• 弘扬“村风正气” 建设“美丽乡村” 2017-12-08
  • 湘江河畔最美摆渡叔 2017-12-08
  • 【湖南日报】为什么说“党是领导一切的”-湘潭大学新闻网 2017-12-08
  • 江口闵孝:党建引领“三变”改革促脱贫 2017-12-08
  • 欧洲智库开启讨论 “一带一路”倡议新渠道 2017-12-08
  • “双十一”我县快递量超200万 侧面反映我县电商蓬勃发展 2017-12-08
  • 我市举办跨境电商“百企培育计划”培训会 2017-12-08
  • 我省40个先进集体获青海高原“工人先锋号”称号 2017-12-08
  • 五星岭林场:“三举措”保维稳促发展 2017-12-08
  • “海丝”国际传播论坛成功举办,“广东制造”引发热烈反响 2017-12-08
  • 美军如何监视朝鲜射导弹?记者探访地下指挥部开眼界 2017-12-07
  • 年底了这部分人请速回南宁,务必转告亲朋好友..... 2017-12-07
  • 大迈X7 2.0T 8AT车型将于12月8日上市【图】 2017-12-07
  • 《猎场》菅纫姿因剧走红 90后的她新作备受期待 2017-12-07
  • 周公解梦 梦见断手脚详细讲解 2017-12-07
  • 中国培训网欢迎光临!
    您的位置: 首页 > 公开课程 > 财务管理

    更多>>相关课程

    • 无相关信息

    《以价值为驱动的资本战略:商业地产资产管理和运营管理》

    开课地点: 广州
    授课时间: 2天
    授课顾问: 范老师
    开课时间: 2017-11-04
    市场报价: 3980
    购买价格: 3980
    课程排期
    开课城市 开课日期 授课周期
    审核时间: 我要报名2017-09-29 16:58:22
    注:参加该培训课程,可联系在线客服。
    了解课程
      
     课程介绍

        一个好的物业管理会让物业的价值保持在一个较高的水平,是资产管理中重要的内容,但仅仅是基础的部分。运营管理关注租金的实现和回收,制定目标和提升计划,这对商业地产的资产增值无疑有重要的帮助。总的来说,商业地产的经营管理对商业地产而言是命脉和根本,将一项不能移动的实物资产,实现稳定的现金流的提供,就是让资产钱再生钱。

    业地产项目中运营的归依是资产的增值,而资产的增值又取决于运营的质量。此,将资产管理与运营管理结合,我们以资产管理的思路一以贯之,所有的付出都有一个清晰的增值目标,且共服从统一的目标管理。

    这套课程中,我们不讲理论,只讲具体的工作方法,这是一门涉及作场中的,方方面面的,具体问题的工作指南,直接作目标都如何制定,遇到问题怎么解决,论是运营、物业、招商的老兵还是新人,随时加入学习,马上看到效果。

    主讲老师

    范老师

    现任上海世贸商城 常务副总

    范老师拥有 18 年商业地产工作经验,在商业项目的前期开发阶段,如何使设计和建造与市场接轨;在商场和办公楼定位阶段,如何根据市场配置合适的业态配比;在运营阶段,如何根据市场和经营状况,调整商业品牌并为公司自身的知名度和美誉度的提高等诸方面,积累了经验。在投资回报和品牌树立方面作出了贡献,在业界也拥有了良好的口碑和形象。

    范老师成功开发和管理了众多商业项目,操作过多个位于上海市中心及长三角商业中心区域,由国际和香港著名房地产开发商投资运营的的大型商业项目,其中包括数个 25 万平方米以上的城市综合体项目,以及 10 万平方米以上的商业项目。范老师在商业项目开发、市场定位、招商以及运营管理等商业地产全过程积累了大量成功经验,对中国市场有深刻的认识与理解,积累了丰富的品牌资源。

    在物业管理方面,于上海的梅龙镇广场、中信泰富广场等,从收楼、到二次装修控制,到日常的清洁、保安和设施设备的维护保养,及大量涉及的运营阶段的物业服务;后期不断拓展在商业领域的专业范围,到招商、市场推广、运营和财务控制,从物业管理到资产管理,不断将工作中积累的经营,用文字和文章予以记录,并在一些大学相关课程担任了客席讲师,与业内同行,以及从事该行业的同仁们交流,形成了自己对行业发展的认识和观点,并运用到实践中。多数已经成为规范性的流程,为业内采用。

    主导开发与运营项目:

