Guiding Opinions of the People's Republic of China on Investment Real estate Appraisal (Trial)

投资性房地产评估指导意见（试行）

 

Document Number: Zhong Ping Xie [2009] No. 211

Promulgating Date: 12/18/2009

Effective Date: 07/01/2010

颁布机关: 中国资产评估协会

文   号: 中评协[2009]211号

颁布时间: 12/18/2009

实施时间: 07/01/2010

 

Chapter I Introduction

第一章 引言

 Article 1  In order to regulate behaviors of the certified assets appraisers’ performance on investment real estate appraisal, and safeguard public benefits of society as well as the legitimate rights and interests of all parties thereto, These Guiding Opinions are formulated in accordance with Standards for Appraisal of Assets: Basic Standards, Standards for Appraisal of Assets: Intangible Assets and Guidance Notes for Appraisal for Financial Reports (Trial).

    第一条 为规范注册资产评估师执行投资性房地产评估业务行为,维护社会公共利益和资产评估各方当事人合法权益,根据《资产评估准则──基本准则》、《资产评估准则──不动产》和《以财务报告为目的的评估指南(试行)》,制定本指导意见。

 Article 2   Investment real estate as mentioned herein shall refer to the investment real estate mentioned in Accounting Standards for Enterprises No. 3 – Investment Real estate and application guidance thereof, that is to say, investment real estate held by enterprises for generating rents and/or capital appreciation.

    第二条 本指导意见所称投资性房地产,是指《企业会计准则第3号──投资性房地产》及其应用指南所称的投资性房地产,即企业为赚取租金或资本增值,或两者兼有而持有的房地产。

 Article 3  Appraisal of investment real estate as mentioned herein shall refer to behaviors and procedures of analyzing, estimating the fair value of investment real estate which meet the requirements of accounting standards on the base date of appraisal and expressing professional opinions in accordance with requirements of Guiding Notes for Appraisal for Financial Reports (Trial),.

    第三条 本指导意见所称投资性房地产评估,是指按照《以财务报告为目的的评估指南(试行)》要求,对符合会计准则规定条件的投资性房地产在评估基准日的公允价值进行分析、估算,并发表专业意见的行为和过程。

 Article 4  When carrying out investment real estate appraisal, certified assets appraisers shall comply with These Guiding Opinions.

    第四条 注册资产评估师执行投资性房地产评估业务，应当遵守本指导意见。

Chapter II Basic Requirements

第二章 基本要求

 Article 5  When carrying out investment real estate appraisal, certified assets appraisers shall abide by principles of independence, objectiveness and fairness, act with due diligence, maintain due professional prudence, shall not make substantial inaccuracies and omissions that have major influence upon appraisal conclusions and shall not make conclusions of appraisal based on predefined values.

    第五条 注册资产评估师执行投资性房地产评估业务,应当恪守独立、客观、公正的原则,勤勉尽责,保持应有的职业谨慎,不得出现对评估结论具有重要影响的实质性疏漏和错误,不得以预先设定的价值作为评估结论。

 Article 6  When carrying out investment real estate appraisal, certified assets appraisers shall have pertinent professional knowledge and relevant appraisal experience on investment real estate appraisal and have professional competence engaged in investment real estate appraisal.

Certified assets appraisers shall pay attention to complexity of investment real estate appraisal, and deliberately consider if they have capability to undertake business of investment real estate appraisal in accordance with their own professional knowledge and experience.

    第六条 注册资产评估师执行投资性房地产评估业务,应当具备投资性房地产评估相关专业知识和相应的评估经验,具备从事投资性房地产评估的专业胜任能力。

  注册资产评估师应当关注投资性房地产评估的复杂性,根据自身的专业知识和经验,审慎考虑是否有能力承接投资性房地产评估业务。

 Article 7  When carrying out investment real estate appraisal, certified assets appraisers shall fully understand requirements of pertinent accounting standards and accounting & disclosure requirements of appraisal targets in enterprises financial reports, and call management of enterprises to properly classify investment real estate in accordance with their operating purposes and regulations of accounting standards.

    第七条 注册资产评估师执行投资性房地产评估业务,应当充分理解相关会计准则的要求、评估对象在企业财务报告中的核算和披露要求,并提请企业管理层按其经营意图以及会计准则的规定对投资性房地产进行恰当分类。

 Article 8  When carrying out investment real estate appraisal, certified assets appraisers shall conduct necessary communication with enterprises and certified public accountants that carry out audit operations, understand specific opinions and suggestions put forth by them for they need to follow specific requirements of pertinent accounting standards, and analyze the influence of these opinions and suggestions on appraisal operations.

