Let's briefly talk about the composition of real estate costs
1. Land costs. Land costs include land transfer fees, land acquisition fees, or compensation fees for demolition and resettlement. There are three ways for real estate development enterprises to acquire land: agreement transfer, bidding transfer, and auction transfer. At present, the latter two methods are basically the mainstay. With the tightening of the country's macro management policy on land, the acquisition of development land through auction has become an effective way for most developers to obtain development land. At present, in the composition of urban commercial housing in ChinaLand costs account for about 20 per centand have a further upward trend.
2. The pre-construction costThe pre-construction cost mainly refers to the pre-planning, design, feasibility study, geological exploration and land development costs such as "three links and one leveling" for housing development. He accounts for a relatively small percentage of the overall cost mixGenerally not more than 6%.
3. Construction and installation costs. The cost of construction engineering, equipment and installation engineering incurred in the construction of waste paper houses in construction and installation projects is also known as the cost of housing construction and installation. He accounts for a relatively large proportion of the overall cost mix. Judging from the current situation in China, it accounts for about 40% of the entire cost. 4. Municipal public facilities cost The cost of municipal public facilities includes two parts: infrastructure and public supporting facilities construction costs. Infrastructure construction costs mainly refer to the construction costs of roads, tap water, sewage, electricity, telecommunications, greening, etc. The construction cost of public supporting facilities refers to the expenses incurred in the construction of various non-profit public facilities (such as schools, kindergartens, hospitals, police stations, etc.) and various for-profit supporting facilities (such as grain stores, vegetable markets and other commercial outlets) that provide supporting services for residents in the construction land. He also included a number of outdoor projects such as gas pressure regulating stations, substations, bicycle sheds, etc. In the composition of real estate development costs, the project accounts for a large proportionIn China, it is generally around 20% to 30%.
5. Management expenses. Management expenses are mainly the various expenses incurred by real estate development enterprises for the organization and management of real estate development and business activities, including management salaries, travel expenses, office expenses, insurance premiums, employee education expenses, pension insurance premiums, etc. It accounts for a small percentage of the overall cost compositionGenerally, it will not exceed 2%.
6. Financing interest. Due to the long development cycle of real estate, the amount of investment required is large, so it must rely on the credit funds of banks, and the interest that should be paid to financial institutions to raise funds through loans in the process of development and operation has also become an important part of the development cost. However, its size is closely related to the size of the project to be developed and the amount of financing, so the proportion of the cost component is relatively unstable. At the same time, because of the state's restrictions on the financing of the real estate development industry, this cost should consider the company's equity structure and shareholders' own cash flow, which is indeed quite different between different enterprises. It's just that the data on the books may not be fully revealed!
7. Taxes. Taxes and fees include two parts: one is taxation, and the taxes related to real estate development and construction include real estate tax, urban land use tax, cultivated land occupation tax, land value-added tax, two taxes and one fee (value-added tax, urban maintenance and construction tax and education fee surcharge), deed tax, enterprise income tax, stamp duty, foreign-invested enterprises and foreign enterprise income tax, etc.;The other part is administrative fees, which are mainly charged by local governments and administrative departments at all levels to real estate development enterprises, and the projects are numerous and non-standardized. Including such as land requisition management fees, commercial housing transaction management fees, large municipal supporting fees, civil air defense fees, gas and water and electricity capacity increase fees, development management fees, etc. At present, the proportion of real estate development cost composition in China is relatively largeGenerally around 15% to 25%.
8. Other expenses. Other expenses mainly refer to all expenses that cannot be included in the first seven items. It mainly includes sales advertising expenses, various unforeseen expenses, etc., in the cost compositionGenerally not more than 10%.
Today, let's start with the cost line .....The data standards are summarized according to the experience of historical projects, which are all evidence-based and relatively reliable, but the project differences are relatively large.
Clarify the standard cost and billing base for each account
1. The price of the land
This investment is the best, not much to say in a word, according to the ** document implementation is:
1.1. The price of the land with the ticket (bidding, auction and listing): it shall be executed in accordance with the land acquisition documents.
1.2. Taxes and fees related to invoiced land (deed tax, stamp duty, etc.): 3%-4% of deed tax, and the overall tax can be according to 405% calculated;
1.3. Land payment or premium without tickets: pay attention to fill in the location, otherwise it will affect the calculation of taxes and fees
1.4. Auction service fee, generally speaking, 01%。
1.5. Indicator fees, charging standards vary from place to place, taking Chengdu as an example, the main urban area is 300,000 acres.
2. Preparation fee for development (200-250 yuan in total).
2.1. Survey and measurement fee: including project survey and mapping, project pay-off fee and other expenses for the initial survey and measurement of the project;Unilateral standard: 3 yuan square meters, 6 yuan for mountain projects Billing base: reported area (above ground + underground).
2.2. Planning and design fees: including project project overall planning and design fees, planning concept design fees, schematic design fees, construction drawing design fees, municipal supporting design (landscape, small municipal), drawing review and professional design consultants (excluding model room design fees) Unilateral standards: high-rise and low-rise 20-60 square meters (different regions vary greatly), mountain projects 100 square meters;Billing base: reported area (aboveground + underground).
2.3. Application for approval and construction fee: including conventional construction fee, such as urban construction fee, re-payment fee according to the actual situation, returnable fee and special charge, etc., the cost of each region varies greatly;Unilateral standard: regional differences, about 200 yuan square meters in the east of Beijing, up to 350 yuan square meters in the north of Beijing;Billing base: reported area (aboveground + underground).
2.4. Three-way and one-level fee: including water, electricity, road and site leveling fees, unilateral standard: 10 yuan square meters, mountain projects increase 150-300 yuan earthwork leveling and retaining wall masonry and other costs;Billing base: reported area (aboveground + underground).
2.5. Temporary facility fee: Temporary site and office fee, unilateral standard: 10 yuan square meter, billing base: reported area (above ground + underground).
3. The main construction and installation project cost (2400-3000 yuan in total) The construction and installation project cost is a key area where real estate enterprises are prone to false costs
Generally, it is collected according to the business format, and the composition of a single type of business is composed of multiple indicators, and in terms of calculation method, above-ground cost + underground cost + gradation cost = total cost;
3.1 Upper floor (12F-28F).
1) Single underground cost (excluding garage area, projection basement) unilateral standard: 3700 yuan square meters (refer to a project in Beijing, depending on the project situation) Billing base: single underground area.
2) Unilateral standard of single above-ground cost: 1800 yuan square meters (refer to a project in Beijing, depending on the situation of the project) Billing base: the single above-ground area is simple to calculate, (1) (2) comprehensive calculation can obtain the structural cost: about 1900 yuan Billing base: the area of the report (above ground + underground) is adopted
3) Grading cost: According to the grade of the product line, the cost of different grades varies greatly due to different materials, and the main difference is reflected in the exterior windows and facadesUnilateral standard: 300 yuan square meter, 400 yuan square meter.
Billing base: reported area (aboveground + underground).
3.2 Small high-rise (7F-11F).
1) Single underground cost (excluding garage area, generally not more than 10% of the above-ground area) Unilateral standard: 3500 yuan square meters (refer to a project in Beijing) Billing base: single underground area.
2) Single above-ground cost Unilateral standard: 1800 yuan square meter (refer to a project in Beijing) Billing base: The single above-ground area is easy to calculate, (1) (2) Comprehensive calculation can obtain the structural cost: about 1900 yuan Billing base of square meters: use the reported area (above-ground + underground).
3) Grading cost: small high-level products are close to high-level, slightly higher than high-level;Unilateral standard: 300 yuan square meters, 500 yuan square meters Billing base: reported area (above ground + underground).
3.3 bungalows (5F-6F).
1) Single underground cost (projection basement) unilateral standard: 2600 yuan square meters (refer to a project in Beijing) Billing base: single underground area.
2) Unilateral standard for single above-ground cost: 1800 yuan square meters (refer to a project in Beijing) Billing base: The single above-ground area is easy to calculate, (1) (2) Comprehensive calculation can obtain the structural cost: about 1800 yuan Billing base for square meters: use the reported area (above-ground + underground).
3) Grading cost: Due to the slightly higher grade of the product of the bungalow product, the grading cost is higher than that of the high-rise Unilateral standard: 500 yuan square meters, 600 yuan square meters Billing base: reported area (above ground + underground).
3.4 stacks of townhouses (below 6F, mostly 4F).
1) Single underground cost (generally not more than 30% of the above-ground area) Unilateral standard: 2,500 yuan square meters (refer to a project in Beijing) Billing base: single underground area.
