本研究有下列主要的發現 1.不動產售後租回交易為一整合性交易，透過平衡買賣雙方利益，創造雙贏之交易架構。 2.售後租回交易為一整合性交易架構，因此在進行投資同時，買賣雙方必須同時進行不動產及企業營運之雙重分析。 3.在不動產售後租回交易，投資人可以提前透過完整之財務模型試算出變數對投資報酬之影響，提前做好規畫並有助於規避投資風險。 Since government liberated regulations of acquisition of real estates for foreign investment in 2002, foreign institutional investors have been aggressively participating in the domestic market of real estate investment. These investors introduce new investment concepts and approaches, which brings some impacts to the local industry. Furthermore, it has significantly changed the prospect of local real estate investment.
The concept of “Sale and Leaseback Transaction” was firstly introduced in 1936. Since then, this model has been very successfully demonstrated and further developed in several mature markets. Nevertheless, until late of 2004 to early 2005, the first case of real transaction emerged in local market and was concluded by foreign institutional investor
This research comprises of two sections. The first section will focus on the following elements: (1) Pros and cons on real estate sale and leaseback transaction model for sellers and buyers, (2) Study of R.O.C. GAAP, tax regulations and legal regulations, (3) Study of real estate investment capital budget models (4) Non- financial relative decision criterion. By means of the abovementioned studies, we will scrutinize the key factors upon real estate investment in local market. The second section will provide a real case of the said transaction, and further discuss the application in real estate market.
Major conclusions result from this study indicate : 1.Real Estate Sale and Leaseback transaction model is considered as an integrated transaction model. By balancing buyer’s and seller’s benefits, this model can create a win-win situation. 2.As it’s an integrated transaction model, the investment assessment should cover both real estate analysis and business operation appraisals 3.During the transaction assessment, the investor can understand the impact of variables variation to the investment return, and eliminate the potential investment risk in advance.