    第八条 注册资产评估师执行投资性房地产评估业务,应当与企业和执行审计业务的注册会计师进行必要的沟通,了解其因遵循相关会计准则的具体要求而提出的具体意见和建议,并分析这些意见和建议对评估业务的影响。

 Article 9  Certified assets appraisers shall remind the entrusting parties to reasonably confirm base date of appraisal in accordance with pertinent requirements of accounting standards. Base date of appraisal may be date of balance sheet or convertible date of investment real estate, etc.

    第九条 注册资产评估师应当提醒委托方根据会计准则的相关要求,合理确定评估基准日。评估基准日可以是资产负债表日、投资性房地产转换日等。

 Article 10  Certified assets appraisers shall know that fair values of investment real estate in accounting standards are generally equal to market values of standards for the assets appraisal if conditions stipulated in measurement attribute of accounting standards are met.

    第十条 注册资产评估师应当知晓,当符合会计准则计量属性规定的条件时,会计准则中的投资性房地产的公允价值一般等同于资产评估准则中的市场价值。

 Article 11  When carrying out investment real estate appraisal, certified assets appraisers shall carry out on-the-spot investigation on investment real estate, and clearly define status of material forms, rights & interests and locations of investment real estate.

Certified assets appraisers may demand the entrusting parties to undertake commitment on ownership of investment real estate, and carry out necessary investigation on materials of ownership.

    第十一条 注册资产评估师执行投资性房地产评估业务，应当对投资性房地产进行现场调查，明确投资性房地产的实物状况、权益状况和区位状况。

  注册资产评估师应当要求委托方对投资性房地产的权属做出承诺，并对权属资料进行必要的查验。

Chapter III Targets of Appraisal

第三章 评估对象

 Article 12  Certified assets appraisers shall know classifications of investment real estate in accounting standards, and clearly define targets of appraisal in accordance with the following accounting standards:

1. Rented land-use right means the land-use right that enterprises obtain through ways of selling or transfer and rent out through operating lease.

2. Land-use right held and intended to be transferred after appreciation means the land-right obtained by enterprises and prepared to transfer after appreciation. Idle land cognized in accordance with relevant Chinese regulations may not belong to land-use right held and intended to be transferred after appreciation.

3. Rented buildings means the buildings that enterprises own the property rights and the buildings which are rented out through operating lease by enterprises, including self-built buildings or buildings for renting after development activities having been completed.

    第十二条 注册资产评估师应当知晓会计准则中投资性房地产的分类,并参照以下会计准则的要求,明确评估对象:

  (一)已出租的土地使用权,是指企业通过出让或转让方式取得的、以经营租赁方式租出的土地使用权。

  (二)持有并准备增值后转让的土地使用权,是指企业取得的、准备增值后转让的土地使用权。按照国家有关规定认定的闲置土地,不属于持有并准备增值后转让的土地使用权。

  (三)已出租的建筑物,是指企业拥有产权的、以经营租赁方式租出的建筑物,包括自行建造或开发活动完成后用于出租的建筑物。

 Article 13  When carrying out investment real estate appraisal, certified assets appraisers shall know that appraisal targets are corresponding to individual building units or a whole entity consisting of more building units and auxiliary facilities thereof.

When auxiliary equipment & facilities of rented buildings are components of rented assets corresponding to rent income, certified assets appraisers shall reasonably consider influences of equipment and facilities on values of investment real estate.

    第十三条 注册资产评估师执行投资性房地产评估业务，应当知晓评估对象对应的是个别建筑物单元，还是多个建筑物单元及其附属设施共同构成的一个整体。

  当出租建筑物的附属设备和设施是租金收入所对应出租资产的组成部分时，注册资产评估师应当合理考虑该设备和设施对投资性房地产价值的影响。

Chapter V Ways of Appraisal

第四章 评估方法

 Article 14  When carrying out investment real estate appraisal, certified assets appraisers shall, in accordance with relevant conditions such as specific status of appraisal targets, status of material collection and source of data, properly choose ways of appraisal.

    第十四条 注册资产评估师执行投资性房地产评估业务,应当根据评估对象的具体情况、资料收集情况和数据来源等相关条件,恰当选择评估方法。

 Article 15  When evaluating investment real estate by using market methods, certified assets appraisers shall collect sufficient same or similar transaction cases of real estate and conduct prudent analysis on collected information and sources thereof. When choosing transaction cases, they shall pay attention to comparability of the cases, and emphatically analyze status of material forms, status of rights & interests, status of locations, transactions and lease requirements of investment real estate.

