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1、房地产与建设项目管理专业英语,Unit 1 Characteristics of Real Estate,Real estate has many unique characteristics that make it different from other types of products.The characteristics can be divided into physical and economic features.房地产有许多不同于其他产品的特性，这些特性可分为物理特性和经济特性,Physical Characteristics,1 Immobility Being im
2、mobility,the land is subject to control of the state and local governments under whose jurisdiction it exists.1 固定性 由于土地是无法移动的，因此，它受所在州或者地方政府法规的控制。,2 Lack of Standardization Even if the physical features of two homes were almost identical,zoning,deed restrictions,or title encumbrance could make thei
3、r values considerably different.2 标准缺乏性 即使两处房屋的物理性能几乎形同，而所在区域、契约条件或债权资格均可以使房屋价格有很大差异。,3 Long Life Real property may have a life span of 10 to 200 or more years.3 使用年限长 房地产有10200年甚至更长的使用寿命。,4 Indestructibility Indestructibility,fourth physical characteristics of land,causes real estate to be a durabl
4、e and relatively stable investment.4 不易损坏性 不易损坏性是房地产的第四个物理特征，这使得房地产具有耐久性，而且是一种相对稳定的投资。,Economic Characteristics,In addition to the physical characteristics,land also has its particular economic characteristics:scarcity，,fixed investment,location,improvements.These economic characteristics also have
5、an impact on the manner in which real estate business is carried out.除了物理特性外，土地还具有特殊的经济特性，诸如稀缺性、投资固定性和地域性以及改建增值等特性。这些经济特性对房地产中的交易方式产生影响。,1 Scarcity There is no scarcity of land as such;however,land of specific uses in specific locations is frequently insufficient to meet demand.1 稀缺性 土地并非会稀有到这种程度，但是
6、对于特定地点特定用途的土地却常常供不应求。,2 Fixed Investment Most modifications or improvements to the land cannot be moved,and it may take twenty or thirty years to repay the investment;thus,the investment is long lasting.2 投资固定性 大多数对于土地的改良和开发都是不可逆的，而且其投资回收期可能长达二三十年；因此这种投资是个持久的过程。,3 Location Similar pieces of real pro
7、perty may have extremely different values just because of the difference in location.3 地域性 仅仅因为地段的不同，两处相似的房地产可能会拥有完全不同的价值。,4 Improvements The fourth economic characteristic of land is its ability to be modified or improved,with the associated impact upon the value.4 可开发性 土地的第四个经济特性是可以被改良和开发，从而对其价值产生
8、相应的影响。,Market Characteristics,Local Markets Real estate prices are highly vulnerable to local events such as plant layoffs or decline in local industries.本地市场 房地产价格非常容易受到当地诸如工厂停工、工业衰退等事件的影响。,Unorganized markets We saw that the immobility of real estate results in local markets.This,in turns,causes t
9、he real estate business to be highly decentralized and,to extent,unorganized.无序市场 我们看到，房地产的不可移动性导致了本地市场的形成。这种不可移动性进而造成了房地产交易的分散甚至一定程度上的无序。,Unbalanced Supply and Demand There may be a strong demand in some cities where economic conditions are good and,at the same time,a weak market in other cities wh
10、ere employment is low or industries are deteriorating.供需不平衡 在一些经济条件较好的城市，其房地产市场往往有着强烈的需求；同时，在其他一些就业率较低或者工业陷入衰退的城市，其房地产市场常常比较疲软。,Private Transactions A large percentage of real estate transactions are between individual buyers and sells where neither party is in the real estate business.私人交易 相当比例的房地产
11、交易都是在个人买家和卖家之间发生，他们双方都不能算作参与了房地产生意。,Unit 2 Investors in Real Property,Investment in real property is carried out by private persons,private trusts and the institutionsinsurance companies,pension funds,charities,property companies,property bond funds and property unit trusts.To some extent each has d
12、ifferent objectives,and so their preferences differ.,房地产的投资者包括个人，私人信托和某些机构保险公司，养老基金，慈善团体，房地产公司，不动产债券基金以及不动产信托。从某种程度上来说，它们都有各自的不同投资目标，因此也有不同的投资侧重点。,Private Persons Anybody who purchases a property rather than renting is an investor.The satisfaction or return received should at least equal what could
