房地产估价报告书

REALESTATEAPPRAISALREPORTNameofProject:AppraisalreportontheevaluationofthevalueofRealEstateofRoom0302，Unit11,Building1,No.196(ShangjieDistrict),ChangzhiRoad,TaiyuanCityEntrustingParty:AppraisingInstitution:CO.,LTDAppraisers:AppraisalWorkingDate：AppraisalReportNo.:CO.,LTD(seal)Contents1. Lettertotheentrustingparty.32. Statementbytheappraisers43. Presumptionandrestrictiveconditions.54. Appraisalresultreport65. Appraisaltechnicalreport.116. Appendix19LettertotheEntrustingPartyDearMs.YangFang,Weacceptedyourappointmenttoconducttheappraisalonyourrealestatethatyouhaveentrustedus.TheappraisedobjectistherealestatelocatedatRoom0302,Unit11,Building1,No.196(ShangjieDistrict),ChangzhiRoad,TaiyuanCitywiththebuildingareaof141.70squaremeters.TheappraisaldateisJuly08,2010.PurposeofAppraisal:SupplyingthereferencebasisofrealestatemarketpricefortheentrustingpartysknowledgeAppraisalResult:Theappraisershaveassessedthevalueoftheabove-mentionedrealestateonthebasisofindependence,impersonality,equity,legitimacyandcautiousness,adheringtoon-spotinspectionoftherealestateaswellascomprehensivecollectionofrelatedmarketinformationandappraisedobjectinformation,inthelightofgeneralanalysistheelementswhichwillinfluencethemarketvalueoftherealestate,complywithstateregulationsonrealestateappraisal,realestateappraisalrulesandgivenappraisalpurposeaswellasbyutilizinglogicalappraisalprocessesandmethods.TheappraisalresultoftheappraisedobjectonJuly08,2010isasfollows(currency:RMB):UnitPriceoftheappraisedobjec：tRMB7623Yuan/SquareMeterTotalPriceoftheappraisedobject:RMB1,080,200.00YuanCapitalization(thecapitalformofChinesenumerals):RMBonemillionnineeightythousandandtwohundredYuan)Fordetailedappraisalresults,processandrelatedexplanation,pleaserefertotheAppraisalResultReportandAppraisalTechnicalReport.TaiyuanWuyuetongRealEstateAppraisalCo.,LtdJuly13,2010TaiyuanWuyuetongRealEstateAppraisalCO.,LTD(seal)StatementbytheAppraisersWeherebysolemnlydeclarethefollowing:1. Alloftheinformationwhichhasbeenshowninthisreportisauthenticandaccurate.2. Alloftheanalyses,commentsandconclusionswhichhavebeenshowninthisreporthavebeenpresented,givenanddrawnthroughourimpartialanalysisandprofessionalknowledge.However,allofthemhavebeenrestrictedbythepresumptionsandrestrictiveconditionswhichhavebeenexplainedinthisreport.3. Wehavenothadtheinterestconflictwiththeappraisedobject,norhavecommoninterestswithorprejudiceagainsttheentrustingparty.4. AccordingtoRealEstateAppraisalRuleswhichistheStateStandardofthePeoplesRepublicofChina,wepresentedanalyses,givencomments,drawnconclusionsandcomposethereporteventually.5. Theon-siteinspectionoftheappraisedobjecthasbeendonebyourappraisersthroughwhichtheyareresponsiblefortheobjectivity,authenticityandimpartialityoftheinspectionresults.However,unlessotherwiseagreed,thescopeofon-siteinspectionisrestrictedtoappearanceandusestatusoftheappraisedobject.Theappraisersdonotshouldertheresponsibilityforinvestigatingthestructureandqualityofthebuildingaswellasforexaminingotheroverlaid,unexposedandunreachablepartsoftheappraisedobject.Theappraiserswhotakechargeofon-siteinspectionareDuanZhihongandChaiHongbin.6. Notanyimportantandprofessionalassistancehasbeenofferedtotheappraisalreport.7. Theappraisalisbasedontherelevantdocumentssuppliedbytheentrustingpartywhoshallbeheldliablefortheauthenticity,completenessandconsequencesincurred.Theappraisersshallbeonlyheldliablefortheoperationprocessandfairnessoftheappraisalmethodadopted.8. Theregisteredrealestateappraiserswhotakechargeoftheappraisal:DuanZhihongRegisterDateofexpiration：September2010(seal)ChaiHongbinRegisteredPublicRealEstateAppraiserofP.R.China(RegistrationNo.:1420070031)Dateofexpiration：September2010(seal)PresumptionandRestrictiveConditions1. Theentrustingpartyobtainedtheappraisedobjectlegallyandtheappraisedobjectisinsoundconditionattheappraisaltimeandisusedlegally,safelyandnormallyatitsoptimalstatus.2. Therealestatemarketattheappraisaltimeoperatespublicly,equallyandvoluntarily.3. Anyoperationmodeandprocedurerelatingtotheappraisedobjectshallcomplywiththerelevantnationalandlocallawsandregulations.4. Theowner,thelocation,thecategoryofproperty,thebuildingareaandthefunctionoftheappraisedobjectinthisreportshallbesubjecttowhathavebeenrecordedintheHouseProprietorshipCertificateprovidedbytheentrustingparty.5. Theappraisalresultinthisreportisthemarketvalueoftherealestateattheappraisaltimeof5th,July,2010andmeetsallthepresumptionandrestrictiveconditions.Therealestatepriceshallbereappraisedincasetheconditionsandpurposesetinthisreportvary.6. Theappraisalpriceinthisreportisobjectiveandimpartialmarketprice,withoutconsideringtheinfluenceontheappraisalresultbyotherrightssuchasmortgageandleasingright,riskofthefuturechangeoftherealestatemarket,short-termdisciplinarymeasuresandrelevanttaxation,etc.7. Theappraisalresultshallremaineffectivewithinoneyearsincethefinalizationofthereport.Ifduringtheperiod,thereismajorchangeinnationalmacroeconomicpolicy,therealestatemarketorthephysicalstatusoftheappraisedobjectwhichhasmajoreffectsontheappraisalresult,weshallbeappointedagaintoperformtheappraisal.8. Thereportshallonlybeusedforthepurposeofappraisalbytheentrustingparty,thatis,tosupplyreferentialbasisfortheentrustingpartytodeterminethemarketvalueoftherealestate.Thereportshallnotbeusedforothereconomicactivities.9. Thereportshallbeusedasawholeandweshallnotbeheldliablefortherelevantlossesresultedfromtheuseofthepartofthereport.AppraisalResultReportBingWuYueTongGuZi2010No.0706TheEntrustingParty:Name:HomeAddress:TheEntrustedAppraisingParty:Companyname：Co.,LtdClass:Legalrepresentative:Address:Telephone:（CO.,LTD（seal）AppraisedObjectTheappraisedobject:theappraisedobjectislocatedat.Thebuildinghave7flootsandwasbuiltin2004.Buildingwithsteelreinforcedconcretestructure,theoutsidewallwastilefixing.ThedoorsofUnitesareintelligentsecuritydoors,thegroundinsidethebuildingiswaterstone,ironrailingsandwoodenarms,insidewallisemulsionpaint,TheappraisedobjectlocatedatRoom02,Unit11,thirdfloorofthebuilding.Itisaresidence.Decorationstatusoftheappraisedobject:High-gradedecoration,theflooroftheroomiscoveredbyimportgranite,thewallispaintedbylatex,andtheflooringangularlineismadeofcladplateaswellasthesuspendedceilingisdecoratedbyfluorescentlamp.Parlourisveryartistic,thewallisblackmarble,integralambry.Theouterwindowoftheroomisdecoratedbytop-gradeinsulatingglasswithaluminumalloy,stainlesssteelguardbarandmarblewindowsill.Whatsmore,thedooroftheroomconsistsofsecuritydoorandwoodendoor,andtheflooringangularlineismadeofceramictile,thesuspendedceilingisdecoratedbyfluorescentlampaswell.marblewashstand,sanitaryfittingsarecomplete;therearewater,electricity,centralheating,gas,television,internetinthehouse.StatusofProprietorship:FangQuanZhengBingZiNo.S0906546“HouseProprietaryCertificatewh”ichhasbeenprovidedbytheentrustingpartyshows:Owner:SunZhiyuYangFang;Location:d;CategoryofProperty:Private;BuildingNo.:1;RoomNo.0302;Structure:Steelreinforcedconcrete;TotalBuildingFloors:7;FloorNo.oftheAppraisedObject:3;BuildingArea：141.70squaremeters;UseofDesign:Residence.PurposeofAppraisal:Supplyingthereferencebasisofrealestatemarketpricefortheentrustingpartysk.nowledgeTheappraisaldate:July08,2010.DefinitionofPrice:Theappraisaladoptsthemarketpricestandardoftherealestate,thatis,theappraisaliscomplyingwiththemarketpriceonJuly08,2010whichistheappraisaldate.AppraisalBasis:1. “AdministrationRuleofUrbanRealEstateofP.R.China”2. “AdministrationRuleofLandUseofP.R.China”3. NationalStandardReg“ulationsforRealEstateAppraisal”ofP.R.China4.“PropertyLawofP.R.China”5. “HouseProprietorshipCertificate”6. Therelevantdocumentssuppliedbytheentrustingparty7. Informationoftheon-siteinspectionoftheappraisedobjectbytheappraisers8. RelevantdocumentsconcerningtherealestatemarketmasteredandcollectedbytheappraisingpartyAppraisalPrinciples:1. PrincipleoflegalityTherealestateappraisalshallbeconductedonthebasisofthelegalproprietorshipoftherealestate,whichcontainsthelegalobtainment,legaluse,legaltransactionordisposition,etc.2. PrincipleofMaximalandOptimalUseTheappraisaloftherealestateshallbebasedonthemaximalandoptimaluse.Themaximalandoptimalusemeansenablingtheappraisedobjecttogeneratethemaximalvaluelegallyallowed,technicallypossible,economicallyfeasibleandafterreasonableargument.3. PrincipleofReplacementTheappraisalresultshallnotdeviatefromthenormalpriceofsimilarpropertyundersimilarconditionsobviously.Similarpropertyreferstorealestateincomparablesearchareaandequalorsimilartotheappraisedobjectconcerningthefunction,scope,gradeandbuildingstructure.Comparablesearchareameanstheregionalrangewheretherealestatemayreplacetheappraisedobjectoraffectthepriceoftheappraisedobject.4. PrincipleofAppraisalTimeThisprincipleemphasizesthattheappraisalresultistimedependentandtimeeffective.Astherealestatemarketisever-changing,thesamerealestatealwayshasdifferentpricesatdifferentappraisaltime.Theappraisalresultistheobjectiveandreasonablepriceorvalueoftheappraisedobjectattheappraisaltime.5. PrincipleofObjectivenessandFairnessTheappraisalisbasedonsufficientinvestigation,comprehensionandanalysisoftheactualconditionsoftheappraisedobject,strictlyobeystherelevantlawsanddecreesofthestate,ShanxiProvinceandTaiyuanMunicipality,considerstheinterestsofcorrelativepartiesfully,followsscientificappraisalprocedures,adoptsreasonableandsuitableappraisalmethodsandthroughcarefulandaccuratecalculation.6. PrincipleofPrudenceWeshallnotoverestimatebenefitsandcosts,andshallnotchoosecaseswithhigherdealprice;weshallnotunderestimatecostrateandchooselowerrelativeparameterseither.Prudenceisnecessarybeforemakingprofessionaljudgmentunderuncertainsituations.Anyway,intheprocessoftheappraisal,weshallobeytherelevantnationalandlocallawsanddecrees,adherestosuchprinciplesasobjectiveness,fairness,scienceandlegitimacysoastoensurerationalappraisalprocedure,scientificappraisalmethod,accurateappraisalresultandthesecretoftheappraisal.AppraisalMethod:Accordingtotheappraisalpurpose,thedevelopmentdegreeofTaiyuanRealEstatemarketandtheappraisalmaneuverability,onthebasisofanalyzetherelevantdataandinvestigateappraisedobjecton-site.Inviewoftherealestateofthesamekindhasahighfrequencyofleasing,asaresultofthis,theappraiserscalculatethepriceoftheappraisedobjectbymarketcomparisonmethod.Consequently,accordingtothecharacteristicsoftheappraisedobjectandtheactualsituation,aswellascomplywiththedoctrineofrealestateappraisalmethod,themethodhasbeenadoptedtodeterminethemarketvalueoftheappraisedobject.Themethodistoanticipatethenormalnetprofitoftheappraisedobjectinthefutureandchoosesuitablecapitalizationratetodiscountsuchprofittotheappraisaltimeforaccumulation,inordertoestimatetheobjectiveandreasonablepriceorvalueoftheappraisedobject.AppraisalResultTheappraisershaveassessedthevalueoftheabove-mentionedrealestateonthebasisofindependence,impersonality,equity,legitimacyandcautiousness,adheringtoon-spotinspectionoftherealestateaswellascomprehensivecollectionofrelatedmarketinformationandappraisalobjectinformation,inthelightofgeneralanalysistheelementswhichwillinfluencethemarketvalueoftherealestate,complywithstateregulationsonrealestateappraisal,realestateappraisalrulesandgivenappraisalpurposeaswellasbyutilizinglogicalappraisalprocessesandmethods.TheappraisalresultoftheappraisedobjectonJuly08,2010isasfollows(currency:RMB):UnitPriceoftheappraisedobjec：tRMB7623Yuan/SquareMeterTotalPriceoftheappraisedobject:RMB1,080,200.00YuanCapitalization(thecapitalformofChinesenumerals):RMBonemillionnineeightythousandandtwohundredYuan)Appraisers:DuanZhihongRegisterDateofexpiration：September2010(seal)ChaiHongbinRegisteredPublicRealEstateAppraiserofP.R.China(RegistrationNo.:1420070031)Dateofexpiration：September2010(seal)AppraisalWorkingDate:FromJuly08,2010toJuly13,2010ValidityTermoftheAppraisalReportTheappraisalresultshallbevalidwithinoneyearfromthefinalizationofthereport.ApplicationRangeoftheAppraisalReportThereportsuppliesthebasisforthereferencepricefortheentrustingpartysknowledgeofthemarketpriceoftherealestate.Itisineffectiveforothereconomicactivities.TaiyuanWuyuetongRealEstateAppraisalCO.,LTD(seal)AppraisalTechnicalReportClause1GeneralSituationoftheAppraisedRealEstate1. IndividualElementsAnalysis(1) StatusofProprietorshipFangQuanZhengBingZiNo.S0906546“HouseProprietaryCertificate”whichhasbeenprovidedbytheentrustingpartyshows:Owner:SunZhiyuYangFang;Location:;CategoryofProperty:Private;BuildingNo.:1;RoomNo.0302;Structure:Steelreinforcedconcrete;TotalBuildingFloors:7;FloorNo.oftheAppraisedObject:3;BuildingArea：141.70squaremeters;UseofDesign:Residence(2) SubstanceEntityCondition(3) Theappraisedobject:theappraisedobjectislocatedat.Thebuildinghave7flootsandwasbuiltin2004.Buildingwithsteelreinforcedconcretestructure,theoutsidewallwastilefixing.ThedoorsofUnitesareintelligentsecuritydoors,thegroundinsidethebuildingiswaterstone,ironrailingsandwoodenarms,insidewallisemulsionpaint,TheappraisedobjectlocatedatRoom02,Unit11,thirdfloorofthebuilding.Itisaresidence.Decorationstatusoftheappraisedobject:High-gradedecoration,theflooroftheroomiscoveredbyimportgranite,thewallispaintedbylatex,andtheflooringangularlineismadeofcladplateaswellasthesuspendedceilingisdecoratedbyfluorescentlamp.Parlourisveryartistic,thewallisblackmarble,integralambry.Theouterwindowoftheroomisdecoratedbytop-gradeinsulatingglasswithaluminumalloy,stainlesssteelguardbarandmarblewindowsill.Whatsmore,thedooroftheroomconsistsofsecuritydoorandwoodendoor,andtheflooringangularlineismadeofceramictile,thesuspendedceilingisdecoratedbyfluorescentlampaswell.marblewashstand,sanitaryfittingsarecomplete;therearewater,electricity,centralheating,gas,television,internetinthehouse.2. RegionalEffectsAnalysis(1) DistrictGeneralConditionXiaodianDistrictislocatedatthesoutheastpartofTaiyuan,andisthenorthoftheJinzhongBasin.QingxuTownisatitssourth,NanneihuanDistrictandYingzeDistrictareatnorth,YuciCityisateast,FenRiverisatwest.Thetransportationofthisdistrictiswelldeveloped.Theconcentratedcommunicationnetworkradiatesinalldirectionstolettheresidentsenjoyconvenienttransportation.TheeconomicstrengthofXiaodianDistrictisabundant.Itownsmanyexistingbusinessenterprises,includingcommerce,diet,serviceandtransportation,etc.Sinceitwasestablished,theDistrictCommitteeandGovernmentvigorouslyimplementthestrategyofprosperityinvirtueofbusinessdevelopmentbyinvesting.(2) LocationandTransportationConditionManybusrouteshavebeendistributedatsurroundings,forinstance,bus39,824,838,840,849,864,and877.ThelocationoftheappraisedobjectisinLevelI-Bcommerciallandrangewhichenjoysgeographicaladvantageandconvenienttransportation.(3) SurroundingsandPeripheralFacilitiesSituatedattheareawhereisequippedwithacompletesetofsupportingfacilitiesandadvancedbusinessservicefacilities,hospital,bank,school,hotel,supermarketandbusstation,etccanallbefoundeasily.Numbersofcommercialmansions,suchas,HuachenMansion,ShanmeiInternationalMansion,ChangfengShoppingMall,OrientHome,WholesaleMarketofTee,SangyouElectricalEquipment,SuningElectricalEquipment,QiannianChamber,QinxianHotel,TianshuihuaHotel,JinshengyuanHotelandFurongTownRestaurant.Inaddition,manyfinancialinstitutions,includingChinaCiticBank,ChinaMerchantsBank,ChinaEverbrightBank,HuaxiaBankandIndustrialandCommercialBankarealsoscatteredaroundhere.Theeducationalfacilitiesandmedicaltreatmentfacilitiesinthisareaareallinreadiness,theformerincorporatesYujieKindergarten,LeleArtKindergarten,AffiliatedSchoolofTaiyuanNormalCollege,TaiyuanNo.38MiddleSchool,TaiyuanNo.38MiddleSchoolandWenhuaMiddleSchool,thelatterconsistsofShanxiMeitanCentralHospitalandKangmingOphthalmologicHospitalandChangchengDentalSpecialist.Theareaenduressheerpedestrianvolume,andenjoysbusinessprosperityaswellasgracefulenvironment.(4) InfrastructuralFacilitiesConditionTheareahasconnectedtothesevenmainsoutsidetheredline,whichisasfollows: Connecttowatersupplyingline:ThewaterissuppliedbyTaiyuanRunning-WaterCompanywhichishighlyreliable. Connecttosewerpipe:Theareapossessesundergrounddrainagenetworktoseparaterainfromsewage. Connecttoelectricalline:TheelectricityissuppliedbyTaiyuanPowerSupplyBureauwhichishighlyreliable. Connecttocommunicationcable:Thecommunicationcablehasbeenspreadoutintheareawhichishighlyreliable. Connecttogasline:Thegaspipenetworkhasbeenconnectedintothisareawhichishighlyreliable. Connecttofluegasduct:Theareaenjoyscentralheatingsupplywhichishighlyreliable. Accesstoroads:TheappraisedobjectadjacenttoFuxiStreetinthesouth.3. MarketBackgroundAnalysisTaiyuanmunicipalityisthecapitalofShanxiprovincewhichservesasthepolitical,cultural,educational,scientificandtechnological,communicationandinformationcentersinShanxiprovince.Itisoneofthetwenty-twomegalopolisinChina.Taiyuanissituatedatthecombingsiteoftheeastern,centralandwesterneconomicbeltswhichconnectsthewestwiththeeast,thenorthwiththesouthofChinaandplaysatwo-waysupportingroleunderthestrategyofopeningthecountrytotheoutsideworldandineconomicdevelopmentlayout.AccordingtothegeneralrequirementofMovingsouthward,marchingintotheeast,Northwardenlargement,eastwardexpansion,promptqualityandreinventimageaswellastheconstructionguidanceRebuildoldcity,constructnewtown,exploitancientcityandtakeactionsimultaneously.TaiyuanerectedtheimageofBrand-newTaiyuan,all-sidedspeededupthestepstowardstheconstructionofthecityandenhancedtheradiometricforce,influencepowerandleadingpowerasacityofprovincialcapitalgradually.Inrecentyears,remarkableresultswereachievedintermoftransportation,communication,municipaladministrationandecologicalenvironment.Duetoaquintuple-leveltransportationnetworkconsistingofairroutes,railwaysandhighwayshavebeencompleted,Taiyuantakesonanewlookwitheachpassingday.AgoodsocioeconomicfoundationcanbelaidforthefurtherdevelopmentoftheRealEstateMarketinTaiyuanwiththecontinuousimprovementinsupportingfacilitiesandinfrastructure.Inrecentyears,Taiyuanofficebuildingrealestatemarkethasexperiencedaprocessfromemergencetoinstantdevelopment.Atpresent,Taiyuanofficebuildingrealestatemarkethaspresentedthetrendofstabledevelopmentmarkedbyincreasedvolumeoftransactionandslowlyincreasedprice.WeholdtheopinionthatTaiyuanofficebuildingrealestatemarketwillkeepthetrendofstabledevelopmentcontinuouslyforquitealongtime.Inotherwords,themarketprospectfortheappraisedobjectisoptimistic.4. TheAnalysisofMaximalandOptimalUseRealestateestimateshouldbebasedonthebestuseoftheappraisedobject,theanalysisofmaximalandoptimalusereallyembodytheobjectivityofestimate,whethermeasuring,judgingtheappraisedobjectisatbestuseornotshouldbejudgedfromthefollowingaspects: Lawpermitting,notlimitedbytheconditionofcurrentuse,butbasedonlaw,thedirectionoftheplandevelopment,andestimatedbythepossiblebestuse. Intechnology,thatis,estimateaccordingtothetechnicalrequirementinhouseconstructionengineering. Ineconomy,estimatedpriceshouldusetheresultofgettingthebestprofitsfromlimitedput-inatallkindsofmethods Landandbuilding,thatis,judgeitsbestconditionornotbasedonthecombinationofrealestateinternalcomposingfactors. Coordinationbetweenrealestateandenvironmentalsurroundings,thatis,ifrealestateandenvironmentalsurroundingsarecoordinatedorbalanced. Sustainability,thatis,theappraisersshouldstudynotonlythepastandthecurrentprice,butalsothecurrentrealestatemarketsituation,thedevelopmenttrendandtheeffectsofvariedpoliticalandeconomicsituationaswellaspolicyshiftinordertopredictthefuturepricetrendandthechangetendencyofprofit.Accordingtotheseaspectsmentionedabove,thecurrentuseoftheappraisedrealestateisatthebeststatus.ClauseIIAnalysisandCalculationoftheAppraisalPrice1. ChoiceoftheAppraisalMethodAccordingtotheappraisalpurpose,thedevelopmentdegreeofTaiyuanRealEstatemarketandtheappraisalmaneuverability,onthebasisofanalyzetherelevantdataandinvestigateapprais