estate market order special rectification work in statistics, all around thereal estate development, trade, intermediary and other aspects of the comprehensive inspection, in accordance with the law and real estate enterprises and departments in charge of all kinds of illegal acts, Shanxi province investigates illegal for 189 projects, total22%; Hebei Province found problematic development project for 326, accounted for 24% of the total; Chongqing city had problems finding the real estate development projects 158, accounting for 16% of the total.Section second of the current our country real estate market is the main cause of the problemLed to the above-mentioned problems is many sided, but also is a complex. To sum up, I think, mainly including the objective reasons, subjective intention mainly consisting mainly of reason of unbalance of supply and demand and housing in three aspects.(1) the dominant cause of objective conditions. One is from the real estate market situation, due to the development of China's market economy is still insufficient, market economic system as a part of the real estate market system is still in the stage of construction and perfect ceaselessly, market self regulation and perfect mechanism is not yet fully formed, real estate market has led to the emergence of these problems. Two from the government's macro-control real estate market situation, because the real estate market in China is still a newborn thing, the grasp of the real estate market is a process of adaptation, and the government has introduced regulatory measures also have a process, so the effect of government regulation of market show no doubt has opposite lag characteristics, real estate market has led to the problem difficult to solve. Three from the price rising factors, large demand for housing, land, raw material price rises ceaselessly, labor remuneration increase gradually, the real estate product quality and content of science and technology continued to improve, leading to the real estate production cost is higher, thereby affecting the prices continued to rise.(2) the subjective intention main reasons. Under the condition of market economy, the market main body and other parties have their own interest pursuit. When the parties interests game, to achieve its maximum benefits of desire, often appear weak and strong damage public interests phenomenon, resulting in the realestate market the problems. Its incorporate is: one is the part of the real estate developers in pursuit of their own interests, regardless of national policy and regulations, regardless of the harm the public interest, and therefore there is blind investment, an illegal part, is formed between the enterprise price alliance or property hoarding, drive up prices of building high profile small-sized apartment build less low-grade large-sized apartment housing act, cause investment too big, market disorder, unbalance of structure of supply and demand, housing prices rise high. Two is the number of intermediary organizations and social speculation funds to participate in the housing speculation, housing supply, housing prices soared, confusion in the market play a role. People for having heard it many times "Wenzhou real mission" and foreign funds through various channels to enter the domestic real estate speculation is a powerful example. Three is part of the local government from local interests, one-sided pursuit of economic growth and the real estate market short-term prosperity, neglect the importance and urgency of macroscopical adjusting control, in the implementation process of the central regulatory policy filter, select the available content execution, or take an alternative implementation and symbolic execution, resulting in" a policy, a policy of" implementation deviation, leading to the real estate market regulation policy in the implementation of aliasing, led to the real estate market problems have not been effectively resolved, the impact of the government macro-control measures effect.(3) housing the cause of unbalance of supply and demand. The increase in housing supply can not keep up with demand growth, market supply and demand imbalance, leading to the real estate market is the problem of a deep-seated reason. Large scale farmers basic housing demand, town dweller consumes a structure to upgrade to improve the housing needs, old housing renovation caused by the passive nature of the housing demand, the industrialization that finish on the business premises of the incremental demand, the demand of several superimposed, resulting in a Chinese urban housing demand rigidity, decided the future for decades in China city housing supply can not meet the demand of the basic situation. People on the housing consumption demand increases ceaselessly, the housing supply can not meet the increasing demand of the society, in this case, the investment increases, prices andspeculation and other problems will be difficult to avoid.Section third of the government macroeconomic regulation and control is to solve the real estate market is the inevitable choice of the problemUnder the condition of market economy, government and market, is the two kind of resource allocation and coordination of the social economic activities is the main mechanism or system arrangement. For the real estate market problems, need the government to grasp correctly the relation with the market, according to the real estate industry and market characteristic and rule, the correct exercise of social functions in economic management, using the method of macroscopical adjusting control, timely to control the real estate market.( one ) the real estate industry 's basic attribute, decided the government must timely carried out macro-control on real estate marketThe real estate industry is the important industry relationship beneficial to the people's livelihood. The housing problem, is not only an economic problem, but also is a matter of social harmony and stability of society and political problem. In the social economic life, real estate has two basic functions and attributes: one is economic function, namely the industry attribute. The real estate industry itself belongs to a material wealth creation industry. In the healthy development of the market under the premise, the real estate industry not only itself to the society created enormous material wealth; but also for two or three industries to provide production and operation places; in addition, the real estate industry and building materials, construction and installation, decoration, electrical manufacturing, furniture manufacturing, green environment, service life and many other industries are closely related, can drive a large number of relevant industry development; and then is able to create more material wealth, promote the sustainable and rapid development of national economy. According to the National Bureau of statistics, the 1997-2004years, real estate development investment on China's GDP growth rate contribution rate is 11.6%, which achieved 13% in 2004. Two is the social function, namely public property. The real estate industry also belongs to a closely related with the people's life in the social sector. To the vast number of members of the community to provide housing product, satisfy each citizen's basic right of habitation demand, real estateindustry is the existence and development of nature's laws. With the reform of housing system and the development of the real estate industry, although part of China's urban residents living conditions have been greatly improved, but there are also many low income groups purchase difficult living conditions, to improve the problem.Real estate two basic attributes, decided whether it is from the maintenance of real estate and national economy sustainable development point of view, or from the maintenance of social harmony and stability, to meet the public demand for basic living right angle, the government must stand in global height position, close attention to the real estate industry and the real estate market development situation of real estate market, aiming at the existing problems, to exercise the function of macroscopical adjusting control, maintain the stability of the real estate market, promote the real estate industry and the sustained and healthy economic development; maintain harmony and stability in society, satisfy the social public housing demand.( two) the government and the market relations, decided the government must be carried out macro-control on real estate marketIn social economic activities, the government and the market relations, is in essence a kind of me, I have complementary relationship. Correctly handle the relationship between government and market, need to pay attention to prevent the emergence of two extreme behavior : one is market first and market omnipotence theory, the results led to the market failure and government; two is the supreme Almighty, resulting in failure of government. To this end, the government has to ensure that the market has fundamental sex effect to resource configuration under the premise, with macroscopical adjusting control intervention long make up market regulation short. When the malfunction of the market mechanism, problem, government should timely to market macro-control, thereby realizing the market adjustment and government intervention mechanism of the optimal combination of two yuan.The domestic and foreign theory and practice prove that, under the condition of market economy, want to realize the market participates in each square interest balance, gain social benefit maximization, solely relying on market forces isimpracticable. ModernInstitutional economists G. Hodgson, a pure market system is not feasible," a market system must be permeated with the national regulations and interventions". On century 90time our country Hainan real estate bubble burst and collapse in house prices in recent years in Japan, the United States sub-loan crisis impact on social economy and government intervention in the market practice, deeply tell us: no government timely regulation, the real estate market is easy to appear the far-reaching economic and social problems; the solution real estate market problems, relying on the market mechanism can not solve, must rely on the government timely intervention.In the face of a preceding period of China's real estate market appears a sharp rise in housing prices, housing supply structure unbalance, market order is confused and other problems, if in the so-called " market decides everything" as an excuse to give up macro-control, abnormal development of the real estate industry or the real estate market turmoil, will give our country social economy bring irreparable disaster consequences. Therefore, as a social economic management of the government, must pass through the method of macroscopical adjusting control, the real estate market was timely and effective regulation and control, and properly solve the problems in real estate markets, make real estate and real estate market return to the correct development track, avoid market risks and crisis, ensure Society of our country economy the continued and healthy development.( three) the basic functions of the government, decided the government must be carried out macro-control on real estate marketHousing is the requisite that people lives, safeguard the citizens' right to housing, is the unshirkable responsibility of the government. As the government according to the law of the state and social public affairs management of the administrative organ, has two basic functions : one is the economic management functions, including the function of macroeconomic control, provide public products and services function, market to superintend function; two is the social management functions, including adjusting social distribution and organization of the social security function, stimulative socialization the service system of functions. From the functioncharacteristics, the functions of the government is open to the public, dynamic and expansion of the three major characteristics. The functions of the government 's public characteristics, reflected a government to perform the functions of fundamental objective is to all social groups and classes to provide universal, fair, high quality services to the public, this is the essence of government functions. The functions of the government to the dynamic character of shows, with economic and social development, governmental function is always changing, he depends on the market economy condition the relationship between government and market dynamics, the relationship between the government and society the force contrast. The expansion of government functions features that, as in modern society, public affairs, public issue increasingly grow in quantity, the public needs of individuation, diversification, the government undertook more and more the function of social service, and gradually extended to all levels of society.Therefore, when the real estate market price rises, order disorder, the public housing demand is difficult to meet such problems, the government must conscientiously perform their functions: through the method of macroscopical adjusting control, restrictions on real estate prices skyrocketing, normative market action, ensure that the real estate industry and the real estate market is stable, safeguard the healthy development of the national economy; meet society the public housing demand, maintain social public interests, and promoting social fairness.浅析我国房地产市场存在的主要问题及对策摘要住房市场的干涉大致可以归结为两种方法:数量干涉与价格干涉。
房地产项目外文翻译和文献综述
毕业论文外文翻译与文献综述系别土木与建筑工程系专业工程管理学生姓名刘祝成学号090340201年级09级指导老师陈蓓教务部制表二Ο一三年五月二十六日The Analysis of the Issue Related to the Feasibility ofStudy the Real Estate Project on the Basis of theImplicit CostBilin Shao,Bin DingAbstract:It is known that the feasibility study of real estate project plays an important role in real estate development.Nevertheless,there still remains many problems in the feasibility study.In this paper,the concept of implicit cost will be introduced,which will be used to analyse these problems.Meanwhile,some useful strategies will be raised for these problems,which intends to further improve the feasibility study of the real estate projects.Keywords:real estate project;feasibility study;implicit cost;problems1.IntroductionThe feasibility study is the decision science has been used in project area,and the basic target is on the basis of the comprehensive investigating and researching to identify a construction object whether have the characteristics of progressive,reality and reliable in the whole prosess from previously project construction to line operation.We also need to know those whether can pay off from the finance and the credibility in the economy to give a big help for the investating decisions.It is real role that a framework to investing project, and is the key factors that can decide the project can be invested or not to give some supports on the project decisions.The real estate is characteristic of accounting for huge financing,a long period relative to the investing and easily influenced by the instable factors.Therefore,the the feasibility study is very important for the real estate.However,currently we are more and more focusing on the explicit cost in the feasibility study and ignoring the intangible cost.The intangible cost is,as opposed to explicit cost and hided among the total cost of enterprise,caused by the decision maker characterized by lower diathesis,wrong concept,and the deficiency of informations,coupled with the non-market factors to lead to the total cost increaseing directly or indirectly.The amount of economic benefits of the project largely depend on getting full knowledge of the intangible cost in the real estate.2.The Existence of the Questions Lied in the Feasibility Study on the Basis of the Intangible CostRecently,the real estate have got a big improvement in the feasibility study.As the main contents andmethods,it have been normed and stabilized gradually to use in the project decisions.But that is fact that the feasibility study cannot play the role above mentioned in the real case.The worst case is that there is no the feasibility study before starting the work.And another events is that the feasibility study had been done,but the result was not fit to the requestions.The main problems are following:2.1.The Investor with Low Diathesis Did Not Pay More Attentions on itUntil now,a number of the investors did not get a clear clue and realize the importantance related to the feasibility study.They had made a decision whether building the real estate relied on their own wish,and reckoned the feasibility study was just a“payable paper”to submit to lending institution,investor and government.There is no meaning in the feasibility study because of carrying on is not thorough,focusing on the format.Therefore,the“feasibility study”is the aim that how to get a permission from the related department and a loan from the bank,so the data cannot be used to reflect the real conditions.The economic benefits of the whole real estate project have decreased,even failed that was mainly ascribed to the invetor’s attitude,ignoring the importance of feasibility study.Those are called the intangible cost.The other factors is linked closely with calibre that a excellent decision maker should be characterized by determination, confidence,far-sighted.ect.When a favorite investing project lie in front of a investor,he must be confidence and determination to make a decision as soon as possible,or the problems relative to the economic benefits′lost would be happened to create the intangible cost.Moreover,the investor should have the characters of far-sighted to consider the investing process,and not care the“gain and loss”in a small events to make a wrong decision.It is obviously that the high-calibre is an very important factor to the investor to avoid the intangible cost.2.2.The Feasibility Study Related to theConstruction Project is Mainly Completed by the Consultant Agency and Design Dthe Deviser Has Low-CalibreDepartment of construction entrusted by investor.It is possible that the accuracy largely depend on those institutions′level controlled by the deviser’s calibre.Unfortunately,a huge number of devisers are lacking of the attitude on seek truth from facts.They have partially used the data to optimistically evaluate the market price movement.They also did not exploit the market survey in details to predict the market prospect;at the same time,they did not care about some faults,however,more lights shed in exaggerateing the advantages of technology and product that reducing the success rate of investing.On the basis of the devisers having low-calibre,the feasibility study cannot be completed by course of correct way and canonical process that the decision maker got a wrong judgement to result in losting the economic benefits,even the whole project’s depleting.2.3.The Analysis and Forecasting of the Market is not EnoughThe earning power of investing project is not only depending on the all kinds of available resources,butalso relying on the current and potential requests needed by society.Currently,there are no more attenions concentrated on the market survey and forecasting in the feasibility study.A large numbers of data came from the related researchers’experience and social relations.Even though they did a survey and forecasted the market trend,the results are more qualitative analysis than quantitative.The data measured by above process cannot really reflect the market condition and prospect.It is seemly like having good benefits,because of the fault existed in the analysis and forecasting of market to lead to the investing project has to face the condition “having a price but no sales”.Those can be avoided according to the reseacher’s endeavor.2.4.There is No Comparative among Every ProjectA larger numbers of reseachers pay more attentions on the single project than the comprehensive in the feasibility study.In some cases,they also analyse some projects at the same time but a particular one will be analysed more deeper than another analysed superficially.The decision maker have to accept the project choosed by reseachers on their wishes,and then the comprehensive researching changed into single will lose the meaning in the feasibility study.Because lack of the comparative project,leading to the economic benefits related to the finance will be fixed to lose the chance of getting more benefits from the market to create more intangible cost.2.5.Ignoring the Value of the Environmental AssessmentThere are many faults lies in the currently environmental assessment showed by the report of feasibility study.In some cases,there is few contents and the analysing superficially about the environmental assessment, because of there is no surveying the surroundings nearby the project or the assessment is not correct.It is obviously that those are contradiction with the strategy of sustainable development developed by our country. Moreover,there is no consideration between the project and sustaining ability of environment carried out by the investor.As a result,the developing intensity will exceed the loading capacity of environment near by the project to produce seriously environment contamination.This will increase the project later environmental protection costs,such as controling environmental pollution and strengthen the green,ect.There is a serious environmental evaluation work to be needed on environmental protection,and using real data reflect the revenue and expenditure to provide true evidences for the final decision.However,many of the feasibility study overlooked this respect that the project had been put more money in late to produce increasely the intangible cost.2.6.Don't Pay Attention to the Analysis of the Sensitivity and Risk FactorsThe estate project itself has a high risk and investing,because of there are some uncertain factors in project implementation process.With these uncertainties,the investment project there is a risk,thus the uncertainty of the whole project is of vital importance.If the feasibility study of these risk factors were accurately analysed that will cause additional costs of the project.In practical work of the feasibility study,theanalysis of risk is not enough or only stay in qualitative analysis,give a quantitative analysis.Though some of them to quantify,but either quantitative method unsuitable or quantitative results do not take seriously,not have a good understanding to project risk factors,thus make some project in concrete implementation appear of risk or risk factors change,led to increase costs and economic benefit greatly decreased,causing the recessive cost of production.3.Countermeasures of Feasibility Study3.1.Strengthening Ideological Education and Quality Education of the Decision MakerIn order to make feasibility study go smoothly,decision makers should be educated to fully realize the importance and function of the feasibility study.The ideologycal recognition and definite feasibility study effect,so that it can from the fundamental guarantee of feasibility study work smoothly.In addition,there must be necessary education to investors to improve the quality and professional skills of their own,so that when making decisions they can decisively and correctly make decision to reduce implicit costs and increase profits.3.2.Improving ability of the deviserInstitutions of training feasibility study professional must be established and perfected,related departments should organize professional training regularly.Professional ethics education should is necessary to make professionals realize the importance of feasibility study;in the mean time,in order to decrease fault because of professsional skills deficiency and increase correctness of feasibility study professional skills must be enhanced.Establishing and perfecting of the feasibility study for the vocational education training employees of the system,by related departments groups regularly for feasibility research personnel's service training.3.3.Pay Attention to Market Investigation and Market ResearchIn the feasibility study phase,in order to avoid"negotiable without city"awkward situation and more implicit costs,feasibility study professionals should be ready for market research and market forecast work. This requires the relevant personnel take related work seriously,guarantee the correctness of market information to reflect a true market prospect.And earnestly analyze the market consumption levels,an accurate grasp of market demand.In order to keep commodity to consumption group and to avoid implicit costs,feasibility study professionals must earnestly analyze the market consumption levels,grasp market needs and main consumption groups accurately,prepare for marketing positioning.pare and Chose Comprehensive Investment ProjectFor a specific project there may be several different investment plan,after accurately study and compare of every investment project,the optimal project can be achieved.Through compare of different comprehensive investment project risks can be reduced,more profits can be achieved.That proves feasibility study plays aimportant role in reducing costs and making accurate decisions.3.5.Paying More Attention to Environmental EvaluationPay importance to environmental evaluation,abstractly analyze environmental impact.qualitative analysis must be made thoroughly if quantitative analysis is not suitable.During site selecting phase,in order to decrease later costs and implicit costs load capacity of environment around must be taken into account. When considering investment project,we should realize environment impact and economic profit to chose relatively environmental project and reduce implicit costs.3.6.Deepen Investment Projects Sensitivity and Risk AnalysisIn order to effectively prevent and control the risk,in feasibility study,we should strengthen the sensitivity analysis,pay great attention to digging the potential risk factors,such as investment environment risk,project construction risk,etc.And we should pay special attention to unfavorable factors and bad results, for example,implicit cost because of residents unmovement;Implicit cost caused by construction damage and extension of construction limits time limit because of local seasonal natural disaster.Therefore we should unify the quantitative analysis and qualitative analysis and give priority to quantitative analysis so as to prevent risk purposely and make scientific decisions.If sensibility analysis and risk analysis should be based on scientific data,strategic fault of project can be reduced greatly so as to reduce implicit accuracy.References[1]Guangjun Ma:The discussing of investment project feasibility research work problems and measures.[J]. Economic researchguide,2009,p.132-133.[2]Yang Wang and Shourong Wu:The impact analysis and countermeasures of market economy to the project feasibility study[J].Manage engineering journal,2005,p.179-181.[3]Kai Liu:Discuss the current investment project feasibility study of the main existing problems and countermeasures[J].Building economy and management,2006,p.137-138.[4]Xinhua Mu:Discuss the investment project feasibility study problem in the work and countermeasures [J].Chinese collective economic strategy research,2009,p.35-36.可行性研究对房地产项目隐形成本的相关问题分析作者：Bilin Shao,Bin Ding摘要：据了解，房地产项目的可行性研究在房地产开发中起着重要的作用。
万科房地产英文论文
Real estate industry of our country market trend expectation——Vanke as an exampleReal estate is the leading industry of the national economy in China ，in the modern social economic life plays a vital role . After years of development ，Chinese real estate industry is in into a large—scale,the brand , the scale of the operation period of transition , the growth mode of real estate is speed to pay attention to the scale of lay particular stress on benefit and market segmentation transformation from depend mainly on government regulation to rely on market and the regulation of the change in the pattern of the enterprise itself.I China's real estate management and developmentIn 2006 ，China promulgated by the standing committee of the ”the six countries” incl uding housing structure , tax ，credit , land ，cheap rent and economy applicable room construction to promote the healthy development of the real estate . In March 2007 to August , the China central six time in a row improve benchmark lending rate , for 13 times raise deposit reserve rate , six time in a row of accumulation fund loan interest rate increase . To government continues to use credit policy and tax policy to curb the rise in house price ，but the government control of the price of the house underpowered。
房地产金融2014年外文文献翻译译文字数4000多字
文献出处：Hoesli M, Reka K. The U.S. real estate market and real estate finance development[J] The Journal of Real Estate Finance and Economics, 2014, 47(1): 1-35.（声明：本译文归百度文库所有，完整译文请到百度文库。
）原文The U.S. real estate market and real estate finance developmentHoesli M, Reka K.1 U.S. real estate market development overviewHeterogeneity of property and trading of discontinuity, makes house prices change especially difficult to measure. Therefore, to review the history of the system, the real estate market has been one of academic problems. As to build the authority of the home price index, Robert shiller's (2007) research has strong representative. According to his analysis, from 1890 to 2007, 120 years of history, the actual basic consolidation between 100-130, home prices run quite smoothly. National movements only happened twice: one is before the first world war to the end of the second world war, the real estate market overall weak, although had a rebound in the mid 20 s, but failed to form the integrity of recovery; Second, since 2000, the real estate market prosperity, not only were surging, and for the first time to present a complete "boom-bustcycle."2 the four stages of the real estate market development2.1 1930 years ago: the growth of the real estate market exploration and policyExploration of policyReal estate finance and many countries start level similar to that of the early American housing finance is in the form of mutual assistance is given priority to, mainly to Europe countries. "Temporary help build community (TBS)" is a community from the financing solution, the main mechanism is to urban communities in the personal savings together, support each other build, all members complete construction, such as mutual aid community was disbanded.This model about development in the 20 s, gradually forming for savings bank lending, its main features include: one is the source of funds mainly rely on savings, cause the amount is limited and the cost of capital is higher.The second is the loan amount is low, most of no more than 60% of the value of the housing.Most loan applicants also won a second or even third loan to pay for the deposit.Three loan fixed number of year is short, usually only for 2-11 years (Jackson, 1985).The real estate market growthDuring this period, the real estate market rapid development from scratch. American colonial period has been the real estate market, but isgiven priority to with land deals, no any supporting. After the United States declaration of independence, the newly established the federal government will the ownership of land from the hand of the ruling class of the British royal authorized transfer to come over, and began to land privatization, including free transfer and sale of (us $1.25 / acre) two main means. The middle of the 19th century the rise of railway transportation, as well as the wave of industrialization, at the end of the 19th century city is for the us economy and the real estate market has formed a huge impetus and had a profound influence, real estate continued rapid development, until is dragged down by the first world war.20 s is the recovery period, both prices and real estate construction, in 1926 has a small wave, but to different degree.Supply data suggests that for more than a pre-war levels, single-family housing construction hit a record high in 1925, it was not until 1950 was broken;While home price index showed far from full recovery.But '20 s real estate market fluctuations apparently without too much direct impact on the economy, from the three years later, in 1929, the dow Jones index just climbed to nearly 400 points of the peak, and then plunged, pull open the prelude to the great depression.At the same time, the local real estate "prosperity - recession" phenomenon. It is the middle of the 19th century, with the development of railway transportation, along the lines of land transaction is very active,prices soared overnight phenomenon occurs frequently, the initial speculation.2 it is the end of the 19th century, with the rise of the tide of industrialization cities, urban centers has become a symbol of wealth, power and high-end consumption. City downtown land sharp rise, is a significant feature of this period. In addition, as the state have developed, pleasant environment or the humanities unique region speculative stories happened frequently, including California in the 1880 s and 1920 s Florida the two famous speculation in the property market.2. The reconstruction of the housing market and formingUnder the effect of the New Deal, the U.S. housing market began to recover. After the second world war, as war veteran returning wave, when returning the rise of large-scale housing construction, real estate market is a breakthrough:Is a large-scale housing construction along with rising house prices nationwide, and ultimately achieve a soft landing. From 1942 to 1947, the case-shiller house price index rose 60% in real terms, although rose, but only to return to pre-war levels, then did not adjustment in the form of depression. The second is the rate of homeownership rapidly rising, the real estate market is gradually forming.The 30-year, fixed-rate, mortgage innovation and promotion, as a direct result of housing ownership rate to rise. Only 20 years from 1940 to 1960, the ownership rate increased from 44% to 44%, the main livingform from rent primarily to give priority to with their own room, since it was not until 2004 that ownership rate also to continue to rise to 69%.The gradually faded Thrifts and at the same time, the secondary market began to rapid development and gradually dominate. The federal government successively set up again after fannie mae ginnie mae and Freddie MAC, to strengthen the secondary market development. At first, the three major institutions of housing