『Abstract
　This article employed a standard LCC to conduct economic analysis of upgrading the aging residential buildings in China. According to the current situation, an interest rate of 6％, an inflation rate of 3％, an increase rate of annul energy savings of 2％ and an increase rate of electricity price of 2％ were assumed in the method. The results indicated that only relying on gradually increasing electricity price and governments' subsidies was not enough. After detailed analysis of the energy saving measures and the distribution of all benefits from building energy retrofit, it was found that actually only 1/3 of original cost was spent only for energy savings, the second 1/3 for both energy savings and good facade（cの下にセディーユが付く） appearance and occupants should share the last 1/3 because even if without energy retrofit, they would have to pay the part too. The corresponding results proved that the first 1/3 of investment cost could be drawn back within the residue life cycle, and so the investment could be accepted in a sheer market economy. In the end, a model about distribution of investment cost of and benefits was proposed to adapt the market economy to overcome the financial problems in China.

Keywords: Building energy retrofit; Standard LCC; Economic benefit』

1. Introduction
2. Brief review of the previous article
3. Refining using the standard LCC
　3.1. Increase rate of annual energy savings (RES), increase rate of electricity price (REP) and cash input (CIt)
　　3.1.1. Increase rate of annual energy savings (RES)
　　3.1.2. Increase rate of electricity price (REP)
　　3.1.3. Cash input (CIt)
　3.2. Inflation rate (RIF) and cash output (COt)
　3.3. Interest rate (RIT) and net present value (NPV)
4. Examination of distribution of benefits
5. Re-examination of energy saving measures
6. A model about distribution of investment cost and benefits
5. Conclusions
References