Study On The Risk Management Of Real Estate Development Project

Since 1998, China’s housing system has arisen qualitative change, housing has become more and more commercialized, and the real estate industry has been developing rapidly. As the market continued to heat up, although the government issued regulatory policies one after another, the price of commodity house which is predominant residential kept going up and rising quickly, which attracted a lot of social capital poured into the real estate market, made the market a strong speculative atmosphere. After a brief downturn in 2008, the market once again heated up quickly, but since the end of 2013 the real estate market is gradually cooling down under the influence of the unprecedented strict regulation policy in the country. However, under the big pattern "urbanization" development strategy in our country, the urbanization process will provide the real estate market for new opportunities. The development of the real estate market and the national macro-control policies accompanies along the way, as a highly sensitive to the country’s regulative policy industry, the development of the real estate market goes ups and downs with policy changing. It’s full of risk. What’s more, the real estate industry has a long development cycle, a huge quantity of investment capital demand, a diversified stakeholder etc., these intrinsic characteristics of real estate project determine the high risk existed in the development process, so the risk management is very necessary during the project. This paper takes the Yuelanshan project of X company as a typical research object, proceeding an in-depth analysis and research about how X company identify, evaluate and response the risk it will meet during the development process,on the eyes of a building construction enterprises who is the first time engaged in real estate development as a main stakeholder.First of all, the background and significance of the research is introduced, and a research scheme of this case is designed based on the relative theory of risk management of real estate project after that. Secondly, this article introduces current situation of X company’s real estate business and basic situation of Yuelanshan project, and identifies risk the project may face in the process before getting the table shows main risk factors. Thirdly, it builds the project risk evaluation index system, establishes property development project risk fuzzy comprehensive evaluation model according to the principle of fuzzy mathematics, and then carries on quantitative analysis. Where after, this article confirms the whole project risk level, the influence degree to the target the second and third hierarchy risk can make, and finds out the important risk factors the Yuelanshan project will face according to the evaluation results. In the end, this article introduces what measures X company took and established a project risk monitoring system and risk management control process.Through the detailed analysis about risk identification, assessment and response during development process of Yuelanshan project of X company, it is hoped that this paper cam provide certain reference to real estate enterprises lacked of experience, especially to those building construction enterprises engaged in real estate development, which has a certain practical value and theoretical significance.