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美國CCIM商業不動產投資雙月刊
Commercial Investment Real Estate
Jan. Feb. 12
Foreign Investment 外國投資
Land of Opportunity 機會之地
Foreign investors rejuvenate the U.S. commercial real estate market.
外國投資者讓美國商業不動產市場重返活力
by Dave Liniger
It's no secret that commercial real estate in the U.S. has had its fair share of struggles as the economy gets back on track. But when compared to other parts of the world such as Europe, which is experiencing sovereign debt crises and economic angst, the U.S. is still one of the most attractive options for foreign investors with capital to spend.
美國的商業不動產經歷了一段相當艱難的努力, 希望能重返經濟的常軌, 這是大家都知道的, 但和世界上其他地區相比, 如正面臨國家債務危機和經濟不安的歐洲, 美國仍是外國投資者最有吸引力的投資地區之一.
Just as we've seen in the housing market, challenging times create great opportunities in the commercial sector. Foreign investors recognize this, and they see the value in investing in U.S. commercial properties. Savvy, professional commercial brokers can expand their businesses to include this growing client base and be a part of something big.
我們從住宅的市場看來, 在這艱困時期反而為商業不動產市場創造了大好機會, 外國的投資者也認知到這個情況, 也看到了投資美國商業物產的價值. Savvy這家專業的商業不動產經紀公司, 可以把這塊正在成長的客戶群包含在他們的業務擴展範圍內, 而且把這作成一個大計劃中的一部份.
The numbers tell the story: For the first time since 2007, cross–border acquisitions topped $7.8 billion in third quarter 2011. What's more, these buyers accounted for more than 10 percent of all sales volume — another recent high, according to Real Capital Analytics.
數字會說話, 根據Real Capital Analytics的資料, 自2007年以來, 跨國的銷售在2011年第三季逹到最高峰為 78億美金, 更甚的是, 這個金額超過總銷售的10%, 這也是創近年來的新高.
Underpinning global investment activity is a mix of buyers who are looking for quality assets, investment safety, and high returns. U.S. commercial markets possess these strengths, says George Ratiu, manager of quantitative and commercial research with the National Association of Realtors.
全美經紀人協會的市場研究部經理George Ratiu說, 全球投資活動的支撐, 主要是來自那些尋找有品質的資產、安全的投資、和高回報率的買主, 而美國的商業不動產市場即擁有這些優勢,
"The U.S. is attractive to global investors because it has a mature and stable economic environment, which provides investors with quality assets and capital safety," Ratiu says. "Another factor is the rising availability of investment capital in China. While Chinese real estate continues to be a powerful magnet for international investors, Chinese investors are looking to diversify their holdings, and the U.S. is an ideal choice. Also, the soft dollar is making dollar–denominated assets a relative good buy."
Ratiu說”美國之所以吸引全球的投資者, 是因為有個成熟穩定的經濟環璄, 這提供投資者有品質的資產和資金的安全”, “另一個因素是中國正在興起的投資資金, 正當中國的不動產市場對國際投資者來說像是一個強大的磁鐵時, 中國的投資者卻正在為其資產尋找多樣化的投資, 而美國正是一個理想的選擇.””同時, 弱勢貨幣(美元)仍然可以賺錢-使美國資產相對的成為一個較佳的投資標的.
Canadians Lead the Way
加拿大人主導這個趨勢
Looking at the overall picture, our neighbors from up north are the largest group of international investors, and they're flocking to the U.S. in droves. In 3Q11, Canadian capital represented one–third of all foreign commercial acquisitions, followed closely by Latin American and Asian investors, according to Real Capital Analytics.
從全方面來看, 我們北方的鄰居是最大的國際投資者, 他們是成群的來美國., 根據Real Capital Analytics的資料, 在2011年第三季, 加拿大的資金佔所有外國商業投資的三分之一, 接.下來是來自拉丁美洲和亞洲
Investors based in Hong Kong and China have also ramped up activity, with acquisitions surging to nearly $1.5 billion in the past year — a major increase considering these investors acquired practically nothing 18 months ago. South Koreans are right on their heels, totaling well over $1.1 billion worth of commercial investments over the past year.
從香港和中國來的投資者也一直在加速活動, 去年衝到約150億美元, 這些投資者大部份在18個月前沒投資半毛錢. 南韓緊追在後, 去年的商業投資超過110億美元, 超過已往幾年的總額.
The surge in Canadian acquisitions(併購、購買) is a relatively new phenomenon, driven mostly by strong conomic conditions and a stable Canadian dollar, says Jim Fetgatter, chief executive of the Association of Foreign Investors in Real Estate, a trade organization that represents foreign investors interested in U.S. real estate.
Jim Fetgatter, 擔任不動產外國人投資協會(一個商業機構, 代表對美國不動產有興趣的外國投資者)執行長表示, 加拿大的購買浪潮相對的是一個新的奇特現象, 主要是因為強力的經濟條件和穩定的加幣.
"Canada's economy never went through the financial crisis we did during this recession, so the U.S. is an ideal choice, plus there are limited investment opportunities in Canada due to the smaller size of its commercial market," Fetgatter says.
Fetgatter說”加拿人從沒有經歷過我們在這個經濟衰退期所經歷的金融危機, 所以美國(對他們來說)是一個理想的選擇, 加上在加拿大的投資機會有限, 因為他們的商業市場規模比較小.”
