Analysis On Value Constitution And Allocation Direction Of Real Estate Project

Rapid development of real estate industry matters with national economy and the people's livelihood.Domestic housing price has increased constantly recent years,which draws the attention of the public up to a new high.Behind the high housing price,the turnover of real estate industry has reached to an amazing number.But where is the giant turnover allocated finally? Who is the beneficiary behind the high additional value of real estate industry? This is the key point of the research.First of all,this paper analyzes factors that influence on the value of real estate project from three layers including macroscopic view,middle view and microcosmic view.Next to the value of real estate project is decomposed into land cost,development cost,employee compensation,interest expenses,taxes and profits,etc.,Analyzes value allocation of real estate project from four interest bodies including government,shareholders,creditors and employees,and analyzes the position of different interest bodies in value distribution.Then to Z real estate company as an example,decomposes its sales from 2011 to 2015,and analysis the composition and allocation of the sales from the company level.Lastly,chooses the company of two complete real estate projects to analyze the value of real estate project allocations,and share that interest bodies enjoy.The research conclusion of this paper: under the background of high housing prices,the government is one of the biggest beneficiaries,which shares more than a third of the value of real estate project;creditors and employees as well,harvest this program;the benefits of shareholders enjoy is not significant and there are risks.While consumers pays the bill for these beneficiaries,and house buyers bear the life stress of high housing price.Therefore,the government should reflect on the current policy on real estate development,to take effective measures from granting land,real estate credit,real estate company's encouragement policies and so on,to curb real estate market bubble,ensure the stable and healthy development of the real estate market.