21世纪不动产培训教程4
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 75pt; TEXT-INDENT: -54pt; TEXT-ALIGN: center; mso-list: l0 level1 lfo1; tab-stops: list 75.0pt" align=center><B><SPAN lang=EN-US style="FONT-SIZE: 16pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 幼圆; mso-bidi-font-family: 幼圆"><SPAN style="mso-list: Ignore">第二节<SPAN style="FONT: 7pt ''"> </SPAN></SPAN></SPAN></B><B><SPAN style="FONT-SIZE: 16pt; FONT-FAMILY: 幼圆; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">房地产消费</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 16pt; FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></B></P><P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 78pt; TEXT-INDENT: -36pt; mso-list: l0 level2 lfo1; tab-stops: list 78.0pt"><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: 幼圆"><SPAN style="mso-list: Ignore">一、<SPAN style="FONT: 7pt ''"> </SPAN></SPAN></SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">房地产消费的类型：</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 60.3pt; TEXT-INDENT: -24.1pt; mso-char-indent-count: -2.0; mso-para-margin-left: 3.45gd; tab-stops: 0cm"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">投资型：</SPAN></B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">房地产的消费主体对房地产消费主要不是为了自己使用，而是为了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 60.2pt; TEXT-INDENT: -24pt; mso-char-indent-count: -2.0; mso-para-margin-left: 3.45gd; tab-stops: 0cm"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">作为投资对象，通过投入资金、劳动力、技术等要素改变原有的房地产性能、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 60.2pt; TEXT-INDENT: -24pt; mso-char-indent-count: -2.0; mso-para-margin-left: 3.45gd; tab-stops: 0cm"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">结构和形式，通过出售或出租来获取利润。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36.15pt; mso-char-indent-count: 3.0; tab-stops: 0cm"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">生产型：</SPAN></B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">对房地产的消费不是为了用于消费，而是作为生产和经营场所，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 36pt; mso-char-indent-count: 3.0; tab-stops: 0cm"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">为生产和经营提供活动空间或场地。</SPAN><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 36.2pt; mso-para-margin-left: 3.45gd; tab-stops: 0cm"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">消费型：</SPAN></B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">主要是由国家机关、事业单位和个人为了消费使用。此类物业主要是住宅和办公用房等。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 66.1pt; TEXT-INDENT: -24.1pt; mso-char-indent-count: -2.0; mso-para-margin-left: 4.0gd; tab-stops: 0cm"><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p> </o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 78pt; TEXT-INDENT: -36pt; mso-list: l0 level2 lfo1; tab-stops: list 78.0pt"><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: 幼圆"><SPAN style="mso-list: Ignore">二、<SPAN style="FONT: 7pt ''"> </SPAN></SPAN></SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">房地产消费的特点</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 42pt; mso-para-margin-left: 4.0gd"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">普遍性：</SPAN></B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">房地产既是生活资料，又是生产资料，是人们生活必不可少的空间条件和活动基地。</SPAN><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 42pt; mso-para-margin-left: 4.0gd"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">多样性：</SPAN></B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">房地产可以用于工业生产，可以用于商业经营活动及办公楼等，也可作为城市居民居住的地方等。其多种使用价值和多种效用为房地产消费者提供了多种选择的机会，满足了房地产各方面的消费。</SPAN><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 45.15pt; mso-para-margin-left: 4.3gd"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">不可替代与差别性：</SPAN></B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">房地产为人们提供的空间和基地是其它产品无法替代的。其不可再生的性质决定了消费的不可替代性，其位置的固定不动性决定了房产间的差别性。</SPAN><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 42pt; mso-para-margin-left: 4.0gd"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">连续性与间断性：</SPAN></B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">房地产消费的普遍性和不可替代性以及其使用价值的耐久性决定了房地产消费的连续性和间断性。从社会整体看只要社会在发展，人口在增长，需求就会存在，体现出其连续性。但从个人来说，由于房地产是耐用消费品，一次购买可以满足长期的消费，不会象其他消费品一样需要不断地反复地和连续地到市场购买，它是间断地。</SPAN><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 42pt; mso-para-margin-left: 4.0gd"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">消费弹性的差异性：</SPAN></B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">由于房地产的特性及它的功能和用途的不同，决定着不同的房地产具有不同的消费弹性。在市场经济条件下，房地产的消费是与收入水平是呈正比的，而其消费弹性与价格弹性成反比。