Real Estate Development and Finance in China and .
中国和美国
的
房地产开发及
金融
1.
房地产市场的主要参与者
2.
房地产业产品分类
土地开发
Land Development
住宅地产
Housing
办公地产
Office
零售业地产
Retail
工业地产
Industrial
3.
房地产开发流程
4.
美国房地产金融
房地产金融基础知识
房地产私募基金（
Real estate Private Equity
）
房地产投资信托 （
REIT
）
住房抵押贷款证券化以及商业抵押担保证券（
MBS and CMBS
）
5.
影响
房地产产业发展的
因素
目录
MBS – Mortgage-Backed Securitization
CMBS – Commercial Mortgage-Backed Securities
1. Major Players in real estate market
2. Real estate industry product type
Land Development
Housing
Office
Retail
Industrial
3. Real estate development process:
4. Real estate finance in the United States
Real estate finance basics
Real estate Private Equity
REIT
MBS and CMBS
5. Factors in real estate cycle
Road Map
1 .
房地产市场参与者
1 .Who are involved in real estate market?
1.
房地产市场的主要参与者
2.
房地产业产品分类
土地开发
Land Development
住宅地产
Housing
办公地产
Office
零售业地产
Retail
工业地产
Industrial
3.
房地产开发流程
4.
美国房地产金融
房地产金融基础知识
房地产私募基金（
Real estate Private Equity
）
房地产投资信托 （
REIT
）
住房抵押贷款证券化以及商业抵押担保证券（
MBS and CMBS
）
5.
影响
房地产产业发展的
因素
MBS – Mortgage-Backed Securitization
CMBS – Commercial Mortgage-Backed Securities
1. Major Players in real estate market
2. Real estate industry product type
Land Development
Housing
Office
Retail
Industrial
3. Real estate development process:
4. Real estate finance in the United States
Real estate finance basics
Real estate Private Equity
REIT
MBS and CMBS
5. Factors in real estate cycle
2.
房地产业制造的产品
does real estate industry produce?
产品
-
美国土地开发
Product - Land Development - US
产品
-
美国土地开发商
Product - Land Development - US
产品
-
中国的土地开发
Product - Land Development - China
一级开发（土地），二级开发（房地产），生地、熟地、
七通一平（通给水排水、通电、通讯、通路、通燃气、通热力以及场地平整）
产品
–
住宅
独栋别墅
联排别墅
多层住宅
高层住宅
Product - Housing
Single Family
Townhouse
Mid Rises
High Rises
产品
–
办公楼
A
级
:
拥有投资级别的建筑并拥有卓越的位置以及顶级的设计、设备、配套设施、和物业管理
B
级：
拥有较好的位置、建设、以及物业管理，功能上只存在少量的老化或退化
C
级：
建筑相比
A
级和
B
级有很大程度的老化并且没有现代化的设施
Product - Office
Class A
: Investment grade building that offer an excellent location and first – rate design, building systems, amenities, and management
Class B
: Buildings with good location, management, construction and little functional obsolescence or deterioration
Class C
: Buildings that are substantially older than Class A and Class B building and that have not been modernized
产品
–
办公楼
Product - Office
产品
–
零售业地产
百货商店
–
能够提供许多种类的商品及服务的大型商店
折扣商店
–
能够提供较多品种的商品及服务，主要拥有在价格方面有优势的产品的商店
一般商店
–
一种百货商店和折扣商店的混合体
超市
–
出售大多数食品类商品
仓储式超市
–
仓储式超市提供低价且以批售的形式出售商品。仓储式超市通常采用会员制的形式进行管理。
杂货店或“一元店”
–
此种商店提供非常低廉价格的商品但种类有限。
Product - Retail
Department stores
- very large stores offering a huge assortment of "soft" and "hard" goods
Discount stores
- tend to offer a wide array of products and services, but they compete mainly on price
General merchandise store
- a hybrid between a department store and discount store
Supermarkets
- sell mostly food products
Warehouse stores
- warehouses that offer low-cost, often high-quantity goods piled on pallets or steel shelves; warehouse clubs charge a membership fee
Variety stores or "dollar stores"
- these offer extremely low-cost goods, with limited selection
产品
–
零售业地产
Product - Retail
产品
–
工业地产
仓库
/
配送中心
:
用于储藏及配送货物
制造工厂
:
设计用于安放生产设备的大型厂房
Flex:
由一个或两个关联的建筑组合能同时用于办公及仓储
Multitenant:
卡间出租给小型租户诸如办公室，展示间，以及服务业
办公室
:
主要用于提供办公空间
科技园
Product - Industrial
Warehouse / Distribution:
focus on the storage and distribution of goods
Manufacturing:
large facilities designed to accommodate the equipment for manufacturing process
Flex:
one or two story building combining some part of both office and warehouse uses
Multitenant:
cater to customer oriented smaller tenents such as office, showroom, and service businesses
Office:
primarily for office space
Science Park
1.
房地产市场的主要角色
2.
房地产业产品分类
土地开发
Land Development
住宅地产
Housing
办公地产
Office
零售业地产
Retail
工业地产
Industrial
3.
房地产开发流程
4.
