论文部分内容阅读
房地产是典型的资金密集行业。2002年,我国的房地产完成开发投资7736亿元。 然而,如果以为有资金实力就能在房地产行业赚大钱,则是没有搞清中国房地产行业致富的玄机。开发商、建筑商、个人都从银行取得资金,“极大财务杠杆效应”使某些开发商用1000万的投资,就能滚动上亿的项目,也许项目的总资产报酬率只有15％,但对开发商而言则是获得了超过一倍以上的回报。如果最初投入的1000万还不完全是开发商自有资金,那么对房地产“暴富”的现象也就不难理解了。 去年夏天朱镕基在金边和香港两次意
Real estate is a typical capital-intensive industry. In 2002, China’s real estate investment in development completed 773.6 billion yuan. However, if you think that the financial strength can make a lot of money in the real estate industry, it is not clear about China’s real estate industry to get rich. Developers, builders and individuals all get money from banks. “Great financial leverage” enables some developers to roll billions of projects with 10 million investments. The total return on assets may be only 15% In terms of developers is obtained more than doubled in return. If the initial investment of 10 million is not entirely developers own funds, then the real estate “wealth” phenomenon is not hard to understand. Last summer, Zhu Rongji two times in Phnom Penh and Hong Kong