錄影日期: 2019年7月8日(星期一)6pm
【足本PRO版】《博收購系列 (4 of 4) - 收購舖/樓重建，條數點計?》 Scenario 3: 四個號碼收購重建 (馬頭圍道101號，99號，97號，95號)
個案地址: 土瓜灣馬頭圍道101號，大家姐海天堂龜苓膏舖，建築800呎，叫價3500萬，收實2650萬，租28000
買舖買樓博收購如何計算價值? 相信這系列是全港有史以來最詳盡關於博收購的影片。
全文內容:
買舖 要買得 PRO，上兩集同你講咗單一number 或者兩個 number 地盤發展，由於 EUV (Existing Use Value 現用值) 都係高過 RDV (Redevelopment Value 重建值)，因此該地盤單一或者兩個合併都係無重建價值。咁再買多兩個又點呢?
馬頭圍道101，99，97，95號，4個number 地盤面積合共3584呎。我哋又計過，重建最好就係起幢24層高嘅大廈，合共68米高，總樓面29,673呎。一梯4伙，個單位實用面積saleable area 217呎，sorry, 啱啱好係納米樓。下面4間舖，每間實用面積551呎。
計法同以上 Senario 1 and 2 一樣，唔再計多次啦，你自己睇。
總之，計完一大輪嘢，Redevelopment Value 重建價值就係$317,600,000，亦都係個 Land Value。 每呎樓面地價 AV (Accomodation Value) 就係$10,703。
之前講過，101及99號兩個number 加起來的EUV (現用價值)就係1億2268萬，97及95號兩幢同101及99號兩幢，其實都係差不多一模一樣，就當價值一樣，咁四個number 嘅EUV 就係2.45億。RDV (重建價值) 3.18億，高過EUV (現用價值)2.45億，高出30%，因為重建有錢賺，代表有機會引來發展商一次過收購呢四幢大廈啦。
咁呢間馬頭圍道101號大家姐舖又值幾錢呢?
之前講過，一係就發展商逐間逐間同你傾，可以係天價，可以係市價，可以係賤價。 但通常收購，佢都係「收收埋埋」收咗樓上住宅單位先，因為資金成本較低及可以較低調處理， 收到七七八八，先m同下面間舖傾。 如果收足八成啦，佢就搵把刀仔勒住你條頸，一係你就賣，唔係就向土地審裁處申請強制拍賣。 好似呢度咁，每層嘅業權份數係七分之一， 幾百萬嘅樓同幾千萬嘅舖都係一樣， 我做發展商都梗係收樓先啦。只要每幢收咗樓上6個單位，就可以強拍樓下間舖。 因此，你要作最壞打算。萬一強拍，你可以袋到幾錢呢?
你想詳細了解強拍， 可以睇我2018年5月錄過嘅呢條片， 我相信係全香港有史以來最詳盡嘅收購三部曲。我同我公司分析過好多強拍嘅cases 判詞， 逐個逐個睇，好悶。 法官嘅判詞，估值方式同以上計算方式都係差唔多。
以2018年灣仔皇后大道東153號強拍case 為例， 嗰時係一幢六層高嘅大廈， 地盤面積865呎，合和已經收咗業權份數87.5%， 唯一喺三樓最後一伙業主過咗身，發展商買唔到。合和就係2017年向土地審裁處申請強拍，業主代表依然無任何feedback。
根據發展商搵咗 Savills 做嘅估值報告，嗰幢大廈嘅 EUV (Existing Use Value) ，根據 Direct Comparison Method 直接比較法就係樓上每層值約500萬多啲，地舖值4,251萬，全幢合共$68,860,000。法官都接受咗呢個 EUV 估值。
而 RDV (Redevelopment Value) 方面，用咗 我上面解釋過嘅 Residual Method (剩餘估值法)之後，即係從GDV (Gross Development Value) 總發展價值，減除 development cost 發展成本 (包括建築成本，專業費用(例如建築師/測量師/工程師/律師/會計師/設計師等)，利息成本及發展商利潤等)。
雖然係人都知道合和會拼埋佢自己側邊合和二期嘅地盤一齊發展， 但佢聲稱只可以用單一number去估值幢樓嘅RDV價值， 因為呢幢樓還呢幢樓，側邊地盤還側邊地盤。咁先至可以質低個價收購到更平， 吹佢唔脹，法官又接受咗合和嘅講法， 大石砸死蟹。
合和代表話單一number 地盤去睇， 最好就起一幢五層高嘅商住混合樓。 總樓面面積就係349.6平方米，地積比率4.35倍。地舖就每平方米賣$905,000，閣樓$226,000，住宅就賣$228,000。一平方米等如10.76平方呎，減去發展成本每平方米$30,309，就得到RDV 地價8120萬，即樓面地價 8120萬除總建築面積349.6平方米，等如每平方米 $232,265。
法官接受咗合和一方以的EUV, RDV, 及GDV 估值，因此，係2017年12月6日判咗可以強制拍賣，Reserve Price 底價 8120萬。 當然如果小業主反對的話， 可自行聘請測量師估值， 提出有關理據向法庭反駁。
十單強拍，九單半都係底價成交， 因為你諗下， 如果我入嚟搶， 合和之前收開嘅成本已經係低好多， 我就依家起碼要畀8120萬以上先買到， 先畀合和賺一筆之餘， 我仲未必有能力合併到側邊個地盤發展，因此，除非有心玩嘢，道理上唔會有人入嚟爭。
土地審裁處判出嚟嘅拍賣底價，其實真係可以話係小業主賣樓賣舖嘅最後一關。 呢關守唔到，就一定畀人吃硬。呢單都係咁，2018年1月25日強拍，合和成功以8120萬底價強拍統一業權。 超平!
扣除拍賣開支同埋轉讓契律師費開支後，嗰8120萬就係按 EUV (現用值)的比例分配比業主。即係話，樓上未賣嘅三樓單位業主就分到大約608萬。因此，如果有個傻佬諗住搏收購，用一千萬買入三樓單位落釘的話， 合和咁樣申請強拍，釘子戶就分分鐘倒蝕近400萬啦。
皇后大道東153號樓下間舖，如果係其他人嘅，強拍後就分到約 5000萬。因此，如果你識計數，當年如果你想買入間舖博合和二期收購的話，就唔應該比多過5000萬啦。
去返去馬頭圍道101大家姐間舖，單一number 或者兩個number 發展都係唔值錢，無發展商會來收購。起碼有4個 number 才會引到發展商來收購。之前講過，4個number 的話，馬頭圍道101，99，97，95號，地盤面積合共3,584呎。RDV (重建價值) 就係 3.18億，高過EUV (現用價值)2.45億，高出30%。
因此，如果發展商收超過八成業權，就可以申請強拍。 土地審裁處判出嚟嘅底價， 按照佢過往判詞，應該會係3.18億。 如果又係底價成交的話，以EUV 現用價值比例派錢，地舖業主每間應該可以分到約3230萬。
以上係假設發展商忠忠直直，用四個number同一時間向土地審裁處申請強拍喎，如果大吉利是，好似皇后大道東153號咁，前後腳，分開申請強拍，咁個拍賣底價你所分到的錢就可能遠遠低過3230萬啦。
可能你覺得咁再合併埋側邊啲地盤呢? 會唔會RDV(重建價值)更高? 答案係會。但同樣地，EUV (現用價值)都非常高。因為你睇睇，左右兩邊都係一幢12層高的大廈， 地積比率已經用盡， 發展商要收購重建呢兩幢大廈根本無水位。 因此最大機會，都只係四個number一齊發展。
最後，大家姐呢間舖如果真係以2650萬買入，連厘印費及手續費成本要成2915萬，博收購，我就覺得太博啦。即使博到4個number 一齊重建，可能都只係收到3230萬，賺11%，仲要唔知等幾耐。 期間現有租金回報只係得1.3%，太低啦。三四厘都可以等下。因此我去到盡都只係俾最多2400萬，但整整下呢個video, 我覺得畀多咗添啦，因為真係幾博下，唔知要等幾耐。
我相信呢個係香港有史以來最詳盡分析商舖/樓收購個案價值嘅video。 我哋盛滙商舖基金四分一嘅資金就專買博收購的舖，揸長線。其餘一半係睇地區發展，揸中長線， 淨返四分一就係專買平舖，筍價，短線轉手俾啲想買舖，但唔想煩嘅買家。
想了解更多我哋盛滙嘅商舖基金，投資額300萬港幣起，歡迎隨時whatsapp我或者致電 2830 1111 查詢。希望呢條video 嘅 Senario 1, 2,3, 對你日後買舖買樓博收購出乜嘢價亦都有所啟發。
盛滙投資商舖基金熱線: 2830 1111 或 whatsapp +852 90361143
盛滙商舖基金 Bridgeway 網頁 www.bwfund.com
李根興創業之友 https://www.facebook.com/EdwinNetwork/
李根興商舖之友 https://www.facebook.com/edwinprimeshop/
李根興 youtube 商舖創業及投資分享https://www.youtube.com/channel/UCEN66AnLghXESgCDIsz-3Nw
購買李根興的「買舖 要買得 PRO」書，請付款$198，透過以下渠道:
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付款後，請留你的地址給我們，我們會馬上郵寄給你。或你可到我們盛滙辦公室領取。 中環皇后大道中16-18號新世界大廈一期1502至3室。電話 2830 1111。我會親筆簽名給你。多謝!
#香港史上最詳盡的博收購舖樓影片，#博收購如何計數，#買舖博收購，#強拍如何分錢
residual value會計 在 [試題] 101上劉心才中級會計學第三次小考- 看板NTU-Exam 的推薦與評價
課程名稱︰中級會計學
課程性質︰必修
課程教師︰劉心才 (助教名:謝昇峰)
開課學院：管理學院
開課系所︰財務金融學系
考試日期（年月日）︰101.12.19
考試時限（分鐘）：110
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Chapter 10~12
A. Multiple Choice (30 points)
