房地产项目的可行性研究外文参考文献翻译3000

可行性研究是房地产项目的作用可行性研究是房地产项目建设前期工作的重要步骤,是编制建设项目设计任务书的依据。

对房地产建设项目进行可行性研究是房地产投资建设管理中的一项重要基础工作,是保证房地产建设项目以最小的投资换取最佳经济效果的科学方法,可行性研究在项目投资决策和项目运作建设中具有十分重要的作用。

1可行性研究在房地产开发中的作用可行性研究日渐成为房地产开发前期工作的一个重要组成部分。

可行性研究是针对项目成本与效益关系的分析研究,包括财务状况报告和成本分析。

工程项目的可行性研究是确定项目是否进行投资决策的依据。

现在的房地产开发首先要取得土地,根据现在土地市场的状况,其主要渠道是通过土地一级拍卖市场,开发商通过公开竞价方式获得。

在这里,开发商举牌竞价的基础是开发成本,房地产开发的成本应包括土地成本、建安成本、销售成本、管理运营成本以及财务成本等等。

与此同时,开发商还应通过有效途径来预测房地产项目的销售收入。

通过对比销售收入与所有开发成本的差值,来评估房地产项目投资与否,而上述所有这些工作,也就是房地产开发的可行性研究。

在这我结合建发房产集团在福州通过挂牌竞买获得北江滨一开发用地为例加以阐述。

2002年底福州北江滨开发刚刚开始,北江滨沿江一线已开发的楼盘只有融侨锦江、碧水芳洲、元洪花园等屈指可数的几个。

我们从市调数据分析中了解到,北江滨一线的房地产开发正处于起步阶段,市场楼面地价在800元/m2 左右,而商品房售价在3600元/m2 左右,房地产开发的市场空间较为理想。

我们通过严谨的市场调查,细致的投入产出分析以及市场预期分析,同时结合企业开发理念,提出了如竞买成功,可将该地块开发成建发房产集团在福州的精品楼盘,以推出厦门建发房地产集团在福州的品牌建设。

通过上述的市场调研与分析,公司大胆地参予了土地竟买并顺利获得该开发用地。

从该例子中,总结出只有通过广泛的市场调查后,进行有效的房地产项目可行性研究,通过比对和精确分析各种数据、指标等,开发企业才能确定是否进行投资和如何进行投资。

房地产项目可行性研究报告Title: Feasibility Study Report on Real Estate Project: A Professional Classic CaseAbstract:1. Introduction:- Background information on the real estate project and its objectives.- Importance of conducting a feasibility study.2. Market Analysis:- An overview of the target market and its characteristics.- Analysis of demand and supply dynamics.- Identification of target customer segments and their preferences.- Assessment of market trends and future outlook.3. Financial Feasibility:- Estimation of the project's development cost.- Analysis of potential revenue streams.- Calculation of project profitability indicators such as net present value (NPV), internal rate of return (IRR), and payback period.- Sensitivity analysis to evaluate the project's robustness against changes in key variables.- Determination of the project's financial viability.4. Risk Assessment:- Identification of potential risks and uncertainties associated with the project.- Analysis of financial risks, such as cost overruns and financing challenges.- Evaluation of operational risks, including construction delays and quality issues.- Development of risk mitigation strategies to minimize potential negative impacts.5. Project Implementation Strategies:- Design and planning considerations.- Identification of key project stakeholders and their roles.- Description of project governance and decision-making processes.- Strategies for securing financing and managing cash flows.- Implementation and monitoring mechanisms to ensure project success.6. Conclusion:- Summary of the feasibility study findings.- Identification of key success factors.- Future prospects and potential challenges.Appendices:- Supporting data, charts, and tables used for analysis.- Detailed financial projections and calculations. References:- List of sources and references consulted during the study.。