    第十五条 注册资产评估师运用市场法评估投资性房地产时,应当收集足够的同类或者类似房地产的交易案例,并对所收集的信息及其来源进行审慎分析。在选用交易案例时应当关注案例的可比性,重点分析投资性房地产的实物状况、权益状况、区位状况、交易情况及租约条件。

 Article 16  When evaluating investment real estate by using market methods, certified assets appraisers shall establish equal value base, refine relevant comparative elements which include transactions, transaction date, volume rate, useful life, areas, specific locations, operating status and accompanied lease, and define parameter connotation of relevant indicators.

    第十六条 注册资产评估师运用市场法评估投资性房地产时,应当建立价值可比基础,细化相关比较因素,包括交易情况、交易日期、容积率、使用年期、面积、具体位置、经营业态和所带租约等,明确相关指标参数内涵。

 Article 17  When evaluating investment real estate by using income approach, certified assets appraisers shall analyze rental incomes of enterprises generated from investment real estate and their corresponding expenses occurred during the current period, reasonably judge the matching between rental incomes and their corresponding expenses, and properly determine the net incomes.

Net incomes of investment real estate shall be interests of real estates corresponding to appraisal targets in rents, not including other items such as property management fees and disbursement of water & electricity fees, and influences of rent-free period and ways of rent collection shall be properly considered.

    第十七条 注册资产评估师运用收益法评估投资性房地产时,应当对企业来自于投资性房地产的租金收益,以及当期产生的相应费用进行分析,合理判断租金收益与相应费用的匹配性,合理确定净收益。

  投资性房地产的净收益是指租金中直接归属于评估对象所对应的房地产权益部分,不包括物业管理费、代垫水电费等其他项目,并应当恰当考虑免租期和租金收取方式的影响。

 Article 18  When evaluating investment real estate by using income approach, certified assets appraisers shall pay attention to influences of current lease terms of investment real estate on fair values which include rents and composition thereof, leasehold, rent-free period, renewal conditions and conditions of termination of the lease ahead of time.

Certified assets appraisers shall pay attention to legality & validity of leases and understand actual fulfillment thereof. For legitimate, valid and actual-fulfilled leases, predicting the rents within leasehold used by future net income may be the rents agreed by lease, and rents outside the lease shall be normal & objective rents. When there exists big difference between agreed rents and market rental level, they shall analyze the reasons and fully disclose them.

    第十八条 注册资产评估师运用收益法评估投资性房地产时,应当关注投资性房地产现有租约条款对公允价值的影响,包括租金及其构成、租期、免租期、续租条件和提前终止租约的条件。

  注册资产评估师应当关注租约的合法、有效性,了解实际履行状况。对合法、有效并实际履行的租约,预测未来净收益所使用的租约期内的租金应当采用租约所确定的租金,租约期外的租金应当采用正常客观的租金。当约定租金与市场租金水平存在较大差异时,应当分析其原因,并进行充分披露。

 Article 19  When evaluating investment real estate by using income approach, certified assets appraisers shall reasonably determine the time limit of incomes in accordance with parameters such as remaining years of economic life of buildings and remaining years of useful life of land-use rights and relevant laws & rules.

    第十九条 注册资产评估师运用收益法评估投资性房地产时,应当根据建筑物的剩余经济寿命年限与土地使用权剩余使用年限等参数,及有关法律、法规的规定,合理确定收益期限。

 Article 20  When evaluating investment real estate by using income approach, certified assets appraisers shall reasonably determine the discount rate. Discount rate shall reflect average return level of the same kind investment real estate on base date of appraisal and specific risks of appraisal targets. Basis of discount rate shall keep consistent with income basis, and influences of factors such as lease, leasehold and rent on selections of discount rate shall be considered.

    第二十条 注册资产评估师运用收益法评估投资性房地产时,应当合理确定折现率。折现率应当反映评估基准日类似地区同类投资性房地产平均回报水平和评估对象的特定风险。折现率的口径应当与收益口径保持一致,并考虑租约、租期、租金等因素对折现率选取的影响。

 Article 21  When certified assets appraisers evaluate investment real estate by using market methods and income approach, values of land-use rights shall be generally included in appraisal conclusions.

Certified assets appraisers shall pay attention to whether accounting check of rented buildings includes corresponding land-use rights of the buildings. If not, they shall call enterprise management to reclassify or deduct values of land-use rights in appraisal conclusions, and carry out necessary disclosures in appraisal reports.

