【英语财经】亚太地区成为全球最大房地产投资市场 Asia now top for real estate bets

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2014-6-12 13:17

小艾摘要: Asia-Pacific has overtaken Europe to become the world’s biggest real estate investment market for the first time, thanks to largely to the booming Chinese property industry.This rapid growth is trigg ...
Asia now top for real estate bets
Asia-Pacific has overtaken Europe to become the world’s biggest real estate investment market for the first time, thanks to largely to the booming Chinese property industry.

This rapid growth is triggering a wave of high-rise construction, with the number of super-tall 300m plus buildings tripling in less than a decade.

Half of the world’s tallest buildings were constructed in the past four years, and 90 per cent of these are in China, southeast Asia or the Middle East, insurer Allianz says. Nearly a third of the world’s tallest buildings are now in China.

The Asia-Pacific market – up 9 per cent year on year – pushed the global value of commercial real estate stock held by investors to a record $12.9tn in 2013, property advisory company DTZ found.

The Asia-Pacific market is worth $4.6tn, overtaking Europe, which grew only 2 per cent to reach $4.4tn, DTZ found. The Chinese market – which has grown by a compound annual rate of 32 per cent in the past decade – has overtaken Japan to become the largest in Asia-Pacific. This has taken it from the world’s tenth largest market to the second, behind only the US.

The activity is fuelling a surge of tower building: half of the world’s 100 tallest buildings are in Asia-Pacific, three times the number in North America, according to Allianz.

The construction shift eastward is being driven by investor demand for flagship real estate assets, growing populations and low labour costs, Ahmet Batmaz, Allianz global head of engineering risk consultancy, said. “These buildings are prestige objects to show the power and wealth of these areas and regions.”

Fears have grown about the levels of debt in the Chinese real estate market, particularly as property prices have begun to wobble. However, the average gearing of Chinese investors was “well below those of Europe or the US” at 54 per cent, said Hans Vrensen, DTZ global head of research.

“There is a very large pipeline of new developments which will trigger a rise in vacancy rates,” he warned. “But the problems in China will not be as severe as in Europe, because the leverage ratios are not the same.”

He said de-gearing could open the Chinese market up to international distressed-debt investors, offering “a massive opportunity”.

亚太地区首次超越欧洲,成为全球最大的房地产投资市场,这主要是得益于中国房地产业的蓬勃发展。

亚太房地产市场的快速增长,掀起一轮高层建筑建设热潮。在不到十年时间里,这一地区高度超过300米的超高层建筑数量增长了两倍。

保险公司安联集团(Allianz)表示,全球的超高楼中有二分之一是在过去四年中修建的,而这些高楼中又有90%分布在中国、东南亚或者中东地区。目前全球超高楼中约有三分之一位于中国。

房地产咨询公司戴德梁行(DTZ)发现,受亚太房地产市场推动(该市场同比增长了9%),2013年投资者持有的全球商业地产存量价值达到了创纪录的12.9万亿美元。

戴德梁行指出,亚太房地产市场目前价值4.6万亿美元,规模超过欧洲;欧洲市场去年仅增长2%,至4.4万亿美元。过去十年来,中国房地产市场一直以32%的年均复合增长率增长,现已超过日本,成为亚太地区的第一大房地产市场。这使中国在全球房地产市场的排位从第十位上升至第二位,仅次于美国。

房地产市场的活跃刺激了高楼建设的猛增。安联集团指出,全球最高的一百座大楼,有二分之一都位于亚太地区,这一比例是北美地区的三倍。

安联集团工程风险咨询业务的全球主管艾哈迈德?巴特马兹(Ahmet Batmaz)表示,建设活动向东方转移,主要受三个因素驱动:投资者对标杆性地产的需求、人口增长、以及较低的劳动力成本。“这些大楼是地位的象征,展示着这些区域和地区的实力和财富。”

但围绕中国房地产市场债务水平的担忧情绪日益加剧,特别是鉴于中国房产价格已经开始动摇。但戴德梁行全球研究主管汉斯?弗伦森(Hans Vrensen)表示,中国投资者的平均杠杆率仅为54%,“远低于欧洲或者美国”。

他警告称:“正在进行中的房地产新开发项目数量庞大,这将导致房屋空置率上升。但中国的问题不会像欧洲那样严重,因为这两个市场中的杠杆比率不同。”

他表示,去杠杆进程将推动中国房地产市场向国际不良债务投资者开放,由此形成“一个巨大机遇”。

译者/马拉

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