房产评估报告-EN

Real Estate Appraisal Report Project Name: Evaluation on the market value for the office of Office Room A901, No. 672, Zhongshan Rd., Jiaxing City Appraisal Institution: Jiaxing Jieshun Real Estate Appraisal Co., Ltd. Appraisers: Wu Lihua certified real estate appraiser (registration No.: 3320050018) Liu Runzhi certified real estate appraiser (registration No.: 4320040036) Entrusting Party: Shi Yunfeng Date of Appraisal: Mar. 15, 2012 to Mar. 28, 2012 Appraisal Report No.: (2012) JJFGZ No. (0227) CONTENTS Appendix: 1. Geographical Map of the Appraisal Object 2. On-site Photos of the Appraisal Object 3. Photocopy of Property Ownership Certificate 4. Photocopy of 5. Certificate Photocopies of Appraisers 6. Photocopies of the Business License and Qualification Certificate of the Appraising Institution I. Letter to the Entrusting Party Dear Shi Yunfeng, Upon your entrustment, our company has evaluated the market value of Office Room A901, No. 672, Zhongshan Rd., Jiaxing City on Mar. 15, 2012. The total building area of the appraisal object is 162.77 m2, and the area of tenure is 27.7 m2. The appraisal is to be used as a reference for the verification and estimation of the value of the real estate providing for the Entrusting Party. In accordance with Code for Real Estate Appraisal, the appraisal has been conducted on the basis of legitimacy, science, objectiveness and justice by means of market approach income approach under thorough investigation and careful estimation in conjunction with appraisal experience. Based on the analysis of the factors influencing the real estate price, the market value of the appraisal object on the valuation date is as follows (see the table below): Owner Shi Yunfeng Unit: Yuan (rounded on the hundreds place) Address Office Room A901, No. 672, Zhongshan Rd., Jiaxing City Certificate No. Building No. Room No. Building Area (m2) Structure Completion Year Total Storey The Floor Designed Purpose Unit Price Appraisal Price (Yuan) JFQZHZ No. 00097089 A901 162.77 Steel concrete 2002 12 9 Office 5700 927,800 Total IN WORDS: SAY NINE HUNDRED AND TWENTY-SEVEN THOUSAND EIGHT HUNDRED YUAN ONLY 927,800 Jiaxing Jieshun Real Estate Appraisal Co., Ltd. Mar. 28, 2012 (Seal: Jiaxing Jieshun Real Estate Appraisal Co., Ltd.) II. Statement by the Certified Real Estate Appraisers We solemnly declare that: 1. The information stated in this appraisal report is definitely authentic and accurate. 2. The analyses, opinions as well as conclusions in this appraisal report have been presented, given and drawn through our impartial analysis and professional knowledge. However, all of them have been restricted by the presumptions and restrictive conditions specified herein. 3. We have no interest conflict with the appraisal object stated the appraisal report, nor have personal interest with or prejudice against the party concerned. 4. We aim at presenting analyses, giving comments, drawing conclusions and composing the report eventually in accordance with the national standard Code for Real Estate Appraisal. 5. Field survey has been done to the appraisal object by Wu Lihua and Liu Runzhi, who are certified real estate appraisers of our company on Mar. 15, 2012. 6. No professional assistance has been offered to the appraisal report. 7. The appraisal is conducted based on the relevant materials provided by the entrusting party who shall be liable for the authenticity of the materials in question. The appraisal institution and appraisers shoulder no responsibility for the wrong results concluded arising out of the falsity of the materials. 8. Wu Lihua certified real estate appraiser (registration No.: 3320050018) Seal: Jiaxing Jieshun Real Estate Appraisal Co., Ltd. Certified Real Estate Appraiser: Wu Lihua Registration No.: 3320050018 Made and Issued by Zhejiang Association of Real Estate Appraiser and Broker Liu Runzhi certified real estate appraiser (registration No.: 4320040036) Seal: Jiaxing Jieshun Real Estate Appraisal Co., Ltd. Certified Real Estate Appraiser: Liu Runzhi Registration No.: 4320040036 Made and Issued by Zhejiang Association of Real Estate Appraiser and Broker III. Presumption and Restrictive Conditions (I). Assumption Premises of Appraisal 1. The entrusting party shall provide truthfully to the appraisal institute necessary conditions and data required which includes Letter of Authorization for Real Estate Appraisal, Property Ownership Certificate, and 2. As for the land area and building area of the appraisal object, the Property Ownership Certificate and 3. The appraisal has adopted the standard of open market price which shall satisfy the following conditions: (1) The transaction is conducted on free will of both parties. (2) The aim of the transaction is to pursue their respective best interests. (3) Both parties involving the transaction are rational and prudent, and know the appraisal object and market situations. (4) Both parties have enough time to carry out the transaction. (5) Additional price is not added for the special interest of the buyer. The real estate market shall be of openness, equity and free will on the appraisal date. 4. This appraisal is made by taking the appraisal object that could continuously be used in terms of the current designed purpose as the assumption premise. 