Real estate refers to land, buildings, inseparable parts fixed on land and buildings and various rights and interests attached to them.
Real estate is also called real estate because of its own characteristics, that is, the fixed position and immovability.
Real estate can exist in three forms: land, buildings and real estate. In real estate auction, the auction target can also exist in three forms, namely, land (or land use right), material entities and their rights and interests in the state of integration of buildings and real estate.
Characteristics of real estate
Each kind of auction target has its particularity, which is related to the characteristics of this kind of target. Real estate has the following characteristics:
(1) Fixed and immovable position.
(2) Long-term use.
(3) Diversity of influencing factors.
(4) The investment amount is large.
(5) maintaining and increasing value.
[Edit this paragraph] Categories of real estate
Because real estate is composed of land and buildings and structures on the ground, land and houses can be classified according to the following methods:
(1) Classification by land use:
According to the Standard Provisions on Urban Land Classification and Planning and Construction Land, urban land can be divided into nine categories:
1, residential land
2 land for public facilities (including commercial land)
3. Industrial land
4. Storage land
5. Land for external traffic
6. Land for Road Square
7. Land for municipal public facilities
8. pasture
9. Special land use
(2) Classification by house use:
According to the use function of the house, it can be divided into eight categories:
1, residence
2. Industrial workshops and warehouses
3. Shopping centers and shops
4. Office building
5. Hotel
6. Recreation and sports facilities
7. Government and public facilities
8. Multifunctional building (complex building)
[Edit this paragraph] Real estate industry
(a) the real estate industry refers to the industry engaged in the development, operation, management and service of land and real estate.
(2) The real estate industry mainly includes the following contents:
1, transfer of state-owned land use rights, real estate development and redevelopment, such as land acquisition, demolition and resettlement, commissioning planning and design, organizing development and construction, and redevelopment of old city land. ;
2, real estate management, including land use rights transfer, lease, mortgage and housing sales lease, mortgage and other activities;
3, real estate intermediary services, including real estate consulting, valuation and brokerage, property management.
4. Regulation and management of real estate, that is, establishing real estate capital market, technology market, labor market and information market, setting reasonable real estate prices and establishing and perfecting real estate laws and regulations, so as to realize the macro-control of the real estate market by the state.
real estate
At present, there are three main ways for foreign investors to invest in China real estate: direct purchase, establishment of a wholly-owned company and purchase of equity to establish a joint venture company.
Real estate (real estate)
Real estate is a combination of real estate and real estate. Also known as real estate. Real estate is a kind of property that cannot be moved, or will change its nature and shape after moving.
Real estate mainly includes residential real estate and commercial real estate.
The transaction forms of real estate are: (1) real estate sale. These include the sale of state-owned real estate, collective real estate and private real estate. (2) Housing lease. (3) Real estate swap. (4) Real estate mortgage.
Real estate mainly includes land and land capital.
Land has the characteristics of usefulness, scarcity and effective social demand. Land capital is a development investment that makes the land reach a certain use standard. This investment must be transformed into a certain amount of materialized labor and living labor, and it must have the property of commodity itself.
The transaction forms of real estate are: (1) primary market. This is a market monopolized by the state, which involves the change of collective land ownership and the realization of state-owned land ownership. Business operations include: land requisition and property right transfer procedures; Transferring the land use right for a certain period by way of sale or auction; Lease land and collect land rent regularly. (2) the secondary market. This is a market formed by the comprehensive development and management of land by land development companies with legal personality.
The main channels for foreign capital to enter the real estate market are foreign direct investment, borrowing foreign debts, and overseas institutions and individuals buying and selling commercial houses themselves.
[Edit this paragraph] Real Estate Eight Honors and Eight Disgraces Song
Be ashamed of long-term auction and proud of existing houses!
Be ashamed of pursuing profiteering and proud of reasonable price!
Be ashamed of false propaganda and be proud of seeking truth from facts!
Be ashamed of cheating and cheating, and be proud of selling in good faith!
Be ashamed of God for money and proud of God for the people!
Be ashamed of ugly huxing and proud of sunny huxing!
Shame on plucking hair and be proud of compassion!
Be ashamed of shrinking houses and proud of scientific measurement!
Be ashamed of reducing supporting facilities and proud of planning supporting facilities!
Be ashamed of marrying property and proud of recruiting property!
Be ashamed of tax evasion and proud of paying taxes reasonably!
