Research On The Risk Management Maturity Evaluation In Commercial Real Estate Project

Commercial real estate projects can produce more profits which attract a large number of investors and property operators. It has become a new force in the real estate industry of China. However, the successful project operations are very few in these completed large-scale integrated commercial real estate projects. These projects occupy huge money and land which brought immeasurable loss for local governments, financial institutions and property operators. How to increase the chance of success in commercial real estate operation which is high-return with high-risk has become an urgent problem in China. The risk management maturity evaluation in commercial real estate projects can improve the management level by finding the shortcomings in the project risk management and an improving path.This paper deeply studies the operation cycle and characteristics of the commercial real estate project, the project risk management and evaluation of maturity model. On the basis of the existing theory and results, this paper builds the maturity evaluation model for the commercial real estate project risk management and identifies the factors and indexes combining empirical and literature researches with qualitative and quantitative researches. Then, this paper defines the evaluative tools for the commercial real estate project risk management maturity based on the comprehensive evaluation model.Firstly, after literature reviews and inductive analysis, this paper studies the main theory and features in commercial real estate projects, the project risk management and various types of maturity model through the norm and literature research, which build a theoretical foundation for commercial real estate project risk management maturity evaluation elements.Secondly, through the norm and literature research, this paper divides and merges the maturity factors in accordance with stages and categories of commercial real estate project risk management. According to the classification principles of Kerzner typical project risk management maturity model and commercial real estate project management characteristics, this paper establishes five maturity hierarchical levels. Then this paper establishes the index evaluation system of commercial real estate project risk management maturity by the quantitative description of evaluation elements according the nature of these elements.Thirdly, through the Delphi and question-surveying method, this paper determines elements weight of the commercial real estate project risk management maturity evaluation model. After that, this paper builds the commercial real estate project maturity evaluation model based on its fuzziness and synthesis which provides a scientific evaluation tool for commercial real estate project risk management maturity evaluation.Finally, this paper verifies the actual effectiveness of the commercial real estate project risk management maturity evaluation by an example.