开发模型
除上述宏观市场差异之外，开发流程中也存在对各个市
场具有影响的一些总体相似之处和具体不同之处。
一般来说，美国和中国之间的房地产开发价值创造流
程相同。虽然必须列示的重要决策清单较长，成功开
发项目的主要驱动因素需要在每个市场中采取类似步
骤。
投资者必须为选定的产品类型确定一个合适的地段，
获得政府批准，与合格开发商协商确定一个公平的投
资结构，开发一个市场可接受的高品质产品。但是，虽
然这些步骤表面上看起来类似，仔细分析，会发现存在
重大差异。在中国，购买土地通常是总预算中的最大成
本。在一些城市中，如北京和上海，土地成本可以占到
总成本的70~75%。在此处，土地是指向政府实体购置
长期土地租约。为弥补此项成本，开发商希望尽可能增
加土地上允许建造的面积。
幸运的是，土地成本和分配的建设用地使用权是由同
一实体控制的。不幸的是，几乎没有任何激励措施促使
政府做其不愿意做的事。按照惯例，中国的土地购置需
要大量的预付款。大额现金开支通常会影响总体收益
率，所以大部分中国开发商必须快速交付产品，以便能
够重新利用资金（通常用于另一处昂贵的土地)。然而，
在国内市场中，由于开发商利用“进度款”进行建设活
动，从而使得上述开支成本有所降低。
进度款是在整个开发过程中买方以现金形式或通过抵
押贷款人支付的递增预付款。在美国，不允许利用此等
资金建造资产，但是这种做法在中国非常常见。众所周
知，中国开发商在世界各地设计了一些最优秀的项目效
WWW.THECHINAINVESTOR.COM
costs. Land in this description means the acquisition of
a long-term ground lease from a government entity. To
compensate for this cost, developers want to maximize
the buildable square meters allowed on the land. Luckily,
both the cost of land and the entitlement allotted to be
built are controlled by the same entity; unfortunately, there
is little incentive for the government to do anything that
they are not inclined to do.
Traditionally, land acquisition in China has required
substantial upfront cash. Leading with a large cash outlay
will typically hurt the overall return, so most Chinese
developers need to quickly deliver product so that the
capital can be re-deployed (usually into another piece
of expensive land). However, the cost of these outlays is
mitigated in the domestic market by a developer’s ability
to build with “progress payments.” Progress payments are
incremental deposits made by a buyer, either with cash
or by a mortgage lender, throughout the development
process. Utilizing this capital to build the asset isn’t allowed
in the U.S., but is very typical in China.
China’s developers are known for producing some of
the best project renderings and models anywhere in
the world; it is to be expected when you can sell, collect
deposits and spend the money, all based on a pretty
picture. They are also known for generating incredible
returns. U.S. development returns are typically between
17 to 25 percent internal rate of returns. Most Chinese
developers achieve well north of 25 percent; the
largest factor affecting returns is the time in which the
developers capital is actually invested. U.S. developers
will usually invest between 1 to10 percent and will be
required to keep that capital in the project through final
disposition which could be four or more years.
They leverage their expertise in entitlement, product
design and construction management, to keep their
equity commitment low and attract both equity and debt
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