Real Estate & Industrial Asset Valuation物业及工业资产评估

More than just Value

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说起房地产投资信托基金(REITs)，相信很多人都耳熟能详，它是集体投资计划的一种，藉由不动产的证券化，让众多投资者的资金，投资于可带来收入的房地产项目，例如购物中心、写字楼、酒店及服务式公寓等，以争取为投资者提供定期收入。

REITs作为房地产证券化的一种方式，综合了股票的优点，比如低入户门坎、高流动性、风险分散、高透明度以及专业的管理方式，虽然同时又附带着比如高资产管理费和短期收益不明显等缺点，但REITs这种产品仍广为投资者接受，自上世纪80年代以来日益受到投资者的青睐，逐渐成为全球房地产投资的主流产品。

REITs的定价或分红取决于物业价值，因此物业评估师在REITs的发行或年度审计时充当着重要角色。REITs的物业组合以收租物业为主，评估师会依重收益资本化方法(Income Capitalization Approach)，以物业日后可实现的收益计算现值。在众多收益资本化方法中，较普遍采用的是「租约与复归权方法」(Term & Reversion)和「现金流折现法」(Discounted Cash Flow)。而在进行资本化时，最重要的参数莫过于折现率，因为折现率1%之偏差足以影响估值数千万甚至亿元，而折现率之厘定很大程度上是评估师的专业分析及判断。值得一提的是：相比于物业转让，基金买卖之便捷远胜前者，在REITs评估过程中应考虑到流通性(Liquidity)之影响，但却往往被忽视。

REITs在美国和欧洲发展迅猛，然而在中国内地却一直是雷声大雨点小，直到2008年12月13日，国务院发出「国务院关于当前金融促进经济发展的若干意见」，其中提到「开展房地产信托投资基金试点，拓宽房地产企业融资渠道」，REITs在国内的推出终于有了政策上的支持。2009年8月21日，REITs试点研讨会在上海举行，由张江、金桥、外高桥、陆家嘴四大公司联合或分别发起，发行规模高达35亿至45亿元人民币的债券型REITs方案已经成熟，或许将开创中国REITs之先河。

不过在中国境内推出REITs会涉及很多制度上的障碍，其中税法是一个重要的方面。国内房地产交易涉及多项税费，包括所得税、营业税、土地增值税、城市房地产税、印花税以及契税等，而这些税费都会降低现金流量折现法估值的结果，进而影响基金的回报及投资者的投资意欲。其次，法律、产权、财务及评估等，都是筹备推出REITs将会遇到的问题。

For many people, Real Estate Investment Trusts (REITs) is not a new thing. It is an investment plan by means of securitization of real estate projects which allows investors’ money goes to income-generating real estate projects such as shopping malls, office towers, hotels and serviced apartment.

Compared to real estate, REITs is predominant by its stock-like nature. It has low entrance costs, high liquidity, diversified risk, transparency and specialized management. Even REITs comes with high assets management fee and insusceptibility to short-term impact, REITs is widely accepted by investors. Since the 80s, REITs has been increasingly favored by investors and become one of the most popular real estate investment vehicles in the world.

Property valuation is determinant of REITs’ prices and dividends. Therefore, property valuer plays an important role in the issue and the financial reporting of REITs. As REITs portfolio comprises mainly income generating properties, valuer will normally rely on income approach to value the properties by estimating the present value of realizable income to be generated by the properties. When valuing by income approach, the most common methods are “Term & Reversion” and “Discounted Cash Flow”. No matter what method being used, the discount rate is always a point of discussion or to challenge. Discount rate is so sensitive to the valuation which can result in tens or millions of even billion differences from variation of 1%. However, there is no definite percentage of discount rate. Valuer has to determine his discount rate to be used in his model based on professional analysis and judgment. It is worth to note that, compared to property transactions, trading of funds is far more easy and convenient. This raises the liquidity issue which is often overlooked in valuation for REITs’ properties.

REITs developed rapidly in the United States and Europe, but not yet in China. Until 13 December 2008, development of REITs in China has firstly been backed after the State Council issued the "State Council opinions on the current financial and economic development" which suggested trial of REITs for broadening real estate enterprises’ financing. On 21 August 2009, REITs trial seminar was held in Shanghai during which the bond-type REITs initiated jointly or individually by Zhangjiang, Jinqiao, Waigaoqiao, Lujiazui with a total size of about RMB3.5 billion to RMB4.5 billion was proposed.

However, obstacles are expected for the introduction of REITs in China and undoubtedly tax issue will be the biggest one. Transfer of real estate in China involves a series of tax, including income tax, business tax, land appreciation tax, urban real estate tax, stamp duty, deed tax and etc. These taxes will not only limit expansion of REITs portfolio, but will also depress the valuation derived from discounted cash flow and in turn lower the fund’s return and investors’ sentiment. The other problems expected to see are legality, property title, financial reporting and valuation.