美国房地产金融
房地产金融基础知识
房地产私募基金（
Real estate Private Equity
）
房地产投资信托 （
REIT
）
住房抵押贷款证券化以及商业抵押担保证券（
MBS and CMBS
）
5.
影响
房地产
产业发展
的
因素
MBS – Mortgage-Backed Securitization
CMBS – Commercial Mortgage-Backed Securities
1. Major Players in real estate market
2. Real estate industry product type
Land Development
Housing
Office
Retail
Industrial
3. Real estate development process:
4. Real estate finance in the United States
Real estate finance basics
Real estate Private Equity
REIT
MBS and CMBS
5. Factors in real estate cycle
Road Map
3.
房地产开发
–
主要因素
3. Real estate development – Major Factors
3.
房地产开发
–
时间线
建设融资
可居住证明
Certificate of Occupancy
稳定居住
买卖
时间（月）
12
24
36
120
开发时期
运营时期
3. Real estate development – Time line
Construction Funding
Certificate of Occupancy
Stabilized Occupancy
Sale
Months
12
24
36
120
Development Period
Operating Period
3.
房地产开发流程
规划及初步概念阶段
可行性研究阶段
委托及设计
项目建设
销售，管理及运营
3. Real estate development process
Planning and Initiation Phase
Feasibility Phase
Commitment and Design
Project Construction
Project Sale, Management and Operation
3.
房地产开发流程
规划及初步概念阶段
发布项目标的
标明并制定主要开发指标
建筑规范
位置
征集土地
公共设施需求
土地政策
环境指标
征集开发团队
金融
/
开发顾问
开发商
土地规划方
法律顾问
市场咨询机构
3. Real estate development process
Planning and Initiation Phase
Establish project objectives
Identify and define major developmental issues
Regulatory
Location
Land Assembly
Need for public sector involvement
Political
Environmental
Assemble development team
Financial/development adviser
Developer
Land planner
Legal adviser
Market consultant
3.
房地产开发流程
可行性研究阶段
数据收集
数据分析，评价以及推荐
初步设计
经营业绩预测
成本及金融评估
金融可行性分析
3. Real estate development process
Feasibility Phase
Data collection
Data analysis, evaluation, and recommendations
Preliminary design
Operating performance projections
Costing and financial evaluation
Financial feasibility analysis
3. Real estate development process
委托及设计
开发项目定案
土地征集
生成环境文本
公众的审议通过
公众环节的融资支持协议
融资报告
初步开发工作安排
最终项目成本预测
设计方案定稿
Environment, transportation, civil defense, fire protection
3. Real estate development process
Commitment and Design
Finalize development program
Land assembly
Leasing commitment
Environment documents
Public sector approvals
Agreement for public sector financing assistance
Financing documents
Preliminary development schedule
Final project cost estimate
Finalize design documents
Environment, transportation, civil defense, fire protection
3. Real estate development process
项目建设
建设管理人员
相关许可证和证明
招标
与施工方以及分包方的协议
施工监理人员
质量监控
验收检查
景观以及设备安装
3. Real estate development process
Project Construction
Construction manager
Permits and approvals
Bidding package
Contractor and subcontractor agreements
Construction supervisor
Quality control
Completion inspection
Landscape and utilities installation
3. Real estate development process
项目出售，管理及经营
编制销售进度表以及营销计划
市场调研
预售
开业
用户金融支持
辅助客户注册
物业管理
3. Real estate development process
Project Sale, Management and Operation
Set up sales schedule and marketing plan
Marketing
Pre-sale
Opening
Customer financing
Registration assistance
Property management
3.
房地产开发流程
3.
房地产开发流程
1.
房地产市场的主要角色
2.
房地产业产品分类
土地开发
Land Development
住宅地产
Housing
办公地产
Office
零售业地产
Retail
工业地产
Industrial
3.
房地产开发流程
4.
美国房地产金融
房地产金融基础知识
房地产私募基金（
Real estate Private Equity
）
房地产投资信托 （
REIT
）
住房抵押贷款证券化以及商业抵押担保证券（
MBS and CMBS
）
5.
影响
房地产产业发展的
因素
MBS – Mortgage-Backed Securitization
CMBS – Commercial Mortgage-Backed Securities
1. Major Players in real estate market
2. Real estate industry product type
Land Development
Housing
Office
Retail
Industrial
3. Real estate development process:
4. Real estate finance in the United States
Real estate finance basics
Real estate Private Equity
REIT
MBS and CMBS
5. Factors in real estate cycle
房地产金融
–
基础知识
容积率
FAR (Floor Area Ratio)
:
容积率，是指一个小区的总建筑面积与用地面积的比率
容积率
=
地上总建筑面积
/
规划用地面积
空置率
Vacancy(Occupancy):
空置率是指某一时刻空置房屋面积占房屋总面积的比率
运营净收入
NOI (Net Operating Income):
物业运营中减除成本后的出租收入。这些成本包括维护成本，清洁成本，供给，保险，财务以及管理成本等。
资本化率（资产收益率）
Cap Rate (Capitalization Rate):
运营净收入与资产价值的比率
资产收益率
=
运营净收入
/
资产价值
Real estate finance - Basics
FAR (Floor Area Ratio)
:
The ratio of the total floor area of buildings on a certain location to the size of the land of that location, or the limit imposed on such a ratio.
