Tải bản đầy đủ (.doc) (65 trang)

Hoạt động thẩm định giá bất động sản tại ABBank

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (479.82 KB, 65 trang )

 


SVTH: L 1
 
CHƯƠNG I: CƠ SỞ LÝ LUẬN
 
 
 !"#$%&'&(')*+,"'- %&'(."/0&"'1(+23"* 
• '45(.5#6784*9/55:4;3&<'=>5/"# 5?"'@A&(B?$>&'
C'- %&'(.#D>"E&'+,(."/%>F*>.>B?,&#2'G?"#H&>I"'J9K&(
'L&'"'.",&"3>'5 !" I>E>'MN>O.>%&'/P@"/5&(,?:3&>F* !""'%
"/Q&(&'R"%&'+&'G&(S'A&(S'.SS'T'NS7U
• '45(.5#V V*&W?*&;/Q&(XD&(+R"!&(8H&@<'=>
Y?$>(*8&(*S5/4C'- %&'(. !"&('3"'?Z"'*:'5*'=>+,>"E&'(.
"/%>'5 !" I>E>'>I"'J>F* !""#H&>I"'J"< !""'QJ @>[>&&'\>
1&"R">H&'G&(]>J >F*"#H&>^&(&'O4 O_""R">H>.>1?"$:&'"1>`&
9H&>F*"'%"/Q&(9*5(a >.>5<b?"D*>'=&7U
• '45"cJ&dOe5/f:C'- %&'(.#D>"E&'(."/%9K&(",&>F* !"
+Z"@>F* !""#H&UgC#D>"E&'(."/%'3&'&'>F*"#H&"/5&(:&'f5*&'U7
• '45'.S3&'>F*h9*&"'Q&(+IY?$>'!#$ijkljjlkV;mY
nj&(njkjokljjl+,(.C'- %&'(.+3>.&'(.'5]>.&'(.<(."/%
>F*"#H&S'T'NS+"'%"/Q&("< !"%*J @"'QJ &'R"%&'"'45"0?
>'?-&>F*3"* '5]>"'p&(3B?$>"17U
• '45#7'< '%(=>q@'3?"/2&("/Q&(<'=>r*/:4"&(
C'- %&'(. !":'5*'=>'* !":'5*'5>+,#D>"E&'(."/%>F*"
#H&S'T'NS+"'%"/Q&("< !"%*J @"'QJ &'R"%&'@>'5 !" I>E>'
&'R"%&'"'45&'G&("0?>'?-&N>>p&(&'Z&&'&'G&("'p&(3B?$>"1'5]>
B?$>(*U
Thẩm định giá bất động sản:
'- %&'(.9R"!&(#H&#D>"E&'+,(."/%>F*>.>B?,&"#H&9R"


!&(#H&>I"'J9K&('L&'"'.",&"3>'5 !" I>E>'MN>O.>%&'/P@"/5&(
&'G&(,?:3&>F* !""'%"/Q&(&'R"%&'+&'G&(S'A&(S'.SS'T'NS7
'- %&'(.9R"!&(#H&>[+*"/s++%"/EB?*&"/=&("/5&('5<"!&(
"'- %&'(."/0&"5&"'1(>^&(&'&>"*'3&&*7,?&N>"'J'3&
2J :'$N&(+(."/%"'- %&'(.9R"!&(#H&>'1 S'b&&"/5&("'-
SVTH: L 2
 
%&'(."#H&7'- %&'(.9R"!&(#H&&,&"H&(>'5+3>S'.""/J&"'%
"/Q&("#H&+">'E&'"5&>b?7
 
R"!&(#H&"#H&+p>T&(B?*&"/=&("/5&("'1("#H&N>%&'&(')*
R"*+&'G&((L>5&&(Q"<5/*(\&,&+R"7[&'G&(+Z"'G?'L&'
>["'J&'L&"'R+#Q [N>@&K 2"/0&@S'E*"/0&'*f ]"R"7V?Z"2 t
B?$>(*B?%&'&'G&(J >A9H&JS'&93"(G*9R"!&(#H&+!&(#H&7
'45:'5H&n,?nui!V?Z"f&#D&` ljjo>F*3"* 
R"!&(#H&>.>"#H&:'p&(ffQN>9*5(a 
; R"*
; '2@>p&("/L&'OfD&((\&,&+R"*@:J>H>.>"#H&(\&,&
+&'2@>p&("/L&'OfD&("/0&[
; r.>"#H&:'.>(\&,&+R"*
; r.>"#H&:'.>f5S'.S?Z"B?%&'
'?Z"&(G9R"!&(#H&"/5&("'- %&'(.N>'J?R"*+"#H&(\&,&
+R"7R"!&(#H&9*5(a l ]"+Z">'R"+S'.Sv7]"+Z">'R"9*5(a
&'G&(+Z">["'J"'RN>@#Q&\ N>&'R"*@>p&("/L&'"/0&R"7]"S'.S
v9*5(a B?,&@B?,&N@N&'?Z&0&B?*&1&9R"!&(#H&@&'B?,&#w
'G?&'@B?,&#xfI&(R"@B?,&>'5"'?0@B?,&"'c*:1777
1.2.1 Thuộc tính của bất động sản:
'?!>"E&'&'G&("E&'>'R"+$&>[90&"/5&(>F*9R"!&(#H&
E&'9R"!&((Q"*:'p&("'Jf>'?J&9R"!&(#H&"c&A&#*&(&A
:'.>7t9R"!&(#H&,?>[+%"/E&'R"%&'"<J &["=*<>7,?&>[v

&(')*B?*&"/=&((.>H9R"!&(#H&"T"'?!>+5%*J @+%"/E>F*&[+
"'Q&( *&("E&'>'R"%*S'A&(7
E&'*f<&(y:'p&(a&(&'R"z8D:'.>&*?+,'L&'"'J@+%"/E@B? p@f3&
"E>'>F*pR"+>.>>p&("/L&'"/0&R"'L&'"'&'&0&"E&'*f<&(>F*9R"!&(
#H&7'p&("'Q&(E">[9R"!&(#H&&5($&('3"&'*?@f5+Z(.>H>F* t9R"
!&(#H&(\&,&+]>J >I"'J>F*9R"!&(#H&[
E&':'*&'1 3&"E>'R"*'G?fI&(>['<&#5+#DS'.""/J&>F*
f&#$7R"*'G?fI&(R"*>["'J#&'#$&(@#H&O?R"N>78DS'.""/J&
SVTH: L 3
 
R"*'G?fI&(?p&S'H&K "/5&(#D>&9K&(+ p"/Q&(#&'"'.@f3&
"E>'R"#H&O?R"+f3&"E>'R"27'?>b?R"*+&'2>F*>5&&(Q"'Q&(
+N"B?. {>#5+#DS'.""/J&>F*R"*'G?fI&(&0&?p&"=*#D:'*&
'1 "/0&"'%"/Q&(9R"!&(#H&7
E&'9,&+G&(Q#$&(:&'"1?f R"*>T&(>.>>p&("/L&'"/0&R"
"'Q&(>["E&'9,&+G&(>*5@Q#$&(:&'"1f7r?!>#$&(>F*>5&&(Q?p&
(\&,&+9R"!&(#H&&0&+3>OfD&(@>H"<5"'Q&(>[ I>E>'#xfI&(
'&(>'I>@'&("/` &` 7E&''G?fI&(>F*R"*>T&(&'G&(>p&("/L&'"/0&
R"?p&N>>H"<5+9a\S&0&9R"!&(#H&>[Q#$&(:&'"1f7'L&
>'?&(#D"a&"<>F*9R"!&(#H&?f#5+>.>5<"#H&@'&('[*:'.>
$+>.>>p&("/L&'OfD&("/0&R"@#D"a&"<>[:''&("/` &` g$+
R"*#D"a&"<'b?&'+)&'+|&7
E&''G?fI&(0?>'?-&>A9H&"/5&("'- %&'(.>'59R":}9R"!&(#H&
'*!&(#H&"E&''G?fI&(>F*&[7E&''G?fI&( *&("E&'#5#.&'"A&($
'A& !",?:3&"?3"$7
n7l7l Đặc trưng của bất động sản 
]>"/&(&'G&(]>J &~9Z">F*9R"!&(#H&
•'H&`&(>5(M&>F*>?&(9R"!&(#H&:_ E&':'*&'1 >F*9R"!&(
#H&"<5&0&#D:_ >5(M&>F*>?&(9R"!&(#H&#5+&'?>b?S'.""/J&f&#$
+#D91&!&(>F*(.>H7•'H&`&(:_ >5(M&&"'J'3&2>.> ]"#*?

