In the PE industry a bleak sound, frequent flashes of foreign real estate funds often appear generous figure and raise investment to break the industry's deserted. After more than a year to be forgotten, with a foreign background in real estate funds were again dominant in the Chinese market, its performance naturally conspicuous exception. Like Blackstone, Carlyle, Warburg Pincus, CITIC Capital, etc. in the real estate funds have recently had a breakthrough.
Foreign institutional investors towards the attitude of China's real estate market is undoubtedly an important benchmark. In the past few years, foreign funds have invested in China's real estate market in "a few into a few", and that often Tazhun opportunity to earn pours, overwhelmed by the concentration of force, rather in the financial crisis once again force Chinese real estate market posture.
It is noteworthy that the investment strategy, foreign real estate funds have been some adjustments, almost uniform to the eyes turned to the direction of commercial real estate.
Foreign win another harbinger
June 17, CITIC Capital Holdings Limited announced that its fourth REITs - CITIC Capital China Retail Property Fund has successfully completed an offering of the fund amounted to 683 million U.S. dollars , exceeding its original $ 600 million fund-raising goal .
CITIC Capital, Chairman and CEO Zhang Yi Chen said: "The fund existing and new entrants to obtain a highly recognized investor, the investor's positive feedback proved that the market for competitive high demand for real estate investment strategy."
Similarly, some other big institutional investors have also raise new funds through demonstrating its interest in investing in the real estate market. Foreign media reported that investment in real estate has become one of the world's largest private equity firm Blackstone Group, plans to raise $ 4 billion real estate fund, specializing in investing in China and other Asian markets.
It is the first time Blackstone only focus on the Asian market, real estate funds, $ 4 billion of the target size is the group's funding initially revealed twice the size. In addition, the Fund will become Asia's largest real estate fund. With the company's global and European funds like, this new Asia fund will have the flexibility to invest in a variety of stocks and bonds, real estate companies.
July 2 CMA, said the company will set up a $ 1 billion private equity fund for investment in China's retail commercial real estate development, which is established by CMA far the largest real estate fund.
In addition to raising funds frequently in the amazing performance, these real estate funds were invested in the project also demonstrated a very active posture.
A detail is optimistic about the Chinese real estate whether problems in the Boao Forum this year from the 12 leading domestic and foreign investment institutions have 10 firm responsible person said they saw a show of hands, only Terra Firma CFO ChrisB arnes think China Real Estate In the formation of foam. Blackstone Group Senior Managing Director, Greater China chairman Antony Leung said, "Blackstone is very optimistic about China's long-term performance of the real estate investment a lot, in addition to residential real estate, the other with the real estate-related logistics also have a lot of opportunities."
Recently, Jones Lang LaSalle monitoring also confirms the real estate market in favor of foreign investors in China's judgment. Jones Lang LaSalle released "global capital flows," the report specifically on the Asia Pacific Commercial Real Estate noted that the first quarter of this year, with Japan, China, Hong Kong, Australia, three of the most popular real estate investment areas are mainly local investors, the Chinese market benefits to promote a large number of cross-border transactions. "Mainland China has made $ 3.6 billion investment in trading volume (up 62% QoQ, flat year on year), mainly due to a large number of cross-border transactions to promote in the first quarter of 2013, the share of cross-border transactions rose to the total transaction about 65% of the amount. "
These hundreds of billions yuan of funds frequently flashed with Chinese PE industry currently deserted landscape in stark contrast.
Or commercial real estate
"In fact, foreign funds have been relatively optimistic about investment opportunities in China's real estate market, after lackluster mainly affected by the financial crisis, the fund-raising and investment are entered into the trough phase, the past two years, many foreign funds are raising new funds However, the global financial crisis and the European debt crisis, the fund-raising slowed, so the foreign funds over the past two years, it is relatively 'low-key' up. "one yuan real estate fund partner said.
In fact, the number of foreign real estate fund, told reporters that China's real estate market in its judgment has not happened fundamental change, investment in "a few into a few" mainly by their own fund-raising as well as the Chinese market valuation of investment targets factors, showing ups and downs. The concern is that in foreign real estate fund investment strategy there have been some adjustments, almost uniform to the eyes turned to the direction of commercial real estate.