Specifically, "Class I residential land" refers to the land with concentrated independent houses, complete supporting facilities and complete layout. The number of floors of detached houses is basically 3 or below. "Second-class residential land" refers to the land with multi-storey, medium-high-rise and high-rise modular residential buildings widely distributed, complete supporting facilities and complete layout. This kind of land is widely distributed in cities and occupies a dominant position in residential land. According to the trend of increasingly tight land supply and the principle of intensive land use, the possibility of building units below 3 floors in the future basically does not exist. Therefore, in the "second-class residential land", the residential land of units below 3 floors is not considered.
(1) Description of "Class I residential land" (R 1) and "Class II residential land" (R2)
"First-class residential land" and "second-class residential land" are mainly urban residential land, which belongs to state-owned land, and the owners of urban residential areas have the land use right of residential areas. From the perspective of residential building forms, urban houses under construction now include detached houses and ordinary unit houses. The number of detached houses is very small, mainly in the form of low-rise villas; Modular housing is the most common form of housing in cities, which is generally a multi-storey, medium-high-rise and high-rise multi-family building with one staircase and one household. The residential area formed by detached houses and unit houses is a planned house built by the development unit, with evenly distributed buildings and relatively complete living facilities. Taking the above two types of architectural forms as the classification standard, two types of "first-class residential land" and "second-class residential land" were determined respectively. Specifically, "Class I residential land" refers to the land with concentrated independent houses, complete supporting facilities and complete layout. The number of floors of detached houses is basically 3 or below. "Second-class residential land" refers to the land with multi-storey, medium-high-rise and high-rise modular residential buildings widely distributed, complete supporting facilities and complete layout. This kind of land is widely distributed in cities and occupies a dominant position in residential land. According to the trend of increasingly tight land supply and the principle of intensive land use, the possibility of building units below 3 floors in the future basically does not exist. Therefore, in the "second-class residential land", the residential land of units below 3 floors is not considered.
(2) Description of "Three Types of Residential Land" (R3)
"Three types of residential land" mainly refers to residential construction land built in industrial areas, storage areas and functional areas such as schools (especially universities), which mainly accommodates single employees of enterprises or single teachers and students of schools. This kind of residential buildings often appear as industrial areas, storage areas and ancillary facilities of schools. The biggest difference in apartment structure between single dormitory and ordinary apartment is that there is no separate kitchen. At present, there are two main ways to build single dormitory in Shenzhen. One is to facilitate employees to go to work. Single dormitories built in Class I and Class II industrial zones occupy independent areas and shall not be mixed with industrial plants. In order to meet the requirements of residential building spacing, necessary sanitary and environmental protection measures have been taken to make the dormitory for single workers occupy part of industrial land. The other is a single employee dormitory area built in pieces outside industrial land. This kind of dormitory area often has relatively independent living and living functions, forming a certain population scale and building area scale, and has its own living facilities, which are planned and built according to the relevant standards of residential land. From the point of view of land management, planning management and meeting the needs of the current development and construction of single dormitory, in the construction land statistics, the land occupied by single dormitory in the first case is included in industrial land (M), and the land occupied by single dormitory in the latter case belongs to the third type of residential land (R3).
Because the residents in the single dormitory area are mainly single people, there is no need to build kindergartens, nurseries and other facilities. Other community sports facilities, cultural activities, medical and health facilities, community management, commercial services and other facilities need to be built accordingly. Therefore, compared with the first-class residential land and the second-class residential land, the third-class underground residential land is less than the small-class nursery land, and there are only single dormitory land (R3 1), third-class community sports facilities land (R33), third-class community other facilities land (R34) and third-class community other facilities land. It should be noted that because the subcategories of the four types of residential land are basically the same, except for the lack of the subcategory of "three types of nursery land" under "three types of residential land", the rest all contain six land subcategories with similar names. For the convenience of use and memory, the arrangement order and number of land subcategories under each category are consistent, and the number of vacant "three types of nursery land" under "three types of residential land" remains blank.