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在中国的发展空间Prospect of REITs in China REITs

按照彭博社的统计资料，截止2008年末，全世界已有21个国家推出REITs,总资产高达2300亿美元，其中美国、法国、英国、澳大利亚和日本在REITs资产的选择、管理、立法及税收方面都已非常成熟。相信如果中国能够借鉴这些国家在REITs上的税收优惠和物业管理方面的先进经验同时凭借国内目前蓬勃发展的楼市股市，我们不难预见REITs在中国境内的推出前景无限，也定会成为今后房地产间接投资的主流。

According to the statistics from Bloomberg, at the end of 2008, there were 21 countries where REITs have been introduced and the total REITs assets amount up to USD 230 billion. Among these countries, the United States, France, United Kingdom, Australia and Japan are comparatively mature and sophisticated in selection of REITs’ assets, management, legislation and taxation. By making improvements on preferential tax policies and property management services, and taking advantages of successful experience of other countries, it is foreseeable that, under the growing domestic property market, China REITs market will be rigorous and prosperous and will become a desirable way of real estate investment in China.

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物业及工业资产评估成功案例摘要Real Estate & Industrial Asset Valuation Job Reference Highlight

Shougang Concord International Enterprises Company Limited 首长国际企业有限公司 0697.HK Industrial Property Valuation

Hunan Nonferrous Metals Corporation Limited 湖南有色金属股份有限公司 2626.HK Industrial Property Valuation

China National Materials Company Limited 中国中材股份有限公司 1893.HK Industrial Property Valuation

Wing On Travel (Holdings) Limited 永安旅游(控股)有限公司 1189.HK Commercial Property Valuation

Oriental Watch Holdings Limited 东方表行集团有限公司 0398.HK Commercial Property Valuation

Giordano International Limited 佐丹奴国际有限公司 0709.HK Industrial Property Valuation

AAC Acoustic Technologies Holdings Limited AAC 声学科技控股有限公司 2018.HK Industrial Property Valuation

China Everbright International Limited 中国光大国际有限公司 0257.HK Commercial Property Valuation

Samling Global Limited 三林环球有限公司 3938.HK Industrial Property Valuation

China State Construction International Holdings Limited 中国建筑国际集团有限公司 3311.HK Machinery and Equipment Valuation

China Insurance International Holdings Company Limited 中保国际控股有限公司 0966.HK Commercial Property Valuation

China Mining Resources Group Limited 中国矿业资源集团有限公司 0340.HK Industrial Property Valuation

China Primary Resources Holdings Limited 中国基础资源控股有限公司 8117.HK Industrial Property Valuation

Orient Press Group Limited 东方报业集团有限公司 0018.HK Commercial Property Valuation

China Haidian Holdings Limited 中国海淀集团有限公司 0256.HK Commercial Property Valuation

Beijing North Star Company Limited 北京北辰实业股份有限公司 0588.HK Commercial Property Valuation

China Sci-tech Holdings Limited 中国科技集团有限公司 0985.HK Commercial Property Valuation

Xinyi Glass Holdings Limited 信义玻璃控股有限公司 0868.HK Industrial Property Valuation

Gushan Environmental Energy Limited 古杉集团 GU.US Industrial Property Valuation

首先，企业价值评估师必须确认所要评估的目标，以及评估的目的。评估一个企业价值目的很广泛，包括以下：

Purposes of engaging a valuation analyst performing a real estate & industrial asset valuation are wide-ranging, and they include the following:

汉华评值的物业及工业资产评值部服务内容包括但不限于以下内容：

Greater China Appraisal Real Estate and Industrial Asset Valuation Division services include, but not limited to:

我们的物业及工业资产评值专家都是经过国际认证的专业人士，并且备受财经界和公开上市机构的尊重，包括：

Our real estate and industrial asset valuation professionals are internationally recognized and are highly respected by the financial sector and other publicly listed organizations. All senior members of the division hold one or more of the following professional designations:

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物业及工业资产评估Real Estate & Industrial Asset Valuation

Hong Kong Headquarter 香港总部

Mr. Andy Chu 诸晓峰先生

T : +852 2511 6336

E : hfc@gca.com.hk

Beijing Office 北京办事处

Ms. Tina Li 李琪女士

T : +8610 5907 1421

E : lq@gca-bj.com

Shanghai Office 上海办事处

Mr. Peter Dong 董毅强先生

T : +8621 5292 1117

E : yqd@gca-valuation.com

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