Floor Area Ratio = Total building area / Area of the plot
Vacancy(Occupancy):
The percentage of all rental units (as in hotels) that are unoccupied or not rented at a given time period.
NOI (Net Operating Income):
The rental income of a property after operating expenses. These expenses would include all operating expenses, including maintenance, janitorial, supplies, insurance, accounting, management, etc.
Cap Rate (Capitalization Rate):
The ratio between the net operating income produced by an asset and its capital cost (the original price paid to buy the asset) or its current market value
Cap Rate = NOI / Asset Value
Source: Real Estate Research Corporation - Chicago
房地产金融
–
房产价格走势图
资产收益率历史数据
办公室
–
中心商圈
办公室
–
非主城区
工业地产
–
仓库
工业地产
–
研发用地
住宅公寓
办公室
–
中心商圈
办公室
–
非主城区
工业地产
–
仓库
工业地产
–
研发用地
住宅公寓
Source: Real Estate Research Corporation - Chicago
Real estate finance - Property Price Movements
Source: Real Capital Analytics, 2009.
年平均资产收益率
房地产金融
–
房产价格走势图
住宅公寓
工业地产
办公楼
商铺
酒店
Source: Real Capital Analytics, 2009.
Average Cap Rate
Real estate finance - Property Price Movements
房地产金融
Source: Pension & Investments, October 30, 2006 and Prudential Real Estate Investors, December 2006.
商业地产
$
万亿
（
%
）
股权投资
$
万亿
（
%
）
债券
$
万亿
（
%
）
Real estate finance
Source: Pension & Investments, October 30, 2006 and Prudential Real Estate Investors, December 2006.
房地产金融
–
房地产总揽
Source: Prudential Real Estate Investors, December 2006.
商业地产
$
万亿
（
30%
）
住宅
$20
万亿
（
60%
）
政府建设
$
万亿（
10%
）
Real estate finance - All Real Estate
Source: Prudential Real Estate Investors, December 2006.
房地产金融
–
投资结构
股权
债权
私募
公募
个人投资
有限合伙
公司投资
普通合伙
私募
REIT
信托以及基金
贷款
(
抵押
,
非抵押
,
集资
)
结构性融资
REIT
上市企业投资
公开交易合伙
住房抵押贷款证券化
商业抵押担保证券
按揭型
REIT
Real estate finance - Investment Structure
Equity
Debt
Private
Public
Individual
Limited Partnership
Corporation
General Partnership
Private REIT
Trust and Fund
Mortgage (Secured,
unsecured, Participating)
Structured financing
REIT
Corporation
Publicly Traded Partnership
CMBS
MBS
Mortgage REIT
房地产金融
–
投资结构
100%
98%
95%
85%
75%
65%
2000-2010
中期资本结构
B-note investors
In commercial real estate financing, purchasers of the subordinate tranches, or second and third
a borrower
defaults,the
B-note investors will suffer losses before the investment-grade
a
result,such
investors scrutinize deals more
thoroughly,charge
higher interest rates commensurate with their increased
risk,and
typically retain powers to protect themselves somewhat in the event of
rights include
• The right to approve modifications to the agreement
• The right to insist on foreclosure in the event of default
• Certain limited cure rights to keep a loan current and avoid foreclosure
Real estate finance - Investment Structure
100%
98%
95%
85%
75%
65%
Capital Stack as of Mid 2000s
房地产金融
–
投资结构
高级贷款中住房抵押贷款证券化以及次贷产品的结构
房地产作为抵押品
利息以及本金由下向上支付
损失自上而下承担
产品供应商通常持有
B
级产品，或由
B
级产品持有者指定
estate finance - Investment Structure
Senior Loan for CMBS and CDO Structure
Collateral is Real Estate
Interest and Principal get paid from bottom up
Losses flow from the top down
Special Servicer usually owns the B piece, if not, the servicer is picked by the B piece owner
房地产金融
–
投资结构
B Note
债券
以房产为抵押
在高级贷款中住房抵押贷款证券化以及次贷产品的结构中评价
B
级或
B
级以上
违约发生时，初级以及高级债务必须保持更新
In commercial real estate financing, purchasers of the subordinate tranches, or second and third mortgages. If a borrower defaults, the B-note investors will suffer losses before the investment-grade tranches. As a result, such investors scrutinize deals more thoroughly, charge higher interest rates commensurate with their increased risk, and typically retain powers to protect themselves somewhat in the event of default. These rights include
• The right to approve modifications to the agreement
• The right to insist on foreclosure in the event of default
• Certain limited cure rights to keep a loan current and avoid foreclosure
Real estate finance - Investment Structure
B Note
Collateral is still the Real Estate
Not to be confused with B piece of senior note in the CMBS structure
Junior to Senior debt and must keep current if a default occors
In commercial real estate financing, purchasers of the subordinate tranches, or second and third mortgages. If a borrower defaults, the B-note investors will suffer losses before the investment-grade tranches. As a result, such investors scrutinize deals more thoroughly, charge higher interest rates commensurate with their increased risk, and typically retain powers to protect themselves somewhat in the event of default. These rights include