13、be obtained if,instead,premises were rented and the money invested elsewhere.个人 任何购买而不是租赁不动产的个人都是投资者。物业价值的实现或者回报应不低于投资者出租该物业或作其他投资所得的回报。,Insurance Companies By and large,life-insurance companies try to match assets to future liabilities,and this largely determines the spread of their portfolios as b
14、etween short and long-term fixed-interest investments and equity holdings.保险公司 一般而言，人寿保险公司努力使他们的现有资产与将来的债务相平衡，这在很大程度上决定了其投资范围：包括短期的或长期的固定回报率的投资和股本的持有。,Pension Funds The smaller pension funds invest in property indirectly through pension fund property unit trusts,whose trust deeds limit membership to
15、 pension funds and charities enjoying tax exemption.养老基金 小型的养老基金一般通过投资养老基金不动产信托间接地投资房地产。这类信托规定其投资者只能是享受免税待遇的养老基金和慈善团体。,Charities and Trusts Charities and trusts are concerned not only with income(from which periodic distributions are made)but also with retaining the real value of trust funds.慈善团体和信托
16、 慈善团体和信托关心的不仅仅只是收益（定期分红的来源），还有保持信托基金的实际价值。,Property Companies Property investment and development companies have grown considerably since 1945,largely reflecting the boom in urban redevelopment.房地产公司 房地产投资和开发公司在1945年以后迅速发展起来，这在很大程度上反映了城市再开发的兴起。,Property Bond Funds The person wishing to invest in pro
17、perty is faced with the snag of having insufficient funds to buy prime property,the kind which has shown the greatest capital growth.不动产债券基金 有意于不动产的投资者总会面临缺乏足够资金购买有成长潜力房产的阻碍，而正是这类房产拥有最大的资本增值能力。,Property Unit Trusts A similar principle operates with those unit trusts which specialize in property,but
18、in order to avoid management commitments,such unit trusts use their funds to buy shares in property companies or in companies such as hotels which are concerned with property.不动产信托 运作原则类似于那些专注于房地产的信托公司，但是为了避免管理承诺，这种信托公司用它们的资金购买房地产公司或者像酒店这种与房地产有关系的公司股份。,&Building Societies Building societies can be r
19、egarded as institutional investors since they are the most important source of loans for house purchase.建房互助会 建房互助会可被视作机构投资者，因为它们是购房贷款最重要的来源。,Process of developing,The Development Concept Real estate development,like most projects,begins with a person and an idea.开发构想 和大多数项目一样，房地产开发始于一个人和一个构想。,Marke
20、t Study The next step is to conduct a market study to determine what type of development is in demand.市场调研 下一步就是开展市场调研，从而确定需要何种类型的开发。,Site Selection and Preliminary Feasibility Study Remember the Golden Rule of Real Estate Development:those who control the land make the Golden Rules.选址和初步可行性研究 请记住房地
21、产开发业的金科玉律：认地不认人（谁控制了土地，谁就取得了主动）。,Under these circumstances,your confidence in the future success of the project will determine if you want to take the risk if buying unconditionally.在这些情况下，你是否要冒险去无条件地购买，取决于你对项目的未来是否有把握。,Land Acquisition Study Once you control the land,you can take the time to conduc
22、t a more detailed assessment of the parcel.征地研究 一旦你控制了土地，你就能花时间去开展更详细的评估工作。,Retaining the Professional Team You are looking for people with good track records in development capable of meeting deadlines and budgets.聘用专业团队 你要寻找在开发方面拥有优异的业绩，能解决进度和预算等各种难题的人才。,Financial Feasibility Study A financial fea
23、sibility study is done in conjunction with the land acquisition study,a feasibility study will provide sketches of your site and generate financial information necessary to determine how much the job will cost and whether you can make a profit.财务可行性研究 财务可行性研究是在做征地研究时一起完成，它为你提供工地草图和必要的财务信息，从而决定项目的预算以
24、及是否能够盈利。,Obtaining Government Approvals and Refinement of the Plan Zoning and subdivision approval must be obtained from the municipality.获取政府批准和计划的精化 必须要从市政当局获取城市区划和细分规划的批准。,Unit 3 A Review of the Development Process,The Development ConceptMarket StudySite Selection and Preliminary Feasibility Stud
25、yLand Acquisition StudyRetaining the Professional TeamFinancial Feasibility StudyObtaining Government Approvals and Refinement of the Plan,The Development Decision It should be clear that there are four important factors that come into play;market study,physical features,government regulations,and f
