- 投资
- 2021年08月12 日
继续投资房地产：全新市场环境中的另类房地产投资
新冠疫情颠覆了许多关于房地产的传统观念。突然间，一些原本可靠的主要低风险房地产投资形式——无论是直接持有能够产生收益的商业房地产，还是通过房地产投资信托基金(REIT)进行投资——都受到了威胁。人们不再通勤和购物，许多市场对高密度微型城市公寓的需求急剧减少。
然而，这类投资并未消失，只是投资格局发生了变化而已。疫情期间，私募房地产的收益率仍旧相当不错1，但需要丰富的专业知识，才能把握疫情危机为私募房地产市场带来的机会。
2020年美国股票房地产投资信托年化回报率低至-15.3%2，是标普500指数中表现最差的板块。尽管在2020年，投资者对私募房地产基金的投资下降了约35%3， 但由于投资普遍“转向优质企业”，因此最资深的基金管理人所管理的最大规模基金的募资过程最为成功。
根据Preqin的数据，超过三分之一的投资者计划在2021年增加对房地产的配置，其中大部分投资活动已经在美国、日本、英国和瑞士等国家的私募市场显露端倪4。私人银行正在增加对私募房地产基金的供应，以使客户的投资组合更加多元化。Preqin预测5，2023年私募房地产基金市场规模较2018年将增长50%，届时规模将达到1.2万亿美元。
新加坡银行房地产顾问和投资主管Yvonne Siew表示：“在美国，我们喜欢多单元住宅资产，因为这类资产具有风险抵御性，是最稳健的多元投资收入来源之一6。”“包括数据中心、物流和甲级办公资产在内的商业房地产板块仍旧吸引投资者，疫情引发的结构性趋势让投资者对这些资产的需求依然强劲7。
“尽管当前远程办公盛行，市场对未来的办公方式存在许多疑问，但对于办公空间的需求依然存在。更贴切的问题是：在不断变化的世界里，哪类办公空间仍然适合作为投资产品？本行依然认为，虽然我们会重新评估办公空间的使用方式，但办公空间未来仍是商业运营的关键组成部分8。对于了解非银贷款领域的客户，本行更看好商业房地产债券，尤其是在美国、欧洲和澳大利亚等发达市场。“
私募房地产对投资者的吸引力
对于高净值投资者而言，私募房地产投资是对房地产投资信托或实物资产持有等传统公募投资机会的补充9.。
由于私募基金通常会汇集大量资本，因此其能够通过严格、完善的尽职调查流程投资于多元化的优质物业投资组合，而这对于个人投资者来说是很难做到的。
数据显示 10，过去20年，私募房地产回报与股市的相关性远低于公募房地产。这可能会增加投资者预期回报的确定性。值得注意的是，据计算11，私募房地产基金过去20年提供的收益和风险调整后回报均高于公募房地产投资信托。
自从全球金融危机导致对金融机构更严格的监管以来，越来越多的高净值人士和家族理财办公室更青睐私募管理人投资时的灵活性和敏捷性，因为私募管理人能够更自由地做出投资决策。
Siew表示：“寻求投资私募房地产融资轮的客户，支付的溢价可能会略高于选择公募渠道的客户，但他们在投资时对自己的持仓有清晰的了解。”“不论是有形物业，还是股权房地产基金或私募工具等，基础资产的估值很容易理解，不管是对市场可比性、对收益的分析，还是使用现金流量贴现法。我们发现，亚洲的高净值人士继续将房地产视为一类有吸引力的资产。这并不奇怪，因为许多投资者已通过房地产实现财富创造或增值。”
事实上，根据最近的一份报告，中国富裕家庭的房地产投资收益是全球同类型投资者的两倍。12在全球土地价格最高的新加坡，土地价格上涨推动了老一辈创造财富。13在中国香港，超过四分之三的高净值人士投资了房地产。14.
