We look at the map, the map of the United States at Seattle apartment units, look at the box 95, This rising, rising, fair, and then rise by one point rise, Ping. This is the basic nature of the case, and if there had been a decline in real estate is there, but the rate will not be drastic, long-term, prices must go on. I think the chart REICO studio with a friend to share I do not know why there are no REICO studio friends. Fuli Tianjin City Real estate blog Home exquisite Gallery Sina secondhand house 　This chart is the professional company in its analysis, the United States three apartments at the county changes This is its analysis of the data acquisition, each circle a quarter figures, which is the first quarter of 2000, this figure is, In the second quarter of this figure, this figure can be seen, it will be, can fell short, the overall decline in real estate say it, I think it is totally not. So I quite agree with the Minister's view, a short period of time statistical report by the data do not reflect what trends to the long-term, the long term is the line? This line is the minimum return of the average calculated from the first quarter of 2000 to the second quarter of 2005. Overall upward. Yesterday, I said that if we do not accurately figure the matter, as long as the trend accurate way. Talk about the American financial market that the financial markets have what? Housing, land developers, construction companies, real estate investment companies, including real estate investment trust company, Commercial banks, finance companies, loan companies large, all of the money comes from loans from the company, New Wave guide loan companies. Those consumers from these banks, institutions and get a house, how do? Sold to the secondary market, I think they are market-oriented state-owned enterprises, They these four institutions to consumer loans bought things, and bought after packing in the second tier market. This entire process, the individual purchase of houses were dealing with the banks, through three government agencies sell two markets, two belong to the insurance company market, Securities companies and a wide range of the Fund, among the institutions very big role to play, It banks lending to the detailed requirements of this developer of the loan.This is the property of the United States are defective, the first of leverage, a small stroke, the house one million, I spent 300,000, Housing prices increased 5 million, but you into the 300,000 large proportion example, if you let 250,000. Housing Prices Rise 50,000, it means the appreciation of 20%. The second a stable flow of taxes, the third tax is not bad, but also liabilities, would get green cards. Defect is not easily realizable, management complexity. Concerning the tax, property taxes with the United States so several categories, the federal tax 5-36, value-added tax of 15%, sell your house 1.5 million to buy 100 million to pay 500,000 for calculating the tax is 1% to 1.5%. In the United States, things are worth recommending that it is a depreciation charges, calculated how is the income tax, is the entire income minus operating expenses, cut imaginary things, depreciation, to get these things after you have income, you have to pay tax If no income will not have to pay tax. I want to depreciation costs you briefly talk about the depreciation cost of the land can not speak for depreciation, All residential alone with the 25-year period, depreciation, and other real estate depreciation 30, which is what the regulations? This is the United States tax law, the United States has no official documents issued by the United States to encourage you to do what is adopted to reflect the tax law. If we do things in the United States, must study the tax law, because the government views are reflected by the tax law. Four real estate investment return, one is the distribution of cash flow is revenue minus expenses, and the second is value-added, I bought the 10 million, after three years 15 million, 5 million is value-added. The third is provincial, and credibility. Fourth is the increase in net assets, or more! 　Real estate in the United States withdrew from two kinds of sales, is a new loan is to come up with their own money, house appreciates, you re-loans, loans also used to swap, the extra money that you get it back. I just said, the developer, mainly through banks, but also loans to the owners, is the second owner to banks and Private Funds There can be listed, the United States engage in the development of the listed companies is far lower than the number of real estate investment volume of listed companies. The next one is speaking, the REIT, real estate investment trust fund, he does not financial institutions, borrow from it wrong, it also financed from the public. Finally talk about property companies, property companies in the United States, not the financing, because it does not have fixed assets. U.S. development of the market of China is what enlightenment? This is my personal view, first of all the United States so much, they traveled the detour we can avoid. Secondly, I think China should be established as soon as possible as "the benefits the United States" such a body, activated mortgage, This is very important in the mechanism. The third is to set up real estate trust fund, the fourth to establish real estate investment companies, and the international economy. We sold to foreign real estate, foreign investment coming into the house, the right to have little impact on the stock market. I think this is a secure foreign investment, this is my personal recommendation, I would say so much, thank you for correcting me! Moderator : Thank you, Dr. Xu wonderful speech, because time is limited, as many have no share with you. I believe there will be opportunities for the future. Our real precision Swiss Chamber of Commerce Forum Series is the forum that we held for a month. content on the theory of real estate, development, construction, will address hot, related fields authoritative experts to exchange with you, We also hope that the member enterprises related to what we notice this morning to the Forum ended here! Thank you!

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