26、inancial feasibility.开发决策 应该清楚有四种因素在起作用，它们是：市场调研的结果、物业的自然特性、政府法规和财务上的可行性。,Infrastructure Development and Building Once you receive approvals and financing,you can begin the construction phase of the project.基础设施开发和建设 一旦你获得了许可，融到了足够的资金，你就可以开始进入项目的建设阶段。,Developing a Sales Program A sales and marketing
27、 program should have been developed at an early stage and continually refined.制定销售计划 在早期就应该制定营销计划并逐渐将其完善。,Sale and SettlementThe settlement is the culmination of developers efforts.Here,the lender is paid off,the buyer receives a new home,and the developer is paid.销售和结算 结算标志着开发商大功告成。这时，贷款方获得了回报，业主得到
28、了新家，开发商也获取了收益。,Unit 4 Land Acquisition Study,Once a potential site is located,the land acquisition study can begin.The land acquisition study can be divided into six categories:Property Inventory Environmental AnalysisUtilitiesRegional InventoryGovernment RegulationsDevelopment Decision,一旦一个潜在的地址被选定
29、，征地研究就可以开始了。征地研究可分为六类：财产清单 环境分析 公用事业设施 区域清单 政府法规 开发决策,These categories are themselves divided into about 40 sub categories,listed as follows:1 Property Inventory1)Legal description2)Site of property3)Current use of land and income produced4)Title5)Liens6)Easements and rights of way7)Restrictions8)As
30、sessments9)Property taxes,这六大类又可大约40个小类，如下：1 财产清单1)合法的界定2)财产地址3)当前土地使用及所获收益4)所有权5)抵押权6)地役权和通行权7)限制8)估价9)财产税,2 Environmental Analysis10)Microclimate11)Water 12)Vegetation13)Topography and land survey14)Soil15)External factors(noise,odors,vistas),2 环境分析10)微气候11)水12)植被13)地形和土地勘测14)土壤15)外部因素（噪音，气味，风景）,3
31、 Utilities16)Water17)Sewer18)Electric and gas19)Telephone and cable TV20)Solid waste disposal3 公用事业设施16)供水17)排水管道18)电力和煤气19)电话和有线电视20)固体废弃物处理,4 Regional Inventory21)Adjoining land use22)Community facilities23)Schools24)Emergency services25)Surface transportation26)Public transportation27)Existing an
32、d proposed land uses28)Growth patterns-proposed and projected,4 区域清单21)邻近土地的使用22)社区设施23)学校24)急救服务25)地面交通26)公共交通27)现有和计划土地用途28)计划发展模式,5 Government Regulations29)Permits and regulations30)Zoning and subdivision regulations31)Environmental regulations32)County and municipal comprehensive plan33)Plan su
33、bmission,5 政府法规29)许可和管理30)区划法与细分条令31)环境法规32)国家和城市整体规划33)计划呈报,6 Development Decision34)Assessment of land acquisition study35)Market analysis36)Development concept 37)Financing38)Negotiating land acquisition39)Price and conditions40)Go or fold.,6 开发决策34)征地研究的评估35)市场分析36)开发构想37)融资38)协商征地39)价格和条件40)实施或
34、者放弃,Unit 5 Land Use Planning and Zoning,Land can be used for farming,industry,commerce,residential living,or recreation.As urban area expands,it becomes important to plan the use of land rather than to let it be developed in an unplanned manner.It is then necessary to enforce the plan through restri
35、ctions on land use that implemented by(a)zoning regulations and building codes and(b)requirements for starting subdivisions of residential or industrial construction.,土地可用作农耕，工业，商业，住宅或者娱乐等用途。随着城市范围的扩大，有计划地使用而不是盲目地开发土地显得犹为重要。因而，总体规划的实现需要借助于对土地利用的两种限制来完成：（1）区划法和建筑法（2）对居住区或工业区细分规划的规范。,1 Levels of Plann
36、ing Urban area planning takes place at the federal,regional,state,and local levels.State legislatures have also given these municipalities the right to establish planning commissions under legislation referred to as enabling acts.It may be either advisory or have executive responsibility,although ex
37、perience has shown that a planning commission,in order to be effective,needs the authority to enforce its decisions.The development and implementation of the master plan require funds.Initial funds can be secures from bond issues because the plan usually results in building project that increase tax
