HSIC 6811—Real estate development

Where 6811 sits

1. L Real estate activities
2. 68 Real estate activities
3. 681 Real estate activities with own or leased property
4. 6811 Real estate development

Contains 1 narrower code

• 681100 Real estate development

What 6811 includes

• This Industry Class consists of establishments mainly engaged in real estate development which is concerned with the development of land and/or re-development of existing premises into a new form of property having enhanced utility and market value. In the process, the estate developer acquires sites for development, formulates project proposals, enlists technical and design services from architectural, surveying and engineering firms, engages building, civil engineering and special trade contractors for the construction work, arranges finances, oversees the projects to their satisfactory completion, and determines their ultimate disposition. The property thus evolved may be destined for sale or lease
• A real estate developer is one with at least one active development project that has undergone constructive construction work during the year (i.e. piling, foundation or superstructure erection). Demolition work is not regarded as active construction.
• Projects developed partly for the establishment's own use and partly for commercial sale or lease are also regarded as a real estate development project.
• This Industry Class excludes establishments holding open lots or existing buildings. With or without expressed intention of subsequent development or resale, they should not be regarded as real estate developers. They are classified to Industry Class
• Establishments developing projects entirely for its own use, e.g. a manufacturing establishment erecting its own factory building, a trading company erecting its own warehouse, an individual erecting his own holiday resort or residence, are not regarded as real estate developers. Classification should be made according to the principal activities of the establishments concerned.
• Investment establishments which only control the shares of real estate development companies without actual participating in the development or holding companies of real estate enterprises are excluded from this code. They are classified to Industry Group 642 (Investment and holding companies).

What 6811 excludes

• This Industry Class excludes establishments holding open lots or existing buildings. With or without expressed intention of subsequent development or resale, they should not be regarded as real estate developers. They are classified to Industry Class

6811 in other systems