; 8DS'.""/J&R"*?p&9%'<&>'1+,,?:3&"D&'0&+ p"/Q&(7
; 3>OfD&(>.>>p&("/L&'"/0&R"s'€&',?"'Q(*&@>p&(#{>+
",&9<>7
; 3>S'&9~R"*>'5&'G&( I>E>'#xfI&(>I"'JS'H"?&"'FB?
'5<>'#xfI&(R"*"/5&("c&("'Q:}7
'Q(*& ?*9.&f@>'S'E(*5f%>'>*5R"!&(#H&"#H&B?*&
"/=&(>[(."/%>*5$+#2'G?>'F&0& =(*5f%>'0&B?*&1&9R"!&(#H&
,?S'HN>>&&'\>>-&"'Z&@s'€&',?"'Q(*&O4 O_"+, ]"+Z">'R"+
S'.Sv7]":'.>"'Q(*& ?*9.&>^&("T"'?!>+5"'Q(*&>F*"'F"I>
>'?J&B?,&#2'G?"'45B?%&'>F*?Z"S'.S7
SVTH: L 4
 
•'H&`&(>'?J&'[*"'&'",& ]":_ &''5<"."/%>*5>T&(+"'Q
(*& ?*9.&?ff•&1&:'H&`&(>'?J&'[*"'&'",& ]":_ &''5<"7
R"!&(#H&"'Q&((\&,&+>?!>#$&(+#&''5<">F*>5&&(Q@"/cS'>[
&'?>b?"'1"1?>'F#w'G? >'%?"'*~7•'H&`&(&"'Q&(N>(H
B?1"9K&(+3>>b >$@"'1>'RS"'*+L9.&J>'?J&B?,&#2'G?7
r'%?#D>*&"'3S+B?H&v>']">'‚>F*'&>R"*&(?a&"
&(?0&B?*&"/=&(>F*B?$>(*+(\&1&+Q#$&(#&''5<">F*&'&f&7
=#D91&!&(+,R"*,?>[H&''Q&(1&Q#$&(:&'"1>'E&'"/%>F*
B?$>(*[&0&'&>"'Q&(>*&"'3S+B?H&v>']">'‚$++3>#x
fI&(+>'?J&~9R"!&(#H&7
 
1.3.1 Khái niệm:
; '%"/Q&(9R"!&(#H&'3"'$&(>.>B?*&'3:&'"1@"'p&(B?*[>.>(*5
f%>'+,9R"!&(#H&>F*>.>90&"'* (*N>"'D>'3&7
1.3.2 Đặc điểm của thị trường bất động sản:
•'p&(>["'%"/Q&("/?&(" 
$+"'%"/Q&(9R"!&(#H&"'L:'p&(>[%*J >'5"'%"/Q&(>'E&'"'{>7
3> ?*9.&9R"!&(#H&"'Q&("'p&(B?*>.>A&+%:&'f5*&'9R"!&(#H&

9K&(#D0&'3"/D>"1S(G*&(Q>[&'?>b?y ?*'5]>9.&z@'5]>&(Q ?*
"L 1&"/D>"1S"'A&(N&(+&(Q9.&"'p&(B?*Q/*59.&"/0&9.5>'E@
S'~91&'A&>H"'p&(B?*&'G&(&(Q p(y>s&'R"z7
'%"/Q&( *&("E&'>'R"%*S'A&(@&'R""'%"/Q&(&'2
]>"E&'>F*R"*9,&+G&(@:'p&("'J"'0?'F@>'*>\" *&(78D:'*&
'1 R"2:'?+D>&:'p&("'JN>.S{&(9K&(#D"'c*"'MR"2%*S'A&(
:'.>7A&&G*9R"!&(#H&@&'R"&'2"'Q&( *&("E&'>'R""/?,&"'$&(%*
S'A&(>F*&(Q#xfI&("c'L&'f.&(@>R?"/ƒ>•&"ZSB?.&>F*&(Qf&&0&
"'%"/Q&(9R"!&(#H& *&(Z "E&'>'R"%*S'A&(7
'%"/Q&(><&'"/*&':_ '5&'H5
5"E&':'*&'1 >F*R"*@:'H&`&(>5(M&>F*9R"!&(#H&:_ &0&"'%
"/Q&(9R"!&(#H&><&'"/*&':_ '5&'H5'A&'&('[*"'p&(fI&(:'.>@91&
SVTH: L 5
 
!&(>F*(.R""'Q&( <&' ‚'A&91&!&(>F*(.>H'&('[*"'p&("'Q&(@
s'€>[#D>*&"'3S&',?'A&>F*'&>@]>93""/5&(>p&(".>B?
'5<>'@:1'5<>'#xfI&(R"7
8D"'1?"'p&("&>b&"'1">'5>.>(*5f%>'>^&(([SS'b&"<5&0&#D:'p&('5&
'H5"/5&(><&'"/*&'"/0&"'%"/Q&(9R"!&(#H&7*#$>.>(*5f%>'"/5&("'%
"/Q&(9R"!&(#H&N>"1&'&'/0&(/‚+(.>HN>(G9E Z"(G*&(Q
*?+&(Q9.&&0&>.>"'p&("&>[&\ 9\"N>'5]>9%"1"!>^&(9%'<&>'1
+L"'1?>.>"'p&("&>'"1"&'f3&"E>'@"L&'"/<&(#w'G?@,?:3&(*5f%>'7
Y?."/L&'(*5f%>'S'{>"<S9R"!&(#H&"'Q&(>[(."/%&+(\&,&
+B?,&NS'.Sv@f5+ZB?."/L&'(*5f%>'>F*9R"!&(#H&"'Q&(S'{>"<S7
]>J & "`&("'Q(*&+>'S'E(*5f%>'>'5>.>>p&(".>"L :1
"'p&("&@"+R&@"'- %&'@"'*&'"5.&7
'%"/Q&(9R"!&(#H&>'S'$ <&' ‚+5>.>&(&':'.>'&('[*9R"
!&(#H&>[0&B?*&"/D>"1S1&"E>'^"#H&>$%&'@"/2"'&'1?"$b?+5
B?*&"/=&('&(b?>F*>.>&(&'#H&O?R":&'f5*&'73>:'*"'p&("'%"/Q&(
9R"!&(#H&#‚"<5,?:3&"'?Z&N:'p&(>'„>'5>.>&':&'f5*&'9R"!&(

#H& >'5>.>&(&'#H&O?R":&'f5*&'>["'J*9R"!&(#H&"E>'^"'* (*
+5'5<"!&(:&'"17
'<>H +>.>91&!&(:&'"1;>'E&'"/%"'%"/Q&(9R"!&(#H&/R"
&'<>H $+"`&("/2&(:&'"1@f|9%&[&(0&:'&,&:&'"1>[ {>"`&(
"/2&(>*@+>^&(f|9%[&(9`&(:':&'"1#?(H 7'%"/Q&(9R"!&(#H&
>^&(/R"&'<>H +,>.>91&!&(>'E&'"/%@+`&'[*@OM'!7
|9%S'&:'ƒ>"'%"/Q&("R">H>.>"~>'{>:&'f5*&'+"?3"<9!S'Z&
f&>,?>[&'?>b?"'* (*+5"'%"/Q&(9R"!&(#H&+">.>'&(Q
?*@&(Q9.&@&(Q"'?0@&(Q(*5'5]>&'Z&"'c*:1@&(Q"'1>'RS'*
&'Z&"'1>'RS@&(QS'." <9R"!&(#H&'&('[*7
1.3.3 Các lực lượng tham gia thị trường bất động sản:
'&>&'&>"'* (*+5"'%"/Q&(9R"!&(#H&+">.>'&(Q
#2'G?R"*&&'R"7'&>>?&({&(9R"!&(#H&f'L&'"'{>b?">A
#2'<"b&(@OfD&( <&((*5"'p&(@B?'5<>'+OfD&(:'?f&> 7
SVTH: L 6
 
'&>>^&(9.&'*>'5"'?0>.>9R"!&(#H&"'?!>#2'G?&'&>+5"'%
"/Q&(9R"!&(#H&7
'&>>^&(a&("'QB?H&v'5<"!&(>F*"'%"/Q&(9R"!&(#H&@9*&'&'
>.>>'E&'#.>'0&B?*&1&+3>#xfI&(fR"@>H"<59afw&(R" "`&("'0
&(?a&>?&(9R"!&(#H&7
5*&'&('3S:&'f5*&'9R"!&(#H&f5*&'&('3S2>["'J"~>'{>@
>.&'&"'* (*+5+3>"<5ZS@ ?*9.&9R"!&(#H&75*&'&('3S:&'f5*&'
%*$>"1&'&'"<5ZS ]"9K&(J>?&({&(>'5+3>OfD&(&'2@+`&S's&(@
:'.>'#<&777g'5]>"/D>"1SOfD&(>.>>p&("/L&':1&"/ƒ>[J9.&'5]>>'5
"'?0"'45&'?>b?>F*"'%"/Q&(9R"!&(#H&7
r.>"~>'{>"/?&((*&'5<"!&("/5&("'%"/Q&(9R"!&(#H&:'p&(>'„>[
&(Q ?*+&(Q9.&9R"!&(#H& >s&>[>.>"~>'{>"/?&((*& >b?&$@
9*5(a 
; r.>"~>'{>"+R&(ƒS90& ?*@90&9.&'J?91"+,>.>+R&,S'.Sv@

"'J"'{>(*5f%>'"c 2b?>'51&:1""'ƒ>B?."/L&' ?*9.&9R"!&(#H&7
; r.>"~>'{> p(H &'Z&+3>(*5f%>'(G*90&9.&+90& ?*J
"'D>'3&>.>&!f?&((*5f%>'@J>'?-&9%>.>,?:3&>b&"'1"J&(Q ?*
+&(Q9.&1&B?1"%&'>?$>T&(7
; r.>"~>'{>"'- %&'(.9R"!&(#H&*/*&'G&(>`&>{:'5*'=>JfD
9.5(.>H>F*>.>:'?+D>"'%"/Q&( >A#2>'5>.>(*5f%>' ?*9.&9R"!&(
#H&"/0&%*9&7.>Hf5>.>"~>'{>&>p&(9$:'p&(>[(."/%9\"9?!>$
+90& ?*'5]>90&9.&@&'&(f5N>9H5H 9K&(&'G&(>`&>{+G&(>'\>
&0&"'Q&(N>>.>90&#xfI&(J S'.&"/>:'1&B?1"%&'"'€*
"'?Z&>?$>T&(7
; r.>"~>'{>">'E&'@"E&fI&("'* (*+5+3>"'*&'"5.&(G*>.>90&@"~
>'{>>.>#&(*5f%>'J>.>90& ?*9.&>[,?:3&"/D>"1S(*5f%>'+"'*&'
"5.&B?*>.>"~>'{>"E&fI&([7*"/s>F*>.>"~>'{>">'E&'"E&fI&(:'p&(
"'J"'1?"/5&(+3> ?*9.&>.>9R"!&(#H&>[(."/%>*5@]>93""<>.>B?$>
(*E"#xfI&(",& ]"7
SVTH: L 7
 
