Research On The Valuation Method Of Real Estate Projects Under Construction

In recent years,the downward pressure on China's macro economy has been increasing,and the country's regulation policies on the real estate industry have been frequent,which has promoted the real estate industry from extensive development mode to largescale and intensive adjustment.The number of mergers and acquisitions of real estate projects under construction has been increased.Due to the characteristics of poor comparability,complex construction process management and uncertain future returns,the commonly used value assessment methods emphasize theory rather than practice,which brings certain difficulties to the reasonable and accurate evaluation of the value of such projects.Therefore,this paper studies the optimization of the method of value evaluation for real estate projects under construction,improves the rationality of the project value evaluation,provides a reliable basis for the decision of M&A,and is conducive to improving the performance of M&A and the success rate of the transaction.By comparing the applicability and advantages and disadvantages of the existing real estate valuation methods,this paper adopts the case of DZ group's acquisition of a real estate project under construction by ZY company to study the optimization of the M&A valuation method for real estate projects under construction.The research results show that:first,the optimized hypothesis development method is an applicable method to evaluate the value of real estate projects under construction.Second,the target cost management theory and dynamic cost management method are used to calculate the total cost of the follow-up development of the construction projects and the taxes payable,so as to make the calculation of the follow-up development costs and taxes for the real estate projects under construction more comprehensive and accurate.Thirdly,the grey fuzzy comprehensive evaluation is used to correct the market comparison method to predict the sales price of the project,which can largely eliminate the influence of subjective factors on the real estate price in the price forecast,improve the accuracy of the project development value forecast,and make the value of the project after the completion of development more objective and reasonable.The research conclusion of this paper is of great reference value for M&A enterprises to evaluate the value of real estate projects under construction reasonably,accurately and scientifically and promote the smooth realization of M&A transactions of such projects.