2) Single above-ground cost Unilateral standard: 1700 yuan square meters (refer to a project in Beijing) Billing base: The single above-ground area is easy to calculate, (1) (2) Comprehensive calculation can obtain the structural cost: 1900 yuan Billing base of square meters: the area of the report (above-ground + underground) is adopted
3) Grading cost: The grading cost of stacked products is higher than that of high-rise due to the slightly higher grade of the product Unilateral standard: according to the architectural style of 550 yuan square meters, 600 yuan square meters, 700 yuan square meters Billing base: reported area (above ground + underground).
3.5. Double-detached and single-family products.
1) Single underground cost (generally not more than 40% of the ground area) single standard: 3,000 yuan square meters (refer to a project in Beijing) Billing base: single underground area.
2) Single above-ground cost Unilateral standard: 1900 yuan square meters (refer to a project in Beijing) Billing base: The single above-ground area is easy to calculate, (1) (2) Comprehensive calculation can obtain the structural cost: 2200 yuan Billing base of square meters: the area of the report (above-ground + underground) is adopted
3) Grading cost: Single-family products have the highest grading cost due to the highest product grade.
Unilateral standard: 1200 yuan square meter for ordinary style, up to 1600 yuan square meter for French style;
Billing base: reported area (aboveground + underground).
PS: There are many factors that affect the cost of construction and installation, such as geotechnical conditions, assembly rate ratio, green building requirements, etc. The specific situation depends on the planning conditions of the land itself.
3.7 Some expenses of special accounts may have some special configurations, which need to be calculated separately, and the standard reference is as follows:
1) Unilateral standard of fine decoration: according to the grade difference, 600 yuan, 1000 yuan, 3000 yuan non-billing base: (ground area + bonus area) * 085，Note: This is the focus of LAT cost management for real estate development enterprises
2) Solar roof collector fee standard: 4500-6000 households (calculated by business type) balcony household fee standard: 3000-4000 households.
3) Charging pile: integrated one machine and one gun, 40,000 sets;
4) Prefabricated increase fee: 300 yuan square meter;
Fourth, the community pipe network project cost (a total of 220-450 yuan).
Including water supply and drainage system, heating system, gas system, power supply system and high and low voltage equipment, intelligent system engineering construction costs, regional differences are large, divided into 220-450 range, the comprehensive cost of Beijing East 240 square meters;
1) Water supply and drainage system: 40 yuan for ordinary areas and 100 yuan for some new areas
2) Heating system: no fee is charged for ordinary areas, 100-150 yuan for some new development areas;
3) Gas system: 30-40 yuan in general area;
4) Power supply system and high and low voltage equipment: the power system belongs to the subject with the highest amount, 120-140 yuan;
5) Intelligent system: 10 yuan for high-rise products, 20 yuan for low-rise products;The above 5 items are billed as the base number: the area reported (above ground + underground).
5. Landscape fee (equivalent to 120-300 yuan).
First of all, it is necessary to define the concept of landscape land, within the red line of the scope of building land, except for 20%-30% of the building base area and municipal roads, the part is collectively referred to as landscape land, and the hardscape and soft landscape of landscape land are considered to be opened according to 7:3;Unilateral standard: the cost of landscape engineering will vary greatly according to the same style, and it is divided into yuanBilling base: red line land area - building projection area - municipal road area - (about 70% of the total land area).Landscape fees are also a key area for real estate companies that are prone to false costs
6. Supporting facilities (300-500 yuan).
The supporting facilities are mainly based on basements, commercial and clubs, especially the garage part, which is the largest（Whether it's sellable or not is key
1) Garage: According to the type of garage, it is divided into ordinary garage and civil air defense garage, and the civil air defense garage needs to be set up with civil air defense equipment, civil air defense doors, etc., and the cost is slightly higherUnilateral standard: 2800 yuan for ordinary garage, 3100 yuan for civil air defense garage;Billing base: underground garage area (taking a project as an example, about 30% underground and aboveground).
2) Supporting business: mainly based on the low-rise business of rough delivery, there are certain differences in cost according to different styles;Unilateral standard: about 3,000 yuan for ordinary style, 3,500 yuan for French style Billing base: based on the actual construction area of the business, generally the above-ground area;(If the business belongs to the high-rise 1F, be careful not to double count the total area).
3) Clubhouse: According to the project positioning, the high-end project of the clubhouse is the most advanced, generally speaking, the club is mostly finely decorated, so the cost standard is relatively high;Unilateral standard: considering the decoration cost of 3,000 yuan, the cost of ordinary style is 6,700 yuan, and the cost of French style is 7,000 yuan Billing base: calculated according to the actual construction area of the business.