mortgage loan is "buy and hold". Starting in the 60 s, the agencies began large-scale integration of mortgage, and securitization, led to the growing importance of 2 class market. Mortgage-backed securitization rate, up from less than 12% in 1975 to 32% in 1985, to further rise to 62% by 2003.And secondary market background of rapid development, in addition to the decline of Thrifts and government intervention, the development of computer technology are also important. Computerized drastically reduces the accumulation, analysis, transfer of housing mortgage loan business data, business time also greatly save (Lea, 1996).For example, a computerized credit rating system, as long as the applicant in accordance with the corresponding standards, housing mortgage loan review is automated, thereby significantly speed up the loan approval. At this point, once isolated with other financial department double housing credit system gradually evolved into an open system, for the later into the world financial system, at the same time will also be the world's financialresources into come in, set up the foundation system. Through asset securitization, the U.S. housing finance system has been developed greatly.The real estate market has experienced twice in the 80 s national fluctuations in the 80 s, the U.S. real estate market had obvious fluctuation under the inflationary pressure, but adjustment is not the subprime crisis; And are mainly composed of commercial real estate fluctuations.One is the fluctuation of modest. Shiller national prices index, rose, or have fallen, the real estate market fluctuations in the 80 s are similar and 20 s, but far less than the subprime crisis. From 1984 to 1989, five years, house price index rose 20% in real terms, and 20 s, but far less than 50% in five years from 2001 to 2006;From 1989 to 1994, five years, real house prices fell 10%, less than half of the decline in two years in 2006-2008.Second is mainly commercial real estate fluctuations. In the real estate market fluctuations, in the late 80 s, rather than the housing market volatility, as a commercial real estate fluctuations. Commercial real estate in the 80 s, the cause of the volatility include: first of all, thanks to the tax economic recovery act of 1981Enterprise in after-tax income than other commercial real estate assets, lead to commercial real estate in 79-81 recession revived, also lead the housing market. Therefore, despite the increase in vacancy rate,commercial real estate investment is still rapidly rising. Policymakers eventually realized that the excessive incentive problems, and in 1986, cancelled the most favorable, directly lead to the second year in a commercial real estate investment decline (the FDIC, 1993).Secondly, the second half of the 80 s, tax incentives over, but excessive credit excesses and commercial real estate construction problems adding fuel to the fire. On the one hand, the regulator to deregulation, to solve the savings-and-loan crisis from savings and loan association is given priority to with the housing market investment, is not familiar with to grab share of the commercial real estate; Financial liberalization leads to commercial Banks, on the other hand, increased competition, due to the housing difficult to commercial real estate securitization, bank intermediation advantage to a certain extent, so commercial Banks increase in commercial real estate lending. In 1990, the commercial real estate credit to real estate credit ratio is 27.7%, 5.4% higher than 1980.Therefore, compared with the housing market relatively modest fluctuations, commercial real estate presents obvious "prosperity - recession" characteristics. From the real estate finance is the most obvious, in 1990, the commercial real estate defective rate jumped to 12%, far higher than the same period average defective rate (6%), bank of America is higher than that of single family housing defective rate (3%).Since 1990, the explosive growth of the subprime market andsubprime mortgage crisisThe explosive growth of the subprime market in the 90 s, after the subprime mortgage and the derivative of the rapid development of the mortgage market become the characteristics of the American real estate financial market.So-called Subprime (Subprime), namely Subprime mortgages, mainly for no fixed income earners, or do not accord with standard of mortgage borrowers are usually better than "discount" (Prime) mortgage high 2% 3%.Subprime mortgage in the minority concentrated and economically underdeveloped areas are particularly welcome. The development of the subprime mortgage market has not all been plain sailing. Faulty goods legally recognized, which began in 1980, "depository institutions deregulation and monetary control act, Banks to charge higher interest rates for riskier customers. But it was not until 1986 that the tax reform act allows a tax deduction for housing mortgage rates, subprime mortgage costs less than cost of consumer loans, subprime obtained substantial development. Rates in the mid - 90 - s, channel make traditional mortgage loan demand, Banks are under pressure to expand the subprime market, this paragraph of time the issue of subprime proved quality is low, and the 1997 Asian financial crisis and risk spreads rose sharply, most of the major financial institutions issued subprime by mergers and acquisitions, the subprime market encountered for the first time. But compared with the subprime crisis, the fluctuationis much more moderate.After 2003, the subprime mortgage market in the second round of rapid development, the new market share from 8% in 2003, quickly rose to 21% in 2006, after the crisis, the proportion was plunged to 6.2%, the new issue almost dried up.3 conclusionsOn reviewing the history of the U.S. real estate market systematically shows that the development of the real estate market in the United States, always driven by two factors: one Is the development of the financial system, especially after the great depression to establish the real estate financial system framework and financial liberalization since 80 s;Two is the role of the government, "home ownership" concept has been throughout the United States after the war, no matter how hard it is political ideas have differences, a common faith of the successive governments is to encourage private home ownership. Under the effect of this model, the real estate market more easily combined with the modern financial system, and in turn have a significant impact, eventually lead to huge swings and become the real estate market crisis.译文美国房地产市场及房地产金融发展Hoesli M, Reka K1美国房地产市场发展概述房地产的异质性和交易的不连续性，使得房价变化的度量尤其困难。
房地产外文及翻译
Three-Dimensional Nonlinear Dynamic Model and MacroControl of Real EstateDan Ma1, Shengwu Zhou1*, Haojin Lv21School of Science, China University of Mining & Technology, Xuzhou, China2School of Information & Electrical Engineering, China University of Mining & Technology, Xuzhou, ChinaAbstractIn this paper, according to economics of real estate and macro-control theory, combine with the characteristics of the real estate market, macro-control of the real estate market is studied. After giving the dynamic model of three-dimensional nonlinear differential equations based on the total number of houses on the real estate business, the government’s averages housing investment funds and the standard price, systematically established the stability conditions of equilibrium point for this model. What’s more, through the use of extreme value analysis model, government funds have been invested in real estate business building devotion principles and the construction base of the real estate businessmen has also been estimated successfully. This provides the corresponding theoretical basis for government macro control policy-making.Keywords: Real Estate, Macro Control, Three-Dimensional Dynamic Model, Extreme Value Analysis1. IntroductionHaving a high correlation and a strong driving force, the real estate industry has become one of the pillar industries of the national economy. As the basic industry of society, the development of the real estate industry is not only directly related to the virtual economy and the bubble economy, but also closely related to the financial crisis. As a result of the failure of the real estate market, the real estate market itself isn’t able to guarantee the efficient allocation of resources. In order to achieve the needs of effective function of the economy, the government must carry out macroeconomic regulation to control the real estate market.The so-called macro-control is that the government takes a series of economic measures including regulating and controlling the process of the Macroeconomic mainly through fiscal and monetary policy basing on the overall interests of the national economy, in order to achieve the macroeconomic objectives of the basic balance between the social demand and supply in total and so on.A survey carried out by Sirmans and Worzala [1] underlines the emphasis given to the asset treatment of the housing investment. In the broader context of diversification of mixed asset portfolios, investment in real estate would try to offset the negative consequences of excessive concentration in equities, especially considering the relative correlation of equities’ prices in international financial markets. Modigliani [2] pointed out that although the credit merit plays an indirect role on the construction of the real estate in the mortgage market, but the conduction of monetary policy is mainly through the consumption of capital investment. Klingand McCue [3] studied on the seasonal impact of macroscopically economic to office buildings and industrial constructions, and founded out that the output; the nominal interest rate and money supply shocks have a strong impact on the office buildings. Aoki et al. [4] founded that housing provides housing services to consumers and at the same time it also plays an indirect role in reducing the cost of borrowing, which magnifies the effect of impact on monetary policy of housing investment and housing prices via the research of the real estate market in the United Kingdom. As a result, it has a theoretical basis when studying how the monetary policy responding to the real estate price bubble basing on the conductive effect. Matteo [5] pointed out that the reverse of the currency has obvious negative effects on housing prices, what’s more, monetary policy and the impact on the demand of housing has played a significant role in bringing on the shortterm fluctuations in housing prices.At present, China’s real estate market has long-term and stable relations [6], to the money supply, and monetary policy can affect real estate investment and real estate prices. Thus we can carry out macroeconomic regulation and control [7] by the means of the implementation of monetary policy to affect the real estate market. However, some academicians have put forward a different view, pointing out that the long-term money supply amount has limited ability to regulate and control [8] the real estate market. In this paper, according to economics of real estate and macro-control theory, combine with the characteristics of the real estate market and [9], macrocontrol of the real estate market is studied. Systematically established the model which is given by dynamic model of three-dimensional non-linear differential equations based on the total number of houses on the real estate business, the government's average housing investment funds and the standard price, which providing the corresponding theoretical basis for government macrocontrol policy-making.2. Three-Dimensional Nonlinear Dynamic ModelThe total number of real estate business building N(t) is a function of time t. D, T, C > 0 are respectively representing the average housing funds for the government’s investment, the standard of consumer prices and construction costs of the average housing of real estate businessmen; γ > 0 is the purchase value-added cost coefficient of customers, which is inversely proportional to value-added rate.Assumptions:1) Rate of the change of time of the N(t) has a positive linear relationship with government have invested funds and consumers purchase expenditures, while has a negative linear correlation with the real estate business costs.2) If the total building number of real estate is more (or less), then the housing price standard should be lowered (or increased).3) If the price standard is higher (or lower), then the government needs to fully consider the afford ability of housing consumers. At the same time, government should increase (or decrease) funds for housing construction to carry out reasonable regulation and control.Government set a housing base Nm of the real estate business and also recent prices have a standard TM, with the foregoing assumptions, we have the following threedimensional dynamic models of coupled nonlinear differential Equations about the total number of houses on the real estate business, the government’s average housing investment funds and the standard price.where, δ, k > 0 are the proportional coefficient.To model (1), through the application of Routh-Hurwitz criterion, the stability criteria [10], as well as value analysis, we can wait until the following conclusions occur. Theorem 1: When Nm > k/γ, the three-dimensional dynamic model of coupled differential Equation (1) has a stable equilibrium pointFatherly, the government gives the building base which is the number of building of recent price standard to achieve maximum value (the largest consumer affordability) to the real estate businessmen. And also the expanding number of housing can be estimated as follows:where, Dm > D* is the consumption level of moment tm.Prove: due to the right side of Equation (1) equals to zero, easy to get the equilibrium point of Equation (1) as follows:whose characteristic equation:Due to γNm > 0, δkNm > 0, therefore, when Nm > k/γ, coefficients of Equation (5) need to be satisfied as follows:Thus, according to Routh-Hurwitz criterion [10], all the characteristic roots of Equation (5) have a negative real part; then basing on the stability decision theory of differential equations’ equilibrium point[10], from which we get to know that the equilibrium point (5) is stable.To prove the second conclusion, we use extreme discrimination of functions. Dictionof the real estate businessmen to expand the housing scale isthusTherefore, housing price standard in the base that the government gives is the number of housing when reaching the maximum number of standard input price. Finally, bythe first equation of the model (3) we can know:Also by we can know, thereforeD(t) is monotonous reduced function. So we get, put it intoEquation (7) we will get the estimate total number of real estate after expanding housing, that is Equation (3).Finally, due to the stability of the results, check on the limits of , then weobtain the results that .According to Theorem 1, the principle of government regulation and control of the building base of real estate is as follows: As long as the government determine the building base of real estate businessmen by reference to the great value of recent price standard (the maximum tolerance of consumers), then the size of buildings of the real estate businessmen will be stabilized at the base to expand the buildings, it is necessary to consider all aspectsabout the government's housing investment, consumers’ hous ing afford ability and the price situation in the value-added.If the tuition fee is higher (or lower), the government carry out macro-control by reducing (or increasing) in the construction funds of average, then the third Equation of model1 should be altered as follows:Then, we get the corresponding three-dimensional dynamic model Equations as follows:According to reference [10] which gives all the necessary conditions that the roots of all the algebraic equations have negative real part, we can prove that:Theorem 2: The equilibrium point of model (9) is unstable.According to Theorem 2, our evaluations of the actions of the government are as follows: in reality, there are some local government’s implementations of policies [11] that raising prices to replace part of the government’s investment in real estate investment funds because of lacking real estate investment funds. This is precisely the assumption conditions (7) of model (9). Therefore, under such conditions, the number of the building houses of real estateis bound to be unstable. It will lead to bad housing order of real estate business, which is not conducive to the stability of the coordinated development of the real estate industry. Obviously it is undesirable.3. Model ImprovementIn order to avoid the uncertainty of the equilibrium point of model (5), we alter the absolute rate of change dT/dt and dD/dt with the relative rate of change 1 /dT* T/ dt and1 /D * Dd / dt in the second and third Equation of model (1).Then, we can obtain the improved three-dimensional dynamic model of differential equations among the establishmentof the total number of houses on the real estate businessmen, the government's invested housing funds, and the housing standard as follows:where, δ, k > 0 are the proportion coefficients. Through the application of Routh-Hurwitz criterion, the stability criteria [10], as well as value analysis, we can wait until the following conclusions occur.Theorem 3: Three-dimensional dynamic model of coupled differential Equations (10) has the equilibrium point:A necessary condition for the equilibrium point for Equation (10) stability is:Fatherly, GDP to be expanded is estimated:Prove: Because of the right side of Equation (11) is zero, we can obtain results easily that Equation (13) is the equilibrium point of Equation (12). The matrix for liberalized system of model (12) in Equation (13) is as follow:According to [10], it gives a necessary condition that the roots of all the algebraic equations have a negative real part, thus a necessary condition for that the roots of all negative real part of algebraic Equation (13) is that all the coefficients of Equation (13) need to be positive, thatis,From the above we can get conditions Equation (11), and then basing on the stabilityequilibrium of equilibrium point [10]. We get to know that the Equation (11) to be set up is a necessary condition for equilibrium point Equation (8) to be stable. We can get estimates of GDP for the expansion of Equation (10) via the use of extreme value analysis of model function (5). End of proof.Theorem 3 is of great significance in guiding the government macro-control. In fact, to achieve the scale of housing buildings of the real estate businessmen’s demand, house price standard and the stable equilibrium of government funds for each house, which must be requested that the government’s funding for each house is more than the house price standard (D* > TM); Moreover, when the increase in the cost of the purchase price is low (γ→∞. Hi gh rate of value-added), Real estate required by the Government to build the base can be controlledwithin the framework of a larger range (It corresponds to the second condition of estimation Equation (13)).Finally, we would also like to point out that, by Routh-Hurwitz criteria we can also obtain all the sufficient conditions for the department of negative real roots of Equation (14), but the conditions are very complicated and it’s inconvenient to take practical application of. Therefore, we will no longer to discuss it in detail in this paper. In addition, estimation Equation (13) is weaker than Equation (3).4. ConclusionsIn this paper, the main results are as follows:1) The three-dimensional dynamic model of differential equations among the establishment of the total number of houses on the real estate business, the government’s housing funds are invested, the housing standard.2) The stabilities of equilibrium conditions of each model are given.3) Government determines the building base of real estate principles and the estimation of real estate businessmen’s building size.4) These conclusions were used to analyze the government’s macro-control, which can provide references for the government departments of management decision- making.For future research, we will take some numeric simulations to proof our theory.5. AcknowledgementsThis research was supported by the NUIEPC (Grant 081029018). The first author would like to thank the guidance of the second author Professor Shengwu Zhou at China University of Mining & Technology.6. References[1] C. F. Sirmans and E. Worzala, “International Direct Real Estate Investment: A Review of the Literature,” Urban Studies, Vol. 40, No. 5-6, 2003, pp. 1081-1114. [2] F. Modigliani, “The Channels of Monetary Pol icy in the Federal Reserve—MIT University of Pennsylvania Econometric model of the United States,” In: G. A. Renton, Ed., Modeling the Economy, Heinemann Educational Books, London, 1995, pp. 240-267.[3] J. L. Kling and T. E. McCue, “Stylized Facts about I ndustrial Property Construction,” Journal of Real Estate Research, Vol. 6, No. 3, 1991, pp. 293-304. [4] K. Aoki, J. Proudman and G. Vlieghe, “House Prices, Consumption, andMonetary Policy: A Financial Accelerator Approach,” Journal of Financial Intermediation, Vol.13, No. 4, October 2004, pp. 414-435.[5] M. M. Iacoviello, “House Prices and the Macro Economy in Europe: Results froma Structural VAR Analysis,” European Central Bank Working Paper No. 18, April 2000.[6] J. Xu and X. Xiao, “Game Analysis on the Government and Developer Behaviors in the Process of Macro Control of Real Estate,” Journal of Chongqing Institute of Technology, Vol. 21, No. 8, 2007, pp. 34-36.[7] X. F. Nie and C. Z. Liu. “A Practical Analysis on the Impact of Monetary Policy upon Real Estate,” Journal of Henan Institute of Financial Management, Vol. 23, No. 4, 2005, pp. 63-65.[8] Y. J. Li and Y. Yang, “The Effect of Interest Rate and Money Supply Impose on Real Estate Investment: In China an Empirical Analysis,” Journal of Xi’an Institute of Finance and Economics, Vol. 18, No. 5, 2005, pp. 47-51.[9] C. Hua, “Three Dimensional Dynamical Models for the Scale of Recruiting Students of universities, Government’s Devotion of Outlays and Standard of Tuitions with Applications to Governm ent’s Macroscopically Controls,” Journal of Chengdu University of Technology (Science & Technology Edition), Vol. 34, No. 6, 2007, pp. 657-660.[10] Q. Lu, “Qualitative Methods and Bifurcation of Ordinary Differential Equations,” Beijing University of Aero nautics and Astronautics Press, Beijing, 1989.[11] C. Hua, “Mathematical Models of Dynamical Prices for Sale of Commodity when the Prices Wave: Stability of Prices with Analysis of Macroscopic Adjustment and Control,” Chinese Journal of Engineering Mathematics, Vol. 24, No. 3, 2007, pp. 446-450.三维非线性动态模型房地产宏观调控作者：1.马丹、周胜武（中国，徐州，中国矿业大学，理学院）2.吕浩金（中国，徐州，中国矿业大学，信息与电气工程学院）文章来源：Scientific Research数据库摘要在本文中，根据房地产宏观调控的经济理论，结合房地产市场的特点，对房地产市场的宏观调控研究。
房地产市场风险中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)原文:The research of risk prevention in real estate marketAbstractOn April 2, 2007, the second largest in the United States subprime mortgage company new century financial filed for bankruptcy protection to sign, the US subprime mortgage crisis. In September 2008, America's fourth-largest investment bank Lehman brothers filed for bankruptcy protection for logo, America's subprime crisis could worsen. The financial industry, with the further development of the subprime crisis, the crisis of an industry began to spread to the variety of the real economy, retail, auto industry, catering industry, and other fields of sales decline, shrinking demand situation. Not only that, influenced by the subprime crisis, thedomestic unemployment rising, continue to dollar depreciation, the stock index continues to decline, real estate prices continue to fall, falling consumer confidence index, economic prospects are grim. Contradictions in the real estate industry has been highlighted, real estate development project is overly dependent on bank capital, transfer all the risk to commercial Banks, the commercial Banks face huge real estate financial risks, is one of the prominent contradictions. This risk once the outbreak, poses a great threat to the entire system will be. Therefore, study how to prevent the real estate financial risks has the significant theory and realistic significance. Keywords: Real estate; Financial risk; Bank loan1 IntroductionReal estate industry is a high-risk industry, real estate finance in support of the rapid development of the real estate industry at the same time, inevitably bears the risk of real estate industry. Finance as the main suppliers of real estate funds, once appear, the financial crisis, the financial sector funds problems, will influence the development of the real estate industry. Multiplier effect in the real estate industry, real estate loans in bank portfolios accordingly trigger a multiplier effect, and this will lead to increase of bank's risk. When real estate prices continue to fall, real estate mortgage guarantee foundation will be weakened, and real estate financial risks is cumulative, once the outbreak, will expand rapidly, a large area of the financial turmoil. The main characteristic of this paper lies in the integrated use of knowledge of finance, statistics, theoretical analysis and empirical analysis, qualitative analysis with quantitative analysis, general analysis and specific analysis the way ofcombining analysis of real estate financial risks, the commercial bank loan balance relations empirical test with the theory of real estate prices, real estate prices is not content to get bank loans is granger cause test results, but set up a new variable, the real estate price and the bank loan and the relationship between a specific index of granger causality test again. Finally on the basis of test results, in the aspect of reading a large number of relevant literatures basis, put forward advice on how to prevent the real estate financial risks in commercial bank.2 Literature review2.1 Theory researchDavis (2008) from the perspective of the borrower and the bank demonstrates the real estate prices will affect the bank credit. The authors think that real estate price changes affect the borrower's expectations of their wealth, will affect their consumption plans, and further affect their credit demand. And from the perspective of the bank, the bank lending for real estate development loans and real estate assets mortgage is one of the most in all of its loan business pro-cyclical characteristics, the most volatile assets. Herring (2009) based on the international perspective, the study on the relationship between the real estate bubble and the banking crisis, the credit market model was constructed, caused the real estate bubble is pointed out that the focus of bank loans, real estate bubble would be likely to cause a banking crisis. Gale (2009) proposed the asset price model based on credit expansion, think the assets on the basis of value is formed by the investors to use its own funds asset prices, when investors use borrowed money to invest, as investors to borrow money only forlimited liability, they appear to be more preference for risk assets, so will continue to push up asset prices. In the theory, the bank loan is the important reason for the formation of asset bubbles. Krug (2010) through the study, almost all of the real estate bubble is caused by the bank financing. Collins (2010) pointed out that when real estate prices, the bank was willing to ease lending conditions and provide more real estate loans, proposed a link on the real estate industry and economic cycle of transmission mechanism, and stressed that in the case of weak regulation and foreign capital inflows, the role of the mechanism may be enlarged.2.2 Empirical researchCoolly (2012) of southeast Asia financial crisis in real estate prices and GDP per capita, loan balance vector auto regression analysis, points out that real estate prices will rise in six quarters of loans increase. Hofmann (2013) of 20 major industrialized countries real estate prices and GDP, the relationship between interest rates and lending was studied, and found that the 20 countries in the country can refuse to under 10% significance level real estate prices and GDP and bank loans null hypothesis does not exist co-integration relationship, and further points out that the changes in the real estate price cycle will lead to the change of the bank credit cycle for a long time. Davis (2010), selected sample data of 17 countries on commercial real estate prices and the relationship between the bank lending has carried on the empirical analysis, it is concluded that real estate prices will lead to the conclusion of bank credit expansion.3 Commercial Banks and real estate financial risks3.1 Real estate financeMany scholars have done how to define the connotation and extension of the real estate financial aspects of the discussion and research. Is widely recognized, real estate finance generalized refers to all and housing development, construction, trade, consumption and management of financing activities related to the economic activity and the narrow sense of real estate finance refers to the nonprofit housing agencies or consumer with the residents of housing development, construction, trade, consumption and management and other economic activities related to the financing activities. In this study, tend to use the broad scope of real estate finance, and real estate finance is in real estate development, construction, trade, consumption and management in the process of a series of the floorboard of the financial activities, including through currency circulation and credit channel of monetary financing, financing and other related financial activities. The basic function of real estate finance is by using a variety of financial instruments and tools for the real estate industry and raise money, for the development of the real estate industry, circulation and consumption to provide financial support, to ensure the smooth progress of the real estate development activities. According to the types of business can put the real estate finance is divided into five categories, absorption of the real estate industry, housing savings deposit and lending for real estate, real estate investment pawn, trust, insurance, currency settlement and real estate agents in securities offerings. According to the service object can be the real estate finance is divided into two categories, for the real estate industry of real estate development, construction, trade, consumptionand management activities such as the service of "real estate financial" and for the residents of the residential building, purchasing, maintenance, and decoration and consumption activities such as service "housing finance". Real estate finance is the great combination of financial activity and the real estate industry. First of all, the real estate finance to asymmetric, the borrower usually in proportion to pay a small amount of down payment for the right to use house, then borrow the rest of the money from financial institutions, amortization: secondly, the real estate loan repayments guaranteed, if the borrower can't timely payment, so the mortgage houses, cars and other property will being reclaimed by lenders, then realized by the mortgaged property to offset loan losses.3.2 Summaries of real estate financial risksReal estate finance risk refers to the financial institutions, real estate finance business, due to the decision-making errors, poor management or the change in the objective environment causes the return on assets, or the possibility of credit losses. General real estate financial risk refers to a system of real estate finance faces all the risk, not just refers to a financial institution or a project risks. Typical real estate risk, the risk of commercial Banks are facing, as in the real estate finance business will also encounter, only form different, here is a typical real estate financial risks, mainly includes:3.2.1 Interest rate riskIn the real estate finance business, the commercial bank is the main basis risk and option risk. Basis risk refers to the reprising of assets and liabilities of time even ifBanks are the same, but as long as the deposit interest rate and loan interest rate adjustment is not completely consistent, Banks will face the risk. The decision is not commercial bank deposit and lending rates, is likely to see the central bank in order to achieve control target and make the regulation range of the two is not consistent, the profit space may be compressed, commercial Banks face a loss; Option refers to the risk due to various reasons in advance if the borrower repay the housing loan principal and interest of risk. If the central bank cut interest rates continuously, rational and will have the ability of borrowers to repay the outstanding loan lent a lower interest rate of loan, the default behavior will make the commercial bank profit losses.3.2.2 The risk of defaultAccording to the reasons, it can be divided into moral credit risk and the risk of credit moral credit risk. In real estate finance business, the morality risk refers to the borrower has the ability to clearly reimbursement, but due to interest, malicious or deferred payment is directly to stop paying and brings to the commercial bank credit risk. The moral hazard refers to the borrower under the influence of the factors of force majeure unable to complete the credit risk caused by payment. Among them, the morality is can control and manage credit risk, the current promoting credit reporting system is one of the preventive measures. According to the object can be divided into developers default risk and personal risk of default.3.2.3 Systemic riskAlso it is called undiversifiable risk, policy risk, mainly involved in the business of real estate finance economic cyclical fluctuation risk, purchasing power risk, etc. Inorder to prevent a housing bubble after the international financial crisis, countries enacted some inhibition of the real estate market economic policies and regulations, which have an impact on the real estate market, indirect affect the development of real estate finance business and innovation, so the policy risk can cause a loss to commercial Banks. Economic cycle fluctuation on economic blow is huge, and cannot be spread out, when the economy is in a low, the real estate market are not immune to the possibility of considerable commercial bank losses. Purchasing power risk, also known as inflation, changes in the price level leads to the real burden of borrowers and lenders and real earnings uncertainty, the possibility of actual loss of the commercial Banks.译文:房地产市场风险防范研究摘要2007年4月2日，以美国第二大次级抵押贷款公司新世纪金融公司申请破产保护为标志，美国次贷危机爆发。