(Q ?*9.&"'p&("'Q&(&'G&(&(Q ?*9.&9R"!&(#H&+L&'?
>b?#2'G?'*&'?>b?#xfI&(7$"N&(B?*&"/=&( >.>f5*&'&('3S
:&'f5*&'9R"!&(#H&'&(1&@]>93""/5&("'%"/Q&(&'27
1.3.4 Các khu vực của thị trường bất động sản:
'%"/Q&(R"#H&O?R"&p&(&('3S>'F1?O?R"'3&2&'G&(%*S'A&( 
#H&O?R"&p&(&('3S&(&':&'"1>'F1?7
'%"/Q&(R"&p&(&('3S@R">'*#xfI&(>["'J#xfI&('5]>>'?J& I>E>'
#xfI&(#*&( R"2'5]>S'I>+I#H&O?R"@"'A&( <@f?%>'"'45B?'5<>'
>F*'&>7
'%"/Q&(9R"!&(#H&>"/ƒ"'%"/Q&(#p!&('3&&*@&'R"2
&'G&(+T&(*&(p"'%'[*7'%"/Q&(&>["'JS'&/*"'&'i&'[ 
;'93""'D
;'+Q&

;'S'$/0&(93"+S'$0&:17
;'>'?&(>&',?"b&(7
'%"/Q&(9R"!&(#H&>'5#H&O?R">p&(&('3S"'Q&('L&'"'&'2>.>:'?
+D>+4&p"'%+&(5<"'&'N>B?'5<>'f&'>'5+3>OfD&(&'O2&(#H&
O?R"(a >.>:'?>p&(&('3S"ZS"/?&('5]>&' .A&…7
'%"/Q&(9R"!&(#H&S'I>+I'5<"!&("'A&( <@f%>'+I@:'.>'#<&@>*5$>
+`&S's&("'%"/Q&(&>'F1?2>.>"/?&(" p"'%>[+%"/E"'?Z&N>'5+3>
:&'f5*&'@,?:3&'<"b&("$"@>.>+T&(R">[", &`&(f?%>'&7
n7†7o Các yếu tố tác động đến giá thị trường bất động sản 
'[ >.>1?"$0&B?*&1&(*5f%>'
• $0&'3(G*>.>90&"/5&((*5f%>'>'„:'&(Q ?*+&(Q9.&"'D>
'3&+3>(*5f%>'"'45 I>E>''NSv+:'.>'B?*&"'L N>>5>'{&(
>{"'%"/Q&(7
• r.>,?:'5H&(*5f%>'>.>,?:'5H&9.&:'.>&'*?#‚f•&1&(.9.&
:'.>&'*?@f5+Z"'- %&'+0&S'HO4 O_":q>.>,?:'5H&9.&JO.>%&'
>'{&(>{"'%"/Q&(7
• r.>,?:3&"'%"/Q&("'%"/Q&(9L&'"'Q&(:'>?&(>b?>&9K&(+
{>(.:'p&(S'H&.&'#D:'*&'1 >F*>?&('*>b?7*5f%>'M"'D>'3&
SVTH: L 8
 
(*5f%>'>'E& ?a@>["'p&("&"$"+.S{&(0?>b?>F*(."/%"'%"/Q&("'L
:'[(.>F*9R"!&(#H&(*5f%>' N>O4 >'{&(>{(."/%"'%"/Q&(7
• !"9R"!&(#H&>[(."/%S'H>[ !"#$]>"E&'#*?
‡E&''G?E>'7
‡E&':'*&'1 7
‡r[&'?>b?7
‡r["'J>'?J&(*5N>7
'[ >.>1?"$+) p
• r'E&'#.>'>F*'&>>.>>'E&'#.>'>F*&'&>".>!&(/R"&"/D>
"1S1&(.9R"!&(#H&"'J'3&"/0&>.> ]">'F1?#*?

'&>9*&'&'>.>B?%&'+,B?,&#2'G?@"'?0R"#xfI&(@>'?J&
&'N&(9R"!&(#H&@#D"'*~>.>B?%&'&"/5&("c&("'Q:}#‚".>!&(
1&(.9R"!&(#H&"/0&"'%"/Q&(7
'&>B?%&'>.>>'E&'#.>'+&(')*+I">'E&'>[0&B?*&1&+3>
#xfI&(R"y"'?1@",&"'?0@",&#xfI&(R"z>.>>'E&'#.>'&H&''2&("/D>
"1S1&1&(.9R"!&(#H&7
'&>'5<>'%&'>p&(9$B?'5<>'+,+3>#xfI&(R">'5"c&(:'?
+D>71?"$B?*&"/=&(+H&''2&(1&(.9R"!&(#H&"/0&"'%"/Q&(7
• r?&(>b?9R"!&(#H&>^&(($&(&'9R">{'&('5.f%>'+I&5:'.>@(.
9R"!&(#H&"/0&"'%"/Q&((.>&9K&((G*>?&(+>b?7
r.>1?"$H&''2&(1&>b?
;8D"`&("/2&(+,f&#$@>.>&'?>b?S'.""/J&"`&("/2&(f&#$
&'&"$ "`&(&'?>b? = ]">F*OM'!@"'45[&'?>b?+,R"*@&'2
"`&(0&@f&#$"`&( "`&(B? p(*L&'f•&1&&'?>b?B? p@f3&"E>'
R"2>F*>.>'!(*L&'"`&(0&'5]>f•&1&"`&(#$'!(*L&'!>ZS "`&(
>b?+,&'2@#D"`&(f&#$:'p&(>'„ (*"`&(&'?>b?+,&'2 >s&
"`&("'0 &'?>b?+,>.>'5<"!&(#H&O?R"f%>'+I"'A&( <@"1(.5fI>@ˆ
f•&1& "`&(&'?>b?+,&'R"7
;'?&'ZS {>"'?&'ZS"`&(0&>'5S'_S&'?>b?+,9R"!&(#H&"/2
"'&'&'?>b?>[:'H&`&("'*&'"5.&@f•&1&&'?>b?+,&'R"7
SVTH: L 9
 
;p"'%'5.]>"/&(/P&_"&'R">F*p"'%'5.B? p"ZS"/?&(f&#$
+#DS'.""/J&B? p+,9,/!&(+:'p&((*&p"'%@B?."/L&'p"'%'5.:'p&(
>'„ "'*~"~&(>b?+,&'2 >s& "'*~:1">R?&'?>b?+,&'27
;8DS'.""/J&+'5&"'3&:1">R?'<"b&(>^&( "`&(.&(:J&'?>b?
&'2$+&'G&(+T&("/>>'*>[>A#2'<"b&('5]>>A#2'<"b&(>s&
"'p#A:_ :'H&`&("1S>Z&@"?&'0&+3>"`&(:'H&`&("1S>Z&>^&(a&(
&(')*++3>"`&(>T&(&'R"@p:'#D"'*~>F*>?&(&'*&''A&#D"'*
~>F*>b?7

r.>1?"$H&''2&(1&>?&(
;'.""/J&:&'"1"$>!"`&("/2&(>F*>?&(9R"!&(#H&"‰3"'?Z&+
#DS'.""/J&:&'"17
;8DS'.""/J&>F*:1">R?'<"b&(&'Q>[#DS'.""/J&>F*'3"'$&(:1">R?
'<"b&(@ ,?:3&"1S>Z&>F*R"*>F* !":'?+D>"/2&0&f|f&('A&&0&
"'?'ƒ"b?+5:&'f5*&'9R"!&(#H&2>.>+T&(&7
;8D"'* (*>F*&'&>"'J'3&"/0&l:'E*><&'>'F1?
;Y?'5<>'+3>>'?J& I>E>'#xfI&(>'5#H&O?R"&p&(&('3S+
I>E>'#xfI&(>'5#H&O?R":&'f5*&':'.>'5]>&'2"'45B?'5<>'>'5
S'_S#‚"<5/*,?:3&"`&(>?&(9R"!&(#H&7
;'&>"/D>"1S9.&9R"!&(#H&"'?!>#2'G?&'&>/*"'%"/Q&(
'5]>"`&(+$&b?">'5>.>>p&(":&'f5*&'9R"!&(#H&>F*&'&>"<5/*
&(?a&'&('[*"/0&"'%"/Q&(9R"!&(#H&7
Nh/m các yếu tố vi mô:
r.>1?"$" vOM'!r.>1?"$&>[v&(')*]>93""/5&(OM'!
'A&(p&(@&[>^&(>[".>!&(1&(.9R"!&(#H&"/0&"'%"/Q&(7]>93"
"/5&()&'+D>9R"!&(#H&@S'5&("'F>^&(".>!&(S'b&&51&(."/%9R"!&(
#H&7r'Š&('<&@&1?"* ?* !"&(p&'"[S'Z?"'L>'\>>'\&(."/%#‚"'RS'A&
&',?#5+&'&2'Z?+L&(Qf&>'5/K&(&2'Z?#‚ `&S'."<"'A&7
r'S'EV"5&9!S'E"~& &(Q*&(#xfI&(S'H9€/*J"<5ZS
'5]>J>[B?,&#2'G?9R"!&(#H&@1?"$B?*&"/=&( &''- %&'
(.S'HO4 O_":'"'- %&'(.9R"!&(#H&7'p&("'Q&(>'S'EB?1"%&'
SVTH: L 10
 
