商铺投资收益率的四种算法
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">目前，投资商铺的热潮急剧升温，那么商铺投资收益率怎么计算呢？据工作人员介绍，商铺投资收益率算法有以下几种：</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-FAMILY: 宋体"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"> </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></SPAN></P><P style="MARGIN-LEFT: 39pt; WORD-BREAK: break-all; TEXT-INDENT: -18pt; LINE-HEIGHT: 150%; tab-stops: list 39.0pt; mso-list: l0 level1 lfo1"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma; mso-fareast-font-family: Tahoma"><SPAN style="mso-list: Ignore">1.<SPAN style="FONT: 7pt ''"> </SPAN></SPAN></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">租金回报率法</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></B></P>
<P style="MARGIN-LEFT: 21pt; WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN style="FONT-FAMILY: 宋体"><SPAN lang=EN-US> </SPAN>公式：（税后月租金－按揭月供款）<SPAN lang=EN-US>×12</SPAN>／（首期房款＋期房时间内的按揭款）。优点：考虑了租金、价格和前期主要投入，比租金回报率分析法适用范围广，可估算资金回收期长短。 <SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"><o:p></o:p></SPAN></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">不足：未考虑前期的其他投入、资金的时间效应。不能解决多套投资的现金分析问题。且由于其固有的片面性，不能作为理想的投资分析工具。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> 2.</SPAN></B><SPAN style="FONT-FAMILY: 宋体"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">租金回报率分析法</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"><o:p></o:p></SPAN></B></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">公式：（税后月租金－每月物业管理费）</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">×12</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">／购买房屋总价，这种方法算出的比值越大，就表明越值得投资。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"> 优点：考虑了租金、房价及两种因素的相对关系，是选择</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">“</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">绩优地产</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">”</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">的简捷方法。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">不足：没有考虑全部的投入与产出，没有考虑资金的时间成本，因此不能作为投资分析的全面依据。对按揭付款不能提供具体的分析。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> 3.</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">内部收益率法</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></B></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"> 房产投资公式为：累计总收益／累计总投入＝月租金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">×</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">投资期内的累计出租月数／（按揭首期房款＋保险费＋契税＋大修基金＋家具等其他投入＋累计按揭款＋累计物业管理费）＝内部收益率。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"> 上述公式以按揭为例；未考虑付息、未考虑中介费支出；累计收益、投入均考虑在投资期范围内。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"> 优点：内部收益率法考虑了投资期内的所有投入与收益、现金流等各方面因素。可以与租金回报率结合使用。内部收益率可理解为存银行，只不过我国银行利率按单利计算，而内部收益率则是按复利计算。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">不足：通过计算内部收益率判断物业的投资价值都是以今天的数据为依据推断未来，而未来租金的涨跌是个未知数。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> 4.</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">简易国际评估法</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></B></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"> 基本公式为：如果该物业的年收益</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">×15</SPAN><SPAN style="FONT-FAMILY: 宋体"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">年＝房产购买价，则认为该物业物有所值。这一国际上专业的理财公司评估一处物业的投资价值的简单方法。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"><o:p></o:p></SPAN></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">任何物业投资，投资者都希望能有一个合理的回报，甚至是一个理想的回报，正所谓：亏本生意没人做。投资者若要评判自己的投资是否有价值，他们通常主要是看该物业的投资回报率，那么，如何计算投资回报率，如何判断投资回报率所包含的意义呢？</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">如何计算投资回报率</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">有行内人告诉我们这样一个计算投资回报率的计算公式：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">计算购入再出租的投资回报率＝月租金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">×12(</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">个月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">)/</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">售价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">计算购入再售出的投资回报率＝</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">(</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">售出价－购入价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">)/</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">购入价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">例如，有一临街商铺，面积约</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">50</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">平方米，售价约</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">200</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">万元，目前在这个物业的周边，同等物业的月租金约是</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">400</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">/</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">平方米，即：这个商铺要是买下并成功出租，新业主将有可能获得</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">2</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">万元的月租金。那么，它的投资回报率将是多少呢？现在让我们计算一下：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">套用上述计算公式：这个物业的投资回报率＝</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">2</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">万元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">×12/200</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">万元，通过计算，我们得出这套物业的投资回报率将是：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">12</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">要是这个投资者转手放出，并以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">215</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">万元成交，那么它的投资回报率＝</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">(215-200)/200</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">，通过计算，我们得出这套物业的投资回报率将是：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">7.5</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">如何判断投资回报率</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">现在，投资回报率计算出来了，那么，我们该如何判断这些数值所包含的意义呢？也就是说，哪个数值是表示合理利润？哪个数值是表示千万不要沾手？哪个数值是表示它的收益非常好？或者是哪个数值是属于对方开出的条件太好，自己要审慎考虑才行？</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">业内人士认为，解读这些数值在行内并非有一个标准答案，可能</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">10</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">个人就会有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">10</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">个答案。但据本报从一些地产从业人员和投资客手中回收的数据显示，其实这些答案相差无几，差的也只是小数点以后的数值。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">据经纬物业二手部的负责人司徒珮琪介绍：其实不同物业的理想投资回报率不尽相同，比如就拿我们在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">“</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">透视商机特刊</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">”</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">中曾经探讨过的商住两用物业、烂尾番生物业、地铁物业及名校物业来说，它们的合理利润、投资临界点和超高利润率将大致如下表所列：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">物业类别</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">合理回报率</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">投资临界点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">超高回报率</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">(</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">需审慎</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">) <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">商住两用物业</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> 10</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">－</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">12</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> >7</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"> </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">15</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％以上</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">烂尾番生物业</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> 9</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">－</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">10</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> >6</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> 20</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％以上</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P style="WORD-BREAK: break-all; LINE-HEIGHT: 150%"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">地铁物业</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> 3-6</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> </SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"> </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma">>3</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> 10</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">％以上</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: Tahoma"> <o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><o:p> </o:p></SPAN></P>
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