关于中国房地产市场的英文文章
关于中国房地产市场的英文文章Title: Chinese Real Estate Market: Accurate Analysis and ApplicationIntroduction:The Chinese real estate market has witnessed rapid growth and substantial changes over the past several decades. This article aims to provide an accurate analysis of the current state of the market and shed light on its future trends. The usage of English and Chinese bilingual sentences will help enhance the readers' understanding of the topic.1. The Chinese real estate market plays a crucial role in the country's economic development.中国房地产市场在国家经济发展中起着至关重要的作用。
2. Over the years, there has been a surge in housing demand in China.多年来，中国的住房需求出现了激增。
3. The expansion of urban areas has fueled the growth of the real estate market.城市范围的扩大推动了房地产市场的增长。
4. Chinese citizens consider owning a property as asymbol of financial success and stability.中国公民认为拥有房产是财务成功和稳定的象征。
房地产市场周期文献综述及外文文献资料
本份文档包含：关于该选题的外文文献、文献综述一、外文文献文献信息标题: Toward a New Metrics for the Evaluation of the Social Added Value of Social Enterprises作者: Evans, Richard D期刊名称: Business Perspectives；第21卷；第1期；页码：44-49年份: 2012.Real Estate Cycle Conditions & Their Main Economic DriverEvans, Richard DCommercial real estate in the Memphis area is weathering a recession, as are markets nearby and across the nation. Integra Realty Resources (IRR) provides an annual real estate market cycle analysis that listed the Memphis, St. Louis, and Tulsa office markets as being in that company's stage two of recession at the beginning of 2011, while Nashville had moved into stage three - the last and lowest point of recession. Recession in their taxonomy is characterized by high-and increasing vacancy rates and moderate-to-low new construction. Construction being completed generally would not have been deemed feasible if conditions had been anticipated as construction began. Recession definitions also include low absorption, where new sales and rental rates may be so low that there is negative net absorption.The IRR real estate market cycle description also includes a non-real estate statistic. "Low-to-Negative Employment Growth" is a formal part of a standard real estate cycle definition of recession. Other real estate perspectives give employment trends the highest status in explaining real estate demand. For example, candidates for status as Certified Commercial and Investment Members (CCIMs) of the Realtors learn to forecast demand in every sector of commercial real estate by forecasting local area employment in their required course, "Market Analysis for Commercial Real Estate, CI 102." Real estate brokers learn how to identify base industries for local areas by studying employment proportions across industries, to compare thoseproportions to national figures (for "location quotients"), and to study trends in employment that show local area industry strengths and weaknesses relative to overall national trends in employment and trends within industry categories.This article describes two sets of real estate market cycle reports for the various commercial real estate sectors - from Professor Glenn Mueller's Cycle Monitor - Real Estate Market Cycles (downloadable free from its sponsor Dividend Capital at ) and from Integra Realty Resources' IRR-Viewpoint. IRR Memphis data come from Walter Alien, noted member of the Appraisal Institute and a member of the Board of Integra Realty. Since the labor market is recognized as the key demand driver for all real estate, this article also shows how Shelby County labor markets have developed over the last ten years, applying the analysis now learned by many CCIMs.Real Estate Cycle ConditionsThe IRR-Viewpoint 2011 showed stage two recession conditions in not only the Memphis office market, but also the retail market, as well as the St. Louis retail market. Nashville was deeper in recession, at stage three, but the Tulsa retail market had moved from recession into the first stage of recovery. The Memphis apartment market was rated as having moved through the recession trough to the first of three steps of recovery, along with Tulsa and St. Louis. Nashville was still in stage three recessions. The Memphis industrial market was the only one of these four regional markets to show the first signs of recovery at the start of 2011.The most recent Mueller report is for the third quarter of 2011. The Dividend Capital Cycle Monitor rates national markets in one of sixteen stages of his model of the real estate cycle, where stage one is at the trough between the low point of the recession and the first onset of recovery, and stage sixteen is just before the end of recession. Stage sixteen comes just before stage one. Across the U.S., office markets were in the trough at stage one, including Memphis, New Orleans, Oklahoma City, and St. Louis. Nashville was one step out of the trough at stage two. Retail markets in Memphis, Nashville, St. Louis, and the overall U.S. market had just moved from stage one to stage two, joining Oklahoma City, but leaving New Orleans. Apartments werejust out of the trough at stage two in Memphis, Oklahoma City, and St. Louis. New Orleans stayed in cycle trough conditions, while the overall U.S. retail market and Nashville moved to stage three. Industrial and warehouse markets in the U.S., Memphis, Oklahoma City, and St. Louis stayed in stage two, while Nashville and New Orleans industrial markets stayed in the trough of the real estate cycle. In Mueller's cycle model, feasible new construction seems far away, at stage eight. Given the long lags common in real estate development, builders may start tentative planning and acquisition steps soon, hoping to time development so as to be "shovel ready" when stage eight occurs.After the second quarter of 201 1 , Memphis office markets are in Mueller's stage one trough, along with St. Louis, Oklahoma City, New Orleans, and the nation on average. Nashville is one step ahead in beginning its office market recovery. Memphis industrial markets are in stage two, along with the national average and St. Louis and Oklahoma City. Lagging behind at stage one in the industrial markets are Nashville and New Orleans. For apartment markets, Memphis is in stage two, as are Oklahoma City and the national average. Nashville leads in this asset type in stage three, but St. Louis and New Orleans remain in the trough of the recession. Retail is largely still in recession trough conditions for the national average and for Memphis, Nashville, and New Orleans. In these data, Oklahoma City rated stage two status in its recovery, reflecting second quarter 201 1 conditions in retail.To summarize the real estate cycle conditions, many Memphis regional commercial real estate markets are still in recession, some are in the trough between recession and recovery, and a few have taken the first tentative steps out of the trough. Commercial real estate markets have suffered recessions in other cycles from speculative overbuilding. It seems that the latest cycle is different, despite high vacancy rates. A view of the labor markets shows why this real estate recession was caused by a decreased demand for space for workers in the office and industrial sectors. A lack of employment growth also led to decreased demand for apartments and for the consumer activity that supports the retail real estate sector.Labor Markets Driving Real Estate MarketsThe Bureau of Labor Statistics provides up-to-date labor market data at its Economy at a Glance site. After selecting a region, state, or local area, the most current labor market data are provided above a set of tools and "calculators" at the bottom of the site. Table I is derived from a report generated by selecting "Location Quotient" from the calculator bar on the site for Shelby County. Using the NAICS industry sector categories, Shelby County employment figures for 2010 are compared to national employment levels.For example, Shelby County employment in Construction (NAICS code 23) was 15,196 averaged over the four quarters of 20 10. That represents 3.81 percent of total Shelby County private employment. U.S. Construction employment averaged 5.17 percent of total private employment. The under-representation of that sector of the Shelby County economy gives it a "location quotient" that is less than 1.00, 0.74 =3.81/5.17.A quotient larger than one indicates that an industry sector has locally stronger representation than do national proportions. The 3.48 ratio for Transportation and Warehousing means that the local economy is apparently exporting those services to the rest of the nation. Wholesale Trade, Administrative and Waste Services, and Real Estate and Rental and Leasing round out the four sectors of the Shelby County economy that have stronger employment proportions than are typical for the U.S. economy.Some readers may be surprised with the industry sectors that are close to 1 .00- indicating no more than normal employment in the local economy. Retail Trade (now 0.95) was once a base industry for Shelby County, with many consumers from surrounding counties traveling to Memphis for their shopping. Health Care and Social Assistance, with a location quotient of 0.99, does not seem consistent with the area's reputation as a center for medical care. The 0. 95 location quotient for Accommodation and Food Services would counter arguments that the area is a tourism and convention center, as would the 0.61 figure for Arts, Entertainment, and Recreation. The area's reputation for several decades as a financial center is put in doubt by the 0.76 location quotient for Finance and Insurance in 201 0. Many readersalready know that the Manufacturing sector is small in the local area, confirmed by a 0.81 location quotient.To explain some of these surprising results, it is useful to exploit the added detail available in the labor market data. Table 1 shows location quotients calculated from the "two-digit" NAICS industry sector definitions. More detail appears if the request is for three-, four-, or five-digit definitions. International Paper has its headquarters in the local economy, and the location quotient for Paper Manufacturing (NAlCb 322) is 3.62, despite Manufacturing (NAICb 31- 33) having only a 0.81 location quotient. Miscellaneous Manufacturing (NAICS 339), Beverage andlobacco Product Manufacturing (NAICS 312), Chemical Manufacturing (NAICS 325), Petroleum and Coal Manufacturing (NAICS 324), Machinery Manufacturing (NAICS 333), Electrical Equipment and Appliance Manufacturing (NAICS 325), and Printing and Related Support Activities (NAICS 323) are in a set of seven classed as exporting manufacturing subsectors with location quotients higher than one.NAICS code 492 is Couriers and Messengers, which has a 12.87 location quotient. 1 he proportion of focal employment being more than twelve times the national proportion tells the importance 01 FedEx to the local economy. Air lransportation (NAICS 48l), Water Transportation (NAICS 483), Truck Transportation (NAICS 484), and Warehousing and Storage (NAICS 493) all contribute more than double the proportion of employment locally than is typical in the U.S.NAICS code 441 is Motor Vehicle and Parts Dealers, with a 1.34 location quotient. AutoZone s headquarters in the local economy explains part 01 how this sector of retail is not below average, despite the 0.95 location quotient tor aff of Retail. Only hve subsectors of retaif are not befow 1.00, including Home Furnishing Stores (NAICS 442), Clothing and Clothing Accessories Stores (NAICS 448) , and Sporting Goods, Hobby, Book. and Music Stores (NAICS 451).Hospitals (NAICS 622), with a location quotient of 1.27, are an export sector, while the other subsectors of Health Care and Social Assistance are relatively small, with a location quotient of 0.99 for NAICS 62. Likewise, the 0.76 location quotient lor Finance and Insurance (NAlCS 52) obscures the importance of NAICS 523,Securities, Commodity Contracts, and Investments, with a 1.13 location quotient. The low employment representation for tourism-related sectors seems valid. Only one three-digit subsector related to tourism, Accommodations and Food Services, Arts, Entertainment, and Recreation, has a location quotient above one. Museums, Historical Sites, Zoos, and Parks (NAICS 712) has a 1.30 location quotient.Proponents of location quotient analysis of labor markets as applied to anticipating and explaining changes in real estate markets call for a chain of causation as described as follows. Identify the local economy's base industries as sectors with location quotients above one. Forecast changes in base industry employment. Anticipate that the other sectors will grow to support the growth in the base /exporting industries. Forecast residential real estate demand based on total growth in jobs. Forecast industrial real estate demand from growth in industrial, warehousing, and total employment. Forecast retail real estate demand from growth in total jobs and the income from those jobs. Office demand is sensitive to total employment growth, but more so to growth in employment in the sectors that are focused on office work - -sectors for Financial Activities, for Professional and Business Services, and for Information.Trends in EmploymentData on employment growth in a local economy may support shift-share analysis, a trend analysis for explaining an anticipated growth that is closely related to location quotient analysis. Another Bureau of Labor Statistics site provides data for an analysis of changes in employment over long periods. The Census of Employment and Wages shows that Shelby County lost 34,386 jobs between 2000 and the end of 20 10. Total employment in Shelby County grew from 414,307 in 1991 to 498,780 in 2000, but then stalled for five years of mixed decline and zero net growth. In 2006, there was a marked rebound to the high point of employment at 508,434, but 2007 experienced small decreases that foreshadowed much larger decreases each year through 2010. Over the 2000-2010 decade, 6.9 percent of employment in Shelby County dissipated. The employment figures include public employment and other differences that make them not perfectly comparable to figures in Table 1.A free site from the University of Georgia uses the Census of Employment and Wages data to perform a classical labor market, shift-share analysis. The site generates tables such as Tables 2 and 3 for the user's choice of geographic area. The purpose of shift-share analysis is to segment local area employment change into three components - the part that is just proportional to growth or decline across the U.S. as a whole, the part that just reflects national changes in particular industry sectors that are represented in the local economy, and the part that may be attributed to specially developing local competitive strengths or weaknesses in those industry sectors.Table 2 ranks eleven industry sectors by employment importance in the Shelby County labor market in 2 000. The employment changes by 2010 shown in the table become the input for the shift-share analysis. The Trade, Transportation, and Utilities sector ranks as the local market's most dominant employment source in both years, but it also shows the greatest decrease in employment - 23,320 lost jobs. Education and Health Services rank as the second largest sector in both years and gained 15,143 jobs over the decade. The relatively small Manufacturing sector lost 22.3 percent of its jobs in Shelby County, while Financial Activities lost 14.9 percent.Table 3 shows the results of the shift-share analysis of the employment change data in Table 2. The sectors have been resorted to show the sectors with the strongest "Competitive Share Component" at the top. The Competitive Share Cornponent is a "residual" calculation, a change in employment left unexplained after accounting for two plausible causes of change in a local economy.The first set of calculations translates the number of jobs that would be created or destroyed in the local economy if each sector had the same percentage change as seen for the overall U.S. employment figure. Between 2000 and 2010, total U.S. employment decreased 1.618 percent. Shelby County Manufacturing employment was 44,944 in 2000. Using the national overall employment decrease, that would hypothetically explain a 727 decrease in Shelby County Manufacturing employment. This hypothetical percentage change is repeated in each line of Table 3 to reflect how Shelby County employment in each sector would have suffered job losses if they were proportional to the overall national decline. If Shelby County had just replicated thelosses of overaU jobs in the U.S. economy, the losses would have summed to 8, 065 jobs.The second set of calculations reflects how each employment sector changed nationally (net of the -1.618 percent taken across all sectors in the prior step). Manufacturing decreased 33.6 percent nationally, 32.0 percent beyond the overall job loss percentage. If Shelby County Manufacturing employment had suffered decline in the same proportion as all Manufacturing, then there would have been an additional 14,366 jobs lost in the local Manufacturing job market. Each sector had its own national change during the decade. Table 3 details the application of each sector's net performance to Shelby County employment in 2 000. The sum of these adjustments is positive - 4,006.The first two calculations for Manufacturing employment in Shelby County call for a sum of 727 + 1 4, 366 = 1 5 ,093 lost jobs. The actual change in local Manufacturing employment was only 10,015 lost jobs. Manufacturing actually did better than could be expected in Shelby County, where expectations are based on how national overall employment and national Manufacturing employment trended in the 2000^2010 period. The "Competitive Share Component" of Table 3 's shiftshare analysis shows that Manufacturing "grew" by 5,078 jobs relative to expectations. The trend decomposition analysis shows that Manufacturing was the premier growth sector by number of local jobs relative to expectations. Proponents of shift- share labor market analysis would anticipate that whateyer locd competitive advantages the Memphis area exploited over the 2000-2010 period could persevere in the future to give better than normal growth in Manufacturing employment. This situation would translate into increased real estate demand for that sector. As a caveat, the Manufacturing sector is small in Shelby County. This sector did decrease in employment by 22.3 percent during the historical period of study.All the other Competitive Market Component calculations for Shelby County over the 2000- 2010 period are negative. These results do not support great growth anticipations for employment or real estate markets. Retail and residential real estate demands are both sensitive to total employment. Office Market real estate demandgrowth will be dismal if the negative Competitive Share Components in Information, Professional and Business Services, and Financial Activities all repeat the recent decade's performance. All three sectors decreased in the ten-year period. As a group of three, they decreased locally more than by expectations based on national and industry trends.The shift-share analysis of a summed Competitive Share Component of -30,327 points to special local employment problems and disadvantages that caused more weakening of the labor markets than could be explained by the national economy's decrease and the mix of industries represented in Shelby County. The nature of the problems and disadvantages are not identified in shift-share analysis.The most negative conclusion from the shift-share analysis is for the most important sector of the local economy. Trade, Transportation, and Utilities would have lost 1.6 percent of local employment just keeping pace with national employment trends across all sectors, and then another 4. 1 percent because this sector slipped in national employment relative to other sectors. Shelby County employment in its most important sector declined an extra 9.0 percent beyond those expectations. The problems and disadvantages in the local economy that caused this negative Competitive Share Component will need to be reversed to avert the stagnation that would come from an ailing sector with very high location quotients.The current mix of industry in the local economy is not a negative factor. In fact, the sum of the Industrial Mix Components is positive. Memphis has industries that did well relative to the overall U.S. economy in the period studied.二、文献综述房地产市场周期文献综述摘要房地产市场在发展过程中客观存在着周期波动现象，分析房地产市场周期，不但具有理论上的开拓意义，而且在实践中有助于引导房地产市场的主体——投资者、开发商进行投资决策。
房地产管理中英文对照外文翻译文献
房地产管理中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：竞争力因素:中国房地产竞争力研究竞争力研究竞争力的研究在学术界非常受管理学家的欢迎，近年来研究人员普遍认为映射一个组织的竞争环境有利于形成企业战略发展的良好基础(Feurer and Chaharbaghi, 1994)。
正如Waheeduzzaman和Ryans(1996)所提出的，竞争力的研究涉及多维概念和学科。
弗拉纳根等(2007) 关于企业的竞争力提供了一个关键性的结论和有价值的见解，并确定了三个主要流派理论：(1)竞争优势和竞争战略模型(例如波特，1990)；(2)基于资源视图(思路)和核心竞争力的方法。
（如Wernerfelt，普拉哈拉德和哈默，1984；巴尼，1991年)；(3)战略管理的方法(例如Wheelen和hungery,2002)。
总的来说，波特的企业竞争力理论的特点是竞争优势的产业组织视图。
波特(1990)开发了一个钻石框架，给出了四个获得和维持公司的竞争优势的因素：因素条件，需求条件，相关和支持产业，还有企业战略和竞争环境；按照波特的观点，存在两个外生因素，政府和机会对可控性(管理各种资源的能力)的影响；相对性(相对于其他公司)和活力(参与动态过程产生的结果)。
竞争力研究的基本思路关注的是公司特有的内部资源。
一般来说，基本思路假设竞争优势并不取决于市场和产业结构，而取决于一个企业的资源。
要想开发公司的核心竞争力，必须找到并加强这些企业特定资源。
该方法的基本理论是指通过特定资源和有效利用这些资源来实现竞争优势。
企业竞争力理论的第三个学派侧重于战略管理方法，如惠伦和hungery(2002)的定义，战略管理涉及到一系列管理决策和行动以确定公司的长期性能。
最近的战略管理理论的发展基于波特的理论和基本思路(例如，Wheelen 和hungery，2002)。
弗拉纳根等得出结论：这三个学派的理论在用自己的方式为公司实现竞争优势时非常有用，并且他们没有人可以解释其原因。
房地产论文外文原文及译文
毕业设计（论文）外文原文及译文题目：北京链家房地产经纪有限公司的营销策略研究一、外文原文Survey on the Applications of Big Data in Chinese Real Estate EnterpriseAbstract:This paper focuses on the present applications of big data in Chinese real estate development and marketing from the perspective of real estate enterprises. The problems in this practice for big data’s application are analyzed by now. What’s more, the possible solutions to solve the above problems are proposed in this paper. It benefits the real estate enterprises to strength their competition with big data technology.Keywords: Big data,Chinese real estate enterprises,application status1 IntroductionThe explosion of data volume fueled by stunning and exciting advances in the computer technology and Internet techniques made the big data the focus of widespread attention. As early as 2000, in the first few weeks of Sloan Digital Sky Survey the data size observed by telescope in New Mexico is bigger than that has been collected in the entire history of astronomy. Big data almost derives its origin from astronomy. In addition to natural science such as astronomy, biomedicine, geoinformatics and other fields easily accompanied by enormous data volume, big data is widely known in social life. Especially in recent years, the appearance of cloud computing and the IOT speed up the arrival of “the era of big data”. It says that Google and Baidu have to deal with dozens of petabytes every day; there is a video length of over one hour released on the YouTube per second; there are more than one billion Facebook accounts uploading almost ten million photos every day with “like” and comment up to billions; Taobao generates about 20TB data every day with over 35 billion transactions on November 11th. This size of data is far away from the perception we had in pre- information-era society. In addition, there are more and more personal information controlled by banking and financial industry or some telecommunications industry; industrial data collected by pervasive sensors also rises sharply. As the CBC Capital chairman Tian Suning puts it, “Now, an age of mass production, sharing and application in big data is approaching.”There is no doubt that data resources are crucial in the age of big data. A number of enterprises have gained excellent decision making capabilities and immeasurable economicbenefits through valuable information produced by data mining.In order to keep Chinese economic development in a sustainable, sound and rapid manner, it is very important for real estate enterprises to take full advantage of big data because of the status of real estate industry as a pillar industry of the national economy. Especially when property prices continue upward or property bubble inflation involves the national economy and people’s livelihood, those real estate enterprises should make effective use of big data to tap the potentials.Solving the problems in applications on Big data, improving the abilities of investment and marketing, the estate will be able to keep playing a fundamental guiding role in national economy.2 LiteratureTo understand thoroughly the big data phenomenon is late in last several years relative to the recognition of usual data. So is the related academic research. Actually, it received high attention from academic and industrial sector at once presented, followed by the big data boom both in theory research and practical application. Chinese property enterprises seize opportunities in time making successful practices, though the systematic research about the applications in big data in academia is not sufficient so far.It is McKinsey that first puts forward the concept of big data. Big data has become an important factor of production permeating into different industries and functional areas for now. The mining and applications of large data means a new wave of productivity growth and consumer surplus. Viktor Mayer-Schönberger stared the research on big data. He is also known as the prophet of the era of big data. He made a point that prediction is the core of big data. The transformation from samples to the overall data, the change from the pursuit of exactness to acceptance uncertainty and the correlativity instead of causality are indispensable to prepare for the age of big data. He also studied how to make a choice from complicated data volume and then how to build the positive healthy future. The Nature made big data special issue as early as 2008,describing the potential value of big data and the challenge from data handling techniques in Internet technologies, biomedical and environmental sciences, cloud technologies and other fields. Likewise, the Science, one of the top international academic journals, published a special issue to convey the ideas of the time of big data. In 2012, the European academy of informatics and mathematics studied big data systematically including the management of big data, the direction and results of academic research. In the area of applications of big data in realty, Lohr S. holds the view that the property sales forecasts for the next quarter depended on big data is much more precise than that made by economists. Brown B and Chui M et al. believe that the reaching of big data provides potential for both realty enterprises and realty buyers with direct data sharing, bypassing the estate agents. And this can be a shock to the sense of data property right.The MIIT stressed four innovative projects on key techniques including information processing technology in the "twelfth five-year" plan in December 2012, though “big data” was not official definition then. The information processing technology such as mass data storage technique and video image intelligent analysis is closely related to big data. With the time of cloud, big data is not only the IT hot word but also the focus of academic study. Studying a lot, Wang Shan at RenMin University of China illustrates the performance objectives of big data analytics platform. She reviews the framework of big data warehouse designed for analysis, supplying theory base for the structure of big data. Li Guojie and Cheng Xueqi at the Institute of Computing Technology in the Chinese Academy of Sciences make a systematic exposition on the academic development of big data and the challenge in applications from a scientific research perspective, coming up with the implications of big data study.The present domestic researches center on fields with large amounts of data easily available, such as library information management system and the building of digital library, the influence of big data to culture and media, the business marketing and accounting context with big data, the micro-miniature credit management based on big data, diseases control and prevention depended on big data, and so on. In spite of some achievements, the applications of big data in a few certain fields are more advanced. For example, there are quite a few portal sites support big data sharing and communication, while the academic research on big data resources or how to value these resources is deficient. And the studies on the range of issues of data sharing or transaction are less. Similarly, the academic research on big data of real estate is also behind the realty entrepreneurs’ practice. Chen Dachuan and Zhang Baoshan studied the application of big data in housing information system to propose the building of big housing database in 2012. Yan Juan studied the realty enterprises’ precision marketing based on big data in 201. By now, the research is not in-depth or complete enough compared with the practical applications.3. The Present Applications of Big data in Chinese Real Estate EnterprisesRegarding big data as the “future petroleum resource”, White House stared the Big data Research and Development Program. It is apparently to us to get the point. At the industrial level, the age of big data likely offer an even greater space for growth for those enterprises with a huge number of data and advanced data handling techniques. It seems that the property bubble is not endless and the housing price will back s uitable sooner or later. Then it’s the key to realty development and marketing for Chinese real estate enterprises to use big data effectively.Those huge numbers of data with variety and complexity brings new revenue model and vast space for development. In current applications of big data, the realty enterprises including developers, agency and property management companies all expand multiple comprehensive business domains. The realty development operation, intermediary services and propertymanagement are bound together inextricably. Mainly, this paper centers on realty development and marketing to illustrate the current applications of big data in Chinese real estate enterprises.3.1. The Applications of Big data in Realty DevelopmentBig data provide strong support for a more rational way to develop. It benefits realty enterprises to implement diversified investment through data remining for potential value. The digital personal information and the revolutionary changes in the way of thinking make innovative investments the new revenue growth opportunities for realty enterprises in the age of big data.3.1.1. Rational Investment and Diversified DevelopmentThere are more than 660 cities in our country with different housing price and different appetite for investment as well as diverse natural environment and situation on economic development in different regions.The real estate market is still rising steadily overall, but the phenomenon of ghost towns of empty houses seriously deviates from developers expectation. Fortunately, the history of real estate is long enough for these enterprises to possess large numbers of data, such as geographic location, situation on economic development, urban planning and policy orientation, investment under construction, the land market competition, and so on. Using an advanced method to analyze the big data, these enterprises could be able to forecasts the supplies and demands and then value the investment to make a wise decision. Though this unstructured data is disordered, some even useless, the size of the data is big enough to make up the inaccuracy. The more, the better. Google may be the pioneer in big data prediction. Before a potential pandemic influenza outbreak in 2009,google provided precise indicators swiftly by analyzing the relationship between searching key words collected from 2003 to 2008 and actual cases. That helped the US CDC get more chances. In like manner, google estimate the demand-supply equilibrium and predicted the price index in realty market successfully. What google has done is just to analysis stored data, mathematical modeling, manipulation and making a comparison.Google is several times the efficiency of the government at a fraction of the cost. That is part of charm of the big data.Land resources are very important for realty enterprises. The big data provides the potential for real estate enterprises to have access to explicit land market information. Realty enterprises should attach importance to the land market and pay attention to the market trend. China Vanke Co.Ltd .always concentrates on residential market, and its datas on land resources almost come from the third party. Facing the constantly climbing land prices, Vanke analysis the big data to get land in the secondary market, or from the "three old" transformation,or the affordablehousing construction land. It's benefit for realty enterprises to analysis big data of land resources to deal with the rising land price. “Holding on residence, no property hoarding and no land hoarding”is the big data strategy of Vanke.Apart from supply-demand analysis or buying land reasonably, the applications of big data in diversified investment within the business-wide also bring massive profits. Wanda Group and Greenland Group and some other companies take the opportunity of big data to expend their business diversely to hotel and traveling commodity service, exploring profit space out of housing market. As Viktor says, the recycle of data can reveal its potential value instead of depreciation. The big data not collected for diversified investment at first may bring extra profit through professional analysis.3.1.2. Innovative InvestmentIt’s good for rational development and diversified investment to analyze previous data of investment and sale. However, these enterprises, especially the bigger ones, possess more than that. The data of buyers’personal information is also considerable, and this information is far more than the name, family structure,incomes and purchasing intent. More and more personal informations are getting easily available due to the development of the Internet and the spread of computers in era of big data. A lot of informations that used to be meaningless for real estate such as the buyers’ habits and customs and the preferred travel routes will be revealed by mining these data. Although these data isn’t so structured, the potential value is great. It means new opportunities for realty development and breakthroughs of benefit.Vanke Group and Fantasia Group, two of the leader realty enterprises, also stay ahead of the applications of big data. Based on consumer demand, Fantasia planned to build community e-commerce creatively, combining commercial tenants with customers through app on cellphones. Holding millions of homebuyers’ data, Fantasia is able to establish a convenient efficient platform for marketing. This advantage of big data will help Fantasia to improve strength at the same time. In addition to community e-commerce, Fantasia expands its big data business based on the Mobile Internet to other eight areas, such as financial sector, hotel services, culture and tourism. It seems that Fantasia is far away from traditional real estate enterprise. The improving big data handling techniques bring tremendous business opportunities to Vanke Group in the same way. The 4.8 million property owners means an enormous amount of wealth for Vanke as the realty almost become manufacture nowadays. After data processing, Vanke put forward the concept of building city support services, combining community logistics, medical services and pension with the 4.8 million property owners’ big data. It will bring a great opportunity.The innovative investment made by Shimao Group is more remarkable compared to Vankeand Fantasia. As its business ideas state, the homebuyers prefer an experience of a lifetime rather than a mere house in the future.Therefore Shimao introduced the “health clouds” business management to its property owners for the health monitoring and advisory opinion. Analyzing the monitor data collected by some mobile devices like cellphones and watches in real time, they can produce a health scheme, preparing for disease and helping these owners keep healthy or providing them with hypostatic medical service. Taking advantage of big data, other enterprises like Gold Ground Group and Green Ground Group also open up new operations such as Intelligent City and Cloud Service in succession. These enterprises pay more attention to consumer's satisfaction of spirit and psychology instead of a shelter. Better service for customers matter a lot.The applications of big data in innovative investment are common occurrence at foreign real estate enterprises. The classical case, Windermere Real Estate, is popular in American college textbooks. They plan for the potential buyers with their commute routes and the cost of time by analyzing information from nearly one hundred million drivers’ GPS. This innovative business not only meets the customers’ demand with improving quality of service, but also promo tes the realty seals. That’s worth considering.Table 1. The Applications of Big data in Realty Development3.2. The Applications of Big data in Realty MarketingIn fact, there are over-developed real estates in some medium and small cities in our country. House is essentially a special consumer good while the seemingly substantial benefit attracts large amounts of investment. Actually, the attraction there is far less than tier one and tier two cities leaving the vast number of vacant houses. Therefore, how to use big data to promote sales is crucial. In addition, traditional marketing models are ineffective as the popularization of electronic commerce is changing the consumption manners of the Chinese.The prospects of realty marketing are not so bright.To deal with these issues, above all, is to market successfully in the era of big data. Data resources are very important for realty enterprises to raise competitiveness. The huge and perfect sources of data ensure precise customer location and the effective marketing. At first, real estate enterprises can implement precise marketing relying on information system. They can build the customer data system based on the possession of big data to categorize the customers, then extract useful information by big data mining for the precise marketing.In addition, some large estate enterprises change marketing patterns, actively turning to e-commerce. Xinfeng real estate created five big data application system last years. The resources decision support system, the house book network and Xinfeng automated assessment systems are part of the five systems already running with high performance. The houses book network can select certain houses according to the users’demand. The automated assessment systems can evaluate the housing price automatically depended on the big data processing. Once the users input the data of the conditions it will estimate the price and other information like loan and mortgage or the transaction tax. It’s impossible without advanced big d ata processing technique. Xinfeng made realty e-commerce the same as Wanda Group, combining online services with offline services. The offline sales departments also get in touch with customers according to the online information. This marketing pattern requires excellent technique on data collection, storage and analysis. So the estate enterprises should master the data processing technology as well as the big data.Those marketing models above all widen existing business domain proactively without the third-party. In Viktor’s opinion, if the estate enterprises are willing to share data, they cancooperate with the third-party,joining up with the market players like developers and home services and customers, fully demonstrating the advantage of big data. For example, the CNFS real estate big data system includes data of 289 cities ranging from government to the estate enterprises even the Second-hand housing market, and some reach a length of ten years. There is no doubt that the data are only collected and processed by CICC. Realty Mogul bridges opportunities of small investments between estate enterprises and investor via the Internet crowd funding. The information and analysis result provided for investors all come from its possession of big data. E-house China is rather typical for the asset-light strategy, leading a diverse scope of services in Chinese realty estate.E-house introduces the China Real Estate Information Circle servicing for over one million property buyers. Depended on advanced IT, the big data with low cost brings considerable profit. There are many similar third-party marketing platforms, such as SouFun, Myfun, Real Estate Network, Ifeng, and so on, possessing advanced Internet and data processing technology for big data collection and storage. Some realty platforms have made great achievements like Fangdd and Haowu, though the history of realty estate e-commerce is short. Haowu absorbed huge number of buyers’ personal information, and established the big data warehouse, then matched the b uyers’ demand with the house available through certain algorithm, promoting the sales successfully. There are 1.6 million page views on Ifeng. That makes the customers’ demand well available, so they can market more precisely by analyzing big data effectively. The thought on big data will promote the real estate. Ever since the introductions of Instant Messenger, there are more and more users registered. In March of last year, the cooperation between Tencent qqfangshi and the Country Garden made a marvelous success on realty marketing with 3300 houses available at the opening. This is a win-win situation----the big data on Internet platform provide realty enterprises with precise marketing pattern based on habits of users; meanwhile the realty buyers’ inform ation online is used for the update of the Internet platform. Other famous enterprises like Long for Group ever attempted group-buying, making effort to build the realty TaoBao.4 The Problems of Applications of Big data in Real Estate Enterprises and the SolutionsBig data is new. Estate enterprises should pay more attention to the challenges and potential problems while taking advantage of big data for development and marketing. The contradictions between privacy protections and big data are irreconcilable. The big data processing technology is not easily available for most enterprises. In addition, the characteristic of real estate corporations bring more challenges into the applications of big data.4.1 The Problems on Big data and the SolutionsIt’s inevitable to get enough personal information when the estate enterprises provide specific services for different customers. If the size of the data is big enough, recognition rates of the personal identity can reaching more than 99% even without personal information. According to present ethics and moral concept it’s impossible for us to ignore the big data containing much personal privacy. To deal with this problem, Viktor prefers the data users rather than the possessors to take responsibility of privacy protections or making the personal information indistinct deliberately to give up some precision for the protection of personal privacy.Whether it works or not has to be studied further.Big data encompasses much more than just lots of number.It’s more c omplex and disordered. The collection,storage and processing of this enormous unstructured data needs unusually advanced technology. The generation of big data is fast and sustained with lower and lower value-density. It’s a big challenge for any estate corporation to capture the sort of useful information from the large numbers of multifarious data. On theone hand, to make national big data strategies and to promote the process of academic study on big data and the conversion of research achievements into realistic productivity will help estate corporation improve the big data handling capabilities.On the other hand, it may be a good choice for real estate enterprises to have big data handled by professional third parties. Different types of companies play different roles at the age of big data. The estate corporations can center on the applications of information to deepen development, leaving big data processing to third-parties excellent on technology.Great importance should be attached to international exchange and cooperation in the era of big data. Meanwhile, real estate enterprises should pay attention to the possible impact making by foreign advanced technology on applications of big data. Seeing the big data in Chinese market, several foreign companies want to enter the market for the big data business, while there is no comparable domestic enterprise being able to counter that at present. Under this condition domestic companies should cooperate with the foreign at first,promoting the internationalization of big data business. Meanwhile appropriate operation model and the status of both sides mattera lot. The foreign companies play role of middlemen and the domestic companies should keep the property right and potential value of big data.4.2 The Problems on Real Estate Enterprises and the SolutionsReal estate is the mainstay of real economy with some characteristics of fictitious economy such as complexity, metastability and high risk, increasing the uncertainties in applications of big data. As fictitious economy system is highly sensitive to expectation, the publicity and sharing of big data can impact investment demand because of the changes on people’ expectations of realty. Given the metastability this impaction will destroy the instability of real estate, influencing national economic development. Therefore, these estate companies should be judgmatical in revolution while taking the opportunity of big data for innovation.The advantage of big data is not nature for real estate other than e-commerce. There exist data structural imbalances and information asymmetry. So the platform for data sharing is a crying need. The platform should be designed for the realty data storage and help to build a huge real estate database referring to the Real Estate Appraiser’ work. For example, set up and improving of housing information system is beneficial to systematical management of the data of housing monitoring, housing fund and housing security. Building a safety integrity level and limitation of independence system by designing program for data collection,warehouse and searching, the system achieves the goal of data sharing within government, enterprises and individuals.More comprehensive business, wider range and more collective management are the current growing trends in real estate enterprises. Under the conditions, how to operate effectively is also a big data problem. The estate enterprises have to build a big data warehouse planning person, money, matter, and information, and carry out the integration management by data mining and analysis for predictions.From:Procedia Computer Science 30 ( 2014 ) 24 – 33二、译文大数据在我国房地产企业中的应用研究摘要：从房地产企业的视角阐述大数据的应用情况, 分析近年来大数据在我国房地产企业中的应用案例，并结合国外个别经典案例分析大数据在房地产企业开发和营销方面的积极作用。
房地产税中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)The development of property taxation in the new democracies of Central and Eastern EuropeThe main purpose of this paper is to investigate issues relating to the role of land and building taxes as a mechanism to provide an autonomous revenue source for the newly established local authorities. As Malme and Youngman (1997) suggest, there is a need to seek funds for strengthening local government, with countries needing to adjust their tax systems to account for emerging private markets within land and buildings. Real estate taxes have been designated as local revenue sources in many countries in Central and Eastern Europe, including Armenia, Estonia, Latvia, Hungary, Czech Republic, Slovak Republic, Bulgaria, Rumania, and theRussian Federation. However, it should be recognised that the levels of revenue currently being raised from property-based taxes is very small and there is only a limited potential to increase the yield. Bertaud and Renaud (1994) suggest that many countries have instigated property valuation/taxation systems for the purely opportunistic aim of increasing local revenues, they argue that due to its immovable nature, land is simply seen as an easy target for fund raising. However, this rather generalistic statement needs to be placed in perspective. Real property taxation is a legitimate source of potential revenue for various tiers of government. As Kelly (1994) suggests, property taxation is perhaps the most universally-used revenue source for local governments throughout the world. It is therefore of little surprise that the new democracies have been investigating and implementing various types of property-based taxes.The interplay between tax policy and entrepreneurial activity has enjoyed a resurgence in the empirical economics literature. Most of the recent research has focused on federal taxes, however, leaving state tax policies relatively unexplored. As states continue to grapple with difficult issues in business taxation and development incentives, a thorough consideration of the effects of state tax policies on entrepreneurial activity becomes even more important, especially when considering the possible benefits that could follow new entrepreneurial ventures through economic growth, innovation, and the like. In this report, we examine the relationships between state tax policy and entrepreneurship using a longitudinal database of detailed information on state tax policies for all 50 US states from 1989 through 2002.This investigation is warranted for a number of reasons. First, as a result of the focus on federal taxes, earlier research has only considered a subset of the taxes facing small businesses. For example, Cline et al. (2006) show that the total state and local tax burden for US businesses includes much more than direct business taxes such as corporate income taxes or state franchise, excise, or gross receipts taxes. Businesses—especially small businesses—also pay significant amounts of property and sales taxes, along with a growing menu of miscellaneous charges and fees. The existing array of state tax structures provides a virtual cornucopia of exogenous policy variation that can be used to cleanly identify entrepreneurial responses.A second motivation for our study is the observation that state governments continue to debate and enact the bulk of pro-entrepreneurship policy in the US without the benefit of hard data on the effects of those policies on small business development and success. On one hand, highertaxes might reduce entrepreneurial activity by lowering the returns. On the other hand, higher taxes increase the rewardsfrom tax avoidance or evasion and thus might have the undesirable effect of increasing entrepreneurial activity. These two impacts might also offset each other, such that higher taxes have no noticeable impact on entrepreneurial activity. The extent to which tax policies—especially state tax policies—actually influence entrepreneurial activity requires empirical exploration. If taxes do not affect entrepreneurial activity (i.e., if the returns and avoidance effects are either both small or cancel each other out), using tax policy to encourage innovation or growth through entrepreneurship is not likely to be fruitful. Alternatively, if a nonzero effect can be determined, the actual parameter estimates can be used to more efficiently design tax policy to achieve desired changes in entrepreneurship.As stated above, our paper is one of only a few to investigate the relationship between state tax policy and entrepreneurship, as the large majority of the literature has focused on federal policy.We extend their line of analysis in the following general ways, all of which are discussed in detail below: (1) we consider a broader array of state tax policy variables, (2) we consider an additional measure of entrepreneurial activity drawn from tax return data, (3) we consider not only the stock of entrepreneurship in a state, but also a state’s share of national entrepreneurship in order to address location effects, (4) we consider not only tax rates but also tax shares in state tax portfolios, (5) we considereffective tax rates as a robustness check on our baseline analysis of statutory tax rates, (6) we consider agricultural entrepreneurship in another robustness check, and (7) we analyze a longer time period.Two broad areas of study in the earlier literature motivate this analysis. The first is the literature on the effects of state tax policies on business location decisions. These results are important because business location decisions can have important impacts on measured entrepreneurship or self-employment rates. In his oft-cited review of a vast array of empirical studies, Wasylenko(1997) concludes that taxes have statistically significant but quantitatively small effects on interregional location behavior. In a similar vein, Bartik (1991) concludes that higher state and local taxes reduce business activity in a region with an elasticity of about -0.3, while noting significant deviation from this average across studies.3 However, this literature maybe slightly less relevant to the present study because of its focus on location decisions among firms. If smaller businesses are less mobile than larger firms (and they might not be), they are perhaps less likely to respond to state differences in tax policies. Further, most state development incentives are targeted at larger manufacturing firms rather than small businesses.The second broad area of relevant literature consists of empirical studies of taxation and entrepreneurship. The number of studies in this literature has grown significantly in recent years, largely due to greater availability of useful data. Time series studies have focused on federal tax policies and have generally concluded that higher federal income or payroll tax rates cause higher rates of entrepreneurship, specifically defined as self-employment (Long1982; Blau 1987; Parker 1996; Cowling and Mitchell 1997; Robson 1998). Explanations often rest on the idea that high tax rates drive workers out of paid employment, or wage jobs, into entrepreneurial ventures where they can more easily avoid or evade taxes. Despite the consistency of the larger group of times series studies, a more recent and extensive time series analysis in this area by Bruce and Mohsin (2006) shows that the question of how taxes affect entrepreneurship is not yet settled. In addition to personal income and payroll taxes, Bruce and Mohsin consider corporate income taxes, capital gains taxes and estate taxes. Results generally indicate that taxes have statistically significant but very small and scattered effects on entrepreneurship rates. Consequently, they are likely to be ineffective in generating desired changes in entrepreneurial activity. None of these studies consider the effects of state taxes.Several other studies have examined cross-sectional or panel micro data to examine the influence of tax policies on individual decisions about entrepreneurship. Results from these studies have also been inconclusive (Bruce and Gurley 2005; Bruce 2000, 2002; Carroll et al. 2001; Gentry and Hubbard 2000; Moore 2003; Schuetze 2000). While some of these have indicated that higher tax rates on self-employment income have ambiguous effects on self-employment rates, a growing consensus suggests that tax rate increases reduce entrepreneurial entry, growth, hiring, investment, and survival. State taxes have been considered in only a portion of these studies, however, and then only as a component of a combined federal and state income tax rate.A few studies have analyzed state-level time series or panel data to explicitly examine the effects of state tax policies on entrepreneurial activity and are therefore most relevant to thecurrent paper. Carlton (1979) finds no strong evidence that local taxes influence the number of firm births. He uses rather rough proxies for tax variables, however, and only considers three industries for a limited time period. Bartik (1989) uses more detailed tax information and a broader array of industries and finds that higher property taxes, corporate taxes, and sales taxes on equipment negatively impact small business startups.4 He also finds that personal income taxes and general sales taxes are not statistically significant, while government spending has mixed effects depending on the category of spending. His survey of earlier studies finds elasticities that are generally below 0.5 in absolute value. Chen and Williams (1999) examine business failure rates from 1984 through 1993, estimating panel regressions for each of a number of industry categories. Although their focus is not exclusively on small businesses, they find that higher sales taxes per capita increase business failure rates for low-tech industries, while higher corporate income taxes per capita lead to lower failure rates for high-techindustries. Kreft and Sobel (2003) find that the existence of state inheritance taxes above the federal level is associated with lower rates of growth in the number of sole proprietors between 1996 and 2000.A common criticism of virtually all measures of entrepreneurial or small business activity is that they include part-time and so-called partial entrepreneurs. No consensus has arisen about how to address this, or even what the consequences might be for empirical research.9 Further, for virtually any measure of entrepreneurship for which data are available, there are questions about the extent to which it actually measures what one might consider to be true entrepreneurship. Rather than focusing on a single measure or claiming that either or both of ours are better than other available measures then, we simply present parallel treatments of two alternatives in order gauge sensitivity of our results to the definition of entrepreneurship.In the analysis that follows, these two entrepreneurial measures are each viewed in two distinct ways. In our baseline specifications, we enter the state-specific entrepreneurship rates directly as described above. These values represent the stock of entrepreneurship in a state, as described above, and most closely relate to the self-employment rates used in much of the prior literature. With this approach our focus is more heavily toward the within-state effects of tax policy instead of on the cross-state locations effects of tax policy on entrepreneurship. As our primary focus is on the effects of tax policy on the tendency to start and maintain a small business, thisapproach is particularly useful because many entrepreneurs are involved only in smaller operations that do not span state boundaries.In this study, we present an examination of state-level panel data for the period from 1989 through 2002 to better understand the relationship between state tax policies and entrepreneurial activity. Regression analyses indicate that top marginal state tax rates on corporate income and state sales tax rates do not have statistically significant effects on state entrepreneurship rates. This suggests that any disincentive effects of higher tax rates (due to lower returns from entrepreneurial activity) are offset by incentive effects due to the greater rewards from tax avoidance or evasion, or that both effects are individually small or insignificant.In contrast, higher top marginal state tax rates on personal income tend to reduce a state’s share of the national entrepreneurial stock. States with more aggressive corporate income taxes, specifications those that include combined reporting requirements, tend to have higher entrepreneurship rates. Paradoxically, states with more progressive individual income taxes also tend to have higher entrepreneurship rates. Higher weights on the sales factor in the corporate income tax apportionment formula and the existence of a state-level estate, inheritance, or gift tax above the federal estate tax are both associated with lower state shares of the national entrepreneurial stock. All of these effects are quite small in magnitude, however. We find no evidence of an economically significant effect of state tax portfolios on entrepreneurial activity.These results are important in the design of state tax policy, as they suggest that tax policy changes will probably not have the effects on small business activity that policy makers might believe. Rather than attempt to target tax breaks to small businesses, then, states should focus on traditional tax reforms involving lower tax rates, broader tax bases, and simpler tax systems that will create a more neutral and productive tax environment for small businesses, large businesses, and individuals alike.The implementation of a landed property tax from almost first principles requires the consideration of several diverse but interrelated factors. Kelly (1994) has suggested, and rightly so, that if property tax reform is to be successful it must be comprehensive in application and not just focus on any one element. This paper takes the debate on property tax reform to the level which demonstrates the integral relationships of the key components of local government finance, the role of local authorities, land information systems, application of cadastres, the property market,valuation and assessment. The paper then looks at the experiences of two countries, namely, Armenia and the Czech Republic in their endearvours to undertake comprehensive property tax reform.Local government structuresThe arrangement of the public sector in any country is highly influence by the country’s past development, historic traditions religious and ethnic differences, customs, and by economic and political circumstances Most countries in transition have already introduced a programme of decentralization which has shifted the responsibility from central government to local government, and as a result has given the local governments a fairly wide discretion in terms of fiscal responsibilities resulting in reduced intergovernmental transfers (Alm and Buckley, 1994). As Bird and Wallich (1994) comment, political decentralisation in all countries of the region has been paralleled to some extent by the decentralisation of fiscal responsibilities. Generally speaking, countries tend to assign more expenditure functions to local governments than can be finance from the revenue sources allocated to those governments. This mismatch of functions and finance is often referred to as ―vertical imbalance‖, with the result that local government becomes more dependent on higher levels of central government grant. This is clearly a problem with several of the transition countries, where the centre is divesting itself to local government of certain responsibilities, i.e. moving the problem downward. As Wallich (1992) commented it was pushing the deficit down in an attempt to shift the burden of responsibility, both in terms of service provision and bearing the cost of such provision. Some form of local government had existed in most of the transition economies under the socialist regime (Kelly, 1994). However, the fiscal system was in essence unitary in practice, with local governments having a role which was essentially no more than an administrative unit of the centre and having little, if any, independent fiscal or legislative responsibilities.Revenue base optionsHollis (1993) suggests that the design of the system of local government finance should reflect the extent to which a country wishes to have a centralised or localist local government. In simple terms, if a country wants a centralised form of local government it should be largely centrally funded by grants and a share of state taxes. On the other hand, if a localist form of government is desired, it should be funded through autonomous locally-based revenue sources.As local government begins to mature, it is important to recognise the relationship between local government and central government and how this is supported through an efficient system of financing. Within the development of afinance system, a number of factors need to be taken into account, including the extent to which the systems are readily understood by central government, local government and the electorate; the need to promote efficiency through systems that do not distort personal economic decision making; the need for the system to generate sufficient income to fund its share of local government expenditure; the extent to which the system is administratively practical; the need for the system to be fair and equitable between both individuals and regions and the need for stability to enable local authorities to plan the use of resources over time.The priority of all the countries in transition has been to establish an effective local government revenue structure capable of sustaining the newly-formed local governments (Bird and Wallich, 1994). To give credibility to their status as autonomous entities with electorate responsibilities, local governments need to have a strong source of discretionary revenues. As Kelly (1994) contends, from an international perspective there is a wide diversity in the structure and effectiveness of local revenue systems. However, theory and practice would indicate that property taxes and user charges represent the main sources for a stable source of locallyderived revenues (Bahl and Linn, 1992).Land information systems.Over the last couple of decades, the term land information system (LIS) (see Figure 1) has increasingly been used worldwide to describe the management of spatial data of all forms in a context of government administration. There is a clear need for the new democracies to establish a LIS which would integrate an efficient land market system, land registration and a land transfer system.Land policy, in essence relates to the equitable distribution of a basic resource, i.e. land, and would permit a greater transparency in the land administration process. Land policy should ideally emanate from political agreement arrived at through an open democratic process. The resulting policy should then provide a general framework within which land laws and regulations are formulated. The LIS would support and assist the eventual implementation of these policies. While land tenure can be defined as the processes and relationships associated with land and buildingrights (Williamson, 1994), this includes the nature of existing land rights, the balance between state and private rights and the land allocation and reallocation system. Clearly, this aspect is of fundamental importance and is of direct relevance within the context of property taxation. One of the major challenges facing the newly-created democracies is the area of land administration and land reform. In addition they have been faced with the problem of how to begin the processes of establishing property markets and to maintain the momentum of reform. Cadastral reform Cadastral systems in one form or another have been created in most developed and developing countries during the last couple of centuries. The concept of a cadastral system in any country reflects the historical, cultural and legal framework of that country or jurisdiction. They have represented the central component in establishing a land tenure system, and land ownership system, in supporting land markets and supporting efficient land administration in general. A widely accepted definition of cadastre, according to Williamson (1994, p.3), is:A cadastre is a complete and up-to-date official register or inventory of land parcels in any state or jurisdiction containing information about the parcels regarding ownership, valuation, location area, land use and usually buildings or structures thereon.With the dissolution of the Soviet Union, there is a great urgency from the newly-independent countries to promote the privatisation of land ownership within a framework of land reform. In July 1991, the United Nations Centre for Human Settlements (HABITAT) published the statement, ―Future Cooperation wit h Transition Countries of Central and Eastern Europe‖ from which the following extract is taken (1991, p. 51):Taxation on property, however, can be a significant source of income for public authorities with which to finance their own operations and to provide essential services. Apart from the philosophical obstacles to the acceptance of the principles of the private ownership of land and housing which still linger on in some countries, the practical obstacles to the establishment of a transparent system of property ownership are many; beginning with the establishment of a system of property registry and the ceding (or sale) of communal land