5. The appraisal is made under the premises that the property ownership right and tenure right of the appraisal object is free of mortgage and impawn, the ownership is clear and it is not involved in other conditions prohibited by laws and regulations. 6. The appraisal is made by taking the appraisal object that is free of default taxes such as business tax and surtax, VAT, property tax and tenure tax as the assumption premise. 7. The appraisal object is for self use until the appraisal date. The appraisal is conducted under the premise that the entrusting party has not entered into a lease agreement with any other party with open term or a contract which can impose serious effect on its value about the appraisal object. 8. The appraisal is conducted in term of the appearance and its usage status on the appraisal date and has not engaged in the measurement and experiment on its structure. Equipment and decoration of the office, so whether there are no internal defects can not be ensured. The appraisal object conforms to the national standards of technology, quality and acceptance, and its quality can be maintained until the expiration of its service life. (II) Restrictive Premises of Appraisal 1. The status of the appraisal object and real estate market situations may vary as the time flies. Please inform of the report users for attention of the expected risk caused by the decline of the real estate market value due to great fluctuation of the real estate market. 2. The appraisal results shall be used reasonably. The appraisal report is used as reference to provide basis to know the market value. The results can only be used as reference. The appraisal report shall be invalid for other purposes. 3. The appraisal results shall be valid only if all assumption and restrictive conditions are satisfied. Under general conditions, the report shall remain valid for one year from the date on which the report is submitted. When the report users use the report, another appraisal shall be conducted if the change of the real estate market or ownership and status of the appraisal object can impose great effect on the value of the appraisal object. 4. The force majeure such as change of national macro-economic policies, fluctuation of real estate market and natural disasters and special transaction factors such as rapid liquidation may lead to great change of the property value, and the appraisal has not taken such effect on appraisal results into consideration. 5. All of any part of the photocopy of the report is invalid. 6. Our company is liable for interpretation of the content and appraisal value. It is prohibited to provide the report to any other party except the entrusting party and the competent authority to which the report shall be submitted and neither all nor any part of the contents of the report shall be made public without approval of our company. IV. Result Report of Real Estate Appraisal (I) Entrusting Party: Entrusting party: Shi Yunfeng Address: Room A901, No. 672, Zhongshan Rd., Jiaxing City (II) Appraisal Institution Full name of the appraisal institution: Jiaxing Shunjie Real Estate Appraisal Co., Ltd. Address: 1F, No. 67, Daxin Rd., Jiaxing City Legal representative: Sun Yuming Appraisal qualification grade: Grade III Certificate No.: ZJFGZZ No. [2008] 004 Valid period of the certificate: From Feb. 24, 2012 to Feb. 24, 2015 Registration No. of business license: 330400000006146 (III) Appraisal Purpose: The appraisal is to evaluate the market price of the real estate and provide reference for the entrusting party. (IV) Appraisal Object 1. Scope of the appraisal object The appraisal object refers to the tenure of the state-owned land of the building and corresponding scope of the Room A901, No. 672, Zhongshan Rd., Jiaxing City. The appraisal scope covers the total building area of 162.77 m2 and corresponding tenure area of 27.7 m2 for office, exclusive of its decoration, and movable properties, debt and credit and other franchises. 2. Basic status of the appraisal object The appraisal object is located at Room A901, No. 672, Zhongshan Rd., Jiaxing City and is an office in Business Building in Century Garden. Century Garden lies in the western part of the city, and it is bordered West Road of Middle Ring on the east, Longqi Alley on the south, Changxiu Street on the west and zhongshan Road on the north. It enjoys convenient location. Around it are supporting facilities such as Sunshine Hotel, Sun City Hotel, Century Square, Yuanyang Mansion, Energy Fitness Center, Jiaxing Municipal Procuratorate, Fortune Plaza, Xingye Building, Huzhou Bank and industrial Bank. The transportation here is also convenient. There are many buses such as Bus 3, Bus 14, Bus 23 and Bus 30. 