(."/%9R"!&(#H&@"?&'0&:'p&(S'H9R">{>'S'E&5>^&("<5&0&(."/%9R"
!&(#H&"/0&"'%"/Q&( >[:'>s&>[".>!&(&(N><7
8D'G?fI&(X_"+, I>E>'#xfI&( !"9R"!&(#H& !"9R"!&(#H&
>[:'H&`&(fT&(J2@J:&'f5*&''5]>>["'J:1"'NS>H'* I>E>'7'L&
>'?&(@ !"9R"!&(#H&>[:'H&`&(#xfI&(+5&',? I>E>'"'L#‚"'?Z&N
"/5&(+3>9.&+f5[#‚>[(.9.&"$"'A&7X_"+,"E&'&`&('3?B?H>F* !"9R"

!&(#H&>["'J#xfI&(&(*>[(."/%'A& !"9R"!&(#H&S'H"$&>'S'E+
"'Q(*&#x*>'G*J>["'J#xfI&(N>75+Z:''- %&'(.9R"!&(#H&
>b&>'ƒv1&]>J >F*+Z":1&"/ƒ>+"#H&:'.>(\&,&+R"7
r.>1?"$+Z">'R"7
;%*J H&''2&(/R"&1&(."/%9R"!&(#H&@:'H&`&(#&'
N>F*%*J >&(>*5"'L(."/%9R"!&(#H&>&(>*5@9R"!&(#H&>[+%"/E
"'?Z&N"/5&(#&''5<"+:&'"1y(b&>'N@"/Q&('=>@(b&&A>?&({&(>.>"3&
E>'>'5#&''5<"+:&'f5*&'z"'L:'H&`&(#&'N&+>[(."/%>*57
;L&'f.&(pR"'G&(pR">[+?p&(+\&@&2'Z?"'L(."/%'A&
&'G&(pR">['L&'f.&( _5 [@"[S'Z?2>T&(%*J g&'G&(pR">[9,
]""1S(.S+Q&(S'$/!&("'L>[(."/%'A&@pR">[9, ]""1S(.S+
Q&(S'$'‹SB?.#?7
;Y? p:E>'"'>>F*pR"&'G&(pR">[B? p:E>'"'>
S'{>"<S+ I>E>'#xfI&("'L(."/%>*5'A&R">[(."/%B? p:E>'"'>
:'p&(S'T'NS+ I>E>'#xfI&(2>T&(%*J 7
;p"/Q&( p"/Q&(>'?&(B?*&'>[".>!&(1&(.>H9R"
!&(#H&71? p"/Q&("$"#‚ 9R"!&(#H&>[(."/%>*5>s&&(N><
(H (."/%9R"!&(#H&
n7†7Œ7 !"#$%.
Định hướng phát triển và quy hoạch đến năm 2020 của thành phố Hồ
Chí Minh:
• %&''&(S'.""/J&B?'5<>'>F*"'&'S'$ar'E&'1&
&` ljlj"/2"'&' !"p"'%+c*'3&<@+c*>[9H&#\>+`&'[*f&"!>+ !"
"/?&(" :&'"1@"/?&(" (*5f%>'B?$>"1+f?%>'>F*>H&>@>[+%"/E>'E&'
"/%B?*&"/=&(>F*&>"*2S'E*&* +>.>&>"/5&(:'?+D>+B?$>"17
SVTH: L 11
 
,>'„"0?#xfI&(R"p"'%9L&'B?&njj
l
k&(Q@"/5&([R"(*5"'p&(

lj•ll
l
k&(Q@R">O*&'nj•no
l
k&(Q+R"OfD&(>p&("/L&'S'I>
+INE>'>p&(>!&(o
l
k&(Q7r.>:'?S'.""/J& "'45'&('3&<'[*@
+`& &'@9,&+G&(@"<5/*>'t2@ +3>+&('„&(A(H"/E>'5&'&f&7
/5&(&'G&(&` B?*@"'&'S'$ar'E&'M"ZS"/?&(B?'5<>'+>'„&'
"/*&(<p"'%&'K H 9H5S'.""/J&9,&+G&(@OfD&(p"'%'3&<:1"'NS
''s*(G*>.>1?"$"/?,&"'$&(+>.>:1&"/ƒ>"0&"1&"/0&"'1(7r.>B?
%&'@>A>'1@>'E&'#.>'>F*"'&'S'$?p&'&(""<5#D"'?Z&"3&>'5>.>&'
b?"+5)&'+D><$>@OfD&(J"'?'ƒ" <&' ‚&(?a&+$&b?"+5)&'
+D>&7
• '&'S'$>^&(MB?'5<>'+S'.""/J&>.>:'?p"'% &'
* 8s&@'F'0 @•'?p"'% \>rFr'@ˆ&'K (M&f&"c&!
"'&'J 2/!&(p"'%@(H 9"#DB?."H>H?>A#2'<"b&(:q"'?Z"@:&'"1
"/5&(&!"'&'7(5>'F"/A&((M&f&"c&!"'&'@>'E&'B?,&"'&'S'$
>^&("ZS"/?&(>H"<5>.>:'?f&>'3&'G?"/5&(&!"'&'@B?'5<>'#xfI&(
'3?B?Hf3&"E>'R"45'‹S"/5&(&!"'&'7,?["'J'3&B?*+3>>[/R"&',?
fD.&:'?f&>@:'?>'?&(>&K O4&:‚"/5&(>.>:'?f&>'3&'G?M+
*&(N>"/J&:'*([SS'b&"<5f3& <5 >'5"'&'S'$O*&'•#<>'•‹S@
>H"'3&>H&'B?*& p"/Q&(@&&(>*5>'R"N&(>?!>#$&(>'5<9!S'Z&f&
>7]>fTM>$(\&("'D>'3&>.>(HS'.S&'&(1&&*"'&'S'$+•&>'*
"'J(HB?1"&'?>b?9{>Oƒ>+,&'2>'5&'&f&7
Tình hình chung về nhà ở tại TP.HCM:
rA>R?+,&'2"<"'&'S'$
8 r'„"0? q3yŽz
n '2:J?93""'D j@o

l '@>`&'!>*5"b&(:'_S:E& Œ
† '@>`&'!>*5"b&(:'p&(:'_S:E& Œ@o
i '@>`&'!"'RS"b&(:'p&(:'_S:E& lj@l
o '9.&:0&>$ i•@•
Œ '"< +:'.> nu

3&"E>'&'2"<"'&'S'$
8 r'„"0? r'?&(
n 3&"E>'&'9L&'B?&'!y
l
z nn†@li
SVTH: L 12
 
l 3&"E>'#xfI&(9L&'B?&&'&:'-?
y
l
z
no@nŒ
† ‰3'!>[f3&"E>'#xfI&(9L&'B?&
&'&:'-?fnj
l
k&(Q
†j@lo
• '45:1"B?H,?"/*>'5"'R"/5&(&'G&(&` (b&&'?>b?+,
&'2"`&(0&.&(:J"cu@lŽ&` n••o0&nŒ@uŽ&` ljjj0&l•Ž&` ljji
fD:1&"`&(ooŽ&` ljnj7
Nghiên cứu nhu cầu về nhà ở:
• '45"3?+,>'A&("/L&'&'2>'5>.&9!>p&(&'&+0&@&'&
f&*5!&(+&(Q>["'?&'ZS"'RS"/5&(%&''&(B?'5<>'"~&("'J>F*
"'&'S'$ar'E&'"c&*1&&` ljnj t&` "'&'S'$S'HOfD&("c

nj7jjj1&no7jjj>`&'!+>.>S'A&("'{>"'*&'"5.&&(*@9.&"/H>'Z @9.&
"/H([S@>'5"'?07
• '45>'A&("/L&'+,O +f>'?J&"5&9!>.>:'?&'IS
OIS+/.>'&.""/0&"5&"'&'S'$+"/0&:'?:0&/<>'(H"€*@>b&OfD&(E"
&'R":'5H&(ojjj>`&&' t&` 7
3&&*B?q&'S'I>+I>'5".%&'>fD:1&>["'J"1S&'Z&:'5H&(l7jjj'!
(*L&'"'?!>fD.&<!p&(•+>.>fD.&:'.>7'?>b?>b&"li:'?
".%&'>'3&"<@&1?"Z&fI&('1"B?q&'M'5&"'&'>^&( >'„.S{&(
N>"c†jŽ;ijŽ&'?>b?7
• '45>'„"0?S'R&R?>F*"'&'S'$@"c&*1&&` ljnj@f3&"E>'
9L&'B?&b?&(Qnj
l
k&(Q73&&*>'„"0?S'R&R?u
l
k&(Q@&'
+Z"c&*1&&` ljnj>b&"'1"OfD&(:'5H&(n@u"/3?
l
k&` 7
Y?*S'&"E>'"/0&>'5"'R&'?>b?+,&'2'&(&` >F*"'&'S'$ar'E&'
/R"&y'A&n"/3?
l
k&` z7
• .&'(."~&('NS+,&'?>b?&'2>b&OfD&( 1&&` ljlj
"<"'&'S'$ar'E&'+>.>p"'%&"/5&(>H&>7
p"'%
` ljjŒ ` ljnj ` ljlj
&  #$
y"/3?&(Qz
&'2
y"/3?