(3) Description of "Four Types of Residential Land" (R4)
Due to historical reasons, the situation of "original rural homestead" is extremely complicated in terms of land ownership, architectural form and the identity of the owner of homestead property. In the past, rural residential land was mostly collective land, and farmers basically built it themselves. The division of residential land is basically concentrated in villages, and the form of self-built houses is multi-storey or medium-high-rise single-family houses, thus forming a densely distributed single-family housing group with villages as units, which is a residential complex with special material space texture in urban spatial form. At present, the original rural housing in Shenzhen has formed a certain scale, accommodating a large number of rural residents, former rural residents who have turned into urban residents and temporary residents. Focusing on the future trend of urban construction, rural housing will be gradually transformed, with the focus on improving living facilities and improving the environment. Therefore, in this Urban Land Classification and Code Table, the original rural residential land and its corresponding supporting facilities are regarded as a single category of "four types of residential land", including "original rural residential land" (R4 1), "four types of nursery land" (R42), "four types of community sports facilities land" (R43) and "four types of community other facilities land".
Compared with the "five types of residential land" in the Standard and Guidelines (97th edition) Urban Land Classification and Code Table, the Standard and Guidelines define the scope of "four types of residential land" more comprehensively, and the name of "original rural residential land" is more accurate than that of "rural residential private land" in the Standard and Guidelines (97th edition). Therefore, in the new land classification and code table, the new land type name and scope definition replaced the relevant land types in Standards and Guidelines (97th edition).
[Edit this paragraph] The status of real estate
At present, the biggest question about the position of China's real estate industry in the future economy is a special report entitled "Macro-control: Focus on Regulating the Flow of Excess Liquidity" completed by the Economic Situation Analysis Group of the Macroeconomic Research Institute of the National Development and Reform Commission in April 2007. It is suggested that the top government should give up the pillar position of real estate and completely change the economic model of real estate dependence. The main reason is that taking real estate as a pillar industry will lead to a large number of funds and other resources chasing real estate excessively, thus making the manufacturing industry. Therefore, we call on national and local governments to change the "real estate preference" in development policies. The report also pointed out that experience has proved that developed countries have not regarded real estate as a pillar industry in the process of industrialization, and their economic development is not strongly dependent on real estate. On the contrary, countries that over-develop (or over-rely on) real estate in the process of industrialization, such as the "four little dragons" in Southeast Asia, have all suffered serious economic crises.
For the above point of view, my view is that although the overall trend of China's future economic development shows that industrial upgrading, especially manufacturing upgrading, is an inevitable trend. However, the author of the report blames the real estate industry for most of the reasons that restrict the upgrading of manufacturing industry, which obviously belongs to the failure to understand the essence of real estate industry and manufacturing industry.
First of all, as far as the real estate industry is concerned, the excessive dependence of regional development on the real estate industry is indeed likely to lead to investment bubbles and economic overheating. Therefore, relatively speaking, it is indeed the best way for China's economic development in the future to develop a new industrialization road with manufacturing upgrading as its economic pillar. However, it is undoubtedly one-sided and bookishness to think that the upgrading of manufacturing industry can immediately replace the real estate industry and become a new pillar industry for the development of various regions. The reason for this is the following：
First, the report lacks an understanding of the obstacles to the development of manufacturing industry.
As a developing country, China's backward position in the process of modernization is the biggest disadvantage in essence. Because the western countries that joined this process earlier have gone far and achieved great success, this determines that the late-developing countries are at an obvious disadvantage when they start modernization, and it is difficult to achieve sustained, efficient and large-scale industrial development. Lack of funds, backward technology, population burden, environmental pressure, traditional burden and changes in the international political and economic environment will all hinder the modernization process of developing countries. Therefore, although the development of China's manufacturing industry has formed a certain scale, it is still at the low end of the vertical division of labor system in the global industrial value chain, and it can only be gradually transferred to the high-end division of labor, and it cannot be promoted at once. For example, the bottleneck of foreign trade demand that restricts China's low-end manufacturing industry and the bottleneck of core technology that restricts high-end manufacturing industry cannot be solved by key policy support and a large amount of capital injection, but it is bound to go through a long development process of "crossing the river by feeling the stones".
Second, the report lacks an understanding of the industry characteristics of the real estate industry.
Compared with the resistance to the development of manufacturing industry, one of the biggest advantages of the real estate industry is that it does not need a certain bearing foundation like industrial manufacturing, but can be born in any city, which can gather huge funds in a short time and stimulate countless investment opportunities. For a developing country like China, which has a weak industrial bearing base and is in a late-developing disadvantage, it needs a pillar industry that can drive the economy on a large scale, especially in backward areas, such as real estate, which cannot be blindly compared with developed countries in this respect.
