英文文献：A Working Model for Commercial Asset Development on Municipal Land-城市土地上商业资产开发的工作模式
英文文献作者：Francois Viruly,Alan Dinnie
英文文献摘要：
Purpose: The paper will share the experiences of the only municipal property company in South Africa (the City of Joburg Property Company SOC LTD) (JPC) in leveraging private sector investment on municipal-owned land to create long term income producing assets since its establishment in 2001, and outline a working model complete with key lessons learned and analysis of Design / methods followed/ approach. The paper considers the academic as well as professional literature that has developed around the role of public sector entities in using their property holdings to stimulate real estate activity. The paper will outline and explain the processes employed by JPC in leveraging investments, including an explanation of the legal and accounting frameworks. Case studies of completed developments will be presented from which general conclusions will be drawn. Comment will be made on extent to which processes have been successful. A cost-return analysis will be provided for various stages along the property value chain, in order to suggest the optimal risk-return position for municipalities to take in the municipal property development. The Paper considers key parameters in the implementation of a municipal asset development strategy.Findings: JPC has successfully leveraged nearly R2 Billion rand worth of completed development on municipally owned land including the development of large corporate offices (80 000m2) and neighbourhood retail centres, in its first ten years of existence. Most of these developments have been implemented by the private sector on the basis of long term (30-60 year) lease period in terms of which rental is paid to the municipality for the land for the duration of the lease and on expiry of the lease, the full asset accrues to the municipality, at no cost. The conversion of municipal vacant land assets is a key strategy in building future wealth for the municipality and ensuring long term sustainability. In addition, such a strategy has an important role to play in stimulating local economic development.Research limitations/implications: The research is focussed on land located in the Johannesburg Metropolitan area. It also only considers the role of the Johannesburg Municipality in promoting commercial developments. While such developments have multiplier implications for the rest of the property market, these secondary implications are not considered in this research.Practical implications: The paper will provide a practical model for leveraging development of high value commercial assets on municipal land, with low capital investment requirements and low risk. The assets will provide long term sustainable income to assist in the sustainability of municipalities.Originality / Value of work: JPC is the only municipal property company in South Africa, and is one of the few municipal entities with a dedicated property development function. As such JPC is one of the few municipal entities to have applied itself to the extraction of maximum commercial value from municipal property portfolios. The experiences of and the lessons learned have never before been documented and presented as a working model for municipal asset development.

目的:本文将分享的经历唯一市政房地产公司在南非约堡(城市房地产公司SOC) (JPC)利用私营部门投资municipal-owned土地上创造长期收入生产资产自2001年成立以来,一个工作模型完整的轮廓和关键的经验教训和设计/方法/方法的分析。本文考虑了围绕公共部门实体利用其持有的房地产来刺激房地产活动的作用而发展起来的学术和专业文献。本文将概述和解释JPC在杠杆投资方面所采用的流程，包括解释法律和会计框架。将对已完成的发展项目进行个案研究，并从中得出一般结论。将对进程取得成功的程度作出评论。将对房地产价值链的各个阶段进行成本-收益分析，以建议市政房地产开发的最优风险-收益位置。本文考虑了实施市政资产发展战略的关键参数。调查结果:在成立的头十年里，JPC成功地利用了在市政府拥有的土地上价值近R2亿兰特的已完成开发项目，其中包括大型公司办公楼(80000平方米)和社区零售中心的开发。大多数这些发展已经由私营部门的基础上实现长期(30 - 60年)租赁期间的租金支付期间的自治区土地租赁在租赁期满,全部资产归直辖市,不惜代价。市政空置土地资产的转换是为市政当局积累未来财富和确保长期可持续性的一项关键战略。此外，这一战略对促进地方经济发展具有重要作用。研究限制/影响:研究集中在位于约翰内斯堡市区的土地上。它也只考虑约翰内斯堡市政府在促进商业发展方面的作用。虽然这些发展对房地产市场的其他部分有乘数影响，但本研究并未考虑这些次要影响。实践意义:本文将为城市土地上高价值商业资产的杠杆开发提供一个实用的模型，资本投资要求低，风险低。这些资产将提供长期可持续收入，以协助城市的可持续性。工作的原创性/价值:JPC是南非唯一的市政房地产公司，也是为数不多的专门从事房地产开发的市政实体之一。因此，少年警讯是少数几个致力于从市政房地产组合中获取最大商业价值的市政实体之一。这些经验和吸取的教训以前从未被记录下来，并作为市政资产开发的工作模式加以介绍。