    上海梅龙镇广场、上海中信泰富广场、长风景畔广场、上海老西门新苑、宁波泰富广场、英特宜家等

    适合人群

    各商业地产开发公司、商业地产投资公司、地产投资公司、商业地产策划咨询公司、商业管理运营公司、商业地产物业公司等,商业项目高管、商业运营管理高管、物业管理高管等。

    课程大纲

    一、 资产管理的本质

    根据资本的节奏,有效控制资产价值形成的过程,用最恰当的方式组织资源、激励团队、挖掘一切可能的价值,使资产价值在预期的时间内实现预期的价值。

    1.1. 某上市公司的年报看投资者关心的视角

    1.2. 商业地产递进的三个阶段


    二、资产管理从业态和品牌调整入手

    2.1. 品牌调整的成因和内涵

    购物中心开业招商品牌定位的检讨

    购物中心的开业后的调整并不一定是对原有定位的更正或是推翻之前的模式,而是在不同时期购物中心针对市场主动求变。对购物中心而言,前期的定位、规划、招商到开业只是起点,项目开业后伴随始终的品牌调整和升级才是永恒的话题。

    检讨的步骤:

    第一,从掉铺率看开业定位的差异;

    第二,从购物中心的形态看定位的准确性;

    第三, 从租金贡献率看购物中心发展可持续性。

    2.2.  什么是新零售,新零售对于商业的启迪是什么?

    2.3.  什么是新餐饮, 新餐饮对于商业的启迪是什么?

    2.4. 什么是共享经济,共享经济对于商业的启迪是什么?

    2.5. 零售业态生命周期的客观规律

    2.6. 品牌集合店的兴起和蓬勃

    2.7. 品牌调整的内涵


     三、资产管理的核心是运营管理能力

    案例一:万达核心业务的出售和资产管理的内在逻辑

    购物中心的盈利模式是租金收入和资产增值

    1、持有经营才是资产增值的基本保障;

    2、商业可以帮助销售商铺的说法,其实这是对商业地产本质的亵渎;

    3、所谓“轻资产”实际上不是商业地产。

    提高商业地产的资本化率(资本化率是一种利率,是把资本投入到不动产所带来的收益率)才是真正的收益,即提高收益与价值的比率。评估一个商业的价值不会看土地价格和建安成本,而是看这个商业地产能够持续产生多少收益。

    坪效是衡量一个商业地产价值的客观而重要的标准

     

     四、商业物业资产管理的介入点

    案例二:上海虹口SOHO出售

    两点启示:

    持有经营的盈利能力,决定了持有者的心态和最终的处分方式。

    持续提高资产管理质量,保证物业增值的重要途径。

     

    、资产管理和运营管理的交叉及不同点

    5.1. 先有运营管理还是先有资产管理

    案例三:运营管理的步骤和资产管理在运营管理中的渗透

    、资产管理项下“轻资产”概念的提出和运用

    6.1. “轻资产”是伪命题吗?

    轻资产是一个彻头彻尾的即欺骗别人也危害自己的伪命题,源于对商业地产最主要的增值盈利模式的无知。--引自王玮先生

     

    依据是:商业地产的盈利模式是租金收入和资产增值,而且资产增值在国际商业地产几十年发展的历史中被证明是更加的重要

    6.2. 什么是“轻资产”?

    轻资产就是企业经营的一种重要方式和战略选项之一,即以最少的资本投入,充分利用杠杆原理,整合外界资源,以自身最有效率的方式实现企业价值和利润的最大化。

    案例三:中信泰富嘉定引入万达管理

    案例四:中信泰富商业与韩国乐天百货

     

    资产管理的工具和在商业运营中的运用

    7.1. 利润中心和成本中心

    7.2. 投资回报率是一切问题的导出和归宿吗?

     

    资产管理的分层

    8.1. 物业服务是基础   

    一个好的物业管理会让物业的价值保持在一个较高的水平,是资产管理中重要的内容,但仅仅是基础的部分。 

    8.2. 运营服务是内容  

    运营管理关注租金的实现和回收,制定目标和提升计划,这对商业地产的资产增值无疑有重要的帮助。好的资产管理一定要懂运营,不过还不够。

    8.3. 资产增值是结果  

    商业地产的经营管理对商业地产而言是命脉和根本,将一项不能移动的实物资产,实现稳定现金流的提供,就是让资产生钱。

     

    以资产管理的思路一以贯之,所有的付出都必须有一个清晰的增值目标,必须服从统一的目标管理.

    安全网站中国培训网

    关于我们 | 联系我们 | 广告服务 | 会员注册 | 收藏本站 | 免责声明 | 手机版

    网站备案号:粤ICP备14053066号 版权所有:中国培训网

    Copyright 2015 Enterprise Management Training Center All Rights Reserved.

    午夜电影_午夜电影网_成人午夜电影 | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | nxnews | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | nxnews | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | nxnews | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | 午夜电影_午夜电影网_成人午夜电影 | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | caoliu_caoliu社区_caoliu最新社区地址2017 | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | 午夜电影_午夜电影网_成人午夜电影 | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | nxnews | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol | xtol |