l
z
&  #$
y"/3?&(Qz
  &'  2
y"/3?
l
z
&  #$
y"/3?&(Qz
  &'  2
y"/3?
l
z
! l@o n@• †@o no@Œ o oŒ
SVTH: L 13
 
r Œ@l o@o • io@i nj nuŒ
p"'%:'.> no@†† nn lj@†• nj† †n@o †nŒ
rH&> ll@oo n• †j@i nŒl iŒ oi•
Tình hình thị trường chung cư hiện nay:
• '%"/Q&(9R"!&(#H&@#*?:'5H&("'Q(*&'A& !"&` [&(
9`&(/P/&(M"<5#{>_S"'D>#D0&>.>>p&("S'.""/J&9R"!&(#H&7r.>
>p&("S'.""/J&9R"!&(#H&0&"1S<'<(.@>[&'G&(&A"ojŽ(."/%#5
+ !"&` "/>J"'?'ƒ"&(Q ?*73>O.>%&'C.U>F* !"#H&
S'- 9R"!&(#H&>^&(>[‚>^&(:'p&(B?.S'{>"<S&'+&(+>'{&(:'5.&@
"'p&("'Q&((."/%n9R"!&(#H&:'[ >["'J"'RS'A&(.+$& &0& !"
#H&S'- "cS'E*>'Fb?"7.9R"!&(#H&C"'D>'A&U>!&(+M#?R"",&(x
(H  <&'>^&(#‚ (H !&(>A(G",&7'0 +5[@>'A&("/L&':E>'>b?
"'p&(B?*M#?R">^&((.&"1S:'1&>'5"'%"/Q&(9R"!&(#H&>[&',?#H&

S'- *f<&('A&S'T'NS+"ƒ",&>F*&',?&(Q7'b?"9R"!&(#H&>[
+…<>B?*&+,:'H&`&("'%"/Q&(9R"!&(#H&#*? !":'5H&("'Q(*&>'L
\&(7
f&#$'A&•"/3?&(Q"<"'&'S'$ar'E&'@&'?>b?+,&'
2+p>T&(&'A&&G*"$>!S'.""/J&>F*B?q&'2"/5&(+&` ">[‚
>^&(:'p&("'J.S{&(&~>.>&'?>b?+,&'27‘P/&(@+3>b?"+59R"
!&(#H&"<"'QJ &>^&(:'p&("'J&5 *&(<&',?N&'?Z&&'+
&` "/>&'&(>[‚>^&( !"(HS'.S'G?'3?"<"'QJ &>'5>.>
&'b?"C"/ƒ9M5U"/5&("'Q:&'"1:'F&('5H&(7
L&''L&'>'?&("<"'&'S'$ar'E&'@'3&&*>[:'5H&(†o>p&("O
fD&(+S'.""/J&&'>'?0&&('3Sb?":&'f5*&'+S'.""/J&&'&'
>p&("S'.""/J&&'Y7n@Y7†@Y7o@Y7&L&'@Y7&'ƒˆ8$fD.&"/0& 
>'„.S{&(N>:'5H&((b&o7jjj>`&'!+†oŽ&'?>b?+,&'27
• Y?*>.>fD.&"*"'R$+ p'L&'OfD&(>'?&(>'3&<
>*5"b&(>'5'3?B?H#xfI&(>*5'A&@f3&"E>'#&&',?'A&7L&'"'{>:&'
f5*&'9K&(+$&"D>[@+$&'?!&(>F*:'.>''&(++$&+*"'A&( <'L&'
"'{>N>.SfI&(S'~91&"A&($/!&(/M+'3?B?H7]>93""/5&(&'G&(
&` (b&+#D"'* (*>F*>.>&'b?"&>&(5>[?"E&@:&'&('3
SVTH: L 14
 
+>.>#H&S'- >[>'R"N&(>*5+S'A&("'{>:&'f5*&'*f<&(M*&'?
>b?#2'G?>.>>`&'!>'?&(>'3&<0&/R">*57
• /5&("'Q(*&(b&@&',?>'?0&(*"/5&()&'+D>9R"!&(#H&
&'Z&%&'/K&("'%"/Q&(%*$>"<r*&(>[>'?J&91&/P&_"7[#D
>'?J&f%>'b?">F*(:&'f5*&'%*$>+5)&'+D>>`&'!>'?&(>>*5
>RS7]>fT#*?:'('%%&'n•n>['3?D>@>.>(*5f%>' ?*9.&&'R"B?*
>.>>p&("%*$>/R""'RS@&'&(/0&(#$N&(:'.>'`&(:v ?*>`&'!>'?&(
>>*5>RS'b?&':'p&((H 7',?fD.&"/5&(:'5H&("'Q(*&&(\&M9.&
N> !"#$N&(>`&'!.&(:J777
'45.&'(.>F*&',?&':&'f5*&'9R"!&(#H&@"'%"/Q&(>`&

'!>'?&(>>*5>RS"<r'3&&*N>S'&>'*/R"*f<&(.S{&(&'?
>b?>F* =$"N&(:'.>''&(7
'45>.>:'.>''&(M(*5f%>' ?*>.>>`&'!>'?&(>>*5>RS@'3&"<>.>
f5*&'&('3S*&(b?"+5)&'+D>&"'Q&(>[?"E&+", D>">'E&'
>*5@'5<"!&(b?">'?0&&('3S+?p&'t"/N>.>f%>'+I>'?.571?&'
>.>'+&` @>.>>'?&(>*S'b&N>OfD&(>'„.S{&(&'?>b?C2U
+$:1&"/ƒ>A&3?+ p"/Q&("'RS:_ @"'L'3&&*S'b&&>'?&(>
M:'\>S'I>N>&'G&(J 1?&7
• r'F"/A&(>'5S'_S&(Q&>&(5 ?*&'>'„ !"1?"$
:E>'"'E>'"'%"/Q&(&'R""/5&((*5<&:'[:'`&'3&&*@>'{>'*"'J"<5#D
#p!&(>'5"'%"/Q&(&'R"&[>'?&(+"'%"/Q&(>`&'!&[/0&(72:'p&(
S'H&(Q&>&(5&5@>[F,?:3&N>S'_S ?*&'23"* #‚ ?*
&'7$+ !"9!S'Z&:'p&(&'€&(Q&>&(5@&(*>'E&'"/0&B?0'A&(
'=>^&("'?0&'J2@>'{:'p&(>["ZSB?.& ?*&'&'&(Q3"* 7
'45r‘’@+,?f"'%"/Q&(9R"!&(#H&3"* +•&"`&("/2&(@"<
!@&(?a&>?&(#‚:'p&(.S{&(N>N&(>b?"/5&(&` ljj•+ljj•@ 
S'H1&&` ljnj+#*?[7?&'0&@f5>'E&'#.>'"'\">']">'5+*>F*>.>
&(&'&("'A&( <@"`&(M#?R"",&(x+>'S'EOfD&(@&',?>'FfD.&
'3&*&(T"1&!'5]>"'Z >'E"c9€>.>fD.&S'.""/J&>F* L&'7,?[
>^&(>[&(')*&1?&'>.>fD.&:'p&('5&"'&'ƒ&("1&!@"'L&(?a&>?&(
"/0&"'%"/Q&(>'\>>'\&9%H&''2&("#*?ljnj7
SVTH: L 15
 
rs&"'45“5&4#V*&(V*8*4fD9.5"'L1&>?$ljj•b?ljnj:'&,&:&'"1~&
%&'@+#D't"/N>F*>.>>'E&'#.>' &'B?,&#2'G?>`&'!>F*&(Q
&>&(5@"'%"/Q&(>`&'!N>&'Z&%&'#‚#p!&("/2<+"'Q(*&'3&
&*N>>'5”'<&'3"”"< "'Q7
• b?'1">.>>'Fb?"MB?*&" 1&+3>OfD&(>.>>'?&(>
9H5H "$? p"/Q&(*&>>F*&(Qf&7/5&([>`&'!>'?&(>N>
b?"OfD&(+bF>.>"3&E>'>?!>#$&(:'_S:E&'3&<+,&!"'R"@