• The right to approve modifications to the agreement
• The right to insist on foreclosure in the event of default
• Certain limited cure rights to keep a loan current and avoid foreclosure
房地产金融
–
投资结构
夹层贷款
抵押物是所有权实体的利息
有些是抵押资产，有些是整体贷款的销售
需要高级借方的债权人协议作为担保
Mezzanine capital, in finance, refers to a subordinated debt or preferred equity instrument that represents a claim on a company's assets which is senior only to that of the common shares. Mezzanine financings can be structured either as debt (typically an unsecured and subordinated note) or preferred stock
Real estate finance - Investment Structure
Mezzanine Loan
Collateral is interest in the Ownership Entity
Sometimes securitized (CDOs), sometimes sold as a whole loan
Need inter-creditor agreement with senior lender to provide protection
Mezzanine capital, in finance, refers to a subordinated debt or preferred equity instrument that represents a claim on a company's assets which is senior only to that of the common shares. Mezzanine financings can be structured either as debt (typically an unsecured and subordinated note) or preferred stock
房地产金融
–
投资结构
优先股权
,
有限合伙股权
和
发起股权
发起合伙人管理事务、作出决策，并挣取相关管理费用，也有可能从有限合伙人出得到激励奖金
有限合伙人按比例得到回报
优先股权可以优先发起以及有限合伙人得到回报，通常以最低回报率进行保证
Real estate finance - Investment Structure
Pref. Equity, . Equity & Sponsor Equity
Manages affairs and decisions and earns fees. May also promote off of LPE
Pro-rata return with sponsor no fees changed by sponsor to bridge equity
Has pref on cash flow return prior to LPE or sponsor, usually defined by a hurdle rate or waterfall
房地产金融
–
私募股权基金
有限存续期
(4
到
12
年
)
由发起人通过养老基金，捐款或私人基金会等机构发起
投资于许多房地产项目以及房地产相关的投资机会，创造增值后通过变卖资产将本金及收益返还给投资者。
发起人需要按照顾问合同中预先发布的流程非常慎重的对资产及投资经行管理。
发起人的酬劳大多数通过分享给投资者的回报的形式获取。
房地产私募股权基金
Real estate finance - Private Equity
Finite life (4 to 12 years)
Raised by a sponsor through institutions: pension funds, endowments, private foundations
Invest in multiple
real estate assets
and real estate related opportunities, create value by generating
cash flow growth and appreciation
, then sell each asset and return both principal and profit to the investor.
Sponsor has
complete discretion
to invest and manage the capital based on
pre-established guidelines
laid out in the advisory agreement.
Sponsor receives most of its wealth from the sharing of profits generated and returned to the investors.
Real Estate Private Equity Funds
房地产金融
–
私募股权基金
有限合伙人
LP
通常是机构投资者
普通合伙人
GP
担任部分管理顾问的职能，同时与有限
合伙人一起参与投资，享有同等收益权
发起人
作为基金顾问分享利润及管理费
房地产私募股权基金中的角色
Real estate finance - Private Equity
LP(Limited Partner) Institutional Investor
GP (General Partner) the part of the advisor that co-invests with LP with equal economic terms as LP.
Sponsor advisor that receives the carried interest and the fees.
Players in Real Estate Private Equity Funds?
房地产金融
–
私募股权基金
房地产私募股权基金的来源
养老基金
其他私募股权基金
海外投资者
保险公司
金融机构
高净值人士
机会基金
夹层基金
房地产债权融资来源
人寿保险公司
商业银行
金融机构
机会基金
养老基金
捐赠
Real estate finance - Private Equity
Real Estate Private Equity Sources
Pension Funds / . Advisors
Private Equity Funds / P. F. Advisors
Foreign Investors / F. I. Advisors
Insurance Companies
Financial Institutions
High Net Worth Investors / HNW Advisors
Opportunity Funds
Mezzanine Funds
Real Estate Private Debt Sources
Life Insurance Companies
Banks
Financial Institutions
Opportunity Funds
Pension Funds
Endowments
房地产金融
–
各种基金的盈利动机
养老基金的盈利动机
:
支付退休工人的退休金
分散投资获利
需要长期投资
获得投资回报
捐赠基金的盈利动机
:
为学校，宗教，半政府以及医院等组织提供恒定的现金流
投资重点
:
长期投资
弹性的以及较低的现金流要求
海外投资的盈利动机
分散投资获利
足够大的市场规模
安全性
现金流优势
税务优惠
Real estate finance – PE Investment motivation
Pension Fund Investment Motivation:
Fund the Retirement Liabilities of Employees
Diversification
Long Term but Defined Horizon
Return
Endowment Investment Motivation:
Provide Eternal Cash Flow Needs of: University, Religious Organization, Quasi Government and Hospital
Investment Focus:
Long Term
Flexible or Low Current Cash Flow Needs
Foreign Investment Motivation
Diversification
Market Size
Security
Cash Flow
Tax Treaties
股权投资者分布
(500
万以上办公楼
,
工业地产
,
零售业地产
以及住宅投资
)
Source: Real Capital Analytics, 2009.
房地产金融
–
私募股权基金投资组成
个人投资
基金投资
用户
信托投资
跨界投资
机构投资
Diversified Buyer Group — Composition of Equity Buyers
(office, industrial, retail and multifamily properties $5+ million)
Source: Real Capital Analytics, 2009.