38、able values.Thus,bond issue for master plans provide for a return through future taxes of amounts substantially higher than the original costs of the master plan.,1 规划层次 城市规划出现在联邦，地区，州和本地等层次。各州法律机构也已授权其市、镇政府部门依照实施法设立规划委员会。规划委员会可能是一个顾问性质的机构，也可能是具有执行职能的机构。然而经验表明规划委员会要有效实施其决策，必须得到相应的授权。总体规划的研拟和执行需要资金。由
39、于总体规划往往会带来房产项目，导致税收增加，因此规划的启动资金可以通过债券的发行来筹集。这样，为规划而发行的债券通过未来税收的形式，带来的回报将远远高于规划成本。,2 Purpose of Zoning Implementing the plan for an urban area depends heavily upon the power to the zone.Zoning is a means for regulating and controlling land and its use even though property is privately owned.The first
40、 real zoning ordinance was passed by New York City in 1916.Total floor area/Lot area=Floor area ratio(FAR).,2 区划的目的 一个城市规划的执行在很大程度上依赖于区划的力量。区划是管理和控制土地及其使用的一种手段，即使对于私人拥有的物业也依然如此。纽约在1916年通过了第一部真正意义上的分区区划法规。总建筑面积/用地面积=容积率,Unit 6 Mortgages and Financial Market,All types of debt instruments are bought an
41、d sold in financial market,which is made up if two components,the money market and the capital market.Corporate and consumer debts are split about evenly between the money market and the capital market,whereas mortgage market utilizes long-term instruments almost exclusively and thus is part of the
42、capital market.,金融市场由货币市场和资本市场两部分组成，里面买进卖出着各种类型的债务票据。公司和消费者的债务大致均衡地分布在资金市场和资本市场，抵押市场几乎无一例外地运用长期票据从而成为资本市场密不可分的一部分。,1 Primary Mortgage Market By definition,an institutional lenders is a lender that meets two criteria:the institution accumulates deposits from individuals of businesses(such as savings
43、accounts),pools the funds,and reinvests the funds in real estate mortgages or other loans or securities;and the institution conforms to state andfederal regulation applicable to its charter.,1 初级抵押市场 从定义来看，机构性贷方符合两个条件：一是机构必须吸收个人的储蓄，汇集资金，并把资金再投向不动产抵押贷款市场或其他贷款市场或证券市场；二是机构须遵守与其营业范围相关的州和联邦政府的法规。,2 Prima
44、ry Mortgage Market Activities The primary mortgage market deals with relationships between mortgage loan borrowers and lenders originating the loans.The term origination is sometimes used to include all activities related to bringing a loan into the lenders portfolio.The term may include only the so
45、licitation to obtain mortgage loans and the taking of the loan application.,2 初级抵押市场活动 初级抵押市场涉及因贷款而产生的抵押贷款借贷双方之间的关系。发起这一术语有时指所有把贷款纳入贷方投资项目范畴的活动，有时特指获取抵押贷款和接受贷款申请。,3 Secondary Mortgage Market The secondary mortgage market consists of investors,lenders,or government agencies who buy and sell mortgages
46、 originated by primary lenders.3 次级抵押市场 次级抵押市场由投资者，贷方或者某些政府机构构成。这些政府机构参与买卖源于初级贷方的抵押权。,Unit 7 Marketing Real Estate,Marketing is the process of planning and executing the conception,pricing,promotion,and distribution of ideas,goods and services to create exchanges that satisfy individual and organiza
47、tional objectives.市场营销是对思想、货物和服务进行构思、定价、促销和分销的计划和实施，从而产生满足个人和组织目标的交换的过程。,The real estate broker deals both with sellers and prospective buyers of real estate.The brokers relationship with the sellers involves obtaining properties to list.房地产经纪人同房产的卖方和潜在买方都要打交道。他们和卖方的业务主要是将卖方的物业列入等待交易的名单。,The dominan
48、t reasons that home sellers turn to real estate broker rather than trying to sell their property on their own are they need technical assistance and are hesitant to take risks.住房出售者请房地产经纪人代理而不是自己操办的主要原因，一是他们需要经纪人的专业协助，二是他们不愿意承担风险。,Unit 8 Methods of Valuation(1),1 The Comparative Method The more unco
49、mmon a property is,and the more specialized the type of property,the less likely is it that the valuer will be able to find good“comparables”.1 比较法 物业越不一般，其类型越特殊，估价者就越难找到好的比较案例。,The skill of the valuer will be required to make an allowance in money terms for such difference in value caused by a diff
50、erent geographical situation.要凭估价员的经验对地理的差异引起的价值差异作价格修正。,2 The Contractors Method In using the contractors method the valuer must therefore make a deduction to allow for both depreciation of the building and obsolescence of design.2 重置成本法 在使用重置成本法时，估价员必须对建筑物磨损与式样过时进行折旧。,Unit 9 Method of Valuation(2)