文献出处: Soriano M. The feasibility analysis of real estate project [J]. Regional and Sectoral Economic Studies, 2016, 1(5):31-41.原文The feasibility analysis of real estate projectSoriano MAbstractReal estate industry is a typical capital-intensive industry, with a large investment, high chicken risk, and long cycle for a long time, supply chain and regional characteristics. A lot of real estate project feasibility study insufficient science, project summary on, often because of unreasonable location, size is too large, use external conditions do not have the influence; Construction delay due to lack of resources; Slow due to unreasonable product structure; Due to the insufficient market observation and pricing of default. Once the real estate construction project decision-making mistakes is not only waste a lot of manpower and material resources, financial resources, increase the enterprise debt burden, bring the deadly blow to developers. Precipitation, but also leads to a bank loan or even rationality affect urban development process.Key words: Real estate; The feasibility analysis; Financial evaluation1 Summary of feasibility analysisFeasibility analysis, feasibility study, it is to point to in the project investment decision-making stage, the proposed project for the comprehensive technical and economic points of argument, it is the important content of project investment preparation method. Project feasibility analysis as a work, including the early stage of project is associated with the proposed project of natural, social, economic and technical data of investigation, analysis and prediction research of structure and than choose possible investment programs, demonstrates the necessity of project investment, project for the applicability of the subjects and risky, technically advanced and applicable, economic profitability and the possibility and feasibility of the investment condition, for the investment decisions to provide comprehensive, system, objective basis. Feasibility analysis can not only refer to a kind of practice activity, adiscipline, can also refer to a kind of method. Feasibility analysis is as a comprehensive analysis of the decision-making stage in demonstration of a kind of practice activity. Feasibility analysis as a science, it is across the engineering science, economics and management science and natural science emerging integrated disciplines, its research object is the project investment decision-making problem of technical and economic purpose is the effective use of limited resources, to get as high investment efficiency. Feasibility analysis is also a kind of method; it is a comprehensive decision argument analysis, including a variety of market research and forecasting, decision making structure and comparison method, the risk analysis methods, the technical and economic analysis method and some technical methods. Project feasibility analysis is in front of the investment decision-making of engineering construction project from the technical, economic and social aspects to conduct a comprehensive technical and economic analysis of the scientific method. The results form the basis for the feasibility study report is the project investment, provide reliable scientific basis for project investment decision.2 The main content of feasibility analysisThe feasibility analysis of conclusion is the important basis for developers, project investment decision-making, the feasibility report of the feasibility analysis of both government agencies for examination and approval of project and awarded on the basis of planning and construction permits, as to the bank, risk investment agencies and financial institutions, such as the basis of a society to raise funds. In addition, the feasibility analysis also can be used as the construction and the basis of project assessment, project post-evaluation. Successful feasibility research is not only to clear answer whether the proposed project should be investment and recommend a better choice, provide scientific basis for investment decisions, should also work for further planning, design, and implementation provides guiding principles, framework and foundation. General real estate project feasibility analysis work can be summarized as market analysis, technical analysis and economic benefit analysis of three aspects, for detailed analysis of economic benefits will be divided into investment estimation and financing analysis, analysis of financial evaluation. So thereal estate project feasibility analysis can be divided into five core key issues:2.1 Market analysisMarket analysis is the main content of the real estate market research and market positioning, through the social macro economic development situation investigation and analysis, from the demand of the market structure, market capacity, supply and demand situation, the ability of net added value of real estate project, real estate construction project of the competition ability of objective evaluation and analysis of the real estate project, on this basis, to determine the real estate project development of product positioning and sales strategy and period after completion of the plan.2.2 Technical analysesTechnical analysis refers to the analysis of real estate project planning design and construction conditions and schedule, including the scale of the project, project is the level of development, the structure of the planning and design technical indicators, the structure of the decoration standard, function and area allocation, demolition scheme is suggested, the main body of form a complete set of engineering, environmental engineering, project schedule, engineering of water supply and drainage, power supply, cable TV, telephone, gas, broadband and late construction of roads, landscaping, new material, new technology application, etc.2.3 The analysis of investment estimateInvestment estimation is the estimation of the total investment of project, investment estimation should include the enclosed project investment situation, estimate basis, estimation range and estimation results, investment estimation can be divided into land cost, the early stage of the project cost, project sassing out cost, the development of indirect fees, management fees, sales cost, financial cost, taxes and unforeseeable cost estimate, etc.2.4 financing analysisFinancing analysis is based on the application of project capital and funding plan funding sources using the table, the project financing plan according to the table (that is, financing options).Financing is generally in investment estimation, on the basis of the research proposed the funds required for the project of channel, the form offinancing, financing structure, financing cost and financing risk, than choose recommend project financing, financing and financial evaluation as the basis.2.5 Financial evaluation analysesProject financial evaluation analysis includes he certainty and uncertainty analysis. Uncertainty analysis is mainly for profitability and solvency analysis. Because of the economic evaluation of data from a large part in the future forecasts and estimates, real estate investment cycle is long, generally more influence factors, which makes sure analysis data provided by the reflective index with different degree of uncertainty, these uncertainties can bring risks to project began to send, project evaluation uncertainty analysis is needed, therefore, evaluation of project may be taking the risk. Finally according to the result of certainty and uncertainty analysis, judge the feasibility of the project financially. Financial evaluation to select is the best project from multiple feasibility scheme investment programs.3 Market analysesSuccessful operation of a real estate project in the final analysis is the result of market demand. The success of the project planning and design cannot leave a comprehensive detailed and in-depth market research and analysis. Without careful investigation data, unable to understand the current situation of the real estate market situation and the distribution of the products, and the characteristics of the competition, is impossible to correct positioning of the project, also as a madras reflected real estate project planning and design. So a successful project from the detailed investigation and study, this is the starting point and the basic point of project operation. Real estate project began to long hair, from the project to start selling after one year, two years or longer. Land auction to pay the land and obtain the certificate of time it takes half a year, on finishing time will be longer more land. Project preliminary design, detailed design, construction project planning permit, into the formal construction stage, which got the state-owned land USES card, land planning license, construction project planning permit, construction permit after the four card, generally up to one year. After four card project pre-sale conditions prescribed by the government to achieve to obtain pre-sale permit for sale, this time ranged from 3months to half a year. Project feasibility analysis needs a year or two before project sales on market research analysis, and makes accurate judgment positioning. Choose wisely, ratio what all important.4 Technical analysesProjects of technical analysis is the main content of the project planning and design scheme, construction conditions, the schedule is analyzed. Front to say "70% of a project success or failure lies in early" analysis of market positioning and planning and design, and in the prophase of project positioning, target market positioning, price positioning, marketing concept, and so on important concept, in fact, all in real estate projects in the planning and design, also are condensed in the planning and design. So in terms of real estate project planning and design excellence, it is necessary to ensure the success of the project. Many projects in the planning and design for two or three years of effort, every success finally, absolutely not accidental. Technical analysis, divided into two parts, the planning design and construction conditions schedule. A planning and design of the main content is: from the perspective of market demand, overall planning, the planning index Suggestions, site planning, architecture design, business planning, advices on family planning, traffic planning, landscape design and decoration, form a complete set of design, and other products in the planning and construction of relevant advice. Planning and design of the main work is to provide measures of the planning technology, provide the basis for the next step of economic analysis.The difficulties of planning and design, project total sales income depends not only on building area, but also depends on the market design the product sales price. So low volume rate, high quality, the owner comfort level increased, but the project sales are not necessarily synchronous increased. If the project sales revenue increase to compensate for volume rate, reduce the loss and the project can be accepted by the market, so the low volume rate project is feasible. For let hair business, plot ratio and determine the costs of land price in the home the percentage of how much area of the building can be, in general, the lower the volume rate, the higher the quality, but the project area is less, the building can let send less the area of the recovery of fundsavailable. Plot ratio is higher, the residents' comfort is relatively lower, but the resource saving. On the contrary, the higher comfort level, lower volume rate, saving resources is not enough, but the environment is good. All issues in the conflict, but want to both, if only the former or the latter is certainly not development, to seek a balance. Planning and design of the difficulty lies in how to meet the needs of market customer comfort and developers for increase the rate of volume, increase recycling funds, improve the contradiction between the economic benefits of the project requirements.译文房地产项目可行性分析研究Soriano M摘要房地产行业是典型的资金密集型行业，具有投资大、凤险高、周期久、供应链长、地域性强的特点。