4) Equipped with primary schools and kindergartens: generally low-rise products, most of the products are simple unilateral standards: 2300-2500 yuan for teaching buildings, 2700 yuan for gymnasiums Billing base: calculated according to the actual construction area, generally on the ground.
7. Project-related fees: supervision fees, pre-settlement preparation fees (30-50 yuan).
It belongs to the category of development overhead, and the reference standards for some areas are as follows: unilateral standard: supervision fee of 20 yuan, pre-settlement preparation fee of 15 yuan, comprehensive 35 yuan;Billing base: reported area (aboveground + underground).
Tax issues
It mainly includes value-added tax, urban construction tax and surcharges, land value-added tax, real estate tax, land use tax, enterprise income tax, cultivated land occupation tax, individual income tax and deed tax. Among them, land appreciation tax and enterprise income tax are the focus of real estate enterprises
1. Value-added tax
1) Tax items and tax rates.
Value-added tax (VAT) covers the transfer of intangible assets and the sale of immovable property (including the sale of buildings or structures and the sale of other land attachments) at a rate of 9% or 3%.
2) Special Provisions.
The transfer of limited property rights or permanent use rights of immovable property, as well as the donation of immovable property by the unit to others free of charge, shall be regarded as the sale of immovable property. The sale of immovable property is taxed mutatis mutandis upon transfer of the right to use the land occupied by the immovable property. Participation in the distribution of profits and joint investment risks of the investor is not subject to VAT. However, the transfer of the equity shall be taxed according to this tax item. Land leases and immovable property leases are not taxed on the transfer of intangible assets and the sale of immovable property, but on the tax items of the leasing industry. Value-added tax is not levied on the transfer of land use rights by landowners and the return of land use rights by land users to landowners. The sale of immovable property is taxed mutatis mutandis upon transfer of the right to use the land occupied by the immovable property.
3) Taxpayers who sell immovable property and transfer land use rights in the place of tax payment and tax payment time shall declare and pay VAT to the competent tax authorities where the land and houses are located.
The time of occurrence of VAT liability is the day on which the taxpayer receives the payment of business income or obtains the receipt of the receipt of payment for business income. If a taxpayer transfers land use rights or sells immovable property and adopts the method of advance payment, the tax liability shall be incurred on the day of receipt of the advance payment. If the unit donates immovable property, the tax liability shall be incurred on the day of the transfer of ownership of the immovable property.
5) Second-hand housing sales problems.
According to the provisions of Annex 3 of the Notice of the Ministry of Finance and the State Administration of Taxation on Comprehensively Promoting the Pilot Program of Replacing Business Tax with Value-Added Tax (Cai Shui [2016] No. 36), "5. If an individual will purchase a house for less than 2 years and sell it externally, he shall pay VAT in full at the rate of 5%;Individuals who will purchase housing for more than 2 years (including 2 years) are exempt from VAT. The above policies apply to areas outside of Beijing, Shanghai, Guangzhou and Shenzhen. If an individual sells a house that has been purchased for less than 2 years, he or she shall pay VAT in full at the rate of 5%.If an individual sells a non-ordinary house purchased for more than 2 years (including 2 years), the difference between the sales income and the purchase price of the house shall be subject to VAT at a rate of 5%.Individuals who will purchase proficient housing for more than 2 years (including 2 years) are exempt from VAT. The above policies only apply to the cities of Beijing, Shanghai, Guangzhou and Shenzhen.
2. Urban maintenance and construction tax
The basis of taxation is the actual amount of VAT paid by the taxpayer.
The tax rates are % respectively. Taxpayers in different regions are subject to different levels of tax rates.
Formula: Tax payable = VAT tax rate.
3. Additional education fees
The basis for the surcharge on education fees is that the taxpayer actually pays VAT at a rate of 3%.
Calculation formula: Education surcharge payable = VAT payable rate.
4. Land Appreciation Tax
The basis of taxation is the amount of value-added obtained by the taxpayer from the transfer of real estate. The value-added amount is the balance of the income obtained by the taxpayer from the transfer of real estate after deducting the amount of deductions stipulated in the Regulations and Detailed Rules.
The tax rate is %, and the pre-levy rate of LAT varies from region to region.
Calculation formula: LAT payable = value-added rate - quick deduction - prepaid tax.
5. Property tax
1) Based on the original value of real estate tax (assessed value), the tax rate is 12%。
The calculation formula is: annual tax payable for real estate tax = original value of real estate (assessed value) (1-30%) 12%
2) If the rental income is used as the basis for taxation, the tax rate is 12%.