</SPAN><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 42pt; mso-para-margin-left: 4.0gd"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">增长性：</SPAN></B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">一般情况下对房地产的消费总是不断增长的，这是由社会进步和居民生活水平的提高决定的。此消费可以分为几个层次：生理上的消费、安全的消费、社会交往的消费、价值欲望的消费等。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 42pt; mso-para-margin-left: 4.0gd"><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p> </o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 78pt; TEXT-INDENT: -36pt; mso-list: l0 level2 lfo1; tab-stops: list 78.0pt"><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: 幼圆"><SPAN style="mso-list: Ignore">三、<SPAN style="FONT: 7pt ''"> </SPAN></SPAN></SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">影响房地产消费的因素</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24.1pt; mso-char-indent-count: 2.0"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">（</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''">1</SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">）经济社会发展及城市化的水平</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 23.95pt; mso-para-margin-left: 2.28gd"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">经济社会越发展、城市化水平越高，对房地产的消费也就越大。随着城市的发展，城市土地面积的不断增加，城市对土地和住宅的消费也就越来越大。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24.1pt; mso-char-indent-count: 2.0"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">（</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''">2</SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">）城市人口增长及生活水平</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoBodyTextIndent3 style="MARGIN: 0cm 0cm 0pt 23.95pt; TEXT-INDENT: 0cm; LINE-HEIGHT: normal; mso-para-margin-left: 2.28gd"><SPAN style="FONT-SIZE: 12pt"><SPAN style="FONT-FAMILY: 幼圆; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">城市的发展，其人口也会相应增加，加之生活水平的提高，对城市土地的消费就越来越大了。</SPAN><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 21pt"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">（</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''">3</SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">）房地产价格水平</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoBodyTextIndent style="MARGIN: 0cm 0cm 0pt 21pt"><SPAN style="FONT-SIZE: 12pt"><SPAN style="FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">与其它市场一样，价格的高低对于房地产的消费有很大的影响。价格高，就会限制对房地产的消费，价格低，就会增加对房地产的消费。</SPAN><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 21pt"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">（</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''">4</SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">）国家政策</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoBodyTextIndent style="MARGIN: 0cm 0cm 0pt 21pt"><SPAN style="FONT-SIZE: 12pt"><SPAN style="FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">国家的政策对房地产的生产性消费和消费性消费都会有巨大的影响。特别是对房地产的总量平衡和结构平衡有着重大的调节作用。对于居民住房消费影响最大的是国家的住房政策以及与住房有关的各项优惠政策。</SPAN><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 21pt"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">（</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''">5</SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">）城市产业结构</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoBodyTextIndent style="MARGIN: 0cm 0cm 0pt 21pt"><SPAN style="FONT-SIZE: 12pt"><SPAN style="FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">城市产业结构发展的状况，不仅决定着城市对房地产消费的总量，而且决定着房地产产业的消费结构。</SPAN><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 24.1pt; mso-char-indent-count: 2.0"><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">（</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''">6</SPAN></B><B><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 幼圆; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">）消费者对经济发展形势预测</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></B></P>
<P class=MsoBodyTextIndent3 style="MARGIN: 0cm 0cm 0pt 23.95pt; TEXT-INDENT: 0cm; LINE-HEIGHT: normal; mso-para-margin-left: 2.28gd"><SPAN style="FONT-SIZE: 12pt"><SPAN style="FONT-FAMILY: 幼圆; mso-bidi-font-size: 12.0pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">消费者的消费会受到外部环境的制约，外部环境影响着现实支付能力能否得到实现。如果消费者对未来经济发展的预测是乐观的，房地产消费就会增长，如果是悲观的，消费会减少。</SPAN><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p></o:p></SPAN></SPAN></P>
<P class=MsoBodyTextIndent3 style="MARGIN: 0cm 0cm 0pt 23.95pt; TEXT-INDENT: 0cm; LINE-HEIGHT: normal; mso-para-margin-left: 2.28gd"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 幼圆; mso-bidi-font-family: ''"><o:p><SPAN style="FONT-SIZE: 12pt"> </SPAN></o:p></SPAN></P>
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