Real estate finance – PE Investment Composition
房地产金融
–
投资回报目标
Real estate finance - Investment Return Targets
直接投资
合资企业
更广泛的资本获取资源
精准的利息回报
程序化的投资
前期开发
最低的投资成本
完成后可转让
程序化的投资
合作实体层级
公司联合经营
Operating Co. Investment
有限责任公司
Limited Liability Company
普通合伙
General Partnership
有限合伙
Limited Liability Partnership
联合经营
Operating Partnership
房地产金融
–
私募股权基金投资结构
Direct Investment
Joint Ventures
Wider access to capital sources
Alignment of interests
Programmatic investing
Pre-development Commitments
Lowest cost of capital
Takeout upon completion
Programmatic investing
Entity Level
Operating Co. Investment
Limited Liability Company
General Partnership
Limited Liability Partnership
Operating Partnership
Real estate finance - PE Investment Structures
房地产金融
–
私募股权投资工具
直接拥有
独立账户
–
投资者直接拥有所投项目
合资
–
拥有部分所投项目
封闭式基金
合伙投资
–
投资者为所投项目的合伙人，在合伙期的结束时，项目的资产被返还给投资者。
开放式工具
公开交易
REITs–
投资者是所投地产项目的股东，股东的份额可自由买卖以及交换
开放式基金
–
投资者拥有被投项目的股份，股东的份额只能在基金管理人的决策下按当前的股权价值购买或赎回。
私募
REITs –
一种拥有独立董事会监督基金管理人的开放式基金。
Real estate finance – PE Investment Vehicles
DIRECT OWNERSHIP
Separate Accounts – whole properties owned directly by the investor
Joint Ventures – partial ownerships of properties
CLOSED-END FUNDS
Partnerships/LLCs – investors are partners in a portfolio of properties. At end of partnership term, capital is returned to investors.
OPEN-END VEHICLES
Publicly-traded REITs – investors are shareholders in companies that own real estate, whose shares are bought and sold daily on the exchanges
Open-end Funds – investors own a share of a private portfolio of properties; shares can be bought or redeemed at current net asset value as determined by fund advisor
Private REITs – an open-end fund that has an independent board overseeing the advisor
房地产金融
–
私募股权基金的种类
Real estate finance - Categories of PE Funds
房地产金融
–
私募股权基金的商务模型
商务模型
:
投资者
/
经营者 投资并管理资产
分配者
投资给其他项目管理机构
综合基金
圈定资本后投资给其他私募股权基金
发起人的类型
:
普通类型
管理所有市场的所有类型资产
单一部门管理
同时管理不同市场的一份资产
专项型管理
同时管理少范围市场的一份资产
Real estate finance – PE Business Model
Business Model:
Investor/Operator Invest and Manage Assets
Allocator Invest with other organizations who will source and manage the deal.
Fund of funds Pool capital and invest in Private Equity Funds
Types of Sponsors:
Generalists All asset classes All markets
Sector Players One asset class Multiple markets
Super Specialists One asset class One or two markets
房地产金融
–
私募股权投资者关注点
投资机会
:
发起人的投资策略
项目执行难度
预期回报
风险
投资期限
基金结构及属性
在投资者
投资经历
的基础上投资相关投资机会
精准的回报
以及
投资者治理
在发起人
过往投资经验
的基础上判断发起人是否有能力完成投资目标
Real estate finance – PE Investor Concerns
General Opportunity
for Investment:
Attractiveness of Sponsor’s Strategy
Level of Difficulty in the Execution
Return Expectations
Risk
Investment Horizon
Fund Structure and Attributes
Opportunity Relative to Other Opportunities Available to Investors Based on their
Current Portfolio
Alignment of Interest
and
Investor Governance
Ability for Sponsor
to Achieve Stated Objectives Based on Past Performance
房地产金融
- REITs
投资通道创建于
1960
年，为拥有以及管理商业地产而产生
在税法的框架下选举产生
必须产生
90%
的可纳税收入
至少
75%
的资产以及收入需要来自房地产业
4
年以内项目的销售额少于总收入的
30%
最少
100
个股东
不能出现不多于
5
个股东持有超过
50%
的股份
税收在分红后征收
大多数房地产投资信托（债券或混合型）的份额都在纽约证券交易所进行买卖
REITs (
房地产投资信托
)
Real estate finance - REITs
Investment Conduit created in 1960 to own & manage commercial real estate
Elective choice under tax code
Must distribute 90% of taxable income
At least 75% of assets and income (rents, interest, sale gains) in real estate
Less than 30% of gross income can be property sales of less than 4 years
Minimum 100 shareholders
No more than 50% of shares held by five or fewer investors
Income is taxed at shareholder level (dividends)
Mostly Equity REITs (some debt and hybird) traded on NYSE
REITs (Real Estate Investment Trust)
从上世纪
90
年代开始，房地产板块由
100
亿美金的市值增长值
2008
年的
1920
亿美金。
房地产金融
–
现代房地产的变革
法令通过
REIT
86
年税法的通过使得
REITs
能被灵活管理
现代
REITs
时代的开始
100
亿美金市值
1920
亿美金市值，
S&P500
中有
13
家
REITs
Beginning in the early 1990s, the real estate asset class in US grew from a sector market capitalization of around $10 billion to approximately $192 billion in 2008.
