Real Estate Company Valuation Methods Research

The Real-Estate enterprise grew fastly since Chinese housing system reformed. After more than 20 years development, the Real- Estate industry becomes the national economy pillar industry. A great deal of outstanding Real-Estate companies emerged in China's economical stage, leading the development of the whole industry. As a whole the Real-Estate industry is still at the growing stage. The problems of different ownership structure, different management pattern, unclear development trend and so on, make Real-Estate become dispute focus.In capital market, the people's judgement is different to Real-Estate trade, which makes potential Real-Estate company have difficult in multiplex financing, also makes the general investors ( especially ordinary investor) not certain the investment direction. So as to appraise the value of the Real-Estate company accurately, it not only can offer the comparison standard among the Real-Estate enterprises, but also can provide the comparison basis of the Real-Estate with other industry, which has some extremely important reality guiding significance to the enterprise superintendents and the investors.The reasearch purpose of this paper is realizing the value appraisal theoretical model applied in the Real-Estate industry .At first discussed entire present situation of the Real-Estate industry, then explored enterprise's present situation and character, mainly about the amount of land purchase, the growth scope of capital and profit, the debt situation of trade property.Based on these materials we can discover certain problem. Then I did some certain statistical survey of some representative listed company, and forecasted the whole industry development tendency.After researched in Real-Estate industry, I analysised four kind of value appraisal theoretical model,evaluated the property, the cash flows discount, relative evaluate,equity evaluate, and has made the narration to each estimate method in the Real-Estate; Through the fundamental research, infered intrinsic value appraisal method of the project company which occupies a great proportion in the Real-Estate : NPV and...