> $&# R1bjbjOO24aaD$Annn$/:9nnnnn```n`n```8SB*`0A`2.``(nn`nnnnn`nnnAnnnnnnnnnnnnn/I: Article 32
The equation of discounted cash flow method reads as follows:
P EMBED Equation.3 CFk/(1Y)kPN /(1Y)n
where
P: income value
CFk: net operating income of individual period under analysis
Y: discounted rate
n,: periods of discounted cash flow analysis
k: respective period
Pn: property value at the end of analysis periods
Article 401
The recapture allowance of a building can be estimated using the following formulas
1. Equal depreciation type:
C(1s) EMBED Equation.3
2. Sinking fund type:
C(1s) EMBED Equation.3
where
C: building total costs
s: ratio of salvage value
i: interest rate for own capital
N: building economic life
Estimation of the above building total costs, ratio of salvage value, interest rate for own capital, and building economic life shall follow the relevant rules specified in the cost approach.
Article 41
The future recapture rate as of the date of value opinion for a building can be inferred through the following formula:
1.Equal depreciation type:
d = EMBED Equation.3
2. Sinking fund type:
d = EMBED Equation.3
where
d: The future recapture rate as of the date of value opinion for a building
(1s) QUOTE : depreciation rate
n: the building age
n: the number of future years that the building remains revenuegenerating
i: interest rate for own capital
The above depreciation rate is estimated according to relevant rules specified in cost approach.
Article 43
A capitalization rate or discount rate should be determined from a comprehensive review of the following methods:
1. Risk premium method: The fixed deposit interest rate, government bonds rate, real estate investment risk, money supplydemand variation, the trend of real estate value and etc. should be taken into consideration to decide the likely rate of return on the most common investment as a basis in order to derive the capitalization rate or discount rate. The differences of individual characteristics between the above most common investment and the subject property should be compared in terms of their liquidity, risk, appreciation, and management.
2. Market extraction method: Selecting several comparable properties, which are identical with or similar to the subject property, followed by dividing their respective net operating income price and comparing the resulting to determine quotients the capitalization rate.
3. Weighted average capital cost method: The formula based upon weighted average capital cost is as follows:
Capitalization rate or discount rate
EMBED Equation.3
where
Wi: the ratio of the ith capital source to the total capital cost
Ki: interest rate or required rate of return for the ith capital source
4. Debt coverage ratio method: The formula based upon debt coverage ratio is as follows:
Capitalization rate or discount rate = debt coverage ratio x mortgage constant x the ratio of mortgaged capital to property price
5. Effective gross income multiplier method: The formula based upon the due net operating income rate that is derived as the ratio of annual net operating income to annual effective total income for similar properties in the market, and based upon effective gross income multiplier that is derived as reasonable price divided by annual effective gross income is as follows:
Capitalization rate or discount rate = net operating income rate / effective gross income multiplier
Relevant details are required to be stated in the appraisal report shall a need arise to employ other methods than those specified in this Article to determine capitalization rate or discount rate.
Article 47
The income value over a certain period of time is estimated according to the following calculations:
Pa EMBED Equation.3
where
P: income value
a: average annual net operating income prior to consideration of recapture
r: capitalization rate
n : the period of years that the property is able to generate income
Average annual net operating income pr͠weS=*h0<hf?bCJH*OJPJQJRHP^Jo(#h0<hf?bCJH*OJPJQJ^J#h0<hf?bCJOJPJQJ^Jo(#h0<hf?bCJH*OJPJQJ^Jjh0<hf?bCJEHOJPJQJU^J.j=G
h0<hf?bOJPJQJUV^Jo()jh0<hf?bCJOJPJQJU^J h0<hf?bCJOJPJQJ^Jhf?bCJOJQJ^JaJo(#h0<hf?bCJOJQJ^JaJo(
#
U
V
c
$
_VDtWD/^_`a$gdf?b$0+G$UDVDuWD]0^`+a$gdf?b $G$a$gdf?b$ &
$
%
U
V
g
q
{
~
ڶȤkfS$h0<hf?bCJOJPJQJ^JaJ h
>o(&h0<hf?bCJH*OJQJ^JaJo( h0<hf?bCJOJQJ^JaJ&h0<hf?bCJH*OJQJ^JaJo(#h0<hf?bCJOJQJ^JaJo(#h0<hf?bCJH*OJPJQJ^J#h0<hf?bCJOJPJQJ^Jo( h0<hf?bCJOJPJQJ^J'h0<hf?bCJH*OJPJQJRHP^J
$㺥Гn[E*E4jh0<hf?bCJKHOJPJQJU^JaJo(+h0<hf?bCJKHOJPJQJ^JaJo($h0<hf?bCJKHOJPJQJaJ$h0<hf?bCJKHOJPJQJaJ#h0<hf?bCJOJQJ^JaJo(#h0<hf?bCJOJPJQJ^Jo((j1h0<hf?bEHOJPJQJUo(*j
U
h0<hf?bOJPJQJUVo($jh0<hf?bOJPJQJUo(h0<hf?bOJPJQJo(h0<hf?bOJPJQJ^J$%&'(hij
ƫzkzz\O\O<\%jh$hf?b@OJPJQJUh$@OJPJQJo(h$hf?b@OJPJQJhf?bCJOJQJ^JaJo( h0<hf?bCJOJQJ^JaJ#h0<hf?bCJOJQJ^JaJo(h0<hf?bOJPJQJo(4jh0<hf?bCJKHOJPJQJU^JaJo(8jh0<hf?bCJEHKHOJPJQJU^JaJo(7j,U
h0<hf?bCJKHOJPJQJU^JaJo( (.F`\]i

H
N
A $G$a$gdf?b,
2(
Px4 #\'*.25@9_1$VDtWD/^_`gdf?b

.