可行性研究报告英语范文Feasibility Study Report.Executive Summary.This feasibility study assesses the viability of [project name] by examining its market potential, technical feasibility, and financial viability. The study concludes that the project is feasible and recommends proceeding with implementation.Market Potential.The target market for [project name] is [target market]. The market is estimated to be worth [market size] and is projected to grow at a rate of [growth rate]. The study identified several key trends in the market, including [trends].Technical Feasibility.The project is technically feasible and can be implemented using existing technologies. The project will require the development of a new software application, which will be developed using [software development methodology]. The project team has the necessary expertise to develop and implement the project.Financial Viability.The project is financially viable and is expected to generate a positive return on investment (ROI). The project has a payback period of [payback period] and a net present value (NPV) of [NPV]. The project is also expected to generate significant cash flow and contribute to the company's bottom line.Conclusion.The feasibility study concludes that [project name] is feasible and recommends proceeding with implementation. The project has a strong market potential, is technicallyfeasible, and is financially viable. The project is expected to generate a positive ROI and contribute to the company's bottom line.Recommendations.The feasibility study recommends the following steps to proceed with implementation:1. Develop a detailed project plan.2. Secure funding for the project.3. Assemble the project team.4. Begin development of the software application.5. Implement the project.中文回答：可行性研究报告。

可行性研究报告外文资料引言本篇报告旨在通过收集有关可行性研究的外文资料，对可行性研究的基本概念、方法和流程进行介绍。

可行性研究是指对某项计划、项目或决策进行全面评估的过程，以确定其在技术、经济、法律、社会和环境等方面的可行性。

通过引用外文资料，将能够更好地了解可行性研究的国际发展趋势，并为相关研究提供参考。

可行性研究的定义和概念可行性研究是指对潜在项目或计划进行详细研究和评估的过程，以确定其是否值得投资和实施。

该过程通常包括技术可行性、经济可行性、法律可行性、社会可行性和环境可行性等多个方面的考虑。

根据Kerzner (2001)的研究，技术可行性主要研究项目的技术性可行性，包括项目的工程设计、技术要求和技术困难等。

经济可行性则是研究项目的经济效益和投资回报等方面的可行性，包括成本效益分析、财务评估和投资风险等。

法律可行性主要考虑项目在法律和法规方面的可行性，包括政策法规、知识产权等方面的限制。

社会可行性是指项目在社会和人类层面的可行性，包括社会影响评估、社区参与和道德伦理等。

环境可行性则关注项目对环境的影响和可持续性等。

可行性研究的方法和流程对于可行性研究，市场研究是其中重要的一环。

根据Kotler and Armstrong (2016)的研究，市场研究通常包括市场需求、市场规模、市场竞争和市场增长等方面的调查和分析。

通过市场研究，可以了解项目所处的市场现状和潜在的市场机会，从而为项目的可行性评估提供依据。

此外，可行性研究还包括风险评估和项目管理等方面的考虑。

根据Pinto and Slevin (2016)的研究，风险评估是指对项目可能面临的风险进行分析和评估，包括项目进度风险、成本风险和技术风险等。

通过风险评估，可以识别和管理项目风险，从而提高项目的可行性。

项目管理则是指对项目整体进行规划、组织、实施和控制的过程，以确保项目按时、按质完成。

可行性研究的流程通常包括问题定义、研究目标和范围确定、数据收集和分析、可行性评估和报告撰写等步骤。

本科毕业设计（论文）外文参考文献译文及原文学院经济管理学院专业工商管理年级班别学号学生姓名指导教师年月日目录1 九十年代绩效管理模型 (1)2绩效管理的特点 (2)2.1绩效单位制定的章程应该是综合的 (2)2.2已证明有效的方法不能起到应有的作用 (3)3绩效模型 (5)3.1满足首要的目标 (6)3.2改变奖励系统 (6)3.3必须完成的目标 (7)A '90s Model for Performance Management (9)Performance Management characteristic (9)Performance unit is comprehensive (9)Proven methods don't work (10)Performance models (12)Satisfaction a primary objective (13)Change reward systems (16)What needs to be done (17)1 九十年代绩效管理模型今天的人力资源（HR）的功能,首先必须表现在吸引人才,留住人才,并且激励那些高素质的人力资源。

关键的问题是: 1、确定什么是必需的，能够使一个组织内每一个层面产生组织绩效；2、衡量和奖励每个层次的绩效；3、重新使个人和单位定位于满足消费者,而不是讨好更高的组织层次。

第一步是要找出合适的组织层次，使绩效能够可靠地被识别和测量，以及对这层次进行奖励。

测量标准必须明确。

绩效模型可以识别绩效单位，每个员工是一个或多个绩效单位的参与者,通过识别这些绩效，组织可以澄清每个人的重要性以及奖励的对象。

2绩效管理的特点2.1绩效单位制定的章程应该是综合的现代管理理论认为，有效的管理活动应该是一个闭合的环，应该是一个持续改进与提高的过程，按照持续改进与提高的系统论观点，绩效管理体系可以借用“戴明环”理论，即运用P-D-C-A的动态循环模式来构建。

文献出处：Hoesli M, Reka K. The U.S. real estate market and real estate finance development[J] The Journal of Real Estate Finance and Economics, 2014, 47(1): 1-35.（声明：本译文归百度文库所有，完整译文请到百度文库。