S's&(>'.>'G*>'."D!&(@"'*&( ."$>!>*5@'3"'$&("'5."'J @9H5+3
*&&&'likli@9MZ?O4@'a9A@f%>'+I+"E&'@&"4/&4"@+7+ˆ7
]>93"'<"b&(:q"'?Z"+OM'!(b&&'N>B?'5<>'OfD&('5&>'„&'
+>.>:'?"/?&(" "'A&( <@+?>'A(H"/E@S'.""/J&f%>'+I@>*5$>+`&
S's&(@>?<>9!"'J"'*5@>p&(+0&>O*&'@"/Q&('=>@>A#2"1ˆ!"#$fD
.&>s&N>"'1":192>.>>p&(""+R&"'1":1&>&(57
/5&("'QJ '3&&*@'b?'1">.>f5*&'&('3S:&'f5*&'%*$>,?>'=&D*
S'A&(.&0&:1"b?"7>^&( !""E&'3?.&( c&(+L+#D0&:1"
>']">'‚@>.>fD.&#‚>[9>>'?-&9%>'?.5@~&%&'@&'K "<5/*&'G&(#H&
S'- >`&'!>[(."/%S'T'NS+"c&($"N&(:'.>''&(@S'A&("'{>"'*&'
"5.&&''5<"7a#A+*+$& ?*&'"<&'G&(fD.&&N>*B?*&(&
'&(0&:1""'- %&'@"'45"c&("/Q&('NS>I"'J :'.>''&(N>+*+$&7
r["'J&[/K&("'%"/Q&((*5f%>' ?*9.&>`&'!>'?&(>>*5>RS*&('a
S'I>fb&#*?&',?N"(H (.@>'R"N&(+(."/%>`&'!:'p&(&(c&(N>
&&(>*57+=&([>^&( !""/5&(&'G&("E&'3?>F*#DS'.""/J&"'%"/Q&(
%*$>r"/5&("A&(*7
 &' :
 () &'*
C."/%"'%"/Q&(>F* !""#H& {>(.>"E&'#‚N> ?*9.&"/0&"'%
"/Q&(+5"'QJ "'- %&'(.+N>O.>%&'(G* !"90&&(Q ?*
#•&#&( ?*+ !"90&&(Q9.&#•&#&(9.&g"/5&( !"(*5f%>' ?*9.&
:'.>'B?*&+!>ZS@"/5&(,?:3&"'A&( <9L&'"'Q&(U7
SVTH: L 16
 
'- %&'(.fD*"/0&>A#2(."/%"'%"/Q&(S'H(\&,&+O.>%&'+3>#x
fI&(>*5&'R"+"$"&'R">F*9R"!&(#H&@[1?"$B?*&"=&(JB?1"%&'(.
"/%>F*9R"!&(#H&7
 (+ ) &'*
C."/%S'"'%"/Q&("~&(#$",&>"E&' :'"'- %&'(."#H&fD*+5
>p&(fI&(:&'"1'5]>>.>>'{>&`&(>F*"#H&'A&:'H&`&(N> ?*@N>

9.&"/0&"'%"/Q&(>F*"#H&'5]>:'"'- %&'(."#H&"/5&(,?:3&"'%
"/Q&(:'p&(J&'L&''*:'p&(9L&'"'Q&(7U
!"#$(."/%S'"'%"/Q&(
."/%#xfI&((."/%>F*"#H&>[>p&(&`&(>'?0&93"N>&(Q#x
fI&(>'?0&93"+:'p&(0&B?*&1&"'%"/Q&(@"ZS"/?&(+5&'G&("#H&
>'?0&93"&K "/5&(f5*&'&('3S7
."/%9.&"'.5'*9?!>9.&"~&(#$",&'NSv>["'J"'?+,"c+3>9.&
"#H&"/5&( !""'Q(*&B?.&(\&:'5&(.S{&("'Q(*&0?>b?>F*(."/%"'%
"/Q&(7
."/%]>93">["'J&H#&'92"E&'>'R"+Z"v@>'{>&`&('*:&'"1>F*
!""#H&:1"'NS+ !"'* !"#$"#H&:'.>&' !""#H&0&:1"73>
"`&("'0 >F*(."/%>'„S'."#&'>'5&(Q>'F'*&(Q#xfI&(&5['A&
>'5"'%"/Q&(+L(."/%]>93">'„"'E>''NS>'5 !"&(Q ?*+ !"NE>'
]>93"7
."/%*&('5<"!&((."/%"#H&"/5&("~&("'Jf5*&'&('3S*&('5<"
!&(7#H&>'„>[(."/%:'&K "/5&("~&("'Jf5*&'&('3S>R?"'&'"c&',?
9!S'Z&"/5&([>[&'G&(9!S'Z&"D&[>[(."/%"'%"/Q&(7
."/%"E&'"'?1(."/%fD*"/0&>.>B?%&'>F*'&>0&B?*&1&
+3>"E&'"'?1"#H&7
."/%9H5'J (."/%N>%&'&(')*"/5&(>'E&'#.>''*"/5&('NSa&(
9H5'J 7
."/%"'*&'v(."/%>F*"#H&:':'p&(>s&"1S"I>#xfI&(N>&G*7
."/%b?"(."/%"#H&>F* !"&'b?">I"'J>'5 !" I>"0?b?
"O.>%&'7."/%b?">F !""#H&>["'J>*5'A&'*"'RS'A&(."/%"'%
"/Q&(>F*"#H&[7
SVTH: L 17
 
."/%"'1>'RS>'5+*:'.&3 (."/%>[/F/5@N>O.>%&'"/>'1"
"/0&>A#2(."/%"'%"/Q&(>F*"#H&@a&("'Q>[O4 O_"1&1?"$/F/5"/5&(
+3>"'*&'v"#H&J"'?'a&N75+Z(."/%"'1>'RS:'p&(S'H(."/%"'%

"/Q&(.
 ,%-./01*
 2,%-./013" ,4,
•'.&3 #xfI&("$"&'R"•'3?B?H&'R":'.&3 >`&9H&"/5&("'- %&'
(.9R"!&(#H&7VpR""'- %&'N>O4 pR""/$&(+N>#xfI&("$"
&'R"'3?B?H&'R"@"A&("D#D>"E&'#xfI&("$"&'R"'3?B?H&'R">F*>p&(
"/L&'78D:1"'NS(G*+3>#xfI&("$"&'R"'3?B?H&'R">F*R"+#xfI&("$"
&'R"'3?B?H&'R">F*>p&("/L&'"<5&0& !"#D#xfI&("$"&'R"'3?B?H&'R">'5
9R"!&(#H&7rp&("/L&''3&"<>[(."/%9K&(+(."/% &[:1"'NS+R"
'*>'ƒ&(>["'J (H (."/%>F*R"f5S'HS'.9€>p&("/L&'f5:'p&(#x
fI&(N>&G*7
/5&("'- %&'(.9R"!&(#H&@&(?0&"\>&N>>5"/=&(+L"E&':'*&
'1 >F*R"+0?>b?S'.""/J&>F*:'p&((*&p"'%>[O?'&(N>]"2
{>>*5&'R"@"$"&'R"7
• ."/%"'%"/Q&(>F*R"fD*"/0&&(?0&"\>&S'H&.&'"E&''G?fI&(
?f>F*R">!&(+(."/%>F*>p&("/L&'OfD&("/0&R"7
• /5&("/Q&('NS"'%"/Q&(91&!&(>D>!+ R">&9K&(&(G*
>?&(+>b?"'L#D#xfI&(>*5&'R"+"$"&'R">F*"#H&#‚#D#xfI&(
"/5&("A&(*7
• •'"#H&>[&',?:'H&`&(#xfI&("'L>p&(fI&("$?&'R"#‚N>O.>
%&'>`&>{+5:'H&`&("'D>"'+, ]"">'E&'7
• •'.&3 C#xfI&(>*5&'R"+"$"&'R"U:'.&3 >A9H&+ !"S'b&
'5&>'„&'"/5&(+3>O.>%&'(."/%"'%"/Q&(7
 2,%-./01+56+
%"/EOfD&(+>p&("/L&'OfD&(S'HN>"'- %&'S'T'NS++%"/E+
>p&("/L&'"/5&(>.>+T&(&>Z&
; 'T'NS(G*pR"+>p&("/L&'"/0&R"
SVTH: L 18
 
; 'T'NS(G*9R"!&(#H&+ p"/Q&(O?&(B?*&'

; 'T'NS+B?'5<>'>F*:'?+D>
; 'T'NS+ I>E>'#xfI&(
 2,%-.$%7
."/%>F*"#H&"'*~"'45#D91&~>F*&'G&(1?"$'L&'"'&'&0&(.
"/%>F*&[@"/5&("'- %&'(."#H&@s'€'- %&'+0&S'H&'Z&/*>.>
>',?'&("'*~"/5&( p'L&':&'"1OM'!H&''2&(1&"'%"/Q&(9R"
!&(#H&&'K O.>%&' {>#xfI&("$"&'R"+>['3?B?H&'R"7
8 2,%-.$%9
•''*"#H&>["E&''G?E>'"A&(A&(@(.>'59.&>F*"#H&&52 {>
"'RS'A&"'L#‚N>9.&"/>7
."/%9R"!&(#H&N>('<&92>'S'E ?* !"9R"!&(#H&"'*"'1"A&(
A&(@&'&(S'H:'p&(>[#D>'Z "/JB?. {> H&''&(1&+3>"'*"'17
•'[@&(Q ?*:'p&&(5*&#‚:'p&("/H&',?'A&J ?* !""#H&&'+Z
"/5&("'%"/Q&( 27
: 2,%-.;<
r.>1?"$>R?"'&'>F*"#H&>b&S'H>&9K&(J"#H&<"N>:'H&`&(
#&'Q"$*'* {>'G?fI&(>*5&'R"7
/5&()&'+D>9R"!&(#H&@(.9.&>F* !"+%"/ER":'p&(&'R""'1">'„/*/K&(
pR"2+%"/E:1>Z&>^&(S'H>[(."/%&'+Z7
'- %&'+0&S'H>&&'\>1&#D>&9K&("/5&(+3>#xfI&(R"+#DS'."
"/J&9K&(#D'J?91"+,>!&(a&(OM'!@>.>>'E&'#.>''5<>'%&'7
= 2,%-.>>+
VN&((."/%>F* !"1?"$'*9!S'Z&>R?"'&'9R"!&(#H&"'LS'I"'?!>
+5#D"'1?+\&(>F*&[#‚ (H 9*5&'0?"/5&((."/%"5&9!"#H&7*
N>'J? {>!  t9!S'Z&>F*"#H&[&(([S+5"~&("'?&'ZS"c"5&
9!"#H&>[".>!&(1&"~&((."/%>F*"#H&[7
~&((."/%>F*1?"$>R?"'&'>["'J:'p&(9K&("~&((."/%"#H&7
? ,@,
SVTH: L 19
 

