海外投資客追捧美國商業地產

Foreign investors’ insatiable appetite for US properties extended throughout 2013, with international capital flows into the sector reaching a fresh high.

外國投資者對美國房地產的需求在整個2013年期間保持旺盛，國際資本流入美國房地產市場的金額創下新高。

Last year the world’s largest economy maintained its position as the top destin-ation for direct commercial property investment by foreigners with $38.7bn pouring into the country, according to a report from brokerage Jones Lang LaSalle. The total was up 44 per cent on 2012.

房地產中介仲量聯行(Jones Lang LaSalle)的一份報告稱，去年世界第一大經濟體保持了世界頭號“外國直接商業房地產投資目的地”的地位，流入該國商業房地產的外資總額達到387億美元，比2012年增長了44%。

Canadian, Chinese and Australian investors led the charge, with investors targeting top-tier areas such as Manhattan, Los Angeles and Chicago as well as secondary markets including Houston, Dallas and Seattle.

加拿大、中國和澳大利亞的投資者最爲踊躍，他們的投資目標既包括曼哈頓、洛杉磯和芝加哥等一線市場，也包括休斯頓、達拉斯和西雅圖等二線市場。

The steadily improving health of the US economy was propelling investment, said JLL. Increased allocations to foreign pension funds in countries such as Australia and Malaysia and a growing pool of people seeking to preserve their wealth in the Asia-Pacific region had also driven flows.

仲量聯行表示，美國經濟狀況的穩步改善是提振商業房地產投資的一個因素。另兩個因素是，澳大利亞和馬來西亞等國的養老基金增配美國商業房地產資產，以及亞太地區有越來越多的人希望實現財富保值。

Almost half all investments were in office buildings, 16 per cent in apartment blocks, 15 per cent in retail, while hotels, industrial properties and land development made up the rest. Foreign money comprises about 10 per cent of all capital for commercial property investment in the US, which JLL has said could accelerate if international investors expand beyond core assets to riskier deals that deliver higher returns.

這些投資有近一半流向了寫字樓，16%流向公寓樓，15%流向零售商鋪，其餘部分流向酒店、工業地產和土地開發項目。外資佔美國商業房地產投資總額的10%左右，仲量聯行表示，假如國際投資者的投資範圍從目前的核心資產擴大到風險更高、回報也更高的交易，這個比例還會進一步提高。

“We’ve already seen some foreign investors branching out into value-add or development strategies where an investor can come in and reposition an asset, for example an older property that may need renovation with the hopes of improving the occupancy rate,” said Marisha Clinton, director of research at JLL.

仲量聯行研究主管馬裏莎•克林頓(Marisha Clinton)表示：“我們發現，已有一些外國投資者開始嘗試增值或開發策略，即先買下、然後改變資產的定位，比如買下一棟老舊房產、然後重新裝修以提高入住率。”

The majority of the $11.9bn of Canadian capital to the US was generated by public real estate operating companies and real estate investment trusts.

加拿大流入美國的119億美元商業房地產投資，大部分來自公共房地產運營企業和房地產投資信託。

Brookfield Asset Management, one of the largest, invested more than $4bn in office properties, apartments and industrial warehouses in cities from Dallas to Los Angeles and Washington.

其中最大的一家——布魯克菲爾德資產管理公司(Brookfield Asset Management)——在寫字樓、公寓和工業倉庫領域投資了逾40億美元，投資的城市從達拉斯、洛杉磯到華盛頓。

Amid a domestic slowdown and a growing desire by wealthy individuals and developers to diversify holdings overseas, $3.1bn of Chinese money targeted opportunities in Manhattan, Los Angeles and San Francisco. Australians invested $2.7bn, opting to put their capital into the retail and office sectors.

由於國內經濟增長放緩以及有錢的個人和房地產開發商對持有海外資產的興趣不斷增加，中國投資者去年向美國商業房地產投資了31億美元，他們瞄準的主要是曼哈頓、洛杉磯和舊金山的投資機會。澳大利亞投資者投資了27億美元，主要投資領域爲零售商鋪和寫字樓。