）原文The U.S. real estate market and real estate finance developmentHoesli M, Reka K.1 U.S. real estate market development overviewHeterogeneity of property and trading of discontinuity, makes house prices change especially difficult to measure. Therefore, to review the history of the system, the real estate market has been one of academic problems. As to build the authority of the home price index, Robert shiller's (2007) research has strong representative. According to his analysis, from 1890 to 2007, 120 years of history, the actual basic consolidation between 100-130, home prices run quite smoothly. National movements only happened twice: one is before the first world war to the end of the second world war, the real estate market overall weak, although had a rebound in the mid 20 s, but failed to form the integrity of recovery; Second, since 2000, the real estate market prosperity, not only were surging, and for the first time to present a complete "boom-bustcycle."2 the four stages of the real estate market development2.1 1930 years ago: the growth of the real estate market exploration and policyExploration of policyReal estate finance and many countries start level similar to that of the early American housing finance is in the form of mutual assistance is given priority to, mainly to Europe countries. "Temporary help build community (TBS)" is a community from the financing solution, the main mechanism is to urban communities in the personal savings together, support each other build, all members complete construction, such as mutual aid community was disbanded.This model about development in the 20 s, gradually forming for savings bank lending, its main features include: one is the source of funds mainly rely on savings, cause the amount is limited and the cost of capital is higher.The second is the loan amount is low, most of no more than 60% of the value of the housing.Most loan applicants also won a second or even third loan to pay for the deposit.Three loan fixed number of year is short, usually only for 2-11 years (Jackson, 1985).The real estate market growthDuring this period, the real estate market rapid development from scratch. American colonial period has been the real estate market, but isgiven priority to with land deals, no any supporting. After the United States declaration of independence, the newly established the federal government will the ownership of land from the hand of the ruling class of the British royal authorized transfer to come over, and began to land privatization, including free transfer and sale of (us $1.25 / acre) two main means. The middle of the 19th century the rise of railway transportation, as well as the wave of industrialization, at the end of the 19th century city is for the us economy and the real estate market has formed a huge impetus and had a profound influence, real estate continued rapid development, until is dragged down by the first world war.20 s is the recovery period, both prices and real estate construction, in 1926 has a small wave, but to different degree.Supply data suggests that for more than a pre-war levels, single-family housing construction hit a record high in 1925, it was not until 1950 was broken;While home price index showed far from full recovery.But '20 s real estate market fluctuations apparently without too much direct impact on the economy, from the three years later, in 1929, the dow Jones index just climbed to nearly 400 points of the peak, and then plunged, pull open the prelude to the great depression.At the same time, the local real estate "prosperity - recession" phenomenon. It is the middle of the 19th century, with the development of railway transportation, along the lines of land transaction is very active,prices soared overnight phenomenon occurs frequently, the initial speculation.2 it is the end of the 19th century, with the rise of the tide of industrialization cities, urban centers has become a symbol of wealth, power and high-end consumption. City downtown land sharp rise, is a significant feature of this period. In addition, as the state have developed, pleasant environment or the humanities unique region speculative stories happened frequently, including California in the 1880 s and 1920 s Florida the two famous speculation in the property market.2. The reconstruction of the housing market and formingUnder the effect of the New Deal, the U.S. housing market began to recover. After the second world war, as war veteran returning wave, when returning the rise of large-scale housing construction, real estate market is a breakthrough:Is a large-scale housing construction along with rising house prices nationwide, and ultimately achieve a soft landing. From 1942 to 1947, the case-shiller house price index rose 60% in real terms, although rose, but only to return to pre-war levels, then did not adjustment in the form of depression. The second is the rate of homeownership rapidly rising, the real estate market is gradually forming.The 30-year, fixed-rate, mortgage innovation and promotion, as a direct result of housing ownership rate to rise. Only 20 years from 1940 to 1960, the ownership rate increased from 44% to 44%, the main livingform from rent primarily to give priority to with their own room, since it was not until 2004 that ownership rate also to continue to rise to 69%.The gradually faded Thrifts and at the same time, the secondary market began to rapid development and gradually dominate. The federal government successively set up again after fannie mae ginnie mae and Freddie MAC, to strengthen the secondary market development. At first, the three major institutions of housing mortgage loan is "buy and hold". Starting in the 60 s, the agencies began large-scale integration of mortgage, and securitization, led to the growing importance of 2 class market. Mortgage-backed securitization rate, up from less than 12% in 1975 to 32% in 1985, to further rise to 62% by 2003.And secondary market background of rapid development, in addition to the decline of Thrifts and government intervention, the development of computer technology are also important. Computerized drastically reduces the accumulation, analysis, transfer of housing mortgage loan business data, business time also greatly save (Lea, 1996).For example, a computerized credit rating system, as long as the applicant in accordance with the corresponding standards, housing mortgage loan review is automated, thereby significantly speed up the loan approval. At this point, once isolated with other financial department double housing credit system gradually evolved into an open system, for the later into the world financial system, at the same time will also be the world's financialresources into come in, set up the foundation system. Through asset securitization, the U.S. housing finance system has been developed greatly.The real estate market has experienced twice in the 80 s national fluctuations in the 80 s, the U.S. real estate market had obvious fluctuation under the inflationary pressure, but adjustment is not the subprime crisis; And are mainly composed of commercial real estate fluctuations.One is the fluctuation of modest. Shiller national prices index, rose, or have fallen, the real estate market fluctuations in the 80 s are similar and 20 s, but far less than the subprime crisis. From 1984 to 1989, five years, house price index rose 20% in real terms, and 20 s, but far less than 50% in five years from 2001 to 2006;From 1989 to 1994, five years, real house prices fell 10%, less than half of the decline in two years in 2006-2008.Second is mainly commercial real estate fluctuations. In the real estate market fluctuations, in the late 80 s, rather than the housing market volatility, as a commercial real estate fluctuations. Commercial real estate in the 80 s, the cause of the volatility include: first of all, thanks to the tax economic recovery act of 1981Enterprise in after-tax income than other commercial real estate assets, lead to commercial real estate in 79-81 recession revived, also lead the housing market. Therefore, despite the increase in vacancy rate,commercial real estate investment is still rapidly rising. Policymakers eventually realized that the excessive incentive problems, and in 1986, cancelled the most favorable, directly lead to the second year in a commercial real estate investment decline (the FDIC, 1993).Secondly, the second half of the 80 s, tax incentives over, but excessive credit excesses and commercial real estate construction problems adding fuel to the fire. On the one hand, the regulator to deregulation, to solve the savings-and-loan crisis from savings and loan association is given priority to with the housing market investment, is not familiar with to grab share of the commercial real estate; Financial liberalization leads to commercial Banks, on the other hand, increased competition, due to the housing difficult to commercial real estate securitization, bank intermediation advantage to a certain extent, so commercial Banks increase in commercial real estate lending. In 1990, the commercial real estate credit to real estate credit ratio is 27.7%, 5.4% higher than 1980.Therefore, compared with the housing market relatively modest fluctuations, commercial real estate presents obvious "prosperity - recession" characteristics. From the real estate finance is the most obvious, in 1990, the commercial real estate defective rate jumped to 12%, far higher than the same period average defective rate (6%), bank of America is higher than that of single family housing defective rate (3%).Since 1990, the explosive growth of the subprime market andsubprime mortgage crisisThe explosive growth of the subprime market in the 90 s, after the subprime mortgage and the derivative of the rapid development of the mortgage market become the characteristics of the American real estate financial market.So-called Subprime (Subprime), namely Subprime mortgages, mainly for no fixed income earners, or do not accord with standard of mortgage borrowers are usually better than "discount" (Prime) mortgage high 2% 3%.Subprime mortgage in the minority concentrated and economically underdeveloped areas are particularly welcome. The development of the subprime mortgage market has not all been plain sailing. Faulty goods legally recognized, which began in 1980, "depository institutions deregulation and monetary control act, Banks to charge higher interest rates for riskier customers. But it was not until 1986 that the tax reform act allows a tax deduction for housing mortgage rates, subprime mortgage costs less than cost of consumer loans, subprime obtained substantial development. Rates in the mid - 90 - s, channel make traditional mortgage loan demand, Banks are under pressure to expand the subprime market, this paragraph of time the issue of subprime proved quality is low, and the 1997 Asian financial crisis and risk spreads rose sharply, most of the major financial institutions issued subprime by mergers and acquisitions, the subprime market encountered for the first time. But compared with the subprime crisis, the fluctuationis much more moderate.After 2003, the subprime mortgage market in the second round of rapid development, the new market share from 8% in 2003, quickly rose to 21% in 2006, after the crisis, the proportion was plunged to 6.2%, the new issue almost dried up.3 conclusionsOn reviewing the history of the U.S. real estate market systematically shows that the development of the real estate market in the United States, always driven by two factors: one Is the development of the financial system, especially after the great depression to establish the real estate financial system framework and financial liberalization since 80 s;Two is the role of the government, "home ownership" concept has been throughout the United States after the war, no matter how hard it is political ideas have differences, a common faith of the successive governments is to encourage private home ownership. Under the effect of this model, the real estate market more easily combined with the modern financial system, and in turn have a significant impact, eventually lead to huge swings and become the real estate market crisis.译文美国房地产市场及房地产金融发展Hoesli M, Reka K1美国房地产市场发展概述房地产的异质性和交易的不连续性，使得房价变化的度量尤其困难。

