Collateral Evaluation and Credit Risk Management抵押品评估课件.ppt

Income Capitalization Approach III收益还原法 Basic concept of the capitalization rate收益还原法的基本概念 “The capitalization rate itself is a function of the investor’s desired return and a combination of the costs of debt and equity employed in making the investment.” (Bower 2001)还原率是投资者希望获得的收益率，和借款和股权投资的成本。 Factors affecting investors’ desired return on real estates影响投资者对房地产期望收益的因素 Culture, economic trends, other investment property type, other investment opportunities, etc.文化、经济趋势，其他投资财产，其他投资机会等 In practice在实践中 The most simplified way is to use available loan interest rates for such an investment as a capitalization rate.最简单的方法是使用类似投资的借款利率作为还原率 When interest rates are used as a capitalization rate, loan officers must be aware that the interest rate does not include necessary returns for taking risks inherent to the investment, hence, the outcome overvalues the real estate.如果利率为用作还原率，借款主管必须知道利率中没有包括这项投资所承担风险所对应的回报，计算结果会高估价值。 Source: Understanding real estate values in a rising market—Brief Article, Gerald A. Bower, 2001 /p/articles/mi_m3601/is_29_47/ai* Price Adjustment I价格调整 Usage of the property房产用途 Own-use residential property自用住宅 Most useful 最有用的 Own-use farm and forest land/factory and warehouse自用农场和林地/工厂和仓库 The income capitalization approach收入还原法 Residential/business property for lease出租用住宅/商用房产物业 Income capitalization approach收入还原法 Rent prices in the neighborhood附近社区的出租价格 Future occupancy rate estimation未来占用率预计 Residential leasing property and business leasing property出租住宅物业和商用出租物业 For sale出售 Speculative in nature投机性 * Price Adjustment II价格调整 Trends of real estate price房地产价格趋势 Sales and transaction prices销售和交易价格 Information from neighbors邻近地区的信息 Information from experts, brokers, sales registries, and mortgage registries专家，经纪人，销售登记和抵押登记机构的信息 Income level of the area该地区的收入水平 Demand and supply conditions of the market市场的供求情况 Published land prices and tax rates公布的土地价格和税率 Regional development plan地区发展计划 Availability of mortgage loan/foreign land ownership是否存在抵押