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近两年,地产领域外资收购事件频出,2007年尤甚。与以往不同的是,今年,外资收购重点转向商业地产(特指商场、购物中心);不仅如此,除了外资,国内一些具备实力的大开发商们也将纷纷完成多项商场收购。如此频繁的收购行动,实质上是由目前市场发展格局所决定的,第一,外资和开发商一致看好北京的商业地产发展,期待通过收购的形式将优质项目纳入旗下,长期持有并经营这些优质项目,获得长期而稳定之回报,也有开发商可以将旗下优质物业打包上市,成为资本运作之手段。其次,从市场环境上来说,北京这两年商业地产高速发展,大量的项目会在2008年前入市,市场本身也要求具有实力的开发商和运营商对市场优质项目进行整合与再分配,从而促进长期市场的良性发展。第三,商业地产对开发和运营要求比较高,不仅需要有雄厚的资金实力,还需要开发商具备成功项目的运作经营,因此一些尚不同时具备这两种实力的开发商更愿意出售或者寻找强劲的合作伙伴来共同完成项目的开发和运作。第四,在国内进行商业地产收购的投资商资金实力雄厚,并且有很畅顺的融资渠道,所以更倾向于长期的投资回报,而国内的开发商因为尚处于起步阶段,大部分都处于高负债的经营状态,就算是上市公司,稳定但缓慢的商业地产回报是不足以支持高股价的,所以一般都倾向于做住宅。而且国内政策是不限制外资投资房地产,尤其是住宅开发方面,所以外资也只能打商业地产主意。
In the past two years, foreign-owned real estate acquisitions frequently occurred, especially in 2007. Different from the past, this year, foreign-funded acquisitions shifted to commercial real estate (especially shopping malls and shopping malls); not only that, in addition to foreign investment, some powerful domestic developers will also complete a number of shopping malls. Such frequent acquisitions are essentially determined by the current pattern of market development. First, foreign investors and developers alike are optimistic about the commercial real estate development in Beijing and are looking forward to acquiring quality projects through acquisitions and holding and operating these for a long time High-quality projects, long-term and stable return, but also developers can package its high-quality property market, a means of capital operation. Second, from a market environment, Beijing’s rapid development of commercial real estate in the past two years, a large number of projects will enter the market by 2008, the market itself also requires the strength of developers and operators to market high-quality projects to integrate and redistribution, which Promote the healthy development of the long-term market. Thirdly, commercial real estate has relatively high requirements for development and operation. It not only requires strong financial strength but also requires developers to operate successful projects. Therefore, some developers that do not have both of these strengths are more willing to sell or look for Strong partners to work together to complete the project development and operation. Fourthly, the investors who buy commercial real estate in China have strong capital and have very smooth financing channels, so they are more inclined to long-term return on investment. Because domestic developers are still in the initial stage, most of them are at a high level Liabilities of the state of operation, even if the listed company, stable but slow return on commercial real estate is not enough to support high share prices, so generally tend to do residential. And domestic policy is not limited to foreign investment in real estate, especially residential development, so foreign capital can only hit commercial real estate ideas.