1. The account Deferred Grant Revenue is classified as
A. a separate component of shareholders' equity.
B. a non-current liability.
C. Other income and expense.
D. Revenue.
2. Jamison Company purchased the assets of Booker Company at an auction for
$1,400,000. An independent appraisal of the fair value of the assets is
listed below:
Land $475,000
Buildin 700,000
Equipment 525,000
Trucks 850,000
Assuming that specific identification costs are impracticable and that
Jamison allocates the purchase price on the basis of the relative fair values,
what amount would be allocate to the Trucks?
A. $466,667 B. $700,000
C. $840,000 D. $850,000
3. The sale of a depreciable asset resulting in a loss indicates that the
proceeds from the sale were
A. less than current fair value.
B. greater than cost
C. greater than book value.
D. less than book value.
4. A graph is set up with "yearly depreciation expense" on the vertical axis
and "time" on the horizontal axis. Assuming linear relationships, how would
the graphs for straight-line and sum-of-the-years'-digits depreciation,
respectively, be drawn?
A. Vertically and sloping down to the right.
B. Vertically and sloping up to the right.
C. Horizontally and sloping down to the right.
D. Horizontally and sloping up to the right.
5.
Myers Company acquired machinery on January 1, 2005 which it depreciated under
the straight-line method with an estimated life of 15 years and no residual
value. On January 1, 20010, Mayes estimated that the remaining life of this
machinery was 6 years with no residual value. How should this change be
accounted for by Myers?
A. As a prior period adjustment
B. As the cumulative effect of a change in accounting principle in 2010
C. By setting future annual depreciation equal to one-sixth of the book value on January 1, 2010
D. By continuing to depreciate the machinery over the original fifteen year life
6.All of the following are true with regard to impairment testing of long-lived
assets except:
A. If impairment indicators are present, the company must conduct an impairment
test.