CITIC Capital Real Estate Fund since the end of 2011, after completion of the first round of recruitment, the fund has been successful in its development of the three projects to invest about $ 250 million in funding, including Changsha, Hunan Yue, ID Mall, and will commence in the third quarter located in Hefei, Anhui and Shanghai, two development projects. The fund plans to further invest in the next four to five retail real estate projects, investment in the region focus on the radiation surrounding areas, retail property amenities huge space for development of domestic second-tier cities.
The Carlyle Group announced the acquisition at the end of Suzhou impression of the city and Hangzhou Gudun impression of the city 49 percent stake. This two regional integrated shopping center shopping mall developed by the Chinese operators set SZITIC supplier owned and managed. The investment by the Carlyle Asia Real Estate Fund team to implement.
Carlyle Group Managing Director, Head of Carlyle Asia Real Estate Fund Lee Jun Huan said: "At present, China's household disposable income is growing, sustainable urbanization, demographic change, the government is also working to boost domestic demand, these factors will continue to promote the development of China's retail industry, such as Impressionism City Mall retail property rents and capital values have a positive impact on our rapid development of China's retail sector confidence. "
Real estate investment in China has earned pours of Warburg Pincus, there are three pen transactions in the real estate industry announced this year, which is in the country this year, Warburg Pincus publicly announced all investment projects. Announced at the beginning of investment in real estate related companies with prosperous industry, Cube Hotel Management, but by the end of June announced plans to invest another commercial retail enterprises in Chongqing Sand Boat Industry (Group) Company Limited. The three companies are also almost all commercial real estate-related projects.
The foreign real estate fund believes that the national per capita GDP is $ 5,000 to $ 20,000 in the period between that real estate is a growth industry, and the residential real estate sector in only a small category. U.S. residential real estate company listed on the few, mainly logistics real estate, commercial real estate, etc., commercial real estate can provide relatively stable cash flow, which is our current areas of concern.
In fact, many large foreign PE sector investment strategies, real estate has not been listed as a separate division of the field, but was incorporated into the consumer retail sector, it will be more of a real estate business combined with its consumer retail areas ability to be judged.
A foreign real estate fund stakeholders frankly, on the mainland residential market has basically not touch, the risk is too large.
Needless to say, the last few years, residential real estate projects have been reflected in the strong macro-control law-abiding, while commercial real estate is ushered in rapid development period, the urban complex over the sky became a rapid development of commercial real estate miniature. And one time, commercial real estate bubble of the discussion rampant, and even publicly Zhang Xin also said in an interview, China's commercial real estate has no future, and she turned to become New York general building shareholder.
For foreign funds, they prefer domestic cities such relatively mature market; addition, urban complexes, shopping malls and other commercial real estate projects, second-tier cities are more biased in favor of the core quality assets, after all, the core quality first-tier cities business assets can be traded very limited, and second and third tier cities is still in a process of rapid urbanization, including further changes in consumer habits, an increase in personal disposable income and other factors are valued by foreign funds.
The end of June, Shanghai Baoshan Wanda Plaza in the opening day, because the flow of people to come shopping and spending excessive, resulting in a local transaction congestion. Baoshan Wanda Plaza is Wanda Group in Shanghai following the Wujiaochang Zhoupu, jiangqiao after the fourth city complex. These are signs that investors still believe that there is great potential for the commercial real estate space to be tapped.
From foreign funds investing in commercial real estate model point of view, based on commercial real estate itself, mainly in order to carry out a specific project investment operations, and less to invest in a platform-based commercial real estate firm; while shopping in addition to purely commercial class real estate, the logistics real estate, tourism and real estate-related projects are also subject to commercial real estate investment class people of all ages.
Of course, foreign investment in commercial real estate investment opportunities wantonly Nuggets, the local real estate fund development momentum also not be underestimated, local RMB real estate fund this year there have been large-scale promotion, there is far, local real estate funds In the fund-raising capacity, mode of operation, both investment and the "deep pockets" of the foreign funds have a larger gap, "the Ming shares Beneficial debt" means the majority of investors.
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