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鹤壁翻译公司关键字：1992, "New Earth" has topped the Hong Kong stock market, "market top ten real estate companies," the top, called Hong Kong's "real estate giant." "New Earth" early adherence to the "flow of goods" business strategy to sell the property as their core revenue model. Based on the 1988 to 2004 Annual Report data analysis, quantitative study of the past 20 years, its revenue model changes.Sun Hung Kai Real Estate Company revenue model changesAnalysis I: property sales and property rental income, according to model the structural changes related data indicate that the "new earth" Total assets (in accordance with the construction area), the ratio of leased property was rising rapidly, from 22.3 percent in 1988 to 2004 years, 47.9%, basic and under construction properties (including the "pending sale of property" and "to be rental property" in two parts) flat. This shows that Hong Kong real estate industry matured after the "new earth" clear shift in its early stages of development property sales-based revenue model, selection of property sales and leasing of both the revenue model.In addition, "Once the sale of property" from 1990, rising rapidly from 1995 to 2000, stabilized at about 55%, and decreased rapidly from 2001 to 2004 of 35%. "Investment property to be" basic changes experienced the opposite trend, a significant decline from 1990, after 90 years in the stable at about 10%, and from 2000 up to 17% in 2004. 1990 happens to be the Hong Kong real estate market cycle of rise, more than the rent index of property price index rose sharply, to the third quarter of 1997, residential, commercial properties, office buildings, industrial property prices have reached historical highs. After the Asian financial crisis, Hong Kong real estate market has entered a cycle of decline phase of rapid decline in the real estate price index. "New earth" in the rising phase of cycle, a positive cut "to be rental property," the ratio, the more cash flow for the "pending sale of property", thus rapidly rising real estate prices in the stage, get a huge return on investment; In contrast, the decline into the cycle stage, the "new earth" is the revenue model on a flexible adjustment, by part of the "pending sale of the property" to "be rental property" and to find more investment opportunities in the property lease to significant decline in prices to avoid suffering huge losses.Analysis II: properties and has leased the property to build the type of structure "new earth" in the construction of the property and has leased properties, the percentage of various types of property (in accordance with the construction area), not shown. Property under construction to residential, business and integrated the most obvious structural changes, especially after 1994, a marked decline in the ratio of integrated business. Other types of property under construction is relatively stable
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