B. The impairment test compares the asset's carrying value with the lower of
its fair value less cost to sell and its value-in-use.,
C. If the recoverable amount is lower than the carrying value, an impairment
loss will be reported on the period's income statement.
D. If either the fair value less cost to sell or the value-in-use is higher
than the carrying amount, no impairment loss will be recorded.
7. Costs incurred internally ti create intangibles are
A. capitalized.
B. capitalized if they have an indefinite life,
C. expensed as incurred.
D. expensed only if they have a limited life.
8.
On June 2, 2011, Olsen Inc. purchased a trademark with a cost $4,720,000. The
trademark is classified as an indefinite-life intangible asset. At December 31,
2011 and December 31, 2012, the o owing is available for impairment testing:
12/31/2011 12/31/2012
Fair value less costs to sell $4,560,000 $4,530,000
Value-in-use $4,680,000 $4,780,000
The 2012 income statement will report
A. no Impairment Loss or Recovery of Impairment.
B. Impairment Loss of $40,000.
C. Recovery of Impairment of $40,000.
D. Recovery of Impairment of $100,000.
9. Which of the following costs should be capitalized in the year incurred?
A. Research and development costs.
B. Costs to internally generate goodwill.
C. Organizational costs.
D. Costs to successfully defend patent.
10.
Start-up costs include organizational costs, such as legal and state fees
incurred to organize a new business entity. These costs should be
A. capitalized and never amortized.
B. capitalized and amortized over 40 years.
C. capitalized and amortized over 5 years,
D. expensed as incurred.
※ 選擇題答案: BADCC / ACCDD
B. Problems (70 points)
I. (6 points, 4 points)
E10-8 (Capitalization of Interest)
On December 31, 2009, Hurston Inc. borrowed $3,000,000 at 12% payable annually
to finance the construction of a new building. In 2010, the company made the
following expenditures related to this building: March 1, $360,000; June 1,
$600,000; July $1,500,000; December 1, $1,200,000. Additional information is
provided as follows.
1. Other debt outstanding
10-year, 11% bond, December 31, 2003, interest payable annually $4,000,000
6-year, 10% note, dated December 31, 2007, interest annually $1,600,000
2. March 1, 2010, expenditure included land costs of $150,000
3. Interest revenue earned in 2010 on funds related to specific borrowing
$49,000
Instructions
(a) Determine the amount of interest to be capitalized in 2010 relation to the
construction of the building.
(b) Prepare the journal entry to record the capitalization of interest and the
recognition of interest expense, if any, at December 31, 2010.
II (One entry 2 points)
E10-24 (Analysis of Subsequent Expenditures)
The following transactions occurred during 2011. Assume that depreciation of
10% per year is charged on all machinery and 5% per year on buildings, on a
straight-line basis, with no estimated residual value. Depreciation is charged
for a fill year on all fixed assets acquired during the year, and no
depreciation is charged on fixed assets disposed of during the year.
Jan. 30
A building that cost $112,000 in 1994 is torn down to make room for a new
building. The wrecking contractor was paid $5,100 and was permitted to keep all
materials salvaged.
Mar. 10
Machinery that was purchased in 2004 for $16,000 is sold for $2,900 cash,f.o.b.
purchaser's plant. Freight of $300 is paid on the sale of this machinery.
Mar. 20
A gear breaks on a machine that cost $9,000 in 2006. The gear is replaced at a
cost of $3,000. The replacement does not extend the useful life of the machine.
May 18
A special base installed for a machine in 2006 when the machine was purchased
has to be replaced at a cost of $5,500 because of defective workmanship on the
original base. The cost of the machinery was $14,200 in 2005. The cost of the
base was $4,000, and this amount was charged to the Machinery account in 2005.
