Abstract
Property development business is considered one of the most risky corporate activities due to its cyclicality and volatility [1,2]. It involves numerous risk factors [3-5] such as such as macroeconomic, social, urban-planning, political-legal, regulatory, environmental, and technological framework conditions [6,7]. Yet property developers are either “knowingly taking risks” [8] or making decisions without sufficiently understanding and analyzing risks [9], resulting in committing to projects based on arbitrary or speculative decisions, and ultimately causing project failures and financial losses [10]. This short article reviews the three mainstream feasibility study methods and finds that the feasibility study adopted by the industry may require some further development.
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