The Analysis of the Issue Related to the Feasibility ofStudy the Real Estate Project on the Basis of theImplicit CostAbstract: It is known that the feasibility study of real estate project plays an important role in real estate development. Nevertheless, there still remains many problems in the feasibility study. In this paper, the concept of implicit cost will be introduced, which will be used to analyse these problems.Meanwhile, some useful strategies will be raised for these problems,which intends to further improve the feasibility study of the real estate projects.Keywords: real estate project; feasibility study; implicit cost; problems1. IntroductionThe feasibility study is the decision science has been used in project area, and the basic target is on the basis of the comprehensive investigating and researching to identify a construction object whether have the characteristics of progressive, reality and reliable in the whole prosess from previously project construction to line operation. We also need to know those whether can pay off from the finance and the credibility in the economy to give a big help for the investating decisions. It is real role that a framework to investing project , and is the key factors that can decide the project can be invested or not to give some supports on the project decisions. The real estate is characteristic of accounting for huge financing, a long period relative to the investing and easily influenced by the instable factors. Therefore, the the feasibility study is very important for the real estate. However, currently we are more and more focusing on the explicit cost in the feasibility study and ignoring the intangible cost. The intangible cost is , as opposed to explicit cost and hided among the total cost of enterprise, caused by the decision maker characterized by lower diathesis, wrong concept, and the deficiency of informations, coupled with the non-market factors to lead to the total cost increaseing directly or indirectly . The amount of economic benefits of the project largely depend on getting full knowledge of theintangible cost in the real estate.2. The Existence of the Questions Lied in the Feasibility Study on the Basis of the Intangible CostRecently, the real estate have got a big improvement in the feasibility study. As the main contents and methods, it have been normed and stabilized gradually to use in the project decisions. But that is fact that the feasibility study cannot play the role above mentioned in the real case. The worst case is that there is no the feasibility study before starting the work. And another events is that the feasibility study had been done, but the result was not fit to the requestions. The main problems are following:2.1. The Investor with Low Diathesis Did Not Pay More Attentions on itUntil now, a number of the investors did not get a clear clue and realize the importantance related to the feasibility study. They had made a decision whether building the real estate relied on their own wish, and reckoned the feasibility study was just a “payable paper” to submit to lending institution, investor and government. There is no meaning in the feasibility study because of carrying on is not thorough, focusing on the format. Therefore, the “feasibility study” is the aim that how to get a permission from the related department and a loan from the bank, so the data cannot be used to reflect the real conditions. The economic benefits o f the whole real estate project have decreased, even failed that was mainly ascribed to the invetor’s attitude, ignoring the importance of feasibility study. Those are called the intangible cost. The other factors is linked closely with calibre that a excellent decision maker should be characterized by determination, confidence, far-sighted.ect. When a favorite investing project lie in front of a investor, he must be confidence and determination to make a decision as soon as possible, or the problems relati ve to the economic benefits′ lost would be happened to create the intangible cost. Moreover, the investor should have the characters of far-sighted to consider the investing process, and not care the “gain and loss” in a small events to make a wrong decision. It is obviously that the high-calibre is an very important factor to the investor to avoid the intangible cost.2.2. The Feasibility Study Related to theConstruction Project is Mainly Completed by the Consultant Agency and Design Dthe Deviser Has Low-CalibreDepartment of construction entrusted by investor. It is possible that the accuracy largely depend on those institutions′ level controlled by the deviser’s calibre. Unfortunately, a huge number of devisers are lacking of the attitude on seek truth from facts. They have partially used the data to optimistically evaluate the market price movement. They also did not exploit the market survey in details to predict the market prospect; at the same time, they did not care about some faults, however, more lights shed in exaggerateing the advantages of technology and product that reducing the success rate of investing. On the basis of the devisers havinglow-calibre, the feasibility study cannot be completed by course of correct way and canonical process that the decision maker got a wrong judgement to result in losting the economic benefits, even the whole project’s depleting.2.3. The Analysis and Forecasting of the Market is not EnoughThe earning power of investing project is not only depending on the all kinds of available resources, but also relying on the current and potential requests needed by society. Currently, there are no more attenions concentrated on the market survey and forecasting in the feasibility study. A large numbers of data came from the related researchers’ experience and social relations. Even though they did a survey and forecasted the market trend, the results are more qualitative analysis than quantitative. The data measured by above process cannot really reflect the market condition and prospect. It is seemly like having good benefits, because of the fault existed in the analysis and forecasting of market to lead to the investing project has to face the condition “having a price but no sales”. Those can be avoided according to the reseacher’s endeavor.2.4. There is No Comparative among Every ProjectA larger numbers of reseachers pay more attentions on the single project than the comprehensive in the feasibility study. In some cases, they also analyse some projects at the same time but a particular one will be analysed more deeper than another analysed superficially. The decision maker have to accept the project choosed