It might be surprising to some that despite the influx of cross–border acquisitions, purchasing U.S. real estate is actually a difficult endeavor for foreign investors, due in large part to Foreign Investment in Real Property Tax Act legislation. FIRPTA mandates that foreign investors be taxed on dispositions of U.S. real property interests. It makes transactions more costly and time–consuming for inbound investors.
也許會對已有大量的跨國投資感到驚訝, 因為在美國購買不動產對外國投資者來說, 實際上是很困難的, 主要是因為法律規定外國投資者的法定不動產稅. FIRPTA規定, 外國投資者在處分美國房地產時, 必需對於其收益課稅, 這對來美國的投資客來說, 其交易過程更費成本和費時.
"No other type of foreign investor is taxed on capital gains in the U.S. except for real estate investors," Fetgatter says. "The manner in which foreign investors tailor their acquisitions for tax purposes depends on whether the U.S. has a double taxation treaty with that country and what kind of investor they are. For example, high–net worth individuals are taxed differently than foreign pension funds in relation to how they're able to structure their investments."
Fetgatter 說 “除了不動產投資者, 美國沒有對其他形態的外國投資者課資本利得稅.” “如何對外國投資者購買不動產課稅, 是依據美國是否有和其國家簽有雙邊課稅協定, 以及他們是哪一種類的投資者. 舉例來說, 擁有高資產的大戶和外國退休金基金的課稅就不同, 這和他們如何配置投資有關”.
Secondary Markets Gain Steam
次要市場取得動力
Traditional commercial gateway markets such as Manhattan, which for 40 percent of foreign purchases through 3Q11, are still the hot destinations for global investors. But cities like Miami, Houston, Seattle, Dallas, and San Diego are making gains in commercial investment activity.
傳統的商業入門市場, 如曼哈頓, 在2011年第三季佔外國購買的40%金額, 對於全球的投資者仍是熱門的目的地.. 但有些城市如邁阿密、休士頓、西雅圖、逹拉斯和聖地牙哥, 在商業的投資活動中都有賺錢.
In Miami, for example, foreign investors purchased more than $650 million worth of commercial properties as of mid–October. Asian investors led the way, accounting for about 63 percent of all foreign capital in the city, according to RCA data.
根據RCA的資料, 在邁阿密, 舉例來說, 在10月中旬, 外國投資者購買了超過價值6億5仟萬美元的商業不動產. 主要是亞洲投資者, 在該城市的所有外國投資資金中佔有約63%的比例.
JM Padron, CCIM, broker/owner of Re/Max Commercial Associates in Fort Lauderdale, Fla., is seeing this firsthand. Large multinational companies, such as Genting Malaysia Berhad and Hong Kong's Swire Group, have recently announced major multimillion–dollar investment projects in downtown Miami. And that's just the beginning.
在佛羅里逹Fort Lauderdale的Re/Max 商業協會的JM Padron, CCIM, (經紀人/業主)是直接的見證人, 大的跨國公司, 如馬來西亞的Genting公司和香港的Swire集團, 最近已發佈在邁阿密市中心有上千萬的投資計劃, 而這只是個開始而已.
"Asian investors are definitely prominent in South Florida investments, but we're also seeing major players come in from Brazil and other Latin American countries; Brazilians account for 35 percent of commercial buys in downtown Miami," Padron says. "Israel also is an important investor in South Florida; the Dizengoff Group has invested $85 million, mostly in anchored retail centers and bulk condo deals."
Padron 說: “在南佛羅里逹州的投資, 亞洲投資者絕對是佔多數, 但我們也看到有些主要的投資者來自巴西和其他拉丁美洲國家. 巴西人佔邁阿密市中心的商業買家的35%””以色列人在南佛州也是一個主要的投資者, Dizengoff集團已投資了850萬美元, 大多是在一些固定的零售商場和大筆的公寓交易”
Nationally for foreign investment, office sales have recovered quite nicely, accounting for over half of cross–border acquisitions as of June 2011 — a 65 percent year–over–year increase over 2Q10, according to RCA. The retail and apartment sectors, however, recorded the largest gains, signaling an emerging preference for those property types.
外國人在全國的投資, 在辦公室的項目恢復的狀況很好. 根據RCA的資料, 自2010年第2季至2011年6月, 跨國投資有65%的成長. 零售和公寓大樓也有很大的收獲, 表示投資者對這些不動產的種類的興趣正在增加中.
If 2011 numbers are any indication, more foreign investors will be looking to diversify their holdings — and they'll be investing their capital in the U.S.
如果2011年的數據是個指標, 表示有更多的外國投資者將分散他們的投資, 他們將把資金投資到美國.
Dave Liniger is co–founder and chairman of Re/Max, one of the leading real estate franchise companies with a global reach of more than 80 countries. Contact him at dave@remax.com.
作者Dave Liniger 是Re/Max,的共同起創人之一, 且是Re/Max,的董事長.
Re/Max, 在全球80幾國有連鎖公司, 是不動產界的領導品牌之一.
可經由dave@remax.com. 和他聯絡
Translated from: Jan. Feb. 2012 Commercial Investment Real Estate by PR team of Taiwan CCIM Association
CCIM台灣不動產協會公共關係委員會 譯自美國不動產商業投資雜誌:2012年1,2月雙月刊