to individuals.A property tax system must be able to identify and link taxable subjects (taxpayers) and taxable objects. Generally speaking, the tax system can be organised in two broad ways: first, by registering property as declared by taxable subjects, i.e. taxpayers and second, by creating a fiscal cadastre. During the socialist era, many countries had extensive experience with operatingperson-based information systems. Individuals were required to have domestic ―passports‖ that identified their official place of residence, and person registers were well established. In addition, other organisations and legal entities were likewise registered. It was natural for tax administrations in these circumstances to organise property tax systems along similar lines. The basis of the systems required taxpayers to file returns in each district in which they held assessable property. This particular approach requires the taxpayer to have a degree of education and knowledge regarding the system, and the potential existed for under-reporting or inaccurate reporting of information. The drawbacks of this style of information recording have led many democracies to implement integrated land information systems wi th a fiscal and legal cadastre.Land restitution and privatisation programmes in the new democracies have created an urgent need to establish transparent public cadastres which can facilitate among other things land transactions, identify land and property rights and the delineation of parcels conveyed (Home et al., 1996). Property taxation requires clear and definitive parcel identification showing legal boundaries as well as parcel areas. To meet the demands for national development, cadastres are evolving from the more traditional fiscal-based to what are now described as multi-purpose cadastres. The cadastre should give public confidence because of the rigour and unbiased nature of its application in terms of data collection, storage, maintenance and dissemination of information. Within a developing real estate market, it would be the mechanism to guarantee the legal status of real property and rights (Raitanen and Tenkanen, 1992). In many of the emerging democracies prior to the communist takeovers, cadastral systems were well advanced. The subsequent socialist governments saw the legal function of the cadastre as being of less importance than supplying land-related information for central economic planning. In Latvia, for example, the process of land reform and cadastral implementation was undertaken during the period 1918-1940. With the Soviet occupation in 1940, the cadastral system was effectively dismantled as all land was nationalised. However, 1990 saw the introduction of land reform and restitution which has resulted in the development of an automated multipurpose information system for cadastral applications to include land registration, valuation and taxation (Eglitis and Balodis, 1994). Czechoslovakia, as part of the Austro-Hungarian Empire, had one of the first modern cadastres. Originally developed for a system of property taxation, it represented essentially a fiscal cadastre and then integrated a legal cadastre. The cadastre was unfortunatelynot maintained during the socialist period. However, in 1993, In Bulgaria, the first cadastral law was passed in 1908 which had as its objective: …equitable taxation, introduction of land books (for the securing of ownership rights) and for all activities connected with country plan geometry and altimetry (Home et al., 1996, p. 21). In 1941 a second cadastral law was passed. However, as with other countries in the region, the cadastre fell into disuse and became ineffective. The objective of the reform is to reestablish the cadastre which began during the period of the first reform and also to deal with the complicated issues of land restitution.Only by creating a cadastre with a fiscal component, which organises land and building records geographically, can the tax administration ensure that all assessable objects are discovered and correctly described. Figure 2 illustrates the important linkages and benefits of an integrated property tax and cadastral system.Property marketsThe absence of land markets has had a profound effect on the internal efficiency productivity and environmental quality of many cities within the newly-formed countries. There is clearly a need for the development of urban markets. However, such markets cannot operate in an institutional vacuum. An institutional approach to the development of clear and verifiable property rights is the cornerstone of the development of efficient urban land markets (Bertaud and Renaud,1994). What is considered a priority in land tenure reform is to unify land and property tenure forms in order to simplify the trading of real estate.Conventional property markets have yet to be fully developed in most of the new democracies. However, countries such as Poland, Hungary and Czech Republic have been making tremendous progress in this area. However, it has to be stated that, in common with most countries at a similar stage of development (as at 1997), there are in sufficient transactions to be able to provide a database of sales and/or lettings on which to build a fully integrated ad valorem property tax. A great strength of a market system is the ability to rely on transfer prices as evidence of the relative value of properties. However, this strength is vitiated if transfer prices are either not recorded or heavily distorted. There are two other significant problems related to the development of property markets which can impact significant on the implementation of the property tax – first, the land restitution problem and second, the under reporting of transfer values.In relation to land restitution, this is a particular problem with regard to agricultural land withinseveral countries, and is largely due to the hiatus in maintaining ownership records and to changes in cultivation patterns made during the state co-operative farming period. The lack of uncertainty regarding location, ownership and use rights of parcels of land is a frustration to the effective implementation of the property tax. Regardless of these uncertainties, land should be included within the tax base and be taxed on the grounds of fairness, economic efficiency and the need for tax revenue. As many of the new democracies are primarily rural in character, a significant potential loss of revenue would result if land were to be exempted from the property tax. Given this, Estonia, Hungary, Czech Republic, Bulgaria and Armenia either plan or currently impose a property tax on agricultural land. While it is important that property owners benefit from the governmental protection of private property rights, it is of course important that the transaction details are accurately reported. Implementing a high rate of transfer tax can have the adverse effect of encouraging the under-declaring of property values and also restricting the development of the property market. An administrative objective, understandably, is to obtain information regarding a sale or other form of transaction, because such information, if properly reported, is essential to the property tax system and indeed to the orderly functioning of real estate markets.Source: William .J. McCluskey,1998 ―The development of property taxation in the new democracies of Central and Eastern Europe‖.roperty Management,vol.16, no.3 ,march,pp.145-149.。
房产税与房地产企业文献综述及外文文献
本份文档包含：关于该选题的外文文献、文献综述一、外文文献PROPERTY TAX EXPENDITURES: CLASSIFIED PROPERTY TAX SYSTEMSTerri AABSTRACTThis paper focuses on the tax expenditures arising from property tax policies that apply different (non-zero) assessment ratios or tax rates to real property with the primary objective of redistributing the tax burden by taxing different classes of real property at different effective rates. In addition to reducing the property tax burden on favored classes of property, such classified property tax systems can result in reduced tax revenues. An overview of the various property tax classification systems used in the United States is provided along with tax expenditure estimates reported by several states. In a case study of local governments in Tennessee we provide estimates of two different measures of tax expenditures: The revenue lost to counties and municipalities resulting from a switch from a uniform to a classified property tax, and the shift in tax burden that result from a revenue-neutral switch from uniform to classified assessment.1. INTRODUCTIONThe property tax is an ad valor tax but most states do not tax the full market value of property. Instead, some states tax a uniform percentage or fraction of actual market value. For example, Connecticut assesses all property at 70% of market value, or uses an assessment ratio (ratio of assessed to market value) of 0.7. Similarly, the assessment ratio is 0.35 in Nevada, 1/3 in New Mexico, and 0.20 in Arkansas.1 Many states specify different assessment ratios based on the use of the property (residentia l, agricultural, commercial, in dustrial) or type of property (land, improvements, personal property).The application of different assessment rati os to different classes of prop erty results in different effective tax rates, which express tax as a percentage of market value. If the assessed value of all property is taxed at the same rate, those with lower assessment ratios will pay a lower effective tax rate. Some states achieve the same result byapplying uniform assessment ratios to all properties but taxing them at differential rates. Still others that assess property uniformly and apply uniform tax rates achieve different effective tax rates by providing tax relief that reduces the tax owed on some properties.Any system that taxes different classes of property at different effective rates is referred to as a classified property tax. According to this broad defini tion, every state's property tax could be described as classified. Clearly the partial or full exemption of certain types of property constitutes classification. A full exemption or exclusion from the tax b ase is equivalent to a zero as sessment ratio or a zero tax rate. Similarly, preferential assessments practices frequently afforded agricultural properties, timber, and open space, are intend- ed to lower the effective tax rate on these properties and hence constitute classification. Exemptions, preferential assessments, and other types of relief pro- grams are considered separately in other papers in this volume. Here we focus on property tax policies that apply different (non-zero) assessment ratios or tax rates to real property with the primary objective of taxing different classes of real property at different effective rates.2 Such systems are referred to here as formally classified.The objective of this paper is to examine the tax expenditures of classified property tax systems. Two measures of tax expenditures are considered: The revenue lost to counties and municipalities res ulting from a switch from a uni form to a classified property tax, and the shift in tax burden that result from a revenue neutral switch from uniform to classified assessments. We begin, in the next section, with an overview of the various property tax classification systems used in the United States. Section three summarizes existing research on the impact of classification on the distribution of the tax burden. Section 4 defines tax expenditures for a classified property tax and describes the efforts by various states to measure them. In section five we provide estimates of two different measures of tax expenditures for several local governments in Tennessee. Finally section six concludes with a comparison of results and recom mendations for further tax expenditure research.2. AN OVERVIEW OF TAX CLASSIFICATION SYSTEMS IN THE UNITEDSTATESThe first formally classified property tax system in the United States was instituted in Minnesota in 1913. Today, 27 states and the District of Columbia have formally classified real property tax systems or allow classification as a local option. While there is considerable variation in these programs, most give agricultural and residential properties favored or preferential treatment, usually for the purpose of providing tax relief and/or to encourage these uses.Table 1 identifies the states with formal classified real property tax systems in 2012 and indicates the number of classes of real property included. The range of assessment ratios for those states that apply different ratios to different property classes are reported in column 3 and the range of statutory tax rates for those states that tax different classes of property at different rates are reported in column 4. In nineteen states different assessment ratios are applied to different classes of property and in ten states plus D.C. property is assessed uniformly but taxed at different rates. New York City does both while Minnesota applies different assessment ratios for local taxes and different tax rates for their state property tax.Minnesota defines the largest number of real property classes, 11, followed by Maui with 10 classes, Montana with 9, Arizona with 8 and Kansas with 6. At the other end of the spectrum, six states divide property into only two ratio or rate classes. Georgia and Nebraska single out agricultural property to be assessed at a lower fraction than other property while Utah, Vermont and Rhode Island give residential property preferential treatment.Among the states that apply different assessment ratios, agricultural and residential properties are usually assessed at lower rates than other properties. Georgia, Missouri and Nebraska all assess agricultural property at a lower rate than residential while the reverse is true in A rizona, Colorado, Iowa, and Kan sas. Two states distinguish between land and improvements. In Kansas, agri cultural improvements are assessed at a lower rate than agricultural land while Louisiana assesses commercial buildings at a higher rate than land. Although all property is assessed uniformly on the island of Kauai, land is generally taxed at a lower rate than improvements except for agricultural andowner- occupied residential properties for which improvements are taxed at a lower rate than land. Several cities in Pennsylvania also treat land and improvements differently, but they tax land at a higher rate than improvements.Minnesota has one of the most complex classification systems. The assessment ratio varies according to not only the classification of the property but also its estimated market value. For examp le, the assessed value of resi dential homesteads is 1.0% of the first $500,000 of market value and 1.25% of value in excess of $500,000. Similar definitions apply to other classes of real property. In contrast, Utah's classification system singles out only residential property and assesses it at 55% of market value, while all other property is as sessed at full market value.In Illinois classified assessment ratios are a n option for counties with pop ulations greater than 200,000. Nine counties currently qualify but only Cook County classifies. Cook County defines essentially two regular classes of property, residential/farm and commercial/industrial and five incentive classes including new development, redevelopment, and low-income housing. The incentive classes benefit from lower assessment r atios that are of limited dura tion, usually 10 years, after which they gradually increase, over a three year period, to the level for similarly classed property.New York City is the only jurisdiction in New York that has a classified property tax and it is unique in that it uses diffe rent assessment ratios and dif ferent tax rates. Homes are assessed at 6% of market value while all other property is assessed at 45%. Then different tax rates apply to each of its four classes of property.Among the states that apply different statutory tax rates to different property classes, residential property, especially owner-occupied, is usually taxed at the lowest rate with agricultural property next, and commercial/industrial property taxed at the highest rates. South Dakota taxes agricultural property at the lowest rate but both residential and agricultural are taxed at much lower rates than other property. New York City is th e only place that taxes residen tial property at a higher rate (18.205%) than all other property. Here, commercial and industrial property is taxed at the lowest rate (10.152%). However, since New York City also assesses residential property at a much lower percentage of market value (6%) than other property (45%), the effectivetax rate on residential property (1.09%) is much lower than that on commercial and industrial property (4.57%).In Hawaii, each island chooses its own classification and tax rates. Maui has defined 10 classes of property and taxes them all at different rates ranging from 0.25% for homeowner property to 1.5% on time-share properties. Honolulu taxes all residential property at 0.35%, less than a third of the 1.24% rate on commercial, industrial, hotel and resort property. Kauai taxes the improvement portion of owner-occupied residential property at the rate of 0.344% and the land portion at the higher rate of 0.40% while for commercial, industrial and resort property the improvement rate is 0.79% and higher than the rate on similarly classed land, 0.69%. The island of Hawaii has the highest tax rate on homeowner property of all of the islands, 0.555%, and taxes other residential and apartment/resort property at even higher rates, 0.91% and 0.985% respectively.Massachusetts, Rhode Island, and West Virginia also give local taxing jurisdictions varying degrees of discretion in classifying and taxing real property. In 1978, Massachusetts adopted a constitutional amendment authorizing classification. The amendment enjoyed popular support as a means to prevent the shifting of taxes from business property to residential property. Massachusetts defines four classes of real property and allows municipalities to tax them at different rates. Several have chosen this option but generally only residential property is singled out and taxed at a lower rate than other property. There is considerable variation in tax rates across jurisdictions, as the ranges in Table 1 indicate.In Rhode Island there are two classes of real property and counties are al- lowed to vary their tax rates on each class. While again there is considerable variation in tax rates across counties, residential real estate is taxed at lower rates than commercial/industrial real property. In West Virginia the s tate con stitution establishes three classes of property and the state establishes maxi- mum state, county, school, and municipal rates for each class but allows each jurisdiction to set its own rate subject to the maximums and the condition that the rate on other property must be twice that for residential and agricultural properties.Two states, Ohio and Indiana, tax different c lasses of real property at dif ferent effective rates though they have not been included in Table 1 because they do so not by setting class specific assessment ratios or tax rates, but rather by adjusting the final tax bill. In Ohio, property is reassessed every six years and tax reduction factors are applied to prevent property taxes from increasing because of appreciation in property values due to inflation. Separate tax reduc tion fac tors are applied to residential agri cultural property and industrial commercial property to stop the shift in tax b urden to agricultural and resi dential property due to greater appreciation. In addition, after the tax reduction factors are applied, the property tax bill for non-business property is reduced 10% with an additional 2.5% reduction for own er-occupied residential proper ty. This is commonly referred to as a "rollback."3In Indiana tax caps limit tax bills to a fixed percentage of a property's assessed value and these caps vary across property classes. The cap is 1% for owner-occupied housing, 2% for other residential property and farmland, and 3% for business property. The portion of the tax bill that exceeds the tax cap is a credit to the taxpayer and lost revenue to local governments. Not all proper- ties receive credits. The combined tax rate for all the overlapping taxing jurisdictions in which the property is situated (county, township, city or town, school district, library district, etc.) determines whether a taxpayer receives a tax cap credit, and thus a lower effective tax rate.Most states without formal classified property tax systems provide for special taxation of some classes of real or personal property by offering full or partial exemptions based on use, by using different assessment methods for different types of property, or by providing differential credits or rebates for different types of property. The classes of real property most frequently singled out for special taxation are forests, mines, and agricultural property. In- frequent reappraisals can also lead to differential effective tax rates when different classes of property experience different rates and directions of value changes.Agricultural land is usually assessed according to its current use in agriculture as opposed to its highest and best use. Such use-value assessment is commonly based on the rental value as agricultural land or the capitalized in- come from agricultural use.Maryland was the first state to adopt an agricultural use assessment law in 1956 to help preserve the state's agricultural land.4 In some states, such as California and Pennsylvania, the owners of agricultural or open space lands must enter into contracts, which commit the land to its current use for a specified period of time in order to receive the lower use- value assessments.3. CONSEQUENCES OF CLASSIFICATIONThe intent of property tax classification systems is generally to provide property tax relief to the owners of certain types of property, to redistribute the property tax burden among different classes or types of property and/or to incentives certain types of property uses. Relative to uniform assessment and taxation of property, classification may result in a loss of tax revenue if the overall tax base is reduced and tax rates are not adjusted to compensate for this loss. But even if tax rates are adjusted to preven t a loss in revenue, a redistri bution of the tax burden will occur. Also, the resulting differences in effective tax rates will encourage an expansion of the favored uses and a different pat- tern of land use, which will in turn, impact fut ure tax revenues and the distri bution of tax burden.Tax expenditures generally refer to provisions of the tax code that result in reduced revenues. Calculating the cost of property tax expenditures is not as straightforward as other tax expenditures. The most common system sets statewide assessment ratios for each class of property and each local taxing jurisdiction determines its own tax (mileage) rate based on its budgetary needs relative to its total assessed (taxable) value. If taxing jurisdictions are allowed to raise tax rates to offset a reduction in the ta x base, revenues will not be im mediately affected but the burden of the tax will be redistributed. In general, when the taxable value of a class of property is l owered, tax rates rise so prop erty taxes are higher for all other classes of proper ty in the taxing district. Alt hough the total yield from the tax is not immediately affected, the tax is shift- ed from preferential to non-preferential property.Consider the following simple example of a jurisdiction with property val ued at $1,000,000 that has a budget of $20,000 to be funded by the property tax. Suppose that the tax base is made up of two property classes, residential (60%) andnonresidential (40%).If all property in the jurisdiction is assessed uniformly at full market value, a tax rate of 2% will raise the necessary $20,000with residential property con tributing 60% and non-residential property 40%. If the jurisdiction were to implement classified assessment whereby residential property is assessed at 50% of market value while non-residential property is still assessed at full market value, then either the jurisdiction will lose $6,000 in revenue or would have to raise the tax rate to 2.86% to generate revenue of $20,000. In either case, the share of the tax burden on residential property would fall from 60% to 43% while that on non-residential property would increase from 40% to 57%. With classified assessment, the burden on residential property is reduced while that on other property is increased. The effective tax rates on the two types of property would be 1.43% on residential property and 2.86% on other property.As illustrated in this example classification results initially in a shift of tax burden from one class of property to another, from the class(es) of property with the lowest effective tax rate to those with the highest effective tax rates. The long-run impact, however, could be quite different if property owners are able to shift the tax burden and if the differential treatment affects land use and location decisions of businesses and households.Also, although the short-run impact of classification on revenues may be mitigated by adjusting statutory tax rates to maintain revenues, in the long run revenues may change as property values are impacted by classification. In general, a decrease in the effective property tax rate on certain types of proper- ties will increase the net benefits of owning those properties, thereby increasing the amount that potential buyers are willing to pay for them. Similarly, if classification raises the effective property tax rate on certain properties, they will experience a decrease in value. This is the capitalization process: A tax cut is offset by an increase in the market price of the property while a tax in- crease is offset by a price reduction. So classification is likely to result in increases in the value of some properties and decreases in the value of others and these changes may impact revenues in the long run.6The consequences of classification, therefore, depend not only on how the tax burden is redistributed initially but also on who ultimately bears the burden of the property tax. Although many states have chosen, through classification, to shift a greater share of the property tax burden to commercial and industrial property, this burden may in turn be shifted forward in the form of higher prices or shifted back to labor in the form of lower wages and employment. If classification leads to inter-jurisdictional differences in effective tax rates that influence the location of business, higher tax jurisdictions will experience slower economic growth.The equity and efficiency consequences of classification also depend on whether or not the system distinguishes between land and improvements. Since land is in fixed supply, the economic incidence (or final distribution of the tax burden) of the property tax on land falls entirely on landowners as the tax is fully capitalized into lower land values and hence the burden of the tax is distributed progressively. In contrast, the property tax on improvements may, as discussed above, be shifted to consumers in the form of higher prices or to labor in the form of lower wages and h ence may be distributed regres sively. Thus a classified system that taxes land at a higher effective rate than improvements will result in a more progressive property tax. Taxes on land and improvements also have significantly different impacts on incentives. Since landowners cannot react to an increased tax burden by reducing the sup- ply of land, the behavioral impacts, and consequently the excess burden of the property tax, will be reduced by increasing the rate on land and lowering that on improvements.Harts (1997) concludes that the shift to a split rate tax on land and im provements discouraged land speculation and encouraged development and more intensive land use in Pennsylvania cities. However, Oates and Schwab (1997), focusing on Pittsburgh's 1979-80 tax reform that raised the property tax on land to more than five times the rate on structures, conclude that the shift to more intensive land taxation cannot statistically be isolated as the direct cause of the subsequent dramatic increase in commercial construction. Rather, they argue, land taxation is essentially neutral, as theory suggests, but the increased tax on land did allow Pittsburgh to avoid other taxes that might have discouraged development. Other studies simulating the redistributionof the tax burden following a switch to a land value tax find that the distribution- al impacts depend critically on the composition o f the tax base and the intensi ty of land development within the jurisdiction (England and Zhao 2005; Bowman and Bell 2008).Snottily(1979) examines the long-run incidence of a shift in relative tax rates. In particular, he analyzes the impact of taxing commercial property at a higher rate than residential property in a local jurisdiction in which the supply of capital is assumed to be perfectly elastic in the long run. His main conclu sion is that a higher tax rate on commercial property will shift the property tax burden from local residents to customers of the local commercial businesses in the form of higher prices and landowners in the jurisdiction in the form of lower land prices. To the extent that customer s of the local commercial busi nesses are not residents of the jurisdiction, the tax burden is exported. Snottily shows that this effect will be larger if the demand for commercial real estate in the jurisdiction is inelastic.Dye, McGuire, and Merriman (2001) examine the effect of classification in Cook County, Illinois on business activity in the Chicago metropolitan area between 1990 and 1996. Cook County is the only county in Illinois that has exercised the option to classify property and it assesses commercial/industrial property at 25% of market value while most other property is assessed at 10% of market value. In the surrounding counties of the Chicago metropolitan area all property is assessed at 33.3% of market value. As a result the effective property tax rate on commercial/industrial property in Cook County is twice that of the surrounding counties and nearly three times that of residential prop erty in Cook County. They find that the countywide variation in taxes due to classification has a significant effect on the growth in market value of com mercial property suggesting that the higher effective tax rates in Cook County have slowed the growth of business activity.The results of these two studies are consi stent with other empirical evi dence suggesting that state and local tax polic ies do influence business loca tion decisions (Batik 1991) and that taxes have a larger impact on intra- metropolitan as opposed to inter-metropolitan or interstate location decisions. So differences in the treatment of business propertyacross local jurisdictions are more likely to affect economic growth than are differences across states.4. ESTIMATING TAX EXPENDITURES FROM CLASSIFICATION: STATE REPORTSOf the 14 states that report property tax expenditures, only two provide estimates of the tax expenditures due to classification, Kentucky and Minneso ta. Minnesota varies assessment ratios across property classes while Kentucky varies the tax rates for different classes or types of property. Colorado adjusts the assessment ratio on residential property every two years so as to maintain a constant burden distribution between residential and commercial/industrial property. While they do not publish a tax expenditure report or budget, they do provide estimates of the savings to residential property owners that result from this adjustment. Ohio applies tax reduction factors to stop the shift in tax bur- den to agricultural and residential property due to greater appreciation. In ad dition, the tax bills of non-business propert y are reduced 10% with an addi tional 2.5% reduction for owner-occupied res idential property. The Ohio De partment of Taxation provides annual data on the impact of both programs on property tax revenues. The Indiana Legislative Services Agency also reports the annual losses due to their tax cap credits that vary by property class. The most recent tax expenditure estimates from each of these states are provided below.MinnesotaMinnesota enacted the first property tax classification system in the U.S. in 1913 with four classes of property. In 1933 the number of classes was expand- ed to provide preferential treatment for homestead property (owner-occupied residential property). Minnesota's local property tax currently identifies 5 classes of property with multiple subclasses and applies different assessment ratios to each subclass. Minnesota also levies a state general property tax, en- acted in 2001, on commercial-industrial and seasonal-recreational property, at different tax rates for each.Minnesota defines tax expenditures as "statutory provisions which reduce the amount of revenue that would otherwise be generated, including exemptions, deductions, credits, and lower tax rates."8 They consider the classifica tion system to be a taxexpenditure because properties with the same market value are not treated the same.In their 2010 tax expenditure budget, the Minnesota Department of Reeve- nude provides estimates of the impact of classification but only as it pertains to the local tax. In deriving their estimates it is assumed that the same assessment ratio is applied to all types of property, rather than different ratios for different property classes and subclasses. Then local tax rates are adjusted to generate the same revenue and for each type of property, the difference in tax liability that would result from uniform assessment is computed. Table 2 shows the estimated fiscal year impacts for various types of property for fiscal 2010 and for each of the following three years. Residential property classes would expel- rinse tax increases under uniform assessment while commercial &industrial properties would experience tax cuts. These estimates measure the shift in tax burden that would occur if the current classified system were replaced by a revenue-neutral uniform assessment system. For 2010 this estimated shift to- tiled $534 million.KentuckyIn Kentucky, all property is assessed at its fair market value but taxed at varying rates depending upon the type of property. Property taxes are levied by the state and local governments of Kentucky, and tax rates vary across all levels of government. The 2010 state tax rate on most real property was 0.122% while the rate on most tangible personal property was 0.45%. There are 16 classes of property that were taxed at preferential rates below these.Compared to taxing all real property and personal property at the common state rates of 0.122% and 0.45%, respectively, the estimates above reflect ac- teal losses in revenue from the preferential rates, averaging just over $176 mil- lion per year for the three-year period 2010-2012. Preferential treatment of certain classes of personal property accounts for the largest share of these tax expenditures. Reduced tax rates on business inventories and manufacturing machinery and equipment were responsible for almost 78% of the revenue loss.The Office of State Budget Director prepares a biennial tax expenditure report that provides estimates of the impacts of state classified tax rates on state revenues.10。
房地产相关外文翻译3
房地产相关外文翻译3本科毕业设计(论文) 外文翻译原文:Chapter Twenty-NineReal Estate Real estateshould represent a significant position in every investor’s portfolio.Before detailing why real estate should be a core holding in all portfolios a discussionof the potential negatives is warranted. I feel we may currently be experiencing a real estate bubble similar to our stockmarket bubble of the late 1990s similar to the Japanese stock market and real estatebubble of the late 1980s. Schiller the author of Irrational Exuberance has recentlyvoiced similar concerns. This bubbleis due at least in part to the historically lowinterest rates that we have had for several years and the great amount of liquidity i.e.money being pumped into the economy. One way to measure the real value of your home is to compare what the propertycould be rented for in comparison to the price and then compare this to the return onany investment. As an example if a home costs 100000 and can be rented for 800a month 9600 a year this 9.6 return represents a solid investment. However saythe price of the home has risen more than 15 a year for 5 or 6 years and would nowsell for 200000. But the rent has actually dropped slightly to 750 a month becauseso many people now qualify for mortgages so there are less renters. The rate of returnon the home as a rental has dropped to 4.5 750 × 12 months is 9000 which is4.5 of 200000. Considering the amount of money invested the illiquidity of realestate the sales commissionexpenses such as insurance taxes maintenance etc. a4.5 return is probably not adequate. To be able to realize a more usual rate of returnfrom the property either the rent must rise or the price must drop the more likelyscenario. When the only hope of return on a real estate investment is from the favorable tax 1consequences such as depreciation or “potential appreciation” it is very likely thatthe property is overpriced. When there have been multiple years of gains and within the last year prices are upanother 25 to 30 as at multiple sites in the United States homes in Las Vegas areup more than 50 the greatest annual increase in any metro area on record then youmust be concerned about the possibility of a “blow-off” top. This is the upside equivalent of a “panic sell.” You are almost certain to be buying at t he top. With this in mind at present Iwould only buy a piece of investment real estate ifthe circumstances were especially compelling. Otherwise keep your powder dry.other general investing principles of course also apply to real estate. It is impossible to make money on even the best property if the purchase price istoo high. Nothing ever goes straight up and it is possible to lose money on anyinvestment. Location location location. What 10 or 15 years ago was in the most fashionablearea of town may now be in an area that is not as desirable or even undesirable.Even a great property in a great location may not do well if it is over-leveraged orpoorly managed. There are several reasons that real estate traditionally does well and will continue todo well in the long-term. As they say they are not making anymore land. The supplyis clearly limited. This fact is already quite apparent in the center of large cities suchas Manhattan Boston San Francisco and Washington DC. Because of the financialeducational business and government base of these areas it is a prerequisite thatpeople live in close proximity. As society continues to progress and the populationcontinues to increase there will be an even greater demand for real estate especiallyin desirable areas. In general the longer an investment is held the greater the potential for profit. Aninvestor buying the average stock has an almost infinitely higher chance of realizing aprofit if the position is held for 1 year as compared to ifit is held for just 1 day.Stocks can be traded on-line by literally a touch of the button. 2 Compare this to real estate. Selling a piece of real estate is cumbersome. It maytake weeks or months or longer in a down market or if the property is overpriced andthe commissions are significant. You do not sell your home in a panic as sometimesoccurs when the stock market drops and stocks are sold in a panic. These factorsessentially force you to hold real estate longer which in the end increases thelikelihood of a profit. Think of this as a sort of system enforced patience. The leverage of a mortgage increases the profit. A piece of real estate is often asound investment with only a 20 down payment. Compare this to purchasing a stockwith only 20 down and 80 margin the average investor cannot make such aninvestment since this is greater than the usual margin requirements allowed by theFederal Reserve. However hedge funds sometimes do use this amount ofleverage.The purchase of a stock on 80 margin would be a terribly flimsy investment. Consider the following as a reasonable example of the finances and profit potentialof the purchase of a rental property. A 200000 property is purchased with a 20down payment of 40000. If the property was chosen appropriately the rent shouldjust about cover the mortgage payment on a 15-year note. After 15 years your40000 has grown to 200000 a more than 11 compounded annual rate of return.But the gain could be even greater. There is also the following:1. Depreciation with its favorable short-term tax consequences.2. The interest on the note and the expenses to maintain the property aretax-deductible.3. Hopefully there will be an increase in the value of the property itself.4. It should be possible to raise the rent as time goes on such that at sometime orpossiblyeven from the outset there is positive cash flow over and above debt service for themortgage and expenses.This is identical to a corporation that regularly increases dividends. This excess cashflow can be used for anything such as paying off the note early or for otherinvestments. 3 A properly chosen piece of rental property may produce a 15 compounded annualrate of return. The limiting factors to such profit are straightforward namely havingthemoney for the down payment choosing the right property paying an appropriatepricethe work and time of managing the property and patience. Real estatetraditionally performs well in an inflationary environment. Duringinflationary periods financial assets such as bonds cash and stocks lose value.People turn to hard assets with real estate and goldbeing the prime examples. Inaddition if the property is financed with a fixed rate note the debt is being paid offwith cheaper dollars that are easier to come by. The inverse can occur in a deflationary environment. Real estate can be devastated.Fortunately periods of deflation occur rarely but they do occur. The only periodofdeflation in living memory in the United States was The Great Depression. Japan hashad mild deflation for the last 5 years and Japanese real estate is stilldown approximately 30 from its late 1980s peak real estate can go down in value.The problem with real estate and deflation is not only the property is worth less butbecause almost all real estate is purchased with some amount of debt the dollars usedto pay off the loan are both more dear and tougher to come by than those borrowed.The US was barely able to avert a deflationary recession in 2002 and 2003.Considering my concern that we may not have yet seen the final low of this bearmarket see Chapter Twenty-Eight and the degree of debt in our society the nationaldebt is currently more than 7 trillion and increasing at a rate of 50 million an hourwe still may not have yet completely dodged the bogey man of deflation. If the readershould have further interest in learning about deflation I refer you to the book andarticle by Robert Prechter referenced at the end of the chapter. History shows that debt bubbles typically end in a deflationary crash. At presentthe total amount of government corporate and personal debt in the United States isequal to three times theGDP gross domestic product. Every many woman andchild in the United States of America would have to work 3 years just to pay off thisdebt. Paul Volcker possibly the most capable Chairman of the Federal Reserve everwho’s actions in the late 1970s andearly 1980s many feel literally saved the dollar 4was recently quoted as predicting a 75 chance of a Third-World style debt crisis inthe United States within the next 5 years.OWNING A PROPERTY OUTRIGHT There are several situations in addition to your home that you should stronglyconsider the direct purchase of real estate as an investment. The first is vacation or recreational property. A typical example is a home or condoin areas you like to go to on vacations or just relax. Examples include anywhere onwater whether that be a seacoast riverbank or lake such as Lake of the Ozarks in thisarea. I must make one recommendation. The desirable properties are the ones right onthe water. Do not purchase a “second tier” pr operty one that is not directly on thewater. These will never be as desirable as the properties directly on the water and it isquite unlikely they will appreciate as rapidly. You do not want to be forced to lookaround someone else’s trees or shrubs or home to see the water. You want that unobstructed view those gorgeous sunrises or sunsets the sounds ofthe waves to be right outside your window balcony or piazza. Real estate is likecollectibles. People want the best and there will always be someone willing to pay for thebest.Buy the best property you can afford note I emphasize “afford.” Do not get carriedaway. These will be the most fun and have the greatestpotential to appreciate invalue. Other obvious examples of desirable areas include snow skiing areas resorts golfcourses land for hunting or hiking islands and properties in general in areas that arewarm during the winter such as the southeast south gulf coast and southwest.Remember there is a practical aspect to vacation property. Not only is cost importantbut how long it takes to get there is much more important for the vast majority ofpeople looking for a second home or any piece of recreational property. A 75-miledrive can be easily accomplished two weekends a month as compared to a full day’stravel w ith multiple airplane connections to get from the upper Midwest or Northeastto a beachfront home in the Florida Keys. I believe that as our society becomes wealthier more money will be spent on 5vacation/ recreational property. Only so much money can be spent on a home albeitsometimes very much car electronics and other basic needs. This leaves morediscretionary income to be funneled into recreational property. I also believe this willapply to collectibles see Chapter Thirty. Anyone can buy a new car but there areonly so many pieces of antique furniture to go around. Look at the late 1990s. Theprice of recreational property went bonkers. I believe this is only a sample of whatwill occur in the future as more people accumulate wealth and look for enjoymentrecreation and relaxation. One question that always arises with vacation and recreational property is if youshould purchase a stand-alone home or a condo. The majority of people probably findstand-alone homes more desirable. The appreciation potential is almost always greaterthan acondo because you own the land. The principle features that make condosdesirable are the lower price and lack of maintenance. Unless you are willing to payothers to perform the maintenance on a stand-alone home a good part of yourprecious vacation time will be spent on maintenance and upkeep such as mowing thelawn raking the leaves or painting etc. Whatever you choose should suit yourpreference and needs but do not forget this very important and practical issue.From: The Physicians Guide to Investing: A Practical Approach to Building WealthWritten by: R. M. Doroghazi . Humana Press Inc. Totowa NJ 6译文:第二十九章房地产房地产应该代表着每个投资者的投资组合的重要性。
房地产中英文对照5000字2
房地产外文文献译文(5000字)中英文翻译房地产业和互联网：改变科技，改变定位互联网，仅仅它的网页图形版本，就已经吸引了众多消费者和商家的目光。
其便捷、迅速、低成本和通用性每天以瞬息万变的方式被利用着。
聚集互联网的能力来促进现存的商业转变，促进新商业和信息数据设备的改变。
互联网其它引人注目的特性在于能够利用这个新科技通过全球经济进行传播。
从1995年到1999年初，电脑主机的数量增长超过10倍，从1995年至1998年，网站数量增加了将近100倍，超过200万。
到2000年，世界上有大约400－500亿网站用户，网站总数将超过5亿。
这种新科技直接或间接的影响着房地产业。
直接的是，它可能成为一种允许房地产业扩展其信息、销售网络的工具。
间接的是，它可能改变方位模式，企业何地或怎样办公，那么最终将影响公司参与房地产开发、投资和交易这个角色。
测量网络速度在互联网上或网站使用上，很少有可靠的出版统计，不同的分析家往往预报的数据也不一致。
我们讨论的网络和房地产从调查和网站上检测到的信息是有限的，而不是非常全面的数据。
我们通过测试各种各样的来源（包括商业出版物，现有网站和我们所选定的房地产企业）以互联网的角色来建立我们的视野。
从电子邮件到电子商务在万维网到来之前，因特网的存在主要目的是为了电子邮件、数据传输、新闻组和公告牌。
它的延伸是非常有限的，起初只应用在学院和国防机构中。
科技本身并界面并不是非常友好的，网络传播速度并不是非常高的，媒介仅限于文本和数据，而且存取信息难处理，耗费时间长。
但浏览器技术大大简化了使用，使多媒体信息和创造互动式成为可能。
科技将电视娱乐、图书馆信息、新闻通告、通信、数据带到了一个桌面上。
尽管开始时最大的网络用户是学术界，但是商业部门迅速抓住了网络的潜力。
私营企业在网络上发现了一个好机会来扩大其市场范围，降低信息传播的成本，改善与顾客之间的关系并且最终实施销售。
概括的说，现存的私营企业网站大致可以分为三种类型。
房地产外文文献_威廉A.科恩著作
The Marketing Plan of Real estateWilliam A. CohenReal estate development is support for the people's daily lives-47 socialist market economic system development, make the real estate market has become the main economic activity members, in the face of the changing market. real estate enterprises are to seize the opportunities and meet the challenges, we must adopt modern marketing concepts, master of modern marketing techniques. China's real estate marketing and sales management environment even after 20 years of market concepts nurtured, But in China's real estate integrity, marketing innovation, product innovation, and the management structure with the international community on distance.1 Real estate marketing elementary knowledge1.1 Marketing conceptsThe market marketing translates from an English marketing word. Most early produces to US, in 1960 the American market marketing association (AMA) defined the committee the definition: The market marketing is the product either the service from the producer guidance all enterprise activities which carries on to the consumer or the user. The real estate market marketing is satisfies the reality or the latent real estate demand comprehensive management sale campaign process through the real estate market exchange. It has following several implications:1.the real estate market marketing goal is satisfies the consumer to the real estate commodity and the service demand.2.already includes the realistic demand also to include the latent demand.3.the real estate market marketing center realizes the commodity exchange, completes the sale campaign.4.the real estate marketing method is the development comprehensive marketing activity.The real estate marketing is a market marketing important branch, is the establishment in the market marketing theory system. In in real estate marketing utilization mainly by government control section and property developer. The government department mainly carries on the instruction as the market superintendent to the market behavior surveillance as well as to the property developer, disclosed the market supplies demand information, the formulation correlation strategy favor social stability and the economical development. The property developer mainly is discovered the market opportunity, carries on marketing management. In 1990, the American enterprise marketing expert worked the special friend to propose 4C theory, 4C was consumer's desire and the demand, the consumer gains the convenience which the satisfied cost, the consumer purchased, the enterprise and consumer's effective communication. 4C the or y marketing advocated takes the consumer to guide, its essence is locates the product by theconsumer.1.2 Real estate developmentSince long-time domestic has been can obstruct the wind to the housing request to take shelter from the rain good, but, along with society's development as well as our country urbanization advancement speeding go up, the real estate market not merely limits to provides obstructs the place to the people which the wind takes shelter from the rain, but in eagerly anticipates in the housing culture tidal current is spare no effort. The real estate has it to distinguish between other products characteristics:1.the region constancy and the durable land are the real estate product most important producer goods, as a result of land permanence and constancy, therefore the real estate place is fixed. Moreover the real estate natural life-span usually all passes for 50 years, when American Revolution constructs the house till was using, very many real estate all were reconstruct as are salt of the economical factor or abandon.2.the land resource relatively the scarce land resource is the non-renewable resources, the humanity causes the partial land resource in the transformation natural process to suffer the destruction. Along with the population increase, the humanity is going further to speedup the land utilization the step, but we only have a family, Earth's land area cannot have the big increase, although through filled in the sea to make the people to increase the area in some economical developed areas, but, in the world thedesert area increased is an large, the humanity will be able to change more and more in future may using the land area little.3.in the use value income, may not vicarious and continuing forever person's one day has 1/3 time be uses in the dormancy, but in person's one day keeps in the building the time also by far to continue. Today, although the science and technology exceptionally is developed, but the humanity has not still been able to invent one kind of product to substitute the real estate to live the important status in the human it .4.the exchange relates the high value and the increment real estate product is the many kinds of goods produced by labor synthesis, its needs producer goods type and quantity many, needs the craft to be complex, therefore this has decided the real estate value high caract eristic. At the same time, because uses in the real estate product production land resource is non-renewable, uses the land resource in the humanity in the process, the land resource will be able to appear the thing take to hope as the expensive rule. However, at the same time the real estate increment also is decided to people's psychology anticipated. As a result of the real estate own characteristic, the real estate market supplies and the market demand also have distinguishes between other products characteristics.Real estate market demand characteristic:1.the real estate demand widespread basic necessities of life are people's indispensable basic life activity. Regardless of is uses in to live or produces,the people all need the real estate product.2.the market demand multiple person's individuality characteristic had decided the request has the different real estate product to satisfy its different request, is useful is also useful to the production to the investment.3.the market demand continues forever natural this is in the real estate use value necessity and may not the vicarious decision, because the real estate is the people lives with the social product material base. It cannot eliminate because of the technical progress, but is along with the people living standard enhancement, the social civilization progress, the people more and more are also high to the real estate product request.4.market demand financing because the real estate price is expensive, the people completely pay the funds with difficulty ,this has produced by the loan and credit support financing.5.the real estate expends the long term real estate is the high value product, simultaneously its life very is also long, therefore the real estate expense is long term.6. market demand rich elasticity.Real estate market supplies characteristic:1.the market supplies lack the elasticity because the real estate has the position fixedly, land resource scarce, the use value may not vicarious and the development construction cycle long characteristic, no matter the market demand quantity has in a big way, the price has high, the market suppliesquantity is impossible in the short time to have comparatively sweeping change.2.the market supplies regional real estate product place constancy had decided the real estate product only can provide to its production place, therefore in the real estate circulation process only has but does not have the thing class.3.the market regulation not complete our country real estate market now still had the part was the public housing, moreover some are as have not still provided the housing according to the stipulation to supply the common reserve fund. People's ingrained housing idea is hinders the market advancement the key, now still had many people to think the housing should free provide by the government, this with difficulty starts the housing the expense development, the market control action is not obvious. Because our country economical development quite is slow in the eastern part coastal area quite quick mid-west, therefore our country real estate market maturity in the eastern part and west, all has a bigger disparity in the cities and the countryside. In the real estate marketing practice, these local land nationality's difference is impossible to neglect. The modern real estate marketing theory is the modern marketing theory and the real estate marketing practice union, only has in the balance analyzes Chinese the actual situation to be able to do well in the marketing practice.2 Real estate marketing management2.1 Real estate marketing environmentThe real estate marketing environment analysis is the entire marketing activity most important link, is the real estate enterprise carries on the marketing decision-making, the realization marketing goal foundation. The modern marketing idea core is take the consumer as the center, theenterprise marketing activity starting point is consumer's demand. Must analyze studies and meets the consumer need, must make the thorough analysis to the market marketing environment. The real estate market marketing environment analysis is affects the real estate enterprise the market and marketing activity enjoyer and the influence. It is the real estate enterprise's existing space, is the enterprise marketing activity foundation and the condition, its remarkable characteristic is marketing environment dynamic. The enterprise must be able to move adapts to circumstances or environment. The real estate market marketing microscopic environment is refers to the direct influence and the restriction real estate enterprise marketing activity environmental factor, including enterprise, supplier, marketing intermediary, orthopedics, competitor and social public. The market marketing macroscopic environment is refers to the indirect influence enterprise and the restriction real estate enterprise marketing activity social strength, also calls then direct marketing environment, it including population factor, economic agent, natural factor, science and technology factor, political and legal factor, society cultural element and so on.2.2 Real estate marketing management analysisIn under the market competition drive condition, the real estate enterprise for obtains the marketing activity the success, not only must provide the suitable for sale real estate product by the suitable price through the suitable channel to the market, moreover needs to adopt the suitable waypromotion product the sale. Therefore, the promotion sale also is the marketing personnel transmits this enterprise and the product information through each way for the consumer and the user, promotes its understanding, to trust and to pur chase this enterprise the product, has achieved the expanded sale the goal. The promotion essence is between the real estate marketing personnel and consumer's communication. Since long ago, our country real estate profession presents the buyer market situation, the real estate enterprise does not need to worry the sales question. Therefore, regarding promotes sales this work, regardless of is in the ideological recognition, the promotion personnel strength on necessary as well as in the establishment and the perfect each kind of mechanism, all extremely is short of. Promotes sales generally may play to three aspects roles: 1st, the transmission news, the communication information are carrying on the promotion time used very much reduced the selling price or provides other more preferential measure to attract the consumer, brought to people's attention, such people could be aware transmit such some news to theirs relatives and friends, thus achieved enlarged the propaganda the goal. Through the promotion, can attract more consumers to arrive the locus to carry on really visits inspects, like this, the sales work achieves the bidirectional communication. 2nd, the prominent product characteristic, sets up the enterprise image to carry on the promotion the commodity usually is quite outstanding or is the comparison has the characteristic in, but we incarries on the promotion time can emphatically propagandize this kind of kind of characteristic, such speech can deepen the impression in consumer's mind. 3rd, the induction demand, the expanded sale enterprise carries on the promotion puts out some favorable conditions, stimulates consumer which these wants to buy does not want to buy, urges them to set firm resolve to purchase. Usually carries on the promotion not to be able the pure use one method, can use several promotion ways in very many enterprises simultaneously to carry on or the combination carries on practical. Often the enterprise can carry on some innovations according to the enterprise own situation.3 Present situations and problem analysisThis chapter we attempt through to have the correlation problem from the different market participation main body angle discussion the factor, thus for provides the solution to make the reference. But mainly is connected regarding the market marketing theory application by the government the control section and enterprise's market marketing department. They looked the question the angle is dissimilar, simultaneously saw the question also is dissimilar, the question which needs to solve and solves the question method to be different. Under, we through different angle discussion question cause.3.1 Looks at the question from the real estate market superintend the causeSince the vacant room question is the new question which our country has appeared in recent years, is our country housing distribution system changes the market supplies by the national supplies in the process to appear. The vacant room question mainly has following several aspects to cause: 1st, the property developer does not pay great attention to the product quality to create the product not to be able to realize the ancestors demand function. It had the possibility is the enterprise neglects the quality surveillance to create, also possibly was the property development enterprise has not beenable to consider in the product development plan and the design stage the real estate future the development will create product function lag. 2nd,the house price excessively is high is the residential biggest complaint, this also is the real estate un sal Sable primary factor. Now the real estate price excessively is high, seriously has surpassed our country burgher economy bearing capacity. Our country housing reform policy reform officially carried out from 1998 to the present already has five years, but, inhabitant's real estate aspect expense ability was very low. Although our country upscale real estate market development speed certainly has not slowed down in recent years sign, but, excessively is high as the market strut main body or binary consumer's purchase desire because of the house price but cannot obtain the realization. 3rd, the real estate construction high speed development, our country now the real estate investment speed-up every year above 25%, has not formed the formidable purchase market in our country time, the fast development has surpassed our country resident's economy bearing capacity. Like this formed the to tall quantity supply to be sufficient, expends the ability lag the situation. For example, the Beijing last year vacant room quantity was530,000 square meters, but had the quite partial Beijing resident housing area to be lower than 10 square meters. Will solve this part of residents' accommodation to be able the effective solution vacant room question. 4th, all previous years accumulate vacant room. Freezes three feet non- first to be cold, our country vacant room question is not the nearly 12 years only thenappears. Beijing in 2001 the commodity apartment vacant situation looked that, the vacant time 3year within commodity apartment has approximately composed 9 tenths. Increases the vacant room becomes the prominent question, the government has not put out the explicit manner solution vacant question. The relative our country countryside, the market economy is not certainly developed, but, because the people are according to must construct the room according to the ability even if has part of old room to appear vacant, but to our country overall economy influence really micro.3.2 Looks at the question from the property developer angle the causeProperty developer sales difficult question, this is the same question which very many developers meets. Its major effect factor has following several points:1.the real estate product itself quality question, the real estate quality question appears the sales difficult primary factor. In some developers does not pay great attention to own product the quality ,thought when appears sells the motionless time so long as 12 drops big kings can change the course of events. The real estate product quality low factor mainly has the property developer not to take with the government control section work not to arrive creates.2.the property developer sales rhythm has not grasped. Very many developers in order to cater to consumer's demand usually to be able an all fixed price, so long as has the appropriate buyer to be able to provide thehousing, when reconciles time appeared some its elf quality is not the too good unit sells motionless, but reconciles the time the building sales income usually is the property developer profit is at, this causes the project later period the sale to fall to the difficult position.4 Countermeasures researchOur real estate market superintendent's angle may seek the question solution the countermeasure, as follows:1.in the processing vacant room question I thought the government should from the examination and approval angle consider needs the enterprise in the project declaration process to propose a set off feasible plan, including the sales plan, is like this advantageous to the real estate market superintendent has macroscopic data statistics, thus can carry on the corresponding instruction in the plan process to the real estate project feasibility.2.the government should strengthen the macroscopic information in and in the national economy balanced development question theannouncement and the national development strategy instruction, causes the enterprise to grasp the sufficient market marketing information ,will provide the information foundation for the later marketing investment.3.in order to provides for an income lower inhabitant is suitable the housing, I thought merely is enhances resident's income not properly certainly. Because the wage increase for the National worker to be able to cause our country the financial deficit burden to aggravate. Our country should in open up the inhabitant to receive on the channel to solve inhabitant's housing difficult problem.4.the real estate transaction information management will cause our country the transaction behavior, also will be able favor the policy which the national formulation. In sped up the information construction in the process our country to obtain some achievements, but the real estate transaction information management has not carried on in the entire profession, had to solve this aspect problem to be supposed emphatically to develop our country information construction and talented person's raise, regardless of were the software hardware all wants on a stair.5.in order to solve the real estate industry leader's problem mainly from to stress the strong leader's idea renewal to obtain, only had the idea to renew has been able to study the advanced market marketing theory on own initiative, our country government leaders is implementing young, like this could urge the leader enhancement sense of crisis, did not forget for theother people to serve all the time, for social service. The real estate control section should diligently support the domestic some name brand Realtors, causes it in to provide the high quality moderate price for the resident on the housing product with the government close cooperation, both is advantageous to improves the urban construction, optimizes the urban planning, and is advantageous to promotes the market the good faith degree.At present our country real estate industry is being at a brand-new development phase, the real estate marketing is its important aspect, therefore the marketing strategy speaking of the real estate profession has the very important practical significance.5China's Innovation of Real Estate MarketingA few years ago, real estate marketing is a relatively rare seems to term, is not known. Now the general public has become familiar to the popular concept. Walking in the street, suddenly to a picture of colorful houses leaflets will be stuffed into your arms; a field of real estate trade fairs, expositions, seminars, one after another; open the newspaper, he could feeland to blocks of luxury; turn on the TV , the ones who enjoy one residential area to sell advertising turns into battle ... ... real estate marketing, real estate companies have been interpreted as a number of competing Soochong highlight of enormous amounts of money. No wonder some people have said the industry; real estate success is to plot selection 5 0% 3 0% is the design, planning; 20% is marketing. The success of building design must be done through marketing and embodied, visible, real estate marketing is extremely important.However, look at the recent battle over the ever-changing real estate marketing, promotions, a considerable number of developers is nothing more than "discount none other," "all-weather property management", "quality three packs of" like "three constantly read articles." Developers still in the traditional marketing concept of residential sales completed first phase, but often overlooked in the development process of the investigation of the real needs of consumers. Uniformity of its real estate development, and its selling point of convergence of the so-called hype with little personality, to stimulate and satisfy the growing diversity of buyers of consumer wants and needs. This may be difficult for many developers, sales, real estate is an important reason for the backlog. The star of those distinctive properties are unusually Anoxia. Practice has proven that customers in the purchase of consumer psychology matures, the case of supply exceeding demand housing stock, real estate development companies only take marketinginnovation, identify the unique selling point to a difference in the market competition .Innovation is the lifeblood of the real estate marketing. But in the real estate market, follow the market everywhere, like an invincible position in the real estate market, the need for marketing innovation. Only the path of innovation, form their own marketing features to survival and development.With the development of the traditional real estate marketing theory more suited to market requirements, but can not do many of the current real estate companies to explore various creative direction, marketing, innovative practices that resulted in the disorder and confusion, real estate business a greater cost and risk of innovation. Real estate marketing innovation of the current real estate market to grasp the new situation facing.since the end of 2004, the face of overall economic overheating signal, the state has increased macro-control efforts. The source from the state departments of real estate - the credit and land began to take a series of regulatory measures, although there are some delays, but the role has achieved initial success. With the various regulatory measures started to play a role in macro-control on the effect of the real estate market will be further demonstrated. Real estate enterprises, credit, real estate land is conducive to long-term tightening despite the sustained and healthy development, but the short term will bring greater pressure.Real estate prices continue to rise. From 2005, the domestic real estate market since the macro-control, although some slowdown in local housing prices. But we should also see some local housing prices is an indisputable fact. Especially in 2006, is leading the real estate market in Beijing, the national real estate opinion is Zhangjiakou.Residential vacancy rate increased. From the National Bureau of Statistics and Central Bank data, the first since 2005, rapid increases in real estate vacancy rate; second rapid decline in the real estate consumer credit.Individual housing demand. Statistical data from the financial perspective, the real estate demand is reduced. Central bank data show that: individual housing consumer credit in 2004 increased by 35% or more, an increase of 470 billion yuan, and 2005 individual housing consumer credit growth was 15.8%, increased by only 260 billion yuan, only half of 2004. At the same time from the first quarter of 2006 the situation, long-term consumer loans to households increased 39.9 billion, up by 24.5 billion less.The new situation, the real estate business made sales of new challenges, marketing strategy is imperative. When consumers choose not to stay in the residence of the consumer perception, when the market demand gradually from an emphasis on high-quality living experience life to the pursuit of the transformation of the property to enter the "quality of winning" era. This requires in the real estate developer and operator of the quality of the whole process of implementation of a comprehensive marketing.Overall Quality Marketing is a customer demand for the pilot to improve product and service quality, focusing on marketing efforts through the entire process to improve product quality, driving quality and performance, in order to achieve a new goal of customer satisfaction marketing idea. Total Quality Marketing, you must do the following:1.Reasonable market positionOnly accurate market positioning, sales to progress quickly, then the smooth flow of funds, shortage of land has been efficient development, so that national macro-control will not cause any adverse effects. The house is not built, precise positioning first. Must be fully and understand the client market research based on scientific market segments, to determine the breakdown of good potential target groups; while strengthening the status of a competitor to prevent the positioning of convergence.2.Differentiated quality orientationThe needs of target customers through the state and expectations of the quality of research, analysis and positioning to determine the quality of their products. Enterprises not only to focus on product quality and positioning of functional quality and pay more attention to suitability of the product quality. Increasingly prominent personality in the consumer today, companies want to gain advantages in the products must be from product innovation and personalized products of these two aspects. Enterprises can maintain a certain scale in the economy, to provide customers with different needs tomeet their individual products, so that each customer can be satisfied with the experience.3. Timely external communicationProactive customer care, often take the initiative to maintain customer contact, collect customer products, services and other improvements, and timely delivery to customers information about businesses and products, and continuously improve product and service quality, so that customer satisfaction can be improved.4.Harmonious internal communicationOn the one hand communication with internal staff to improve internal employee satisfaction and loyalty. Satisfaction, and loyalty of employees to the value of customer expectations contribute to improve the perceived quality of the customer to make more satisfied customers. On the other hand the communication with other departments, the customer needs, competitors, and product quality orientation in thinking the situation accurately and quickly communicated to product designers and producers to promote R & D and production departments to develop in accordance with market demand, adapt to market quality standards, to provide products that meet market demand;5. Marketing, quality control processAccording to market demand and consumer expectations of quality of marketing, marketing, quality standards development, marketing, quality。
房地产可行性研究外文文献及翻译
The Analysis of the Issue Related to the Feasibility ofStudy the Real Estate Project on the Basis of theImplicit CostAbstract: It is known that the feasibility study of real estate project plays an important role in real estate development. Nevertheless, there still remains many problems in the feasibility study. In this paper, the concept of implicit cost will be introduced, which will be used to analyse these problems.Meanwhile, some useful strategies will be raised for these problems,which intends to further improve the feasibility study of the real estate projects.Keywords: real estate project; feasibility study; implicit cost; problems1. IntroductionThe feasibility study is the decision science has been used in project area, and the basic target is on the basis of the comprehensive investigating and researching to identify a construction object whether have the characteristics of progressive, reality and reliable in the whole prosess from previously project construction to line operation. We also need to know those whether can pay off from the finance and the credibility in the economy to give a big help for the investating decisions. It is real role that a framework to investing project , and is the key factors that can decide the project can be invested or not to give some supports on the project decisions. The real estate is characteristic of accounting for huge financing, a long period relative to the investing and easily influenced by the instable factors. Therefore, the the feasibility study is very important for the real estate. However, currently we are more and more focusing on the explicit cost in the feasibility study and ignoring the intangible cost. The intangible cost is , as opposed to explicit cost and hided among the total cost of enterprise, caused by the decision maker characterized by lower diathesis, wrong concept, and the deficiency of informations, coupled with the non-market factors to lead to the total cost increaseing directly or indirectly . The amount of economic benefits of the project largely depend on getting full knowledge of the intangible cost in the real estate.2. The Existence of the Questions Lied in the Feasibility Study on the Basis of the Intangible CostRecently, the real estate have got a big improvement in the feasibility study. As the main contents and methods, it have been normed and stabilized gradually to use in the project decisions. But that is fact that the feasibility study cannot play the role above mentioned in the real case. The worst case is that there is no the feasibility study before starting the work. And another events is that the feasibility study had been done, but the result was not fit to the requestions. The main problems are following:2.1. The Investor with Low Diathesis Did Not Pay More Attentions on itUntil now, a number of the investors did not get a clear clue and realize the importantance related to the feasibility study. They had made a decision whether building the real estate relied on their own wish, and reckoned the feasibility study was just a “payable paper” to submit to lending institution, investor and government. There is no meaning in the feasibility study because of carrying on is not thorough, focusing on the format. Therefore, the “feasibility study” is the aim that how to get a permission from the related department and a loan from the bank, so the data cannot be used to reflect the real conditions. The economic benefits of the whole real estate project have decreased, even failed that was mainl y ascribed to the invetor’s attitude, ignoring the importance of feasibility study. Those are called the intangible cost. The other factors is linked closely with calibre that a excellent decision maker should be characterized by determination, confidence, far-sighted.ect. When a favorite investing project lie in front of a investor, he must be confidence and determination to make a decision as soon as possible, or the problems relative to the economic benefits′ lost would be happened to create the intangible cost. Moreover, the investor should have the characters of far-sighted to consider the investing process, and not care the “gain and loss” in a small events to make a wrong decision. It is obviously that the high-calibre is an very important factor to the investor to avoid the intangible cost.2.2. The Feasibility Study Related to theConstruction Project is Mainly Completed by the Consultant Agency and Design Dthe Deviser Has Low-CalibreDepartment of construction entrusted by investor. It is possible that the accuracy largely depend on those institutions′ level controlled by the deviser’s calibre. Unfortunately, a huge number of devisers are lacking of the attitude on seek truth from facts. They have partially used the data to optimistically evaluate the market price movement. They also did not exploit the market survey in details to predict the market prospect; at the same time, they did not care about some faults, however, more lights shed in exaggerateing the advantages of technology and product that reducing the success rate of investing. On the basis of the devisers having low-calibre, the feasibility study cannot be completed by course of correct way and canonical process that the decision maker got a wrong judgement to result in losting the econ omic benefits, even the whole project’sdepleting.2.3. The Analysis and Forecasting of the Market is not EnoughThe earning power of investing project is not only depending on the all kinds of available resources, but also relying on the current and potential requests needed by society. Currently, there are no more attenions concentrated on the market survey and forecasting in the feasibility study. A large numbers of data came from the related researchers’ experience and social relations. Even though they did a survey and forecasted the market trend, the results are more qualitative analysis than quantitative. The data measured by above process cannot really reflect the market condition and prospect. It is seemly like having good benefits, because of the fault existed in the analysis and forecasting of market to lead to the investing project has to face the condition “having a price but no sales”. Those can be avoided according to the reseacher’s endeavor.2.4. There is No Comparative among Every ProjectA larger numbers of reseachers pay more attentions on the single project than the comprehensive in the feasibility study. In some cases, they also analyse some projects at the same time but a particular one will be analysed more deeper than another analysed superficially. The decision maker have to accept the project choosed by reseachers on their wishes, and then the comprehensive researching changed into single will lose the meaning in the feasibility study. Because lack of the comparative project, leading to the economic benefits related to the finance will be fixed to lose the chance of getting more benefits from the market to create more intangible cost.2.5. Ignoring the Value of the Environmental AssessmentThere are many faults lies in the currently environmental assessment showed by the report of feasibility study. In some cases, there is few contents and the analysing superficially about the environmental assessment, because of there is no surveying the surroundings nearby the project or the assessment is not correct. It is obviously that those are contradiction with the strategy of sustainable development developed by our country. Moreover, there is no consideration between the project and sustaining ability of environment carried out by the investor. As a result, the developing intensity will exceed the loading capacity of environment near by the project to produce seriously environment contamination. This will increase the project later environmental protection costs, such as controling environmental pollution and strengthen the green, ect.There is a serious environmental evaluation work to be needed on environmental protection, and using real data reflect the revenue and expenditure to provide true evidences for the final decision. However, many of the feasibility study overlooked this respect that the project had been put more money in late to produce increasely the intangible cost.2.6. Don't Pay Attention to the Analysis of the Sensitivity and Risk FactorsThe estate project itself has a high risk and investing, because of there are some uncertain factors in project implementation process. With these uncertainties, the investment project there is a risk, thus the uncertainty of the whole project is of vital importance. If the feasibility study of these risk factors were accurately analysed that will cause additional costs of the project.In practical work of the feasibility study , the analysis of risk is not enough or only stay in qualitative analysis, give a quantitative analysis. Though some of them to quantify, but either quantitative method unsuitable or quantitative results do not take seriously, not have a good understanding to project risk factors , thus make some project in concrete implementation appear of risk or risk factors change , led to increase costs and economic benefit greatly decreased, causing the recessive cost of production.3. Countermeasures of Feasibility Study3.1. Strengthening Ideological Education and Quality Education of the Decision MakerIn order to make feasibility study go smoothly, decision makers should be educated to fully realize the importance and function of the feasibility study. The ideologycal recognition and definite feasibility study effect, so that it can from the fundamental guarantee of feasibility study work smoothly. In addition, there must be necessary education to investors to improve the quality and professional skills of their own, so that when making decisions they can decisively and correctly make decision to reduce implicit costs and increase profits.3.2. Improving ability of the deviserInstitutions of training feasibility study professional must be established and perfected ,related departments should organize professional training regularly. Professional ethics education should is necessary to make professionals realize the importance of feasibility study; in the mean time , in order to decrease fault because of professsional skills deficiency and increase correctness of feasibility study professional skills must be enhanced. Establishing and perfecting of the feasibility study for the vocational education training employees of the system, by related departments groups regularly for feasibility research personnel's service training.3.3. Pay Attention to Market Investigation and Market ResearchIn the feasibility study phase, in order to avoid "negotiable without city" awkward situation and more implicit costs, feasibility study professionals should be ready for market research and market forecast work. This requires the relevant personnel take related work seriously, guarantee the correctness of market information to reflect a true market prospect. And earnestly analyze the market consumption levels, an accurate grasp of market demand. In order to keep commodity to consumption group and to avoid implicitcosts, feasibility study professionals must earnestly analyze the market consumption levels, grasp market needs and main consumption groups accurately, prepare for marketing positioning.3.4. Compare and Chose Comprehensive Investment ProjectFor a specific project there may be several different investment plan, after accurately study and compare of every investment project, the optimal project can be achieved. Through compare of different comprehensive investment project risks can be reduced, more profits can be achieved. That proves feasibility study plays a important role in reducing costs and making accurate decisions.3.5. Paying More Attention to Environmental EvaluationPay importance to environmental evaluation, abstractly analyze environmental impact. qualitative analysis must be made thoroughly if quantitative analysis is not suitable. During site selecting phase, in order to decrease later costs and implicit costs load capacity of environment around must be taken into account. When considering investment project, we should realize environment impact and economic profit to chose relatively environmental project and reduce implicit costs.3.6. Deepen Investment Projects Sensitivity and Risk AnalysisIn order to effectively prevent and control the risk, in feasibility study, we should strengthen the sensitivity analysis, pay great attention to digging the potential risk factors, such as investment environment risk, project construction risk, etc. And we should pay special attention to unfavorable factors and bad results, for example, implicit cost because of residents unmovement; Implicit cost caused by construction damage and extension of construction limits time limit because of local seasonal natural disaster. Therefore we should unify the quantitative analysis and qualitative analysis and give priority to quantitative analysis so as to prevent risk purposely and make scientific decisions. If sensibility analysis and risk analysis should be based on scientific data, strategic fault of project can be reduced greatly so as to reduce implicit accuracy.可行性研究对房地产项目隐形成本的相关问题分析摘要：据了解，房地产项目的可行性研究在房地产开发中起着重要的作用。
房地产市场监管中英文对照外文翻译文献
房地产市场监管中英文对照外文翻译文献房地产市场监管中英文对照外文翻译文献(文档含英文原文和中文翻译)China's real estate market regulators need to studyAbstract: real estate has become an important pillar industry, real estate Development and closely related to the national economy. This paper theoretically discusses the real estate market monopoly, externalities, public goods characteristics and information asymmetry, and from our real estate Development process and the specificity of the perspective of the real estate market analysis studies, and thus fully proved right China's real estate market, the need for regulation.Keywords: real estate; market; regulation1. the real estate market failure determines the need for government regulationRegulatory Economics research amply demonstrated that market failure is a market economy, an important reason why government regulation, resulting in market failure is due mainly to a monopoly, externalities, public goods and asymmetric information, the real estate market also exists market failure.(A) the real estate market there is no monopolyMonopoly of real estate is determined by the real estate properties, real estate is the location of the main features of the non-mobility, a housing Once the location of other buildings on the irreplaceable, but also because there are floors, towards the various other factors, determine a house in each house are independent, so the property in the rental and sale, with regional and monopoly, and thus the formation of monopoly prices. As the largest real estate investment, long payback period, which can enter the real estate market can only be a few enterprises coupled with the limited supply of land and real estate Development and operation of the scale of requirements, it is easy to form partial or regional monopolies the land market by a government monopoly, affordable housing and low-rent housing provided by the Government. In order to stabilize housing prices, protecting the interests of consumers, the real estate market must be Government regulation.(B) the existence of external effects of the real estate marketReal estate includes both the concept of external economic activities in the real estate subject to the impact of other economic subjects, which also covers a number of other economic entities of the impact of economic entities on the property, the external effects of external economic and policy-makingfunctions of the main embodiment is different: externalities imposed by a party to only consider their own profit maximization problem, a matter of personal reason rather than social rationality.The external nature of the real estate according to different standards can be for a variety of categories according to their scope resulting from the effects of externalities can be divided into macro-and micro-externality. Macroeconomic externalities is a kind of real estate behavior of economic agents impose on others outside of the main benefits as a result of real estate investment and Development activities to improve the investment environment in the entire region, which for the industrial and commercial economic activity, cost savings and extended Industry profitability space. This real estate imposed on the beneficial effects on other industries is a macro-external economic phenomena. Urban industrial and commercial prosperity, not only enhances the economic vitality of the entire city, but also makes the relevant areas raise the level premium location, which is imposed on other sectors of the external economic effects of the real estate industry. Micro real estate outside the real estate industry refers to the various economic agents within or between the different economic activities in the real estate that exists between external effects. For example, the commercial and industrial real estate development activities on residential real estate development, distribution and consumption of both the existence of external influences.According to the nature and role of external influences the direction of the real estate be divided into external economies and external diseconomies. Any economic activity because the real estate benefit from external influences known as the real estate outside the economy. Because of real estate development made the city belongs to the real estate landscape greatly improved external economic. Any economic activity because the real estatedamaged by external influences known as the real estate external diseconomies. Urban land development and construction result in over-crowded housing, public green space reduction, and environmental pollution it is possible to reduce the value of the land affected, including many industries, including real estate development, which belongs to the real estate external diseconomies.(C) to provide the real estate market public goods (public goods)Consumption of goods that people can be divided into private goods (private goods) and public goods. Real estate economy, there are many public goods or 'quasi-public goods'. Such as urban infrastructure, flood control projects, earthquake engineering, public facilities. These projects due to large amount of investment, the investment recovery period is long, also difficult to exclude those who pay for the use, by the market to provide often leads to insufficient supply can only be provided by the Government. But the government is not necessarily the direct production by the Government, the Government may delegate or contracted out to independent companies to produce, the Government is only responsible for fund-raising and management.(D) The real estate transaction there is asymmetric informationInformation asymmetry is the imbalance distribution of the information in the trading parties. The consumers and operators, both in terms of the contract, the operator has on commodities, information superiority, enabling consumers to easily deceived, known as the information is not complete. Consumers of information on all aspects of consumer product knowledge is usually limited, they often do not know if commodity prices and the differences in how the quality of goods. Market information is not complete mainly as follows: 1. Information about the quality of goods is not complete, consumers have only the limited quality information. 2. The informationrelating to commodity prices is not complete, consumers have only the limited price information. Information asymmetry may occur in another situation, the part of consumers to grasp the message in its entirety, and the other some consumers have only the limited quality information. Competition on both sides to win in the competition, sources of information through the containment methods such as the expense of other information about each other, thereby beating the competition.With both the real estate product usability, but also has investment properties. Shops and offices are mainly dominated by investment buyers to purchase housing in part, investors, consumers and investors are very sensitive information, such as: When the Government announced a location to build the subway, or a place to build a large-scale shopping malls, then, as long as the information on a release, the surrounding homes will be price increases, indicating the real estate product already has the information on product features. The performance of the real estate market information asymmetry as follows: As the real estate development investment in large, extended period of time, can enter the real estate market vendors is relatively small, developed the product quality situation, the price situation, sales to consumers to said that, there is bias. The heterogeneity of real estate commodities, price changes and trading expertise and complexity of information asymmetry can lead to both buyers and sellers. Asymmetric information will increase transaction costs, reduce market efficiency, but also may lead to moral hazard and adverse selection.To ensure the validity of the real estate market information, there are two solutions, a market solution, that is, market participants through their own efforts to search for information, and to use their own knowledge and skills in information selection, analysis and so on. As the market participants are rational in itself, and it made such a search for information on the cost oftheir decision-making must be based on its own cost-benefit comparison, only the information that the cost of paying less than the gains for this purpose, he would to pay such efforts. However, this approach due to the following constraints, making this totally market-based solutions can not be implemented.First, the information search itself, there is a cost. Because of the uncertainty of trading partners, in order to accurately grasp the needs of all potential trading partners, as its trading direction, quantity and price, it is very difficult to do. Second, market participants and the differences inherent qualities, and some do not have the ability to identify the minimum of information, while others are unable to complete the information search and analysis. Third, due to market imperfections and information asymmetries, making moral hazard and opportunism prevail, resulting in information Ershi fraud losses are sustained by some market participants, this part of the people's interests can not be market compensationCan be seen, it is the particularity of the real estate market, making the real estate market information costs, or said to be totally market-oriented solutions for the transaction costs are so high, resulting in an average consumer can ill afford to pay for housing information on the sale of the marginal cost, so increases the investment risk, so that adverse selection and moral hazard problem can hardly be resolved, thereby reducing the operational efficiency of the market, distort the allocation of social resources. Therefore, in order to overcome the real estate market with incomplete information and non-symmetry of information arising from market issues, we need a detached role of the real estate market participants to intervene in the real estate market, monitor the operation of the real estate market for all investors the creation of equal opportunities, all kinds of information on actual market environment for the real estate market, open, fair, just andprovide a guarantee to reduce the purely market-based solutions to problems arising from high transaction costs. Thus, created a demand for the real estate market supervision requirements.Second, the particularity of China's real estate industry determines the need for regulation(1) China's real estate industry in the development of special course The real estate industry in China is an ancient and emerging industries, in over 2,000 years of feudal period and semifeudal and semicolonial period, although the change of dynasty, but the land and housing leasing, trading activities have not been interrupted, Ming and Qing Dynasties, it appears of professional real estate agent.From 1949 to 1990, China's real estate development can be divided into three stages: First, in 1949 and 1978 China's restrictions on the premises of the industry's consolidation phase. After the founding of the People's Republic, bureaucratic capitalists, real estate was confiscated, making it the state-owned assets allocated to the state organs, enterprises and units. From 1956 onwards, in various cities to carry out the socialist transformation of the real estate industry. To 1964, essentially eliminated the rental of the self-employment, at this time of urban land has in fact attributable to the State and to implement free, indefinite use of the system does not allow the sale of the transfer. 2 in 1979 ~ 1987 years of the initiation stage of China's real estate. In December 1978 established the Party's Third Plenum of the Eleventh taking economic construction as the center, China entered a new historical period of reform and opening up. In 1984 the State Planning Commission and the Urban-Rural Construction jointly issued a document, allowing for real estate development activities since then, China's real estate industry in China, started the regeneration of the earth. Third, in 1987 ~ 1990 Chinese real estate market is established. October 1987 Party CongressReport 13 for the first time that the socialist market system should include the real estate market. December 1, 1987, Shenzhen City to auction to sell the first piece of land. April 1988 'constitution' and 'Land Management Law' changes, the provisions of land use rights can be transferred and transfer in accordance with law. In May 1990, the State Council promulgated the 'The People's Republic of China urban state-owned land use right transfer and the transfer of the Provisional Regulations'. For the development of the land market provides a legal support, in order to lay the foundation for the establishment of the real estate market. Since 1990, China's real estate industry has entered a rapid development period. At the same time, we should note China's real estate market development is not smooth sailing, and from 1992 to 1993 of the housing boom have caused volatility in the real estate market has left a deep lesson.July 3, 1998 the State Council issued 'on further deepening the urban housing system reform to speed up housing construction notice', marks a new phase in the housing reform. That is parked housing distribution in kind, and gradually implement monetization of housing distribution, establish and perfect the affordable housing based multi-level urban housing supply system, development of housing finance, foster and standardize the housing market. Thus, the starting point of China's real estate market and the reality of the environment and the developed capitalist countries of Western and modern real estate market is different from one of China's real estate market from the land use system reform and the housing system reform began in the western developed countries from the beginning of privatization of land. The second is from the mid-20th century, 50 years to the late 80s, our country's history there had been nearly three decades of the real estate market becomes vacant, the Western developed countries in this period is the period of rapid development of the real estate market. Third, so far, China's real estatemarket is still there are still a large number of primary morphological characteristics, such as market mechanism is not perfect, the real estate market information should be functional, incentive function and balance function has not been fully realized. Fourth, based on public ownership as the mainstay of China's.房地产市场监管中英文对照外文翻译文献我国房地产市场监管的必要性研究摘要:房地产业已成为我国重要的支柱产业，房地产业的发展与国民经济紧密相关。