3. Status of the building The appraisal object is of steel concrete structure with total storeys of 12. The appraisal object is located on the ninth floor. The designed purpose of it is for office with total building area of 162.77 m2. The external wall is furnished with wall bricks, and the internal wall is painted with coating. The floor is paved with tiles and window is framed with plastic steel. The building was completed in 2002 and its foundation is constructed with patand, and the brick wall bears the load. With complete water, electricity and bathroom facilities, the property is maintained in good condition. 4. Land status The appraisal object is located at Room A901, No. 672, Zhongshan Rd., Jiaxing City and is used as an office. The type of use right is transfer. The tenure area is 27.7 m2. Its service life will come to an end on Sept. 14, 2049. The land has been developed well and the water, electricity, natural gas, communications, and road are available. The ground here has been leveled. So the land here is matured. 5. Ownership status of the property The owner of the appraisal object is Shi Yunfeng who holds the Property Ownership Certificate with its No. of JFQZHZ No. 00097089. The land right user of the appraisal object is Shi Yunfeng who holds the Certificate of Use of State-owned Land with its No. of JTGY (2003) No. 119945. The remaining service life of the property is 37.53 years until the appraisal date. The entrusting party has promised that other right of the appraisal object has not been defined until the appraisal date. Financial institution can make further verification before granting a loan. (V) Appraisal Date: The appraisal was conducted on Mar. 15, 2012 (the date to conduct field survey.) The appraisal is designed to provide basis to know the real estate market value for the entrusting party. In principle, the appraisal date shall be the date on which the field survey is conducted. We conducted field survey on Mar. 15, 2012, so the appraisal date was Mar. 15, 2012. (VI) Value type and definition: The appraisal adopts the standard of open market value. Open market value is defined as the most possible price of the appraisal object that may be formed on the appraisal date. (VII) Appraisal Basis: 1. Property Law of the People’s Republic of China 2. Security Law of the People's Republic of China 3. Law of the People’s Republic of China on Urban Real Estate Management 4. Law of Land Administration of the People's Republic of China 5. The Town and Country Planning Act of the People’s Republic of China 6. Code for Real Estate Appraisal (GB/T50291-1999) 7. Regulations for Valuation on Urban Land (GB/T18508-2001) 8. Review Standard for Real Estate Appraisal Report (Trial) 9. Quota of Budget of Building Projects of Zhejiang Province 10. Materials provided by entrusting party such as Letter of Authorization, Property Ownership Certificate and Certificate for the Use of State-owned Land. 11. Materials obtained by appraisers after field survey and investigation. 12. Materials from the database of our company. (VIII) Appraisal principle: The appraisal is conducted with adoption of principle of independence, objectiveness and justice, principle of legality, principle of highest and best use, substitution principle, principle of appraisal date and prudence principle. 1. Principle of independence, objectiveness and justice The principle requires the appraisal institution and appraisers to make a fair and reasonable value for involving parties on a neutral position. Specifically speaking, the appraisal institution and appraisers shall conduct the appraisal without any interference of any organization and individual person including the entrusting party. They shall conduct the appraisal based on their professional knowledge, experience and professional ethnics. The appraisal institution and appraisers shall be free of their own feelings, likes and dislikes when conducting the appraisal which shall be made based on the true conditions of the appraisal object. The appraisal institution and appraisers shall not take sides of any involving party during appraisal on the basis of fairness and justice. 2. Principle of legality: Appraisal shall take the legitimate rights and interests of the appraisal object as the premise such as legitimate acquisition, utilization and punishment. 3. Principle of highest and best use Appraisal shall take the highest and best use as the premise for real estate evaluation. It is the most possible use the appraisal object achieved if it is lawfully allowable, technically possible and financially feasible after thorough and reasonable verification. 