by reseachers on their wishes, and then the comprehensive researching changed into single will lose the meaning in the feasibility study. Because lack of the comparative project, leading to the economic benefits related to the finance will be fixed to lose the chance of getting more benefits from the market to create more intangible cost.2.5. Ignoring the Value of the Environmental AssessmentThere are many faults lies in the currently environmental assessment showed by the report of feasibility study. In some cases, there is few contents and the analysing superficially about the environmental assessment, because of there is no surveying the surroundings nearby the project or the assessment is not correct. It is obviously that those are contradiction with the strategy of sustainable development developed by our country. Moreover, there is no consideration between the project and sustaining ability of environment carried out by the investor. As a result, the developing intensity will exceed the loading capacity of environment near by the project to produce seriously environment contamination. This will increase the project later environmental protection costs, such as controling environmental pollution and strengthen the green, ect.There is a serious environmental evaluation work to be needed on environmental protection, and using real data reflect the revenue and expenditure to provide true evidences for the final decision. However, many of the feasibility study overlooked this respect that the project had been put more money in late to produceincreasely the intangible cost.2.6. Don't Pay Attention to the Analysis of the Sensitivity and Risk FactorsThe estate project itself has a high risk and investing, because of there are some uncertain factors in project implementation process. With these uncertainties, the investment project there is a risk, thus the uncertainty of the whole project is of vital importance. If the feasibility study of these risk factors were accurately analysed that will cause additional costs of the project.In practical work of the feasibility study , the analysis of risk is not enough or only stay in qualitative analysis, give a quantitative analysis. Though some of them to quantify, but either quantitative method unsuitable or quantitative results do not take seriously, not have a good understanding to project risk factors , thus make some project in concrete implementation appear of risk or risk factors change , led to increase costs and economic benefit greatly decreased, causing the recessive cost of production.3. Countermeasures of Feasibility Study3.1. Strengthening Ideological Education and Quality Education of the Decision MakerIn order to make feasibility study go smoothly, decision makers should be educated to fully realize the importance and function of the feasibility study. The ideologycal recognition and definite feasibility study effect, so that it can from the fundamental guarantee of feasibility study work smoothly. In addition, there must be necessary education to investors to improve the quality and professional skills of their own, so that when making decisions they can decisively and correctly make decision to reduce implicit costs and increase profits.3.2. Improving ability of the deviserInstitutions of training feasibility study professional must be established and perfected ,related departments should organize professional training regularly. Professional ethics education should is necessary to make professionals realize the importance of feasibility study; in the mean time , in order to decrease fault because of professsional skills deficiency and increase correctness of feasibility study professional skills must be enhanced. Establishing and perfecting of the feasibility study for the vocational education training employees of the system, by related departments groups regularly for feasibility research personnel's service training.3.3. Pay Attention to Market Investigation and Market ResearchIn the feasibility study phase, in order to avoid "negotiable without city" awkward situation and more implicit costs, feasibility study professionals should be ready for market research and market forecast work. This requires the relevant personnel take related work seriously, guarantee the correctness of market information to reflect a true market prospect. And earnestly analyze the market consumption levels, anaccurate grasp of market demand. In order to keep commodity to consumption group and to avoid implicit costs, feasibility study professionals must earnestly analyze the market consumption levels, grasp market needs and main consumption groups accurately, prepare for marketing positioning.3.4. Compare and Chose Comprehensive Investment ProjectFor a specific project there may be several different investment plan, after accurately study and compare of every investment project, the optimal project can be achieved. Through compare of different comprehensive investment project risks can be reduced, more profits can be achieved. That proves feasibility study plays a important role in reducing costs and making accurate decisions.3.5. Paying More Attention to Environmental EvaluationPay importance to environmental evaluation, abstractly analyze environmental impact. qualitative analysis must be made thoroughly if quantitative analysis is not suitable. During site selecting phase, in order to decrease later costs and implicit costs load capacity of environment around must be taken into account. When considering investment project, we should realize environment impact and economic profit to chose relatively environmental project and reduce implicit costs.3.6. Deepen Investment Projects Sensitivity and Risk AnalysisIn order to effectively prevent and control the risk, in feasibility study, we should strengthen the sensitivity analysis, pay great attention to digging the potential risk factors, such as investment environment risk, project construction risk, etc. And we should pay special attention to unfavorable factors and bad results, for example, implicit cost because of residents unmovement; Implicit cost caused by construction damage and extension of construction limits time limit because of local seasonal natural disaster. Therefore we should unify the quantitative analysis and qualitative analysis and give priority to quantitative analysis so as to prevent risk purposely and make scientific decisions. If sensibility analysis and risk analysis should be based on scientific data, strategic fault of project can be reduced greatly so as to reduce implicit accuracy.可行性研究对房地产项目隐形成本的相关问题分析摘要：据了解，房地产项目的可行性研究在房地产开发中起着重要的作用。

