Positioning Evaluation Research Of Commercial Real Estate Projects Based On Structural Equation Model

With the vigorous development of Chinese commercial real estate, issues existingin the development of commercial real estate have been exposed which are highvacancy rate, serious homogenization and disordered format portfolio. Emergence ofthese problems is greatly related to inaccuracy and lack of evaluation of projectlocation of commercial real estate project. In the background of irregular operation andimperfect theory of project location of commercial real estate, reinforcing the study ofevaluation of commercial real estate project location of is necessary.In this paper, project location of commercial real estate is positioned as theresearch object, and the author researches it from the following aspects:（1）Firstly, the paper analyses the current situation of Chinese commercial realestate and summarizes issues existing in project location of the development ofcommercial real estate. Secondly, the paper defines connotation of commercial realestate and project location of commercial real estate clearly. Thirdly, the papersummarizes factors which Influences project location of commercial real estate fromfour aspects which are macroeconomic factors, factors of market, factors of consumer’sbehavior and internal factors.（2）The paper applies structural equation model to evaluation of project locationof commercial real estate in first time. On the foundation of summarizing framework ofevaluation of project location of commercial real estate, the paper builds thesecond-order assuming structural model of evaluation of project location of commercialreal estate with structural equation model (SEM). Simultaneously, the paper builds more rational system of evaluation basing on data of questionnaire, using AMOS to dosecond-order confirmatory factor analysis and testing of rationality of assuming model.（3）The paper builds a novel model named “Structural Equation--FuzzyComprehensive Evaluation Method (SEM-FCEM)” which integrates the StructuralEquation Model (SEM) and Fuzzy Comprehensive Evaluation Method (FCEM) toevaluate the project location of commercial real estate. The SEM-FCEM Modeldetermines the weights of index by SEM model to avoid defects of deucedly subjective.At the same time, it solves the issue of “vague and uncertainty” which is common inevaluation of project location of commercial real estate by FCEM Model. SEM-FCEMoffers a new thinking for evaluation of project location of commercial real estate.（4）With an example of Vanke’s project location of commercial real estate, thepaper tests the SEM-FCEM Evaluation Model. The results show that the model canpossess index weights which is not only more scientific and reasonable, but also simpleto calculate and easy to operate. The results of evaluation can provide references andsuggestions for project location of commercial real estate based.