The formula is: annual tax payable on property tax = 12% of annual rental income
6. Land use tax
The land use tax shall be calculated and levied on the basis of the land area actually occupied by the taxpayer, and shall be calculated and levied in accordance with the prescribed tax amount.
7. Stamp duty
Stamp duty is a kind of certificate tax with the nature of an act levied on the various certificates listed in the Provisional Regulations on Stamp Duty in economic activities and economic exchanges.
There are two types of tax types: ad valorem taxation and volume taxation.
Tax payable = taxable amount * tax rate, tax payable = number of vouchers * unit tax amount.
1) The accounting books and business licenses of the development enterprise shall be stamped;
2) The voucher (contract) of the transfer of land use rights shall not be subject to stamp duty for the time being, and Article 3 of the Notice on Several Policies on Stamp Duty (Cai Shui [2006] No. 162) stipulates that stamp duty shall be levied according to the document of property right transfer).
3) Contracts and documents written in land development consulting, construction, procurement, real estate**, leasing activities, etc., shall be subject to stamp duty in accordance with the relevant provisions of stamp duty;
4) In the case of buying and selling a house, the signed purchase contract shall pay stamp duty at 5/10,000 of the amount contained in the property right transfer document, which is usually collected at the same time as the real estate transaction activities
5) When handling the real estate ownership certificate, the stamp duty of five yuan should be paid according to the license of the right.
8. Enterprise income tax
Tax basis: taxable income = total income - amount of allowable deductions.
Tax rate: 1) The corporate income tax rate is 25%.
2) The income provided for in Paragraph 3 of Article 3 of this Law shall be subject to a tax rate of 20% for non-resident enterprises.
3) Qualified small and low-profit enterprises shall be subject to enterprise income tax at a reduced rate of 20%.
4) High-tech enterprises that need to be supported by the state shall be subject to enterprise income tax at a reduced rate of 15%.
5) Transition period for foreign-invested enterprises and foreign-funded enterprises.
Calculation formula: tax payable = taxable income tax rate.
9. Cultivated land occupation tax
Units or individuals that occupy cultivated land to build houses or engage in non-agricultural construction shall be taxpayers of cultivated land occupation tax and shall pay cultivated land occupation tax in accordance with the provisions of these Regulations.
The amount of cultivated land occupation tax is stipulated as follows:
1) In areas where the per capita cultivated land does not exceed 1 mu (with the county-level administrative area as the unit, the same below), it is 10 yuan to 50 yuan per square meter;
2) In areas where the per capita cultivated land exceeds 1 mu but does not exceed 2 mu, it is 8 yuan to 40 yuan per square meter;
3) In areas where the per capita cultivated land exceeds 2 mu but does not exceed 3 mu, it is 6 yuan to 30 yuan per square meter;
4) In areas where the per capita cultivated land exceeds 3 mu, it is 5 yuan to 25 yuan per square meter.
10. Individual income tax
Individual income tax is levied on various taxable income objects obtained by individuals. The entity or individual that pays the income is the withholding agent of individual income tax, and it is the legal obligation of the withholding agent to withhold and pay individual income tax in accordance with the provisions of the tax law.
In addition to the usual individual income tax business of real estate enterprises, the special situation of real estate enterprises is the tax-related situation of various compensation such as compensation for demolition, light blocking or construction, late delivery of housing and late property rights.
11. Deed tax
Deed tax is a tax levied on units and individuals who inherit land use rights and house ownership when transferring land and house ownership within the territory of the People's Republic of China.
Note: The units and individuals of the buyer are taxpayers of deed tax.
The deed tax is calculated on the basis of the transaction at the time of the transfer of land use right and house ownership.
The current deed tax rate is 3-5%, and it is halved in various places.
Dalian currently has a land transfer tax rate of 4%, a transfer tax rate of 4% for projects under construction, and a transfer tax rate of 1 for ordinary residential buildings5%, and the transfer tax rate for non-ordinary residential buildings is 4%.
Tax payable = real estate transaction ** or assessed *** tax rate.
Other expenses mainly include:Administrative expenses (mainly team salaries and related reimbursement expenses, etc.), as well as sales-related expenses (mainly marketing and promotion expenses).
The former is generally at 15-2.About 5%;The latter is generally in 2About 5%, there is a large gap between different companies.
*: Lao Li talks about finance and taxation studio.
*Editor: Mulin Financial News.