房地产项目可行性分析研究外文文献翻译随着全球经济的不断发展和城市化进程的加速，房地产行业在各国经济中扮演着越来越重要的角色。

在进行房地产项目投资前，进行深入的可行性分析研究是必要的，这有助于确定项目的经济效益、环境影响和社会效益。

本文旨在翻译一篇关于房地产项目可行性分析研究的英文文献，以帮助读者更好地了解这个领域。

房地产项目可行性分析是房地产项目投资决策的重要依据，其主要目的是在项目实施前对项目的经济、环境和社会影响进行全面评估，以确保项目能够获得预期的经济效益和社会效益。

本文将介绍房地产项目可行性分析的主要内容和方法。

市场分析：对项目所在地区的房地产市场进行调查和分析，包括供需状况、竞争状况、目标客户群体等，以确定项目的市场定位和开发策略。

经济分析：对项目的投资成本、收益预期、风险因素等进行评估，以确定项目的经济效益和风险程度。

环境分析：对项目所在地区的环境状况进行调查和分析，包括自然环境、生态环境、社会环境等，以确定项目对环境的影响程度和应对措施。

社会效益评估：对项目实施后对当地社会经济的影响进行评估，包括就业机会、居民生活质量、地方财政收入等，以确定项目的社会效益和可持续性。

定量分析：运用数学模型和统计数据对项目的经济效益、环境影响等进行定量评估。

定性分析：运用专家意见、调查问卷等方式对项目的市场环境、政策环境等进行定性评估。

综合分析：将定量分析和定性分析相结合，综合评估项目的整体可行性和风险程度。

房地产项目可行性分析是房地产项目投资决策的重要环节，通过深入的市场分析、经济分析、环境分析和社会效益评估，可以确保项目的经济效益和社会效益最大化。

在未来的房地产项目中，应更加注重可行性分析的运用和实践，以提高项目的整体质量和竞争力。

在当今的全球经济环境下，房地产营销策略的研究和实施对于房地产企业的成功至关重要。

为了更好地理解国际上先进的房地产营销策略，本文将对外文文献进行翻译和解读。

在房地产行业中，市场环境瞬息万变，对市场趋势的准确把握是制定有效营销策略的基础。

房地产项目的可行性研究外文参考文献翻译3000房地产项目的可行性研究外文参考文献翻译3000 英文翻译The Analysis of the Issue Related to the Feasibility ofStudy the Real Estate Project on the Basis of theImplicit CostBilin Shao, Bin DingAbstract: It is known that the feasibility study of real estate project plays an important role in real estate development. Nevertheless, there still remains many problems in the feasibility study. In this paper, the concept of implicit cost will be introduced, which will be used to analyse these problems.Meanwhile, some useful strategies will be raised for these problems,which intends to further improve thefeasibility study of the real estate projects.Keywords: real estate project; feasibility study; implicit cost; problems1. IntroductionThe feasibility study is the decision science has been used in project area, and the basic target is on the basis of the comprehensive investigating and researching to identify a construction object whether have the characteristics of progressive, reality and reliable in the whole prosess from previously project construction to line operation. We also need to know those whether can pay off from the finance and the credibility in the economy to give a big help for the investating decisions. It is real role that a framework to investing project , and is the key factors that can decide the project can be invested or not to give some supports on the project decisions. The real estate is characteristic of accounting for huge financing, a longperiod relative to the investing and easily influenced by the instable factors. Therefore, the the feasibility study is very important for the real estate. However, currently we are more and more focusing on the explicit cost in the feasibility study and ignoring the intangible cost. The intangible cost is , as opposed to explicit cost and hided among the total cost of enterprise, caused by the decision maker characterized by lower diathesis, wrong concept, and the deficiency of informations, coupled with the non-market factors to lead to the total cost increaseing directly or indirectly . The amount of economic benefits of the project largely depend on getting full knowledge of the intangible cost in the real- I -英文翻译estate.2. The Existence of the Questions Lied in the Feasibility Study on the Basis of the Intangible CostRecently, the real estate have got a big improvement in the feasibility study. As the main contents and methods, it have been normed and stabilized gradually to use in the project decisions. But that is fact that the feasibility study cannot play the role above mentioned inthe real case. The worst case is that there is no the feasibility study before starting the work. And another events is that the feasibility study had been done, but the result was not fit to the requestions. The main problems are following:2.1. The Investor with Low Diathesis Did Not Pay More Attentions onitUntil now, a number of the investors did not get a clear clueand realize the importantance related to the feasibility study. They had made a decision whether building the real estate relied on their own wish, and reckoned the feasibility study was just a “payable paper” to submit to lending institution, investor and government. There is no meaning in the feasibility study because of carrying on is not thorough, foc using on the format. Therefore, the “feasibility study” is the aim that how to get a permission from the related department and a loan from the bank, so the data cannot be used to reflect the real conditions. The economic benefits of the whole real estate project have decreased, even failed that was mainly ascribed to the invetor’s attitude, ignoring the importance of feasibility study. Those are called the intangible cost. The other factors is linked closely with calibre that a excellent decision maker should be characterized by determination, confidence, far-sighted.ect. When a favorite investing project lie in front of a investor, he must be confidence and determination to make a decision as soon as possible, or the problems relative to the economicbene fits′ lost would be happened to create the intangible cost. Moreover, theinvestor should have the characters of far-sighted to consider the investing process, and not care the “gain and loss” in a small events to make a wrong decision. It is obviously that the high-calibre is an very important factor to the investor to avoid the intangible cost.- II -英文翻译2.2. The Feasibility Study Related to theConstruction Project is Mainly Completed by the Consultant Agency and Design Dthe Deviser Has Low-CalibreDepartment of construction entrusted by investor. It is possiblethat the accura cy largely depend on those institutions′ level controlled by the deviser’s calibre. Unfortunately, a huge number of devisers are lacking of the attitude on seek truth from facts. They have partially used the data to optimistically evaluate the market price movement. They also did not exploit the market survey in details to predict the market prospect; at the same time, they did not care about some faults, however, more lights shed in exaggerateing the advantages of technology and product that reducing the success rate of investing. On the basis of the devisers having low-calibre, the feasibility study cannot be completed by course of correct way and canonical process that the decision maker got a wrong judgement to result in losting the economic benefits, ev en the whole project’s depleting.2.3. The Analysis and Forecasting of the Market is not EnoughThe earning power of investing project is not only depending on the all kinds of available resources, but also relying on the current and potential requests needed by society. Currently, there are no more attenions concentrated on the market survey and forecasting in the feasibility study. A large numbers of data came from the related researchers’ experience and social relations.Even though they did a survey and forecasted the market trend, the results are more qualitative analysis than quantitative. The data measured by above process cannot really reflect the market condition and prospect. It is seemly like having good benefits, because of the fault existed in the analysis and forecasting of market to lead to the investing project has to face the condition “having a price but no sales”. Those can be avoided according to the reseacher’s endeavor.