    第二十一条 注册资产评估师采用市场法和收益法评估投资性房地产时,评估结论通常包括土地使用权价值。

  注册资产评估师应当关注已出租的建筑物的会计核算中是否包含建筑物所对应的土地使用权。如果会计核算不包含土地使用权,应当提请企业管理层重新分类,或者在评估结论中扣除土地使用权的价值,并在评估报告中进行必要的披露。

 Article 22  When evaluating investment real estate by using market methods and income approach, certified assets appraisers shall exclude the influences of abnormal transactions thereto, including unconventional financing, sale & lease-back, special consideration and discount, etc.

    第二十二条 注册资产评估师采用市场法和收益法评估投资性房地产时,应当排除特殊交易情况的影响,包括非常规的融资、售后租回、特殊对价或折让等。

 Article 23  Certified assets appraisers, if cannot get fair vales of investment real estate by using market methods and income approaches, may adopt other measures that are complied with accounting standards. If fair vales of investment real estate cannot be reasonably got, they may, upon consent of the entrusting parties, adopt proper ways to analyze interval values of fair values of investment real estate, come to conclusions of value analysis and remind users of appraisal reports of paying attention to differences between appraisal conclusions of fair values and analysis conclusions of values.

    第二十三条 注册资产评估师运用市场法和收益法无法得出投资性房地产公允价值时，可以采用符合会计准则的其他方法。如果仍不能合理得出投资性房地产公允价值，经委托方同意，还可以采用恰当的方式分析投资性房地产公允价值的区间值，得出价值分析结论，并提醒评估报告使用者关注公允价值评估结论和价值分析结论的区别。

Chapter IV Disclosure of Appraisal

第五章 评估披露

 Article 24  When carrying out investment real estate appraisal, certified assets appraisers shall, after having fulfilled necessary appraisal procedures, formulate appraisal reports which will be issued by their local appraisal institutions in accordance with Standards for Appraisal of Assets: Appraisal Report, Standards for Appraisal of Assets: Intangible Assets and Guidance Notes for Appraisal for Financial Reports (Trial), and carry out proper disclosures.

    第二十四条 注册资产评估师执行投资性房地产评估业务,应当在履行必要的评估程序后,根据《资产评估准则──评估报告》、《资产评估准则──不动产》和《以财务报告为目的的评估指南(试行)》编制并由所在评估机构出具评估报告,进行恰当披露。

 Article 25  Certified assets appraisers shall disclose necessary information in appraisal reports to make users of the appraisal reports including enterprise management and certified public accountants that carry out audit operations, etc. completely know procedures of appraisal and reasonably understand & properly use appraisal conclusions.

    第二十五条 注册资产评估师应当在评估报告中披露必要信息,使评估报告使用者,包括企业管理层和执行审计业务的注册会计师等,完整了解评估过程、合理理解并恰当使用评估结论。

 Article 26  Certified assets appraisers shall emphatically disclose the following contents in appraisal reports:

1. Specific description of appraisal targets, including general conditions, main characteristics, etc.;

2. Ownership status, using status and lease information of appraisal targets;

3. Definition of value types and their corresponding relationships with accounting standards;

4. Selection process & basis of appraisal ways and specific application of appraisal ways;

5. Appraisal hypothesis, mainly including: legitimacy and effectiveness of signed lease, actual fulfillment of signed lease, alteration and termination without reason; and significant changes of operating status of rented buildings;

6. Sources, bases, calculation process, etc. of key appraisal parameters; and

7. Flaws or major constraints such as deficiency of title documents.

    第二十六条 注册资产评估师在评估报告中应当重点披露以下内容:

  (一)评估对象的具体描述,包括总体情况和主要特点等;

  (二)评估对象的权属状况、使用状况及租约信息;

  (三)价值类型的定义及其与会计准则的对应关系;

  (四)评估方法的选择过程和依据,评估方法的具体运用;

  (五)评估假设,主要包括:已签租约是否合法、有效;已签租约是否实际履行,是否会改变和无故终止;已出租建筑物的经营业态是否会发生重大改变;

  (六)关键性评估参数的来源、依据和测算过程等;

  (七)是否存在缺失产权文件等方面的瑕疵或重大限制。

 Article 27  When appraisal targets have flaws in tile and such flaws may have major influences on fair values of investment real estate, certified assets appraisers shall disclose such flaws & influences thereof, and ask users of appraisal reports to pay attentions.

    第二十七条 当评估对象存在产权瑕疵且该瑕疵事项可能对投资性房地产的公允价值产生重大影响时，注册资产评估师应当对该瑕疵事项及其影响进行披露并提请评估报告使用者予以关注。

Chapter VI Supplementary Provisions

第六章 附则

 Article 28  These Guidelines shall come into effect as of July 1, 2010.

    第二十八条 本指导意见自2010年7月1日起施行。