/
0
1
2
3
C
D
ʵ~obobOo>o h$hf?b@EHOJPJQJ%jh$hf?b@OJPJQJUh$@OJPJQJo(h$hf?b@OJPJQJ#h0<hf?bCJOJQJ^JaJo(#h$hf?bCJOJQJ^JaJo(%jh$hf?b@OJPJQJU)jh$hf?b@EHOJPJQJU+jT
h$hf?b@OJPJQJUVh$hf?b@OJPJQJ h$hf?b@EHOJPJQJD
E
F
G
H
R
j
p
n[nHnC hf?bo(%jh0<hf?bEHOJPJQJU%jh0<hf?bEHOJPJQJU!jh0<hf?bOJPJQJUh0<hf?bOJPJQJ h0<hf?bCJOJQJ^JaJ#h0<hf?bCJOJQJ^JaJo(#h$hf?bCJOJQJ^JaJo(%jh$hf?b@OJPJQJU)jp h$hf?b@EHOJPJQJU+jT
h$hf?b@OJPJQJUV!FVIlG
8Dd($
(G$VDd]^a$gdf?b $G$a$gdf?b $9oIcV JKGH
~ނނ}nhFCJOJQJ^JaJo( hf?bo(&h0<hf?bCJH*OJQJ^JaJo(j.2h0<hf?bEHPJU"jrfG
h0<hf?bPJUVo(h0<hf?bPJjh0<hf?bPJU h0<hf?bCJOJQJ^JaJ#h0<hf?bCJOJQJ^JaJo(hf?bCJOJQJ^JaJo('
02468*,0"0o011뤉wfwfwdwfw]hf?bhf?bU h0<hf?bCJOJQJ^JaJ#h0<hf?bCJOJQJ^JaJo(5j4h0<hf?bCJEHKHOJPJQJU^JaJ.j6AG
h0<hf?bOJPJQJUV^Jo(1jh0<hf?bCJKHOJPJQJU^JaJ+h0<hf?bCJKHOJPJQJ^JaJo((h0<hf?bCJKHOJPJQJ^JaJior to consideration of recapture could be derived by applying the above formula if the income value is known.
If a periodend value is present, when the period that generates income comes to an end, the discounted present periodend value can be added to the income value. In addition, costs relevant to the disposal of this property at the end of the period can be subtracted from the periodend value.
o011 $G$a$gdf?b01h2P. A!"#$%S1Dd
J
CA?"2^<0zSoDk`!g^<0zSb@xt5xcdd``6dd``baV d,FYzP1n:&LB@?b ~dꁪaM,,He`x7Ӂ`'0LY \P8&X
X@@ڈ9HJy
g!e
1A$@`YDd
b
c$A??3"`?22fyNմ[K
"[k`!2fyNմ[K
"[@4xR=KA};PHH!FXX0HS&"YX(,*E
vv FkƷ]=99a;yk+w
1SmbZQ⍰w{?lrAxlYs?Q+=GqzȜ4&Ƿ:JsƓOJӖpqqKk<_x'XIkr#iެ.]9YE~4Xhŗ~%\}=IzI^=imC:Jk}%+QɁ>Ev#t9V7W,XȶuC9oIin!ukCXW!Ok@ñ̯_hʯcJߝo8}k
?@ABCDEFJKLMNOPQRSTUVWRoot Entry# FPSB'Data
$7WordDocument"24ObjectPool%o6SBPSB_1203846604Fo6SBo6SBOle
CompObjfObjInfo
"$%&'()+,/
FMicrosoft Equation 3.0DS EquationEquation.39q8."<"
k=1n'
"
FMicrosoft Equation 3.0DS EqEquation Native J_1429015809Fo6SBo6SBOle
CompObj
fuationEquation.39qKD5l2
1N
FMicrosoft Equation 3.0DS EquationEquation.39qiV8"nk
(1s)/ObjInfo
Equation Native
:_1421677532 Fo6SBo6SBOle
CompObjfObjInfoEquation Native r_1421677533Fo6SBo6SBN1"(1s)n/N
FMicrosoft Equation 3.0DS EquationEquation.39qD
i(1+i)n'
"1Ole
CompObjfObjInfoEquation Native `_1197896323Fo6SBo6SBOle
CompObjfObjInfo
FMicrosoft Equation 3.0DS EquationEquation.39qmP`$t
=wii=1n
"
ki