- III -英文翻译2.4. There is No Comparative among Every ProjectA larger numbers of reseachers pay more attentions on the single project than the comprehensive in the feasibility study. In some cases, they also analyse some projects at the same time but a particular one will be analysed more deeper than another analysed superficially. The decision maker have to accept the project choosed by reseachers on their wishes, and then the comprehensive researching changed into single will lose the meaning in the feasibility study. Because lack of thecomparative project, leading to the economic benefits related to the finance will be fixed to lose the chance of getting more benefits from the market to create more intangible cost.2.5. Ignoring the Value of the EnvironmentalAssessmentThere are many faults lies in the currently environmental assessment showed by the report of feasibility study. In some cases, there is few contents and the analysing superficially about the environmental assessment, because of there is no surveying the surroundings nearby the project or the assessment is not correct. It is obviously that those are contradiction with the strategy of sustainable development developed by our country. Moreover, there is no consideration between the project and sustaining ability of environment carried out by the investor. As a result, the developing intensity will exceed the loading capacity of environment near by the project to produce seriously environment contamination. This will increase the project later environmental protection costs, such as controling environmental pollution and strengthen the green, ect.There is a serious environmental evaluation work to be needed on environmental protection, and using real data reflect the revenue and expenditure to provide true evidences for the final decision. However, many of the feasibility study overlooked this respect that the project had been put more money in late to produce increasely the intangible cost.- IV -英文翻译2.6. Don't Pay Attention to the Analysis of theSensitivity and Risk FactorsThe estate project itself has a high risk and investing, because of there are some uncertain factors in project implementation process. With these uncertainties, the investment project there is a risk, thus the uncertainty of the whole project is of vital importance. If the feasibility study of these risk factors were accurately analysed that will cause additional costs of the project.In practical work of the feasibility study , the analysis of risk is not enough or only stay in qualitative analysis, give a quantitative analysis. Though some of them to quantify, but either quantitative method unsuitable or quantitative results do not take seriously, not have a good understanding to project risk factors , thus make some project in concrete implementation appear of risk or risk factors change , led to increase costs and economic benefit greatly decreased, causing the recessive cost of production.3. Countermeasures of Feasibility Study3.1. Strengthening Ideological Education and Quality Education ofthe Decision MakerIn order to make feasibility study go smoothly, decisionmakers should be educated to fully realize the importance and function of the feasibility study. The ideologycal recognition and definite feasibility study effect, so that it can from the fundamental guarantee offeasibility study work smoothly. In addition, there must be necessary education to investors to improve the quality and professional skills of their own, so that when making decisions they can decisively and correctly make decision to reduce implicit costs and increase profits.3.2. Improving ability of the deviserInstitutions of training feasibility study professional must be established and perfected ,related departments should organize professional training regularly. Professional ethics- V -英文翻译education should is necessary to make professionals realize the importance of feasibility study; in the mean time , in order to decrease fault because of professsional skills deficiency and increase correctness of feasibility study professional skills must be enhanced. Establishing and perfecting of the feasibility study for the vocational education training employees of the system, by related departments groups regularly for feasibility research personnel's service training.3.3. Pay Attention to Market Investigation and Market ResearchIn the feasibility study phase, in order to avoid "negotiable without city" awkward situation and more implicit costs, feasibility study professionals should be ready for market research and market forecast work. This requires the relevant personnel take related work seriously, guarantee the correctnessof market information to reflect a true market prospect. And earnestly analyze the market consumptionlevels, an accurate grasp of market demand. In order to keep commodity to consumption group and to avoid implicit costs, feasibility study professionals must earnestly analyze the market consumption levels, grasp market needs and main consumption groups accurately, prepare for marketing positioning.3.4. Compare and Chose Comprehensive InvestmentProjectFor a specific project there may be several different investment plan, after accurately study and compare of every investment project, the optimal project can be achieved. Through compare of different comprehensive investment project risks can be reduced, more profits can be achieved. That proves feasibility study plays a important role in reducing costs and making accurate decisions.- VI -英文翻译3.5. Paying More Attention to EnvironmentalEvaluationPay importance to environmental evaluation, abstractly analyze environmental impact. qualitative analysis must be made thoroughly if quantitative analysis is not suitable. During site selecting phase, in order to decrease later costs and implicit costs load capacity of environment around must be taken into account. When considering investment project, we should realize environment impact and economicprofit to chose relatively environmental project and reduce implicit costs.3.6. Deepen Investment Projects Sensitivity and Risk AnalysisIn order to effectively prevent and control the risk, in feasibility study, we should strengthen the sensitivity analysis, pay great attention to digging the potential risk factors, such as investment environment risk, project construction risk, etc. And we should pay special attention to unfavorable factors and bad results, for example, implicit cost because of residents unmovement; Implicit cost caused by construction damage and extension of construction limits time limit because of local seasonal natural disaster. Therefore we should unify the quantitative analysis and qualitative analysis and give priority to quantitative analysis so as to prevent risk purposely and make scientific decisions. If sensibility analysis and risk analysis should be based on scientific data, strategic fault of project can be reduced greatly so as to reduce implicit accuracy.References[1] Guangjun Ma:The discussing of investment project feasibility research work problems and measures.[J]. Economic research guide ,2009,p.132-133.[2] Yang Wang and Shourong Wu:The impact analysis and countermeasures of market economy to the project feasibility study[J]. Manage engineering journal ,2005,p.179-181. [3] Kai Liu:Discuss the current investment project feasibility study of the main existingproblems and countermeasures [J].Building economy andmanagement ,2006,p.137-138.[4] Xinhua Mu:Discuss the investment project feasibility study problem in the work and countermeasures [J].Chinese collective economic strategy research,2009,p.35-36.- VII -英文翻译可行性研究对房地产项目隐形成本的相关问题分析作者:Bilin Shao, Bin Ding摘要:据了解～房地产项目的可行性研究在房地产开发中起着重要的作用。