Valuation Of Beijing Metro Commercial Property

Beijing Urban Metro will form a "Three-ring, Four-cross, Five-vertical and Seven-emission" rail transport network of703km in2015. It will assume25%of urban transportation needs. Beijing Infrastructure Investment Company is responsible for urban metro and infrastructure project financing and capital operation task and needs to raise more than130billion of debt funding and more than220billion of endogenous funding during the period of Twelfth Five-Year. To ease the funding pressures, Beijing Infrastructure Investment Company made "One Body-Two Wings" pattern of strategic development. It vigorously develop non-ticketing resource to increase operating income.The article defines the concepts and classifications of metro non-ticket resource and metro commercial real estate resource. The underground space resource and metro store resource of Beijing Urban Metro have great development prospects. The article draws on the typical urban metro success stories and proposes the suitable management mode of Beijing Metro commercial real estate resource.Due to the scarcity of Beijing Metro commercial real estate resource, Beijing Infrastructure Investment Company is difficult to determine property values accurately during the development process.According to the survey and relevant data, the article builds a valuation model of underground space resource through investment income approach and market approach. Meanwhile builds a valuation model of metro store resource through the cost method and the income approach.This article selects the underground space of Beijing Zoo station of Metro Line4as a case study to test the valuation model. The result shows that the underground space resource has a high commercial value. Beijing Infrastructure Investment Company should develop and utilize the underground space resource reasonably. This will expand financing channels and increase operating income of Beijing Infrastructure Investment Company to alleviate funding pressures.