| As an important component of city construction and development, house dismantlement directly affects the process of city modernization and the vital interests with the parties to dismantlement. In recent years, social contradiction and conflict which were caused by house dismantle-ment always center on the compensation for removal.According to《Regulations on the Management of Urban Housing Units》enacted by State Council, removed building appraisal is a key reference for fixing the compensation for removal.As a consequence, assessment result directly influences the vital interests with the parties to dismantlement and it arises the extensive concern of the community.Market comparison approach,income approach and cost method are widely used in removed building appraisal of our country. On the basis of analyzing the theoretical foundations, the application condition and range of three evaluation methods, the article pointed out the limitations of these three methods,which ignored the value from the uncertainty and flexibility of appraisal object.So the real option approach was offered.Real Option was applied to the Urban Housing Units valuation in the article,and application framework of Real Option was established.Mean while,the author discussed the uncertainty in order to distinguish the real options existed in Housing Units valuation,and then composed the model,also revised the parameters.Finally, an expression of the Urban Housing Units valuation based on Real Option was presented.To summarise, the article researched he Urban Housing Units valuation approach based on Real Option through theoretical study and empirical analysis. The approach is more scientific and effective than methods we usually used, also it possesses good operation. An important theoretical and practical value is opened up cause that the method can provide a scientific and theoretical basis for compensation standard, and it is the profitable exploration for increasing demolition work. |
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