Commercial Real Estate Development Operations Research

In recent years, the fast unfolding domestic real estate has been in the ascendant. Because of the high total prices, high profit margin, primary risk and long-term investment payout of real estate, there is hardly any investor who can afford the full amount of the real estate and the rational investors will be not willing to spend such a large sum on the projects with a long-term payout period. In this case, the developers of real estate are placed in a dilemma. For one hand, the capital cannot be reclaimed because it's hard to attract customers when the developers want to sell the real estate asset as a whole. For the other hand, the developers have to endure the pressure of fund because of the overlong-term investment payout. As a result, the capital cannot be reclaimed to be devoted to the development of other projects, because of which the whole operation of the development corporation is interrupted.Based on the above background, in this thesis, there is a discussion and analysis on the reasons of the dilemma during the development and operation of commercial real estate and the three main modes of development and operation, trying to find a viable way for the settlement of the dilemma, and accordingly, to maximize the long-term holistic value of the domestic commercial real estate and provide a way for related participators to share the fruits.This thesis is divided into 6 parts:The first part is the introduction, in which the background, significance, methods and framework of the study will be introduced.The second part is the analysis on the ways of decision and realization of thevalue of commercial real estate. the author will first make a brief introduction on thebasic concepts of commercial real estate, then replant the commercial ecosysteminto the development and operation area of commercial real estate and make afurther analysis and discussion on the structure and realization methods of the valueof commercial real estate, using the experience of features of the successfulcommercial ecosystem value structure, so as to provide a "five in one" concordantoperation method to realize the mutual benefit of the five interest parties, that is,the investors, the developers, the professional operators, the proprietors and the final customers, and finally realize the goal that maximizing the long-term holistic value of commercial real estate. At last, based on the commercial real estate value structure set above, the author make a brief analysis on the required features of commercial real estate development and operation.The third part is the analysis on the scrape of domestic commercial real estate development and operation and the causes of the scrape. the author make a brief analysis on the dilemma, considering the features such as high total prices, high profit rate, primary risk and long payout period, then based on the analysis, the author make a study on the causes of the scrape.In the forth part the author samples the main development and operation modes of present domestic commercial real estate. There is a detailed analysis on three main development and operation modes, the samples of which are collected during the practice of the developers. There is also a contrastive study on the advantages and disadvantages and applicability of different modes. The result shows that the effects of the three modes are all disappointing and far from the settlement of the scrape mentioned above.In the fifth part, base on the study above, the author brings out a practical choice, with which the long-term holistic value can be maximized, for domestic commercial real estate development and operation.The sixth part is about a viable mode----commercial real estate limited partnership. At first there is an expatiation of the concept of commercial real estate limited partnership, the constitution the partnership and the new design of the organization mode. Secondly, there is an analysis on the advantages of limited partnership from the aspects of obligation mixing system and enterprises management structure. At last there is a study on the feasibility of introducing limited partnership into domestic commercial real estate and some problems should be considered.The seventh part is the conclusion of the important content in this thesis.