Real estate finance – The Modern RE Evolution
房地产金融
–
市场价值
Source: NAREIT
REITs
市值
股权投资市值
贷款市值
混合性产品市值
美元
（百万）
Real estate finance –Market Capitalization
Source: NAREIT
Source: NAREIT
Real estate finance – REITs Returns
REIT
以及其他股市产品的风险调整表现及相关系数
月度总收益
92-6 – 07-6
Source: NAREIT
Real estate finance – REITs Returns
房地产金融
– REITs
相关系数
较低的相关变化
Source: SNL Data source
60
个月的
REIT
与
S&P500
市场收益关联指数
Real estate finance – REITs Correlations
Low Correlations Changing
Source: SNL Data source
房地产金融
–
美国
REITs
历史
1960
年美国国会议案产生
上世纪
70
年代早期产生借贷
REITs
70
年代以及
80
年代，由于有限合伙的出台被人们忽略
1986
年的税务法案鼓励了
REITs
的内部管理
1990
年，金拓（
Kimco
REIT
）开始了
REIT
新纪元
1992
年，来自营运现金流
(FFO)
指标发布
1992
年，
Taubman
创造了伞式合伙
REITS
（
Umbrella Partnership Real Estate Investment Trust)
兆丰（
Mega REITs
）引领了
90
年代的高增长
1999
年，修订了来自营运现金流指标
2000
年，应纳税
REIT
分支通过许可
2000
年，重回
S&P 500
FFO: Funds From Operations
Real estate finance – US REITs History
Formed by an act of Congress in 1960
Construction Mortgage REITs in early 1970s
Ignored due to Limited Partnerships in 1970s & 80s
1986 Tax Act Allowed Active Internal Management
Kimco
REIT started new ERA in 1991
1992 FFO (Funds From Operations ) Established
Taubman
created
UPREIT(Umbrella Partnership Real Estate Investment Trust) in 1992
Growth was key to success in 1990s = Mega REITs
1999 FFO revised
2000 Taxable REIT subsidiaries allowed
2000 added BACK to S&P 500
FFO: Funds From Operations
房地产金融
–
世界
REITs
历史
1960 –
美国发布
REIT
80
年代早期
–
英国采用
REIT
结构
80
年代中期
–
荷兰和加拿大采用
REITs
80
年代晚期
–
日本采用
JREIT
90
年代早期
–
荷兰投资美国
REITs
90
年代中期
–
德国采用
REITs
2000
年后
–
许多国家采用
REIT
形式
FFO: Funds From Operations
Real estate finance – Global REITs History
1960 – REIT established in US
Early 1980s – UK adopts REIT structure
Mid 1980s – Dutch and Canadians adopt REITs
Late 1980s – Japanese adopt JREIT
Early 1990s – Dutch invest in US REITs
Mid 1990s – Germans adopt REITs
2000s – many countries adopt REIT format
FFO: Funds From Operations
房地产金融
– REITs
为公开市场资金提供进入房地产行业的途径
专业的管理
深入的研究（超过
500
名
REIT
分析师）
较低的杠杆率
实时的价格
使用股息原则
具备流动性
为什么
REIT
有益于房地产业？
FFO: Funds From Operations
Real estate finance – REITs
Access to Public Market Capital
Professional Management
Heavily Researched (over 500 REIT analysts)
Lower Leverage (50% for REITs vs. 75% for private)
Real Time Pricing
Dividend Discipline
Liquidity
Why REITs Benefit the Real Estate Industry?
FFO: Funds From Operations
June 30, 2003
Source: NAREIT
房地产金融
– REITs
资产类型
June 30, 2003
Source: NAREIT
Real estate finance – REITs Property Types
June 30, 2003
Source: NAREIT
房地产金融
– REITs
收益来源于
房地产根本的收入来源
–
出租情况和租金
物业管理
资本结构价值
定价来源于
（相关）收益预期
对股票市场的情绪波动
(
爱
/
恨
/
怕）
基于对房地产的理解作出的选择
June 30, 2003
Source: NAREIT
Real estate finance – REITs
Earnings come from
Real Estate Fundamentals
– Occupancies
& Rents
Management
Capital Structure
Pricing Comes from
Earning Growth Expectations (relative)
Stock Market Emotions (love / hate / scared)
Make your selections on a within RE basis
房地产金融
–
REITs
和股权投资比较
REITs
专业的经营
改进的企业治理
流动性以及操作透明
稳定的现金流
较低的杠杆率
多元的种类
专业的管理
快速收获投资的能力
股权投资
专业的投资
高
回报
高风险级别
直接拥有
项目，能够产生一个低“
beta
”的投资组合
发起者和投资者之间
财务纽带
投资者可承销基金投资（自益），从而拥有更多的投资机会
发起人的激励奖金和业绩有很大关联
流动性
/
可预见性
投资机会
Real estate finance – REITs and Private Equity
REITs
Operating professionals
Improved Corporate Governance
Liquidity & Transparency
Steady Cash Flow
Low leverage
Diversified Portfolios
Professional Management
Ability to rapidly harvest investment
Private Equity
Investment Professionals
Very high returns
Absolute Risk level
Direct ownership
provides opportunity to generate a lower “Beta” portfolios
Financial Alignment
between sponsor and investor
Investor ability to
underwrite