房地产外文文献-威廉A.科恩著作
The Marketing Plan of Real estateWilliam A. CohenReal estate development is support for the people's daily lives-47 socialist market economic system development, make the real estate market has become the main economic activity members, in the face of the changing market. real estate enterprises are to seize the opportunities and meet the challenges, we must adopt modern marketing concepts, master of modern marketing techniques. China's real estate marketing and sales management environment even after 20 years of market concepts nurtured, But in China's real estate integrity, marketing innovation, product innovation, and the management structure with the international community on distance.1 Real estate marketing elementary knowledge1.1 Marketing conceptsThe market marketing translates from an English marketing word. Most early produces to US, in 1960 the American market marketing association (AMA) defined the committee the definition: The market marketing is the product either the service from the producer guidance all enterprise activities which carries on to the consumer or the user. The real estate market marketing is satisfies the reality or the latent real estate demand comprehensive management sale campaign process through the real estate market exchange. It has following several implications:1.the real estate market marketing goal is satisfies the consumer to the real estate commodity and the service demand.2.already includes the realistic demand also to include the latent demand.3.the real estate market marketing center realizes the commodity exchange, completes the sale campaign.4.the real estate marketing method is the development comprehensive marketing activity.The real estate marketing is a market marketing important branch, is the establishment in the market marketing theory system. In in real estate marketing utilization mainly by government control section and property developer. The government department mainly carries on the instruction as the market superintendent to the market behavior surveillance as well as tothe property developer, disclosed the market supplies demand information, the formulation correlation strategy favor social stability and the economical development. The property developer mainly is discovered the market opportunity, carries on marketing management. In 1990, the American enterprise marketing expert worked the special friend to propose 4C theory, 4C was consumer's desire and the demand, the consumer gains the convenience which the satisfied cost, the consumer purchased, the enterprise and consumer's effective communication. 4C the or y marketing advocated takes the consumer to guide, its essence is locates the product by the consumer.1.2 Real estate developmentSince long-time domestic has been can obstruct the wind to the housing request to take shelter from the rain good, but, along with society's development as well as our country urbanization advancement speeding go up, the real estate market not merely limits to provides obstructs the place to the people which the wind takes shelter from the rain, but in eagerly anticipates in the housing culture tidal current is spare no effort. The real estate has it to distinguish between other products characteristics:1.the region constancy and the durable land are the real estate product most important producer goods, as a result of land permanence and constancy, therefore the real estate place is fixed. Moreover the real estate natural life-span usually all passes for 50 years, when American Revolution constructs the house till was using, very many real estate all were reconstruct as are salt of the economical factor or abandon.2.the land resource relatively the scarce land resource is the non-renewable resources, the humanity causes the partial land resource in the transformation natural process to suffer the destruction. Along with the population increase, the humanity is going further to speedup the land utilization the step, but we only have a family, Earth's land area cannot have the big increase, although through filled in the sea to make the people to increase the area in some economical developed areas, but, in the world the desert area increased is an large, the humanity will be able to change more and more in future may using the land area little.3.in the use value income, may not vicarious and continuing forever person's one day has 1/3 time be uses in the dormancy, but in person's one day keeps in the building the time also by far to continue. Today, although the science and technology exceptionally is developed, but thehumanity has not still been able to invent one kind of product to substitute the real estate to live the important status in the human it .4.the exchange relates the high value and the increment real estate product is the many kinds of goods produced by labor synthesis, its needs producer goods type and quantity many, needs the craft to be complex, therefore this has decided the real estate value high caract eristic. At the same time, because uses in the real estate product production land resource is non-renewable, uses the land resource in the humanity in the process, the land resource will be able to appear the thing take to hope as the expensive rule. However, at the same time the real estate increment also is decided to people's psychology anticipated. As a result of the real estate own characteristic, the real estate market supplies and the market demand also have distinguishes between other products characteristics.Real estate market demand characteristic:1.the real estate demand widespread basic necessities of life are people's indispensable basic life activity. Regardless of is uses in to live or produces, the people all need the real estate product.2.the market demand multiple person's individuality characteristic had decided the request has the different real estate product to satisfy its different request, is useful is also useful to the production to the investment.3.the market demand continues forever natural this is in the real estate use value necessity and may not the vicarious decision, because the real estate is the people lives with the social product material base. It cannot eliminate because of the technical progress, but is along with the people living standard enhancement, the social civilization progress, the people more and more are also high to the real estate product request.4.market demand financing because the real estate price is expensive, the people completely pay the funds with difficulty ,this has produced by the loan and credit support financing.5.the real estate expends the long term real estate is the high value product, simultaneously its life very is also long, therefore the real estate expense is long term.6. market demand rich elasticity.Real estate market supplies characteristic:1.the market supplies lack the elasticity because the real estate has the position fixedly, landresource scarce, the use value may not vicarious and the development construction cycle long characteristic, no matter the market demand quantity has in a big way, the price has high, the market supplies quantity is impossible in the short time to have comparatively sweeping change.2.the market supplies regional real estate product place constancy had decided the real estate product only can provide to its production place, therefore in the real estate circulation process only has but does not have the thing class.3.the market regulation not complete our country real estate market now still had the part was the public housing, moreover some are as have not still provided the housing according to the stipulation to supply the common reserve fund. People's ingrained housing idea is hinders the market advancement the key, now still had many people to think the housing should free provide by the government, this with difficulty starts the housing the expense development, the market control action is not obvious. Because our country economical development quite is slow in the eastern part coastal area quite quick mid-west, therefore our country real estate market maturity in the eastern part and west, all has a bigger disparity in the cities and the countryside. In the real estate marketing practice, these local land nationality's difference is impossible to neglect. The modern real estate marketing theory is the modern marketing theory and the real estate marketing practice union, only has in the balance analyzes Chinese the actual situation to be able to do well in the marketing practice.2 Real estate marketing management2.1 Real estate marketing environmentThe real estate marketing environment analysis is the entire marketing activity most important link, is the real estate enterprise carries on the marketing decision-making, the realization marketing goal foundation. The modern marketing idea core is take the consumer as the center, the enterprise marketing activity starting point is consumer's demand. Must analyze studies and meets the consumer need, must make the thorough analysis to the market marketing environment. The real estate market marketing environment analysis is affects the real estate enterprise the market and marketing activity enjoyer and the influence. It is the real estate enterprise's existing space, is the enterprise marketing activity foundation and the condition, its remarkable characteristic is marketing environment dynamic. The enterprise must be able to move adapts to circumstances or environment. The real estate market marketing microscopic environment is refers to the direct influence and the restriction real estate enterprise marketing activity environmental factor, including enterprise, supplier, marketing intermediary, orthopedics, competitor and social public. The market marketing macroscopic environment is refers to the indirect influence enterprise and the restriction real estate enterprise marketing activity social strength, also calls then direct marketing environment, it including population factor, economic agent, natural factor, science and technology factor, political and legal factor, society cultural element and so on.2.2 Real estate marketing management analysisIn under the market competition drive condition, the real estate enterprise for obtains the marketing activity the success, not only must provide the suitable for sale real estate product by the suitable price through the suitable channel to the market, moreover needs to adopt the suitable way promotion product the sale. Therefore, the promotion sale also is the marketingpersonnel transmits this enterprise and the product information through each way for the consumer and the user, promotes its understanding, to trust and to pur chase this enterprise the product, has achieved the expanded sale the goal. The promotion essence is between the real estate marketing personnel and consumer's communication. Since long ago, our country real estate profession presents the buyer market situation, the real estate enterprise does not need to worry the sales question. Therefore, regarding promotes sales this work, regardless of is in the ideological recognition, the promotion personnel strength on necessary as well as in the establishment and the perfect each kind of mechanism, all extremely is short of. Promotes sales generally may play to three aspects roles: 1st, the transmission news, the communication information are carrying on the promotion time used very much reduced the selling price or provides other more preferential measure to attract the consumer, brought to people's attention, such people could be aware transmit such some news to theirs relatives and friends, thus achieved enlarged the propaganda the goal. Through the promotion, can attract more consumers to arrive the locus to carry on really visits inspects, like this, the sales work achieves the bidirectional communication. 2nd, the prominent product characteristic, sets up the enterprise image to carry on the promotion the commodity usually is quite outstanding or is the comparison has the characteristic in, but we in carries on the promotion time can emphatically propagandize this kind of kind of characteristic, such speech can deepen the impression in consumer's mind. 3rd, the induction demand, the expanded sale enterprise carries on the promotion puts out some favorable conditions, stimulates consumer which these wants to buy does not want to buy, urges them to set firm resolve to purchase. Usually carries on the promotion not to be able the pure use one method, can use several promotion ways in very many enterprises simultaneously to carry on or the combination carries on practical. Often the enterprise can carry on some innovations according to the enterprise own situation.3 Present situations and problem analysisThis chapter we attempt through to have the correlation problem from the different market participation main body angle discussion the factor, thus for provides the solution to make the reference. But mainly is connected regarding the market marketing theory application by the government the control section and enterprise's market marketing department. They looked the question the angle is dissimilar, simultaneously saw the question also is dissimilar, the question which needs to solve and solves the question method to be different. Under, we through different angle discussion question cause.3.1 Looks at the question from the real estate market superintend the causeSince the vacant room question is the new question which our country has appeared in recent years, is our country housing distribution system changes the market supplies by the national supplies in the process to appear. The vacant room question mainly has following several aspects to cause: 1st, the property developer does not pay great attention to the product quality to create the product not to be able to realize the ancestors demand function. It had the possibility is the enterprise neglects the quality surveillance to create, also possibly was the property development enterprise has not been able to consider in the product development plan and the design stage the real estate future the development will create product function lag. 2nd,the house price excessively is high is the residential biggest complaint, this also is the real estate un sal Sable primary factor. Now the real estate price excessively is high, seriously has surpassed our country burgher economy bearing capacity. Our country housing reform policy reform officially carried out from 1998 to the present already has five years, but, inhabitant's realestate aspect expense ability was very low. Although our country upscale real estate market development speed certainly has not slowed down in recent years sign, but, excessively is high as the market strut main body or binary consumer's purchase desire because of the house price but cannot obtain the realization. 3rd, the real estate construction high speed development, our country now the real estate investment speed-up every year above 25%, has not formed the formidable purchase market in our country time, the fast development has surpassed our country resident's economy bearing capacity. Like this formed the to tall quantity supply to be sufficient, expends the ability lag the situation. For example, the Beijing last year vacant room quantity was530,000 square meters, but had the quite partial Beijing resident housing area to be lower than 10 square meters. Will solve this part of residents' accommodation to be able the effective solution vacant room question. 4th, all previous years accumulate vacant room. Freezes three feet non- first to be cold, our country vacant room question is not the nearly 12 years only then appears. Beijing in 2001 the commodity apartment vacant situation looked that, the vacant time 3year within commodity apartment has approximately composed 9 tenths. Increases the vacant room becomes the prominent question, the government has not put out the explicit manner solution vacant question. The relative our country countryside, the market economy is not certainly developed, but, because the people are according to must construct the room according to the ability even if has part of old room to appear vacant, but to our country overall economy influence really micro.3.2 Looks at the question from the property developer angle the causeProperty developer sales difficult question, this is the same question which very many developers meets. Its major effect factor has following several points:1.the real estate product itself quality question, the real estate quality question appears the sales difficult primary factor. In some developers does not pay great attention to own product the quality ,thought when appears sells the motionless time so long as 12 drops big kings can change the course of events. The real estate product quality low factor mainly has the property developer not to take with the government control section work not to arrive creates.2.the property developer sales rhythm has not grasped. Very many developers in order to cater to consumer's demand usually to be able an all fixed price, so long as has the appropriatebuyer to be able to provide the housing, when reconciles time appeared some its elf quality is not the too good unit sells motionless, but reconciles the time the building sales income usually is the property developer profit is at, this causes the project later period the sale to fall to the difficult position.4 Countermeasures researchOur real estate market superintendent's angle may seek the question solution the countermeasure, as follows:1.in the processing vacant room question I thought the government should from the examination and approval angle consider needs the enterprise in the project declaration process to propose a set off feasible plan, including the sales plan, is like this advantageous to the real estate market superintendent has macroscopic data statistics, thus can carry on the corresponding instruction in the plan process to the real estate project feasibility.2.the government should strengthen the macroscopic information in and in the national economy balanced development question the announcement and the national development strategy instruction, causes the enterprise to grasp the sufficient market marketing information ,will provide the information foundation for the later marketing investment.3.in order to provides for an income lower inhabitant is suitable the housing, I thought merely is enhances resident's income not properly certainly. Because the wage increase for the National worker to be able to cause our country the financial deficit burden to aggravate. Our country should in open up the inhabitant to receive on the channel to solve inhabitant's housing difficult problem.4.the real estate transaction information management will cause our country the transaction behavior, also will be able favor the policy which the national formulation. In sped up the information construction in the process our country to obtain some achievements, but thereal estate transaction information management has not carried on in the entire profession, had to solve this aspect problem to be supposed emphatically to develop our country information construction and talented person's raise, regardless of were the software hardware all wants on a stair.5.in order to solve the real estate industry leader's problem mainly from to stress the strong leader's idea renewal to obtain, only had the idea to renew has been able to study the advanced market marketing theory on own initiative, our country government leaders is implementing young, like this could urge the leader enhancement sense of crisis, did not forget for the other people to serve all the time, for social service. The real estate control section should diligently support the domestic some name brand Realtors, causes it in to provide the high quality moderate price for the resident on the housing product with the government close cooperation, both is advantageous to improves the urban construction, optimizes the urban planning, and is advantageous to promotes the market the good faith degree.At present our country real estate industry is being at a brand-new development phase, the real estate marketing is its important aspect, therefore the marketing strategy speaking of the real estate profession has the very important practical significance.5China's Innovation of Real Estate MarketingA few years ago, real estate marketing is a relatively rare seems to term, is not known. Now the general public has become familiar to the popular concept. Walking in the street, suddenly to a picture of colorful houses leaflets will be stuffed into your arms; a field of real estate trade fairs, expositions, seminars, one after another; open the newspaper, he could feel and to blocks of luxury; turn on the TV , the ones who enjoy one residential area to sell advertising turns into battle ... ... real estate marketing, real estate companies have been interpreted as a number of competing Soochong highlight of enormous amounts of money. No wonder some people have said the industry; real estate success is to plot selection 5 0% 3 0% is the design,planning; 20% is marketing. The success of building design must be done through marketing and embodied, visible, real estate marketing is extremely important.However, look at the recent battle over the ever-changing real estate marketing, promotions, a considerable number of developers is nothing more than "discount none other," "all-weather property management", "quality three packs of" like "three constantly read articles." Developers still in the traditional marketing concept of residential sales completed first phase, but often overlooked in the development process of the investigation of the real needs of consumers. Uniformity of its real estate development, and its selling point of convergence of the so-called hype with little personality, to stimulate and satisfy the growing diversity of buyers of consumer wants and needs. This may be difficult for many developers, sales, real estate is an important reason for the backlog. The star of those distinctive properties are unusually Anoxia. Practice has proven that customers in the purchase of consumer psychology matures, the case of supply exceeding demand housing stock, real estate development companies only take marketing innovation, identify the unique selling point to a difference in the market competition .Innovation is the lifeblood of the real estate marketing. But in the real estate market, follow the market everywhere, like an invincible position in the real estate market, the need for marketing innovation. Only the path of innovation, form their own marketing features to survival and development.With the development of the traditional real estate marketing theory more suited to market requirements, but can not do many of the current real estate companies to explore various creative direction, marketing, innovative practices that resulted in the disorder and confusion, real estate business a greater cost and risk of innovation. Real estate marketing innovation of the current real estate market to grasp the new situation facing.since the end of 2004, the face of overall economic overheating signal, the state has increased macro-control efforts. The source from the state departments of real estate - the credit and land began to take a series of regulatory measures, although there are some delays, but the role has achieved initial success. With the various regulatory measures started to play a role in macro-control on the effect of the real estate market will be further demonstrated. Real estate enterprises, credit, real estate land is conducive to long-term tightening despite the sustained and healthy development, but the short term will bring greater pressure.Real estate prices continue to rise. From 2005, the domestic real estate market since the macro-control, although some slowdown in local housing prices. But we should also see some local housing prices is an indisputable fact. Especially in 2006, is leading the real estate market in Beijing, the national real estate opinion is Zhangjiakou.Residential vacancy rate increased. From the National Bureau of Statistics and Central Bank data, the first since 2005, rapid increases in real estate vacancy rate; second rapid decline in the real estate consumer credit.Individual housing demand. Statistical data from the financial perspective, the real estate demand is reduced. Central bank data show that: individual housing consumer credit in 2004 increased by 35% or more, an increase of 470 billion yuan, and 2005 individual housing consumer credit growth was 15.8%, increased by only 260 billion yuan, only half of 2004. At the same time from the first quarter of 2006 the situation, long-term consumer loans to households increased 39.9 billion, up by 24.5 billion less.The new situation, the real estate business made sales of new challenges, marketing strategy is imperative. When consumers choose not to stay in the residence of the consumer perception, when the market demand gradually from an emphasis on high-quality living experience life to the pursuit of the transformation of the property to enter the "quality of winning" era. This requires in the real estate developer and operator of the quality of the whole process of implementation of a comprehensive marketing.Overall Quality Marketing is a customer demand for the pilot to improve product and service quality, focusing on marketing efforts through the entire process to improve product quality, driving quality and performance, in order to achieve a new goal of customer satisfaction marketing idea. Total Quality Marketing, you must do the following:1.Reasonable market positionOnly accurate market positioning, sales to progress quickly, then the smooth flow of funds, shortage of land has been efficient development, so that national macro-control will not cause any adverse effects. The house is not built, precise positioning first. Must be fully and understand the client market research based on scientific market segments, to determine the breakdown of good potential target groups; while strengthening the status of a competitor to prevent the positioning of convergence.2.Differentiated quality orientationThe needs of target customers through the state and expectations of the quality of research, analysis and positioning to determine the quality of their products. Enterprises not only to focus on product quality and positioning of functional quality and pay more attention to suitability of the product quality. Increasingly prominent personality in the consumer today, companies want to gain advantages in the products must be from product innovation and personalized products of these two aspects. Enterprises can maintain a certain scale in the economy, to provide customers with different needs to meet their individual products, so that each customer can be satisfied with the experience.3. Timely external communicationProactive customer care, often take the initiative to maintain customer contact, collect customer products, services and other improvements, and timely delivery to customers information about businesses and products, and continuously improve product and service quality, so that customer satisfaction can be improved.4.Harmonious internal communicationOn the one hand communication with internal staff to improve internal employee satisfaction and loyalty. Satisfaction, and loyalty of employees to the value of customer expectations contribute to improve the perceived quality of the customer to make more satisfied customers. On the other hand the communication with other departments, the customer needs, competitors, and product quality orientation in thinking the situation accurately and quickly communicated to product designers and producers to promote R & D and production departments to develop in accordance with market demand, adapt to market quality standards, to provide products that meet market demand;5. Marketing, quality control processAccording to market demand and consumer expectations of quality of marketing, marketing, quality standards development, marketing, quality control, improve service quality, timely products to meet the target customers need to buy, so that the assignment of a higher value customers. Quality control of the process of marketing the marketing mix focuses on quality control, through consumer surveys, to grasp the purchase process of consumers in the commodity requirements of the marketing mix, namely 4C (the desire and demand, cost,。
外文翻译---我国房地产可持续发展的文献综述
外文翻译---我国房地产可持续发展的文献综述The sustainable development of China's real XXX economic and social progress of the country。
It is essential for the XXX real estate industry。
identify the challenges it faces。
XXX。
Keywords: Sustainable Development。
Real XXX1.The Concept of Sustainable Development in Real EstateSustainable development in the real XXX。
materials。
XXX the quality of life for XXX development is essential for the industry to achieve long-term growth and stability.2.Challenges Facing the Real Estate IndustryXXX real XXX development。
One of the primary XXX。
XXX。
XXX.3.XXX EstateXXX real estate industry。
XXX。
XXX training programs。
workshops。
XXX。
consumers need to be made aware of the XXX。
XXX practices。
XXX.XXX。
XXX for the long-term growth and stability of the real XXX sustainable practices。
the industry can achieve economic。
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房地产市场监管研究外文翻译文献(文档含英文原文和中文翻译)我国房地产市场监管的必要性研究【摘要]】房地产业已成为我国重要的支柱产业，房地产业的发展与国民经济紧密相关。
本文从理论上探讨了房地产市场的垄断性、外部性、公共品特性和信息不对称性，并从我国房地产业发展历程和房地产市场特殊性的视角进行分析研究，进而充分证明了对我国房地产市场进行监管的必要性。
[关键词]房地产；市场；监管一、房地产市场失灵决定了政府监管的必要监管经济学的研究充分表明，市场失灵是市场经济中政府监管的重要原因，造成市场失灵的原因主要有垄断性、外部效应、公共品和信息不对称，房地产市场同样存在市场失灵。
(一)房地产市场存在垄断性房地产的垄断性是由房地产特性决定的，房地产的主要特性是位置的不可移动性，一幢房屋一旦确定位置，其它建筑就不可替代，而且因存在楼层、朝向不同等因素，决定了一幢住宅中的每套住宅都具有独立性，因此物业在出租和出售时，带有地域性和垄断性，从而形成垄断价格。
由于房地产投入大，回收期长，因而能进入房地产市场的只能是少数企业再加上土地供应的有限性和房地产开发经营的规模要求等，很容易形成部分的或地域性的垄断，土地一级市场由政府垄断，经济适用住房和廉租住房由政府提供。
为了稳定住房价格，保护消费者利益，房地产市场必须要政府进行监管。
(二)房地产市场存在外部效应房地产外部性概念既包括房地产经济活动主体对其他经济主体的影响，又包括其他一些经济主体对房地产经济主体的影响，外部效应在外部性经济主体的决策函数中的体现是不同的：施加外部效应的一方只考虑自己的利润最大化问题，属于个人理性而非社会理性。
房地产的外部性按照不同的标准可以对其进行不同的分类，按其影响产生的范围可分为宏观外部性与微观外部性。
宏观外部性是指房地产的一种经济主体的行为施于其它主体的外部效益，如因房地产投资开发活动使整个区域投资环境改善，这为工商业经济活动带来了成本的节约并扩展了行业盈利的空间。
这种房地产业施加于其他产业上的有益影响就是一种宏观的外部经济现象。
城市工商业的繁荣，不仅增强了整个城市经济活力，而且也使得相关地区的区位地价水平提高，这是其他行业施加于房地产业的外部经济效应。
房地产的微观外部性指房地产业内部各经济主体之间或者不同的房地产经济活动之间存在的外部效应。
例如，工商业房地产的开发活动对住宅房产开发、流通和消费均存在着外部影响。
按外部影响的性质和作用方向分为房地产外部经济与外部不经济。
凡是因为房地产经济活动而受益的外部影响称为房地产外部经济。
因房地产开发而使得城市景观大大改善就属于房地产外部经济。
凡是因为房地产经济活动而受损的外部影响称为房地产外部不经济。
城市土地的过度开发建设导致的住宅拥挤、公共绿地的减少、环境污染等则有可能减低土地价值，影响包括房地产业在内的诸多产业的发展，这属于房地产外部不经济。
(三)政府提供房地产市场的公共品(ｐｕｂｌｉｃｇｏｏｄｓ)人们所消费的物品可分为私人物品(ｐｒｉｖａｔｅｇｏｏｄｓ)和公共物品。
房地产经济中存在许多公共物品或“准公共物品”。
如城市基础设施、防洪工程、抗震工程、公共设施等。
这些项目由于投资额大、投资回收期长，同时很难排除不付费者的使用，由市场来提供往往导致供给不足，只能由政府来提供。
但政府提供并非一定由政府直接生产，政府可以委托或承包给独立的企业来生产，政府只负责筹集资金与管理。
（四）房地产交易存在信息不对称信息不对称是指信息在交易双方分布不均衡性。
就消费者和经营者、合同双方而言，经营者拥有关于商品的信息优势，从而使消费者容易上当受骗，被称为信息的不完全性。
消费者对所消费产品各个方面信息的了解通常是有限的，他们往往不知道商品价格和商品质量的差别如何。
市场的信息不完全性主要表现为：１．有关商品质量的信息是不完全的，消费者只掌握有限的质量信息。
２．有关商品价格的信息是不完全的，消费者只掌握有限的价格信息。
信息不对称可能发生的另一种情况是，一部分消费者掌握完全的信息，另一部分消费者只掌握有限的质量信息。
竞争双方为了在竞争中取胜，通过遏制信息来源等方法来削弱他人对对方信息的了解，从而打败竞争对手。
房地产产品既具有使用性，又具有投资的特性。
商铺和写字楼的购买者主要是以投资为主，购买住房的消费者中有一部分是投资者，而投资者对信息是非常敏感的，比如：当政府宣布某个位置要建地铁，或某个地方要建一个大型商场时，那么，只要信息一发布，周边的住房就会涨价，这说明房地产产品已具有信息品的特性。
房地产市场的信息不对称表现为：由于房地产开发投资很大，回收期长，能进入房地产市场的厂商相对较少，开发出来的产品质量情况，价格情况，销售情况，对消费者来说，都存在偏差。
房地产商品的异质性，价格的变化性和交易的专业性与复杂性，都会导致买卖双方信息不对称。
信息不对称将增加交易成本，降低市场效率，也可能导致道德风险和逆向选择。
要保证房地产市场信息的有效性，有两种解决方案，一种为市场解决方案，即市场的参与者通过自身的努力搜寻信息，并利用自身的知识技能进行信息的筛选、分析等工作。
由于市场的参与者本身是理性的，它作出这种自己搜寻信息的成本决策，必须基于其自身的成本收益的比较，只有觉得付出的信息成本小于为此而取得的收益时，他才会去付出这种努力。
但这种方法由于受到以下几方面的限制，使得这种完全市场化的解决方案无法实行。
一是信息的搜寻本身是有成本的。
由于存在交易对象的不确定性，要想准确地掌握所有潜在交易对象的需要，如其交易方向、数量和价格等，是很难做到的。
二是市场参与者本身存在特质的差异，有的不具备起码的信息辨别能力，有的则无法完成信息的搜寻与分析。
三是由于市场的不完全性和信息的不对称性，使得道德风险和机会主义普遍存在，以致造成由于信息欺诈而使部分市场参与者受到损失时，这部分人的利益无法得到市场的补偿。
可见，正是房地产市场的特殊性，使得房地产市场的信息成本或者说是完全市场化解决方案的交易费用是如此之高，造成普通消费者难以承担一笔房屋买卖所付出的信息的边际成本，这样，就增加了投资风险，使逆向选择和道德风险问题难以得到解决，从而降低了市场的运作效率，扭曲了社会资源配置。
所以，为克服房地产市场信息不完全性和非对称性信息而引起的市场问题，就需要一个超脱房地产市场参与者的角色来介入房地产市场，监督房地产市场的运行，为所有投资者创造机会均等、各类信息真实的市场环境，为房地产市场的公开、公平、公正提供保证，以减少纯粹市场化解决方案引起的交易费过高问题。
这样，就产生了对房地产市场监管的需求。
二、我国房地产业的特殊性决定了监管的必要性（一）我国房地产业的发展特殊历程房地产业在我国是一个古老而新兴的产业，在长达２０００多年的封建时期和半封建半殖民地时期，虽然朝代更替，但土地和房屋的租赁、买卖活动一直没有中断，明清时代，就出现了职业房地产经纪人。
１９４９年到１９９０年，中国房地产业的发展可分为三个阶段：一是１９４９年～１９７８年的中国房地业的整顿限制阶段。
中华人民共和国成立后，官僚资本家的房地产被没收，使其成为国有资产，分配给国家机关、企事业单位使用。
从１９５６年起，在全国各城市开展了房地产行业的社会主义改造。
至１９６４年，基本上消灭了房屋租赁中的个体经营，此时的城市土地实际上已归属于国家，并实行无偿、无限期使用制度，不允许买卖转让。
二是１９７９年～１９８７年的中国房地产的萌生阶段。
１９７８年１２月党的十一届三中全会确立了以经济建设为中心，中国开始进入改革开放新的历史时期。
１９８４年国家计委和城乡建设部联合发布文件，允许进行房地产开发活动，从此，中国房地产业在中国大地上开始了再生。
三是１９８７年～１９９０年中国房地产市场的建立。
１９８７年１０月党的十三次代表大会报告首次提出社会主义市场体系应包括房地产市场。
１９８７年１２月１日，深圳市以拍卖的方式出让了第一块土地。
１９８８年４月《宪法》和《土地管理法》修改之后，规定土地使用权可以依法转让和出让。
１９９０年５月，国务院颁布了《中华人民共和国城镇国有土地使用权出让和转让暂行条例》。
为土地市场的发育提供了法律支持，为房地产市场建立奠定基础。
１９９０年以后，中国房地产业进入一个较快的发展时期。
与此同时，我们应该注意到我国的房地产市场发展并不是一帆风顺的，１９９２～１９９３的房地产热曾引起房地产市场的大幅波动，留下了深刻的教训。
１９９８年７月３日国务院发出《关于进一步深化城镇住房制度改革加快住房建设的通知》，标志着一个新的房改阶段的开始。
即停住房实物分配，逐步实行住房分配货币化，建立和完善以经济适用住房为主的多层次城镇住房供应体系，发展住房金融，培育和规范住房交易市场。
由此可见，我国房地产市场发展的起点和现实环境与西方发达资本主义国家的现代房地产市场不同，一是我国房地产市场发展是从土地使用制度改革和住房制度改革开始的，而西方发达国家则是从土地的私有化开始。
二是从２０世纪５０年代中期到８０年代末，我国历史上曾有过近三十年的房地产市场缺位，西方发达国家在这期间正是房地产市场高速发展时期。
三是到目前为止，我国房地产市场依然还存在大量初级形态特征，如市场机制不健全，房地产市场应有的信息功能、激励功能和平衡功能未得到充分发挥。
四是我国是以公有制为主体的社会主义市场经济，不同于西方发达资本主义国家的私有制。
（二）我国房地产业具有自身的特殊性房地产业关联度高，带动力强，已成为我国国民经济的支柱产业，２００３年全国房地产相关产值达４．１万亿元，占当年ＧＤＰ的３０％。
２０００～２００４年的五年间，全国房地产业开发竣工面积１６．６亿平方米，保持我国房地产市场持续、健康、稳定发展对拉动经济增长，推进城市化、改善人民生活，都发挥了重要作用。
房地产市场是社会主义市场体系中不可缺少的主要组成部门，随着城市化和现代化的推进，由于中国人口众多的特殊性，其潜在需求十巨分大，在世界上也是绝无仅有的，这个市场的健康平稳发展，对整个国民经济的协调发展起重要作用。
正是由于房地产业自身特殊性，因此，房地产市场监管非常必要。
三、我国房地产市场中存在的问题决定了监管的必要我国房地产业的融资主要依靠银行贷款，银行承担了大部分金融风险。
从国外发达国家成熟的房地市场看，房地产开发资金来源渠道很广，除银行贷款外，还包括各种房地产投资基金、房地产信托等，银行贷款最多不超过房地产总投资４０％。
而我国目前的情况是，房地产开发的三个阶段（取得土地的前期阶段、施工阶段和销售阶段）的每一个阶段都离不开银行资金的支持，具体来说，包括房地产开发贷款、流动资金贷款、施工企业贷款、住房抵押贷款等。
事实上，除了开发企业自筹资金外，其余资金基本来源于银行。
根据央行分析报告和抽样调查，目前房地产开发资金６０％左右来自银行贷款。