FMicrosoft Equation 3.0DS EquationEquation.39qEquation Native l_1203847478Fo6SBo6SBOle
CompObj fObjInfo! Equation Native !t1TableISummaryInformation($#8X""
1"11+r()n'
rOh+'0X
,8@HPuserNormal.dotmuser3Microsoft Office WormbeddedObjPresent="no" w:ocxPresent="no" xml:space="preserve">141NbkCb_NJ
jɫrGkn?Cb_NJ
jɫrPNG
IHDR 0L"sRGB pHYs+IDAT8Oc?K(>*=p錌ۑ 3\B5"9UЬ%>!tYM
dsza
>X"q!w{B4 oOJyg55iVmݾ ݾƠܾኖ*8H@r70zN`Xu0oHpc@"@qUȃK=n 'L({>IIENDB`,Dd
m
3A"/)
141NbkCb_NJ
jɫrGFkn?Cb_NJ
jɫrPNG
IHDR 0L"sRGB pHYs+IDAT8Oc?K(>*=p錌ۑ 3\B5"9UЬ%>!tYM
dsza
>X"q!w{B4 oOJyg55iVmݾ ݾƠܾኖ*8H@r70zN`Xu0oHpc@"@qUȃK=n 'L({>IIENDB`^Dd
rP
SA?"2rD ^gTr2k`!rD ^gT`@ \xڝRJA};{).0#KDU$X[Ku"6swnFͼ7$y!
SaFBLPm%s77%)g*籌PR;Nxp8(6
tYZ"
%ϭ;n9y*6HYΣXUYu]zҒjpO#+]"i
Gj3C/5nטi*rZw.5w#Uy{껺`L'߹ޤw2"kysN0^ڕ Z;kh3Yoid~
xDd
J
CA?"2}ti)@b^4k`!}ti)@b^@ 0=~ xڥS=KAK#ZHP8E"/F?KX6V?AMiacg!IBΝ,vޛI4ZI,dLY PTFpaQB@`'R4[%zUj8#RmVe"kŶy TzD+5/"]woS<=ywuJaVO=G$kLXOF~aQáhFJ/Ҷuިz
J/SzUNo+C;OxZ&RR}6˪/5. cx`4]74rbdyj,niƎLѯ]b&LÉӧ\5syd@
@䤻A@RB՜.+,0
X`lt
FMicrosoft Word 972003
MSWordDocWord.Document.89qDocumentSummaryInformation8*CompObj.nj666666666vvvvvvvvv666666>6666666666666666666666666666666666666666666666666hH666666666666666666666666666666666666666666666666666666666666666662 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~ OJPJQJ_HmH nHsH tHD`DgQe1$ CJKH_HaJmH nHsH tH$A $
k=W[WBiB
0h,cy'$g#."܈,V*bث zï?g}e::J@;ܭj6hOn)1,ʀ7{+ZR9Y(\Һ
a\q;nogofe8c6ñB%Ļ:qݢAQҐMA^&e>Cl]Gʼ {.9a
Ge"8bŀ_*,37~ב
2QgH,sU_XibE
Ewd^Ɯ()h](Q*oqCw:%N_h4d,Jryp~{6P
N*WbJpz;Jm.g
< 4ߒ'yjЖy&kbzZXZb8%U1م;5R>VD>~]ϐJxaAws:Ki߈], qJENpCH
[OPg7#)Mr`$~W`c(*xOmdOo{0m
HC$(G*l{jzvY,d*`LGX_s>=B6Ii֟=Ab9L638h&T:LǬZp4ҶENxZƚxY(wHH>#;~ li&ʆ6tԲ'\`kˎ;\uN/f;ksC
=ڢ4.2&1ײ/Ypw*a>ֵPK!
ѐ'theme/theme/_rels/themeManager.xml.relsM
0wooӺ&݈Э5
6?$Q
,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}$b{P8g/]QAsم(#L[PK![Content_Types].xmlPK!֧60_rels/.relsPK!kytheme/theme/themeManager.xmlPK!Rtheme/theme/theme1.xmlPK!
ѐ' theme/theme/_rels/themeManager.xml.relsPK]
4
$
D
1
1L`b$&1DF :::::#::8@0(
B
S ?KLcfijmnoptu#%1G
~
oqxyz
(FG`aGHMNO !P U
ss333333333333333333333G $f?bF
>@11114@`@UnknownG*Ax Times New Roman5Symbol3.*Cx Arial/M jwiԚC(e0}fԚPMingLiUI.??Arial Unicode MS7.@ CalibriA$BCambria Math qh#'#Ga@!),.:;?]} " % & ' 2 t%00 00
00000013468:<>@BDOPQRTUVWZ\^ =\]d([{ 5 0
000000579;=?ACY[][2
KqHX $Pf?b2!xxuseruser