, in great detail, sponsor and investment opportunity
Sponsor incentives
tied directly to investor returns and performance
Liquidity/Predictability
Investment Opportunity
房地产金融
– CMBS and CDOs
极好的流动性
拓宽的投资者范围
提供更有效率的定价
依靠
B
级资产
可能掩盖底层的投资风险
死板的预付及承销规则
激励措施并没有完全对等
CMBS
始于
1988
年
,
每个投资者承担不同的风险
商业抵押证券
CMBS
Real estate finance – CMBS and CDOs
Greater
liquidity
for investors
Broadens classes of investors
Provides more
efficient pricing
Dependent on B piece
May mask risk
of underlying investments
Inflexible Underwriting & Prepayment
Incentive is not fully allined
CMBS started in 1988, each investor takes different risk
CMBS (Commercial mortgage-backed security
房地款金融
–
贷款组成
未偿还商业及住宅贷款（
10
亿美金）
政府背景企业
金融机构
储蓄机构
人寿保险公司
商业银行
其他
Real estate finance – Mortgage Composition
Sources: 2Q 2007 Federal Reserve Flow of Funds Release (9/17/2007); 2Q 2007 ACLI Mortgage Loan Portfolio Profile (8/9/2007)
($ Billions)
房地款金融
–
贷款组成
保险公司
代理机构
储蓄机构
商业银行
$100B contraction
$2 trillion expansion
Capital follows credit
’80s – Private
’90s – More public, but still lots of private
Sources: 2Q 2007 Federal Reserve Flow of Funds Release (9/17/2007); 2Q 2007 ACLI Mortgage Loan Portfolio Profile (8/9/2007)
($ Billions)
Real estate finance – Mortgage Composition
$100B contraction
$2 trillion expansion
Capital follows credit
’80s – Private
’90s – More public, but still lots of private
房地款金融
–
贷款组成
商业地产投资（十亿美金）
保险公司
商业银行及储蓄银行
Real estate finance – Mortgage Composition
Source:
Commercial Mortgage Alert, Spring 2009
($ billions)
Updated April 3, 2009
房地产金融
– CMBS
发行
Source:
Commercial Mortgage Alert, Spring 2009
($ billions)
Updated April 3, 2009
Real estate finance – CMBS Issuance
Source:
Trepp LLC, CMSA, Spring
2009
Converge across property type
Multi Family
房地产金融
– CMBS
过失行为
全部
Source:
Trepp LLC, CMSA, Spring
2009
Converge across property type
Multi Family
Real estate finance – CMBS Delinquency
CMBS
池
Traunched
AAA
投资者
AA
投资者
A
投资者
B
投资者
N R
投资者
BB
投资者
BBB
投资者
Real estate finance – CMBS
发行
受托人
CMBS
住宅贷款
办公楼贷款
商铺贷款
旅馆贷款
工业地产贷款
CM B S
Pool
Truanted
AAA Investor
AA Investor
A Investor
B Investor
N R Investor
BB Investor
BBB Investor
Real estate finance – CMBS Issuance
trustee
CMBS
Apt Mortgage
Office Mortgage
Retail Mortgage
Hotel Mortgage
Industrial Mortgage
Apt Mortgage
Office Mortgage
Retail Mortgage
Hotel Mortgage
Industrial Mortgage
Real estate finance – CMBS
发行
Real estate finance – CMBS Issuance
Real estate finance – CDO
发行
组合低质量的债务贷款
像
CMBS
打包
始于
1999
年
抵押债务
CDO
Real estate finance – CDO Issuance
Combine Low Quality Debt Loans
Package them like CMBS
Collateralized Debt Obligations Started 1999
CDO (Collateralized debt obligation)
次贷
次贷
次贷
次贷
次贷
CDO
Pool
Traunched
Real estate finance – New Residential Innovation
给低资信借款者放贷
像
CMBS
打包
次贷起始于
2000
年
每一个投资者承担不同的风险
受托人
AAA
AA
A
B
N R
BB
BBB
Subprime Mortgage
Subprime Mortgage
Subprime Mortgage
Subprime Mortgage
Subprime Mortgage
Subprime Mortgage
Subprime Mortgage
CDO
Pool
Traunched
Real estate finance – New Residential Innovation
Give Bad Credit Borrowers Loans
Package them like CMBS
Sub Prime Mortgages Started in the 2000
Each CRE investor takes different risk
trustee
AAA Investor
AA Investor
A Investor
B Investor
N R Investor
BB Investor
BBB Investor
4. Real estate finance – CMBS
CMBS
提供了具有流动性的低成本的房地产贷款
CDO
创造了将高风险评级并改造的方法
次级贷损害了整个债权市场
但是
–
次贷只占有
5%
的美国市场份额
只有
%
的次级贷发生违约
(
不到整个贷款份额的
)
4. Real estate finance – CMBS
CMBS gives liquidity / lower cost to Real Estate debt
CDO creates way to repackage / improve rating on high risk
Sub-prime debt hurts ALL debt markets
BUT – sub-prime is only
5% of all US mortgages
Only % of sub-prime mortgages are in default (less than 1% of all mortgages)
4.
