INVESTMENT APPRAISAL MEMO01
投資經營測算摘要投资经营测算摘要Investment appraisal summary
項目假設项目假设Assumption城市更新商業項目 · 35,000 m²城市更新商业项目 · 35,000 m²Urban renewal commercial project · 35,000 m²
初始投入區間初始投入区间Initial capex rangeRMB 185m - 212m
敏感因素敏感因素Sensitivity租金、工期、機電改造深度租金、工期、机电改造深度Rent, programme, MEP retrofit depth
輸出判斷:若核心機電改造超出基準 8%,需重新觸發目標成本與租金假設校準。输出判断:若核心机电改造超出基准 8%,需重新触发目标成本与租金假设校准。Judgment: if core MEP retrofit cost exceeds baseline by 8%, the target cost and rent assumptions should be recalibrated.
TARGET COST REGISTER02
目標成本控制表目标成本控制表Target cost register
建安工程建安工程Construction worksRMB 126.0mLOCK
室內精裝室内精装Interior fit-outRMB 31.5mWATCH
機電改造机电改造MEP retrofitRMB 24.8mRISK
預備費预备费ContingencyRMB 9.2mHELD
輸出判斷:把機電改造列為紅色科目,設計深化前不得釋放預備費。输出判断:把机电改造列为红色科目,设计深化前不得释放预备费。Judgment: MEP retrofit is a red-line cost code; contingency should not be released before design development.
TENDER RETURN ANALYSIS05
回標分析與定標建議回标分析与定标建议Tender analysis and award note
Contractor ARMB 42.6m漏項漏项GAPS
Contractor BRMB 45.1m可談可谈NEGOTIATE
Contractor CRMB 48.9m偏高偏高HIGH
輸出判斷:最低價不建議直接中標,需先補齊消防界面、夜間施工及深化設計責任。输出判断:最低价不建议直接中标,需先补齐消防界面、夜间施工及深化设计责任。Judgment: the lowest tender should not be accepted as-is; fire interface, night works and design-development responsibilities must be clarified first.
PAYMENT / VARIATION REVIEW06
進度款與簽證變更審核进度款与签证变更审核Payment and variation review
本期申報本期申报Claimed this periodRMB 8.72m
建議支付建议支付Recommended paymentRMB 6.94m
暫扣原因暂扣原因Withheld because未完工序、資料缺口、合同邊界未清未完工序、资料缺口、合同边界未清Incomplete works, missing records, unclear contract boundary
輸出判斷:不是把錢壓住,而是把能付款的事實、不能付款的缺口逐項說清楚。输出判断:不是把钱压住,而是把能付款的事实、不能付款的缺口逐项说清楚。Judgment: the purpose is not to hold payment back, but to state what can be paid and what evidence is still missing.
LEGACY PROJECT POSITION MEMOB1
歷史遺留項目狀態摘要历史遗留项目状态摘要Legacy project position summary
資料完整度资料完整度Document completeness62%
現場狀態现场状态Site status局部停工 · 可封存 · 待復核局部停工 · 可封存 · 待复核Partially suspended · can be secured · verification pending
下一步下一步Next step先做工程量與付款對賬先做工程量与付款对账Reconcile work done and payments first
輸出判斷:在資料缺口補齊前,不建議直接進入轉讓價格談判。输出判断:在资料缺口补齐前,不建议直接进入转让价格谈判。Judgment: price negotiation for transfer should not begin before key information gaps are closed.
WORK DONE / PAID RECONCILIATIONB2
已完工程量與付款對賬已完工程量与付款对账Work-done and payment reconciliation
帳面已付账面已付Paid per booksRMB 96.4m
核認已完核认已完Verified work doneRMB 83.7m
待解釋差額待解释差额Variance to explainRMB 12.7m
輸出判斷:差額不是直接認定為超付,需先按合同包、簽證和預付款性質拆分。输出判断:差额不是直接认定为超付,需先按合同包、签证和预付款性质拆分。Judgment: the variance is not automatically overpayment; it must first be split by package, variation and advance-payment nature.
DISPOSAL OPTIONS MATRIXB4
續建 / 關停 / 並轉方案比較续建 / 关停 / 并转方案比较Completion / shutdown / transfer options
續建至交付续建至交付Complete to handoverRMB 58.0mHIGH CASH
封存止損封存止损Secure and holdRMB 9.6mTIME BUY
打包轉讓打包转让Package for transferRMB 18.4mCONDITION
輸出判斷:若目標是三個月內退出,核心不是最低成本,而是把未決索賠變成買方可定價的條件。输出判断:若目标是三个月内退出,核心不是最低成本,而是把未决索赔变成买方可定价的条件。Judgment: if the objective is exit within three months, the priority is not the lowest cost, but turning unresolved claims into conditions a buyer can price.
CLAIMS AND LIABILITY REGISTERB5
索賠與或有負債清單索赔与或有负债清单Claims and liability register
承包商停工損失承包商停工损失Contractor suspension lossRMB 6.8mCHALLENGE
未簽證變更未签证变更Unapproved variationsRMB 4.3mVERIFY
供應商尾款供应商尾款Supplier balanceRMB 2.1mPAYABLE
輸出判斷:先區分可支付、可談判、需抗辯三類,不把所有主張混成一個總負債。输出判断:先区分可支付、可谈判、需抗辩三类,不把所有主张混成一个总负债。Judgment: payable, negotiable and disputable claims should be separated; they should not be collapsed into one liability number.