."/%"'%"/Q&(N>O.>%&'92#D".>!&(B?*<>F*>.>D>N&(>?&(+
>b?"/0&"'%"/Q&(+5"'QJ "'- %&'(.7/0&"'%"/Q&((.>H>sO?'&(
"'*~"‰3"'?Z&+>b?+"‰3&('%>'+>?&(7
A BC9)6D&)$
•'>"E&'(."/%9R"!&(#H&&0&?p&?p&fD*"/0&>.>"/J&+=&("A&(*
'A&#D"'D>'3&B?.:'{
'- %&'(."/%&'3 +IfD:1&NE>'&'Z&N>"cB?,&#2'G?9R"!&(
#H&
8 +&++@/01
8 E&++*
*z •'.&3 
VS'A&(S'.S"'- %&'(.fD*"/0&>A#2S'&"E>' {>(.>F*>.>"#H&
"A&("D+"#H&>b&"'- %&'(.M(*5f%>'"'&'>p&('5]>*&( ?*@9.&
"/0&"'%"/Q&(+5"'QJ >b&"'- %&'(.'5]>(b&+"'QJ >b&"'-
%&'(.J>"E&'+O.>%&'(."/%"'%"/Q&(>F*"#H&7
9z (?0&"\>
; (?0&"\>>?&(>b?&'?>b? ?*>R?"'&'&'?>b?"'%"/Q&(+>.>9R"!&(
#H&N>>'59.&"<5/*&(?a&>?&(71?>b?>*5@(.>[O?'&("`&(+&(N>
<78D"/N"f=>Q&(>?&(>F*9R"!&(#H&"'Q&(>'Z 'A&#D"/N"f=>Q&(
>b?7
; (?0&"\>"'*"'1&(?0&"\>&:'Š&(%&'(."/%>F* !"9R"!&(#H&>[
O?'&(9%B?%&'92(.>HN>"/HJ>[N> !"9R"!&(#H&"'*"'1>[
>T&(! 5&( ?$&+"'€*fI&(@"/5&(:'5H&("'Q(*&'NSv7
; (?0&"\>>&9K&( $B?*&'3(G*R"+>.>>p&("/„&'"/0&R"S'H>&
9K&(J9R"!&(#H&<"1&(."/%"$?7
; r.>&'&"$&(5<+>.>1?"$90&&(5"E>'>D>'5]>"0?>D>,?".>!&(
1&"R">H>.>5<'L&'9R"!&(#H&7'G&(1?"$90&&(5"'Q&(,?:3&
>A#2'<"b&(@S'A&("3&(*5"'p&(@"L&''L&'*&&&'+&A ?*#\ 777
>z r.>9>"1&'&'
SVTH: L 20

 
; >n('0&>{?"'%"/Q&(J>["'p&("&+,(.(*5f%>'@(.&0 1"
'5]>(.>'59.&+>.>1?"$#5#.&'>F*&'G&("#H&"A&("D+"#H&>b&
"'- %&'(.@M(*5f%>'"'&'>p&('5]>*&( ?*@9.&"/0&"'%"/Q&(7
$+>.>"#H&*&(>'59.&y(*5f%>'>'*"'&'>p&(z@"'- %&'
+0&>b&S'H"'?"'ZS"'p&("&@#5#.&'(G* {>(.>'59.&y"'Q&(>*5'A&
(.S'~91&"/0&"'%"/Q&(z+(."'%"/Q&(J>[#D,?>'„&''NSv@"L /*
{>(.S'T'NS"/>:'#xfI&(*+5  {>(.#5#.&'7
; >l'?"'ZS@:J "/*"'p&("&@#$3?+,>.>1?"$#5#.&'"c>.>"#H&
>T&(5<'5]>"A&("D>["'J#5#.&'N>+"#H&>b&"'- %&'(.M(*5
f%>'"'&'>p&('5]>*&( ?*@9.&"/0&"'%"/Q&(+5"'QJ >b&"'- %&'
(.'5]>(b&+"'QJ >b&"'- %&'(.7
; >†VD*>'=&A&+%#5#.&'>'?-&+OfD&(9H&(S'&"E>'@#5#.&'$
+ tA&+%#5#.&'>'?-&7
r.>1?"$#5#.&'>.>]>J >F*9R"!&(#H&+>F*(*5f%>'>[H&'
'w&(1&(."/%9R"!&(#H&7
• L&'"/<&(S'.SvyB?,&"#H&zB?,&"#H&(G*"#H&"'- %&'(.
+>.>"#H&#5#.&'S'H&'&'*?71?:'p&(($&(&'*?"'LS'H"'D>'3&+3>
,?>'„&'7
• r.>,?:'5H&+,">'E&'>F*>.>(*5f%>'S'H"A&("D&'*?@&1?
:'p&("A&("DS'H"'D>'3&,?>'„&'7r.>"/Q&('NSS'H,?>'„&'"'Q&(
(]S
‡.&"/H&',?b&7
‡t"/NM#?R"+*"'1>'RS7
• ,?>'„&'(."'45"'Q'<&(*5R"
• E&'>'R">F*>.>(*5f%>'S'H(*5f%>'(G*90& ?*@90&9.&!>ZS
y:'p&(/&(9?!>z@"D&(?3&@>[:'H&`&("1S>Z&"'p&("&+,"#H&&'&'*?+
:'p&(9%#{>_S"c90&&(571?"E&'>'R"(*5f%>'>F*"#H&fD:1&*+5#5
#.&':'p&(.S{&(0?>b?"/0&"'L>b&S'H5<9€:'€f3&#5#.&'@"L  !""
#H&:'.>.S{&(0?>b?"/0&7

• r'S'ES'H9€/*&(*#*?:' ?*&1?>[>'S'E&S'."#&'"'LS'H
>!&(+5 {>(.(*5f%>'"'&'>p&(7
SVTH: L 21
 
• ."/%"#H&:'p&(S'H9R"!&(#H&"/5&("/Q&('NSS'."#&'+3>9.&
:– >.>"#H&:'p&(S'H9R"!&(#H&"'LS'HO4 O_"5<"/c'5]>>!&((."/%
>.>"#H&&+5(.9.&"T"'?!>+5"/Q&('NS&"'?!>"#H&#5#.&''*
"#H&"'- %&'7
• L&''L&'"'%"/Q&(ƒ>(*5f%>'"L&''L&'"'%"/Q&(ƒ>(*5f%>'>F*"
#H&>b&"'- %&'(.+>.>"#H&#5#.&'S'H"A&("D&'*?71?>[91&!&(
(.S'H"'D>'3&+3>,?>'„&'7‰3,?>'„&'91&!&((.S'H>`&>{+5
,?"/*"/0&"'%"/Q&(7‰3,?>'„&'91&!&((.S'H>`&>{+5,?"/*"/0&
"'%"/Q&(7
• %*J @%*"'1:'5H&(>.>'1&>'N@#0?"'%@"/Q&('=>@93&'+3&@
>p&(+0&@91&O49?#7773>,?>'„&'#D>'0&'3>'+,1?"$%*J >b&B?
~"'&'>'0&'3>'+,"'Q(*&'5]>>'S'ES'."#&'0&B?*&1&+3><@
>`&>{+5>'{&(>{"'?"'ZS"c"'%"/Q&(7
•  r.>]>J "D&'0&'L&'f.&(@>',?/!&( ]"",&@>',?#?pR"@
'&(7773>,?>'„&'#D>'0&'3>'+,]>J >b&B?~"'&'>'0&'3>'
+,(.(*5f%>'"/0&"'%"/Q&('5]>>'S'ES'."#&'J:'\>S'I>J 9R"N@
>`&>{+5>'{&(>{"'?"'ZS"c"'%"/Q&(7
• Y?'5<>':'O4 O_"#5#.&'(.9.&>F*>.>9R"!&(#H&>b&>'ƒv1&
9R"!&(#H&>b&"'- %&'(.+>.>9R"!&(#H&$>'1?#5#.&'>[a&(f<&(
+&'*?+, ]"B?'5<>'>F*:'?+D>'*:'p&(7
• ]>J "#H&"/0&R"y&(p&'>'E&'+>.>'<&( I>OfD&(:'.>
&'(*/*@&'S'I@Q&(@>.>9{>"Q&(O@'&(/5@S'5&(>H&'+9M>€@
>>$++Q&777z7r.>>p&("/L&'OfD&("/0&R" !"9!S'Z&B?*&"/=&(>R?
"'&'9R"!&(#H&+[&(([S+5>'S'E'L&'"'&'@"E&''G?fI&(@"E&'"'-
q>F*9R"!&(#H&f5[:'O4 O_"#5#.&'(."/%>F*>.>9R"!&(#H&>b&S'H
>'ƒvO4 O_""‰ „1?"$&7,?>'„&'1?"$&"'45#$",&"?3"$7