中国房地产金融
贷款
:
银行
开发贷款
银行
开发融资
信托
私募基金
国际基金开始试水
保险
开始阶段
4. Real estate finance in China
Mortgage: Bank
Development Loan Bank
Development finance Trust
Private Equity Funds International opportunistic PE fund RMB PE fund
Insurance Starting Phase
1.
房地产市场的主要角色
2.
房地产业产品分类
土地开发
Land Development
住宅地产
Housing
办公地产
Office
零售业地产
Retail
工业地产
Industrial
3.
房地产开发流程
4.
美国房地产金融
房地产金融基础知识
房地产私募基金（
Real estate Private Equity
）
房地产投资信托 （
REIT
）
住房抵押贷款证券化以及商业抵押担保证券（
MBS and CMBS
）
5.
影响房地产循环的因素
MBS – Mortgage-Backed Securitization
CMBS – Commercial Mortgage-Backed Securities
1. Major Players in real estate market
2. Real estate industry product type
Land Development
Housing
Office
Retail
Industrial
3. Real estate development process:
4. Real estate finance in the United States
Real estate finance basics
Real estate Private Equity
REIT
MBS and CMBS
5. Factors in real estate cycle
租金
$
股票
(SF)
价格
$
建设
(SF)
股票投资市场空间
楼市建设
房租市场空间
楼市价值
Q*
R*
P*
C*
D
0
5.
影响房地产循环的因素
–
市场空间
Rent $
Stock (SF)
Price $
Construction (SF)
Space Market:
Stock Adjustment
Asset Market:
Construction
Space Market:
Rent Determination
Asset Market:
Valuation
Q*
R*
P*
C*
D
0
5. Factors in real estate cycle – Space Market
Source:
Real Capital Analytics
, Spring 2009
5.
影响房地产循环的因素
爆炸阶段
下滑阶段
房地产市场回暖阶段
下降的贷款利率
资本市场
楼市供应面积
房地产开发
造成开发高潮
只借贷开发
疯狂的销售
信用崩溃
Source:
Real Capital Analytics
, Spring 2009
5. Factors in real estate cycle
Source: Commercial Mortgage Securities Association(CMSA), Spring 2009
办公楼最受影响
商铺空置率首先上升
5.
影响房地产循环的因素
–
美国空置率
Source: Commercial Mortgage Securities Association(CMSA), Spring 2009
Office:
the most volatile
Retail:
vacancy increase first
5. Factors in real estate cycle – US Vacancy Rates
Source: NAREIF TBI, Spring 2009
Index: Year 1994=100
5.
影响房地产循环的因素
–
美国价格指数
Source: NAREIF TBI, Spring 2009
Index: Year 1994=100
5. Factors in real estate cycle – US Price Index
美国
10
年资本化率分布
Source:
Real Capital Analytics
, Spring 2009
5.
影响房地产循环的因素
–
资本化率分布
US Cap Rate and 10-Year Treasury Spread
Source:
Real Capital Analytics
, Spring 2009
5. Factors in real estate cycle – Cap Rate Spread
5.
影响房地产循环的因素
-
中国
资本市场
:
投资
楼市
:
租金和售价预测
人口 统计
城市化和郊区化
政府
:
房地产税收
/
土地收入
5. Factors in real estate cycle - China
Capital Market: Investment
Space Market: Rent
vs
Price Speculation Population Demography Urbanization
vs
Suburbanization
Government Incentive: Property tax income
vs
Land sale income
5.
影响房地产循环的因素
–
人口年龄分布
5. Factors in real estate cycle – Population Pyramid
LOCATION! LOCATION! LOCATION!
Chart3
Value Stocks
Utility Stocks
Large-Cap Growth Stocks
Energy Stocks
Growth Stocks
REITs
Commodities
Bonds
S&P
REIT Indexes
Stock Market Sector and Style Indexes
Commodity Indexes
Aggregate Bond Index
Correlation with Dow Jones Wilshire 5000
Sharpe Ratio
Correlation and Risk-Adjusted Performance
of REIT and Stock Market Indexes
Monthly Total Returns, 7/92 - 6/07
Sheet1
Sheet1
Value Stocks
Utility Stocks
Large-Cap Growth Stocks
Energy Stocks
Growth Stocks
REITs
Commodities
Bonds
S&P
REIT Indexes
Stock Market Sector and Style Indexes
Commodity Indexes
Aggregate Bond Index
Correlation with Dow Jones Wilshire 5000
Sharpe Ratio
Correlation and Risk-Adjusted Performance
of REIT and Stock Market Indexes
Monthly Total Returns, 7/92 - 6/07
Sheet2
Sheet3
Chart3
Value Stocks
Utility Stocks
Large-Cap Growth Stocks
Energy Stocks
Growth Stocks
REITs
Commodities
Bonds
S&P
REIT Indexes
Stock Market Sector and Style Indexes
Commodity Indexes
Aggregate Bond Index
Correlation with Dow Jones Wilshire 5000
Sharpe Ratio
Correlation and Risk-Adjusted Performance
of REIT and Stock Market Indexes
Monthly Total Returns, 7/92 - 6/07
Sheet1
Sheet1