As for the relationship between real estate and manufacturing, we believe that it is not a relationship of crowding out and competing for resources, but a relationship of mutual promotion and promotion. That is to say, by building living facilities, commercial facilities and industrial facilities, the attraction to foreign population, technology and capital will be increased on the basis of the original regional industrial carrying capacity, and when the industrial manufacturing industry develops, it will in turn become the best driving force to promote the development of real estate. As for the so-called "excessive development of the real estate industry", it is often because the industrial manufacturing industry is facing great difficulties and obstacles, which leads to its development speed being far less than that of the real estate industry, thus causing the real estate industry to "outshine others". In the eyes of many people, this situation has become an "excessive dependence" on the real estate industry.
Third, the report lacks an understanding of the economic importance of the real estate industry.
The impact of real estate industry on the national economy is mainly reflected in the importance of stimulating and stabilizing the economy. First of all, from the perspective of stimulating the economy, the real estate industry can promote the development of a series of industries such as steel, building materials, machinery, chemicals, ceramics, textiles and household appliances. According to statistics, the real estate industry directly or indirectly affects more than 60 industries. Considering that real estate development investment drives GDP through related industries and consumption, the total contribution rate of real estate development investment to economic growth at present exceeds 20%. Secondly, from the perspective of stabilizing the economy, due to the high degree of industrial correlation, the sharp fluctuation of real estate development investment can drive other related industries to fluctuate, which will inevitably lead to economic fluctuations. At the same time, because a considerable part of the funds of developers and individual buyers are bank loans, at least 40% of the actual real estate development investment comes from bank loans, so maintaining the steady growth of real estate development investment is also of great significance to the sustained and stable development of the national economy.
[Edit this paragraph] The recovery of the national property market has added confidence to real estate stocks.
Yesterday, the news that the real estate industry got on the last bus of the "revitalization plan" stimulated the real estate stocks to rise across the board, but after the close, it was reported that the desire to include real estate in the revitalization plan might fail. However, according to the data tracked by various institutions, the transaction volume of the property market in major cities generally rose last week, which undoubtedly added confidence to the rise of real estate stocks.
According to the news over the weekend, real estate may catch the last bus of revitalization planning, the most striking of which is that the restriction policy of "second suite" will be cancelled. This policy was once called "the last straw to crush housing prices". If this policy is abolished, it will greatly boost the demand for improved housing. Some insiders said that it should be a natural thing to cancel the second suite policy when the country vigorously stimulates domestic demand, but it should not help to raise housing prices. The rise and fall of house prices ultimately depends on economic fundamentals. After the market closed yesterday, it was reported that the government "may not include the real estate industry in this industrial revitalization plan because of its particularity and sensitivity".
However, the recovery of the property market is undoubtedly good for real estate stocks. Last week's real estate weekly report disclosed by the agency showed that except Kunming and Chengdu, the transactions in major cities all increased month-on-month. Among them, the transaction volume of first-hand houses in Beijing maintained the increase of the previous week, and the transaction growth of affordable housing slowed down; Tianjin first-hand residential transactions rose by 26.74%; Qingdao's turnover increased151.41%; Shanghai residential transactions rose by 25.54%, and Nanjing commercial residential transactions rose by 47.54%. The pre-sale of commercial housing in Hangzhou increased by 74.99% year-on-year, and the transaction of first-hand housing in Shenzhen increased by 32.65% year-on-year. Guangzhou residential transactions rose by 34.86% from the previous month; The residential transaction in Dongguan increased by 19.05438+0%. In addition, Wuhan, Changsha, Xi, Zhengzhou, Hefei, Fuzhou, Xiamen, Wenzhou, Haikou and Changchun also continued to maintain a high growth trend. The weekly turnover of Tianjin, Xiamen and Nanjing also hit a new high since 2008.
Huatai Securities believes that after the year-to-date increase, the valuation level of real estate stocks has risen rapidly, and the dynamic valuation level of key listed companies has stepped out of the trough and returned to or approached the historical medium level of 15-20 times PE. At present, the industry is still in a favorable policy environment, the transaction is expected to pick up further, the sales performance of key companies is excellent, and it is possible to increase the market share in 2009, so the industry's "overweight" rating is maintained. Some experts pointed out that last week, real estate became the industry with the largest capital withdrawal, indicating that the market still has different views on this industry. Whether the transaction volume and house prices can continue to rise will be an important criterion for judging the trend of real estate stocks in the future.