; >i'&"E>'@O.>%&'>.>1?"$:'.>93"(G*"#H&#5#.&'+"#H&
>b&"'- %&'(."c["'D>'3&,?>'„&'(.>F*>.>"#H&#5#.&'"'45#D
:'.>93"+,>.>1?"$#5#.&'#5+"#H&>b&"'- %&'(.@"L /* {>(.>'„
f•&>'5 t"#H&#5#.&'7
 3>S'&"E>'"'p&("&N>"'D>'3&"/0&l'L&'"'{>
SVTH: L 22
 
• '&"E>'%&'N&(yS'&"E>'"'45#$N&(z9*5(a S'&"E>'"'45>]S@
S'&"E>'"'$&(:0@S'&"E>''aB?@S'&"E>'>'S'E777"L /* {>,?>'„&'
#$",&'5]>"‰3S'b&"/` yŽz7
• '&"E>'%&'"E&'yS'&"E>'"'45>'R"N&(z9*5(a S'&"E>'#5#.&'
"A&(B?*&@S'&"E>'O1S'<&(+S'€&(+R&>.>90&0&B?*&7'&"E>'%&'"E&'
>'5:1"B?H,?>'„&'fM#$&'A&y>[fR?,?>'„&' z'5]>&'€'A&y>[
fR?,?>'„&'fA&(z7
 ,?>'„&' {>(.>F*>.>"#H&#5#.&'>`&>{+5>'0&'3>'>.>,?"$#5
#.&'S'&"E>'@#5#.&'/ƒ"/*&'G&(J :'.>93"@&'G&(?J +9R"N>F*
"#H&>b&"'- %&'+"#H&#5#.&'73>S'&"E>'@#5#.&'"'D>'3&$+
>.>1?"$#5#.&'%&'N&(y>["'JN&('[*"'&'",&z"/>@>.>1?"$#5
#.&'%&'"E&'y:'p&("'JN&('[*"'&'",&z#*?7
• $"N&(,?>'„&'(.9.&'5]>(.B?~+,A&+%#5#.&'>'?-&
y(.(*5f%>'"'&'>p&('5]>(.>'5 ?*@(.>'59.&"/0&"'%"/Q&(#*?:'
M>[#D,?>'„&''NSv+, {>(. ?*9.&S'~91&"/0&"'%"/Q&(z7
‡R"*@"/*&("/<(."E&'"'45A&+%#5#.&'(.k
l
@(.k _"f ]"
",&@(.k#5777
‡r`&'!>'?&(>@93""'D(.k>`&'!@(.k
l
‡•'5'&((.k


@(.k
l
‡rb?"?@91&>H&((.k
l
@(.k'*
‡3&'+3&(.k(Q&(93&'
‡‘<S>'1?S' (.k('1&(a
‡.@"'1"9%(.kA&+%>p&(#?R"yr777z@(.kA&+%:q"'?Z">'F1?
777777
• r`&>{,?>'„&'fD*+5>'0&'3>'>.>1?"$#5#.&'y:'H&`&(#&'N@
"L&'"/<&(S'.Sv@>A#2'<"b&(@>.>]>J "D&'0&+%"/E@'L&'f<&("'x*R"@
'&(@>H&'B?*&@ p"/Q&(@"'1":1&!"'R"@&(5<"'R"@"‰3#xfI&(R"@B?
%&'+,>',?>*5>p&("/L&'@>p&(#?R"@&`&(#?R"@'3#$"0?'*5&(?0&3?@&'0&
3?777z(G*"#H&#5#.&'+"#H&"'- %&'(.7
• (?0&"\>,?>'„&'
SVTH: L 23
 
‡t#D,?>'„&'+,>.>1?"$#5#.&'S'HN>>'{&( &'"c>.>
>'{&(>{,?"/*"'?"'ZSN>"/0&"'%"/Q&(7
‡•',?>'„&'(."'45>'0&'3>'>F* !"1?"$#5#.&'"'L>$%&'
&'G&(1?"$#5#.&'>s&<y>5&'($&(&'*?z7
‡VR"#H&>b&"'- %&'(. >'?-&7
‡'G&(1?"$2"#H&#5#.&':_ 'A&#5+"#H&>b&"'- %&'(.
"'L,?>'„&'"`&( {>(."E&'"'45A&+%>'?-&>F*"#H&#5#.&'y>!&(z7
‡'G&(1?"$2"#H&#5#.&'+N""/!'A&#5+"#H&>b&"'- %&'
(."'L,?>'„&'(H  {>(."E&'"'45A&+%>'?-&>F*"#H&#5#.&'y"/cz7
‡'G&(1?"$2"#H&#5#.&'($&(y"A&("Dz+"#H&>b&"'- %&'
(."'L(G&(?0& {>(.>F*"#H&#5#.&'y:'p&(,?>'„&'z7
• 'A&("'{>,?>'„&'
‡,?>'„&'"'45#$",&"?3"$.SfI&($+>'0&'3>'>.>1?"$#5

#.&'>["'JN&('[*"'&'",&&',?:3&"'*&'"5.&@>'S'ES'.Sv@"/*&(9%
&!"'R"@#&+Q&@9J9A@(*/*p"p777y$+9R"!&(#H&z7
'G&(1?"$&50&B?*&1&(*5f%>'>[B?*&'3&(?0&&'&•:1"B?H"'L
&'&+&'*?g&'G&(1?"$&5"A&(".>>T&(H&''2&(1&(."/%"#H&"'L
>!&(+&'*?7
‡,?>'„&'"'45"‰3S'b&"/` .SfI&($+>'0&'3>'>.>1?"$#5
#.&':'p&("'JN&('[*"'&'",&&' p"/Q&(@>H&'B?*&@,?:3&'<"b&(@
+%"/E7
'G&(1?"$&50&B?*&1&(*5f%>'>[B?*&'3&(?0&&'&•:1"B?H"'L
&'&+&'*?g&'G&(1?"$0&B?*&1&"#H&>[B?*&'3"A&(".>"'L>!&(+
&'*?7
'- %&'+0&+,(.S'H>`&>{+5J?"/*"'%"/Q&(@"L /*>.>9K&(>'{&(+,
>'0&'3>'(.>F*"c&(1?"$#5#.&'J*+5"E&'"5.&@,?>'„&'>'5S'T
'NS7
• '{"D,?>'„&'"'D>'3&,?>'„&'"'45#$",&"?3"$"/>@"'45"‰
3S'b&"/` #*?7
; >o'&"E>'"~&('NS>.> {>(.>'„f•&>F*>.>"#H&#5#.&'@/ƒ"/*
{>(.>'„f•&<f3&J>"E&'+O.>%&' {>(.>F*"#H&>b&"'- %&'7
SVTH: L 24
 
 {>(.>'„f•&D*>'=&N>>`&>{+5>.>1?"$#*?
• 8$b&,?>'„&'#$b&,?>'„&'>&(E"@:'H&`&(#5#.&'>&("$"7t
b&,?>'„&'>[&(')*M>[#D:'.>93".&(:J(G*"#H&#5#.&'+"#H&
>b&"'- %&'7
• ~&( {>,?>'„&'(!S"~&(#$",&>F*>.>9>,?>'„&'"1&'&'
>'5 t"#H&#5#.&'7~&(#$",&>F*>.>9>,?>'„&'>&(&'€"'L"E&'
"A&(a&((G*"#H&#5#.&'+"#H&>b&"'- %&'(.>&(>*57
• ,?>'„&'/s&(#$",&>s&<#*?:'9T"/c(G*,?>'„&' +,?
>'„&'fA&(7[>'?&(@#$",&>s&<#*?:'9T"/c>&(&'€>&("$"7?&'0&
>^&(:'p&(&0&B?.fD*+5:1"B?H&:'>["/Q&('NS"~&(#$",&>F*>.>

9>,?>'„&' +fA&(/R"&y:'p&("$"z@&'&( {>,?>'„&'/s&(</R"
&'€7
• ‰3,?>'„&'(!SŽ"/0&(.9.&'G?E>':'"~&(#$",&>F* t,?
>'„&'"A&(A&(&'*?7
• 8$N&("'p&("&#$3?>[S'T'NS+5<"#H&'*:'p&(@#$3?>[
>ZS&'Z"+:'p&(B?.<>'Z?'*:'p&(—
• E&'#5#.&'k"A&("'E>'(G*"#H&#5#.&'+"#H&>b&"'- %&'
 '$&(&'R" {>(.>'„f•&:1"?Z&+, {>(.f?&'R">?$>T&("'J'3&
(."/%"#H&>b&"'- %&'(.>b&O4 O_">.>:'E*><&'#*?
• •1"?Z&+, {>(.>?$>T&(S'H&K "/5&(S'< +>["'J>[>F*(."/%
"#H&>b&"'- %&'7
• {>(.>?$>T&(>["'J !" {>(.y !">5&#$>I"'Jz'5]>"/5&( !"
:'5H&("$*@"$"'J?7
• '- %&'+0&>b& "/s&#$:'"E&'"5.&7
fz ˜&(fI&(
SfI&(J"'- %&'(.>.>"#H&>b&"'- %&'(.>[(*5f%>'S'~91&"/0&
"'%"/Q&(7
4z ™?&'N>J 
; ™?J A&(H&@f|.SfI&(@>[>A#2+G&(>'\>JN>>p&(&'Z&+L&[
fD*+5>'{&(>{(."/%"'%"/Q&(
SVTH: L 25

×