June 23
One of the buildings is repainted at a cost of $6,900. It had not been painted
since it was constructed in 2007.
Instructions
Prepare general journal entries for the transactions.
(Round to the nearest dollar.)
III. (One entry 4 points)
E11-18 (Impairment)
Presented below is information related to equipment owned by Pujols Company
at December 31, 2010.
Cost €9,000,000
Accumulated depreciation to date 1,000,000
Value-in-use 7,000,000
Fair value less cost of disposal 4,400,000
Assume that Pujols will continue to use this asset in the future. As of
December 31., 2010, the equipment has a remaining useful life of 4 years.
Instructions
(a) Prepare the journal entry (if any) to record the impairment of the asset
at December 31, 2010.
(b) Prepare the journal entry to record depreciation expense for 2011.
(c) The recoverable amount of the equipment at December 31, 2011,is€7,050,000.
Prepare the journal entry (if any) necessary to record this increase.
IV. (16 points)
E11-29 (Revaluation Accounting)
Sterling Company acquired an excavator on January 1, 2008, for $10,000. This
excavator represents the company's only piece of equipment,and Sterling chooses
revaluation accounting. This excavator is being depreciated on a straight-line
basis over its 10-year useful life. There is no residual value at the end of
the 10-year period. The appraised value of the excavator approximates the
carrying value at December 31, 2008 and 2010. On December 31, 2009, the fair
value is determined to be $8,800; on December 31, 2011, the fair value is
determined to be $5,000.
Instructions
Show all journal entries for each year from 2008 through 2011,
V. (One answer 2 points)
E12-4 (Intangible Amortization)
Presented below and on the next page is selected information for Palmier Company.
1.
Palmier purchased a patent from Vania Co. for $1,500,000 on January 1,2008.The
patent is being amortized over its remaining legal life of 10 years, expiring
on January 1, 2018. During 2010, Palmier determined that the economic benefits
of the patent would not last longer than 6 years from the date of acquisition.
What amount should be reported in the statement of financial position for the
patent, net of accumulated amortization, at December 31, 2010?
2,
Palmier bought a franchise from Dougherty Co. on January 1, 2009, for $350,000.
The carrying amount of the franchise on Dougherty's books on January 1, 2009,
was $500,000. The franchise agreement had an estimated useful life of 30 years.
Because Palmier must enter a competitive bidding at the end of 2018, it is
unlikely that the franchise will be retained beyond 2018, What amount should be
amortized for the year ended December 31, 2010?
3.
On January 1, 2008, Palmier incurred organization costs of $275,000, What
amount of organization expense should be reported in 2010?
4.
Palmier purchased the license for distribution of a popular consumer product on
January 1, 2010, for $150,000. It is expected that this product will generate
cash flows for an indefinite period of time. The license has an initial term of
5 years but by paying a nominal fee, Palrnier can renew the license
indefinitely for successive 5-year terms. What amount should be amortized for
the year ended December 31, 2010?
Instructions
Answer the questions asked about each of the factual situations.
VI. (12 points)
E12-10 (Accounting for Patents)
During 2007, Thompson Corporation spent $170,000 in research costs.As a result,
a new product called the New Age Piano was patented. The patent was obtained on
October 1,2007, and had a legal life of 20 years and a useful life of 10 years.
Legal costs of $24000 related to the patent were incurred as of October 1,2007.
Instructions
(a) Prepare all journal entries required in 2007 and 2008 as a result of the
transactions above.
(b) On June 1, 2009, Thompson spent $12,400 to successfully prosecute a patent
infringement suit. As a result, the estimate of useful life was extended to
12 years from June 1, 2009. Prepare all journal entries required in 2009
and 2010.
(c) In 2011, Thompson determined that a competitor's product would make the New
Age Piano obsolete and the patent worthless by December 31, 2012. Prepare
all journal entries required in 2011 and 2012.
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※ 編輯: d3osef (140.112.4.182), 06/07/2014 17:41:56
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