4. Substitution principle On the same conditions, it is required that the normal price shall not remarkably deviates from the similar real estate. 5. Principle of appraisal date Appraisal result shall be the objective and reasonable price or value at the appraisal date. 6. Prudence principle The appraisers shall be prudent when making judgments if there are uncertain factors. (IX) Appraisal approach In accordance with the regulations of Code for Real Estate Appraisal, the procedure to do the appraisal is: based on the materials provided by the entrusting party and the actual situations of the appraisal object, repeated analysis has been conducted to determine that the market approach and income approach would be adopted and finally the open market value of the appraisal object has been confirmed after comprehensive estimation and analysis. The adoption of market approach and income approach is mainly for the following considerations: The real estate market of the area where the appraisal object locates has developed matured. The transaction cases with the same types are available, so the market approach has been employed. On the basis of substitution principle, after comparison of price of appraisal object and those of recent similar transactions, the open market value of the appraisal object on the appraisal date can be confirmed after modification of the transaction conditions, market situations, house status, and geological conditions and equity. As a potential property, the appraisal object will bring benefits by means of leasing, so income approach can be adopted. As a profitable property, the actual income and expenses can be adjusted according to the level of lease income and expenses of the similar properties. That is to say, the objective income and expenses can be used as the pricing basis to earn real estate net income. Meanwhile, the current price of the appraisal object can be restored with reasonable rate of return (or capitalization rate). The value of the appraisal object can be obtained with market approach and income approach. The final appraisal results can be concluded by appraisers with weighted average method or who accepts or rejects the inappropriate methods. (X) Appraisal Result In accordance with the appraisal principles and working procedures and on the basis of appraisal purposes and scientific appraisal methods, the appraisers, after careful analysis of the architectural features and status of use and maintenance, finally make the appraisal result upon comprehensive and careful measurement and calculation and analysis of influential factors and experience. The appraisal result of the appraisal object on the appraisal date is RMB 927,800 Yuan, in words: SAY NINE HUNDRED AND TWENTY-SEVEN THOUSAND EIGHT HUNDRED YUAN ONLY [RMB 927,800 Yuan, unit price: 5,700 Yuan/m2]. (XI) Appraisers Wu Lihua certified real estate appraiser (registration No.: 3320050018) Seal: Jiaxing Jieshun Real Estate Appraisal Co., Ltd. Certified Real Estate Appraiser: Wu Lihua Registration No.: 3320050018 Made and Issued by Zhejiang Association of Real Estate Appraiser and Broker Liu Runzhi certified real estate appraiser (registration No.: 4320040036) Seal: Jiaxing Jieshun Real Estate Appraisal Co., Ltd. Certified Real Estate Appraiser: Liu Runzhi Registration No.: 4320040036 Made and Issued by Zhejiang Association of Real Estate Appraiser and Broker (XII) Date of Appraisal Operation From Mar. 15, 2012 to Mar. 28, 2012 (XIII) Validity Period of the Appraisal Report The appraisal report remains effective within one year from the report submission date (from Mar. 28, 2012 to Mar. 27, 2013). Jiaxing Jieshun Real Estate Appraisal Co., Ltd. Mar. 28, 2012 (Seal: Jiaxing Jieshun Real Estate Appraisal Co., Ltd.) Supervised and Made by the Ministry of Construction of the People’s Republic of China Building Registration No.: 33031 Jia Property Ownership Certificate HZi No. 00097089 In accordance with the Constitution of the People's Republic of China and the Law of the People’s Republic of China on the Administration of the Urban Real Estate, the certificate is hereby issued through investigation and verification upon the application of the holder of the right, so as to safeguard the legal rights and interests of the owner. Issuing Authority (seal): Jiaxing Municipal People’s Government House Owner Shi Yunfeng House Location Office Room A901, No. 672, Zhongshan Road, Jiaxing City Land No. Property Category Private House Status Building No. Room No. Structure Total Storey Floor Building Area（m2） Designed Purpose Office building A901 Steel concrete 12 9 162.77 Office Joint Owner et al., Person Joint Ownership Certificate No. from to Summary of Land Usage Condition Land Certificate No. Area of Land Used (m2) Nature of Property Tenure of Use M D, Y to M D, Y Summary of Other Rights Defined Right Holder Right Category Right Range Right Value (Yuan) Date Defined Term Appointe