注意成本和资本催缴
有意在投资组合中增加私募房地产投资的投资者需要考虑多个因素。虽然私募基金管理人的监管框架意味着其灵活性更大，运营限制更少，因此能够更快地完成交易，但这也使投资者面临较低的透明度，尤其是在成本方面。
高净值投资者在投入大量资金参与私募房地产基金投资之前，需要对成本结构有全面的了解，并认识到初始募集资金中有一定比例将作为费用被扣除，而非用于投资。
投资者可投入部分初始资金成为某只基金的有限合伙人，但他们也必须同意在基金管理人发现其他投资机会时进一步提供资金。这类资金缴交要求被称为 “资本催缴” ，且为必缴资本。无法满足资本催缴的投资者通常必须放弃其股份。
Siew表示：“所涉及的风险取决于您的房地产投资时机和类型。”“除公开交易的工具外，流动性或许是最常见的问题，也是投资者所面临的一个基本问题。与所有投资一样，最大的风险包括尽职调查不足，以及不完全了解资金具体的投资去向。”
了解不同风格的私募房地产基金，以及它们如何适配不同的投资目标对投资者来说非常重要。较为保守的投资者可能会选择“核心”基金，这类基金投资于高质量、稳定的房地产资产，能够提供可预测的收益且风险较低。风险偏好较高的投资者可能会青睐“增值”或“投机性”基金，这类基金投资于以开发或重新开发为目的来获取利润的土地或资产。
本地化的专业知识至关重要
疫情后房地产市场环境的变化，增加了潜在投资者面临的问题及其复杂程度。企业是否会永久缩小办公面积，以适应居家办公趋势，还是扩大办公空间，以使员工之间保持更大距离？电子商务的繁荣是否会推动工业和仓储物业的长期回报？
在这种不断变化的环境中，寻求本地化专业知识至关重要。新加坡银行房地产顾问和投资（REAI）团队拥有丰富的联络经验，并拥有一流的投资管理人资源，这些投资管理人是通过严格的尽职调查和直接对比精心筛选出来的。
Siew表示：“在各类情况下，我们都采用自下而上的策略，即审视各个行业、评估当前的投资机会，并对投资管理人的业绩进行尽职调查。”
“例如，我们近期建立了一个价值42亿美元的纯物流投资组合，该组合投资遍布美国和欧洲。本行看到电子商务的趋势推动了这一投资机遇，并深知物流在这一背景下的重要性。该投资组合已产生强劲的回报，并且分配的收益超过了基金管理人承诺支付的收益。本行对私募房地产领域的每一个机会都采用同样的前瞻性策略。同样，商业地产债券已成为美国最大的可投资固定收益资产之一，本行也是首家与全球顶尖15名基金管理人之一合作，并建立第一只抵押贷款核心+商业地产债券基金的亚洲银行。”
同系列文章:
1 Knight Frank; 2 Million Acres; 3 Institutional Investor; 4 Knight Frank; 5 Preqin; 6 JLL; 7 McKinsey & Company; 8 McKinsey & Company; 9 Black Creek Group; 10 Black Creek Group; 11 Black Creek Group; 12 Bloomberg; 13 Bloomberg; 14 Funds Global Asia;
新加坡银行与Bloomberg Media Studio 联合制作
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This document is prepared by Bank of Singapore Limited (Co Reg. No.: 197700866R) (the “Bank”), is for information purposes only, and is not, by itself, intended for anyone other than the recipient. It may contain information proprietary to the Bank which may not be reproduced or redistributed in whole or in part without the Bank’s prior consent. It is not an offer or a solicitation to deal in any of the investment products referred to herein or to enter into any legal relations, nor an advice or by itself a recommendation with respect to such investment products. It does not have regard to the specific investment objectives, investment experience, financial situation and the particular needs of any recipient or customer. Customers should exercise caution in relation to any potential investment. Customers should independently evaluate each investment product and consider the suitability of such investment product, taking into account customer’s own specific investment objectives, investment experience, financial situation and/or particular needs. Customers will need to decide on their own as to whether or not the contents of this document are suitable for them. If a customer is in doubt about the contents of this document and/or the suitability of any investment products mentioned in this document for the customer, the customer should obtain independent financial, legal and/or tax advice from its professional advisers as necessary, before proceeding to make any investments.
The Bank, its Affiliates and their respective employees are not in the business of providing, and do not provide, tax, accounting or legal advice to any clients. The material contained herein is prepared for informational purposes and is not intended or written to be used, and cannot be used or relied upon for tax, accounting or legal advice. Any such client is responsible for consulting his/her own independent advisor as to the tax, accounting and legal consequences associated with his/her investments/transactions based on the client’s particular circumstances.
This document and other related documents have not been reviewed by, registered or lodged as a prospectus, information memorandum or profile statement with the Monetary Authority of Singapore nor any regulator in Hong Kong or elsewhere.
This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Singapore, Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates (collectively, “Affiliates”) to any registration, licensing or other requirements within such jurisdiction.
Investments in financial instruments or other products carry significant risk, including the possible loss of the principal amount invested. Financial instruments or other products denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. No liability is accepted by the Bank for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this document. Past performance is not a guarantee or indication of future results. Any prices provided in this document (other than those that are identified as being historical) are indicative only and do not represent firm quotes as to either price or size. You should contact your local representative directly if you are interested in buying or selling any financial instrument or other product or pursuing any trading strategy, investment strategy or wealth planning structure that may be mentioned in this document.
While reasonable efforts have been made to ensure that the contents of this document have been obtained or derived from sources believed by the Bank and its Affiliates to be reliable, neither the Bank nor its Affiliates has independently verified the accuracy of such source(s). The Bank and its Affiliates and their respective officers, employees, agents and representatives do not make any express or implied representations, warranties or guarantees as to the accuracy, timeliness or completeness of the information, data or prevailing state of affairs that are mentioned in this document and do not accept any liability for any loss or damage whatsoever, direct or indirect, arising from or in connection with the use of the contents of this document.
The Bank and its Affiliates may have issued other reports, analyses, or other documents expressing views different from the contents hereof and all views expressed in all reports, analyses and documents are subject to change without notice. The Bank and its Affiliates reserve the right to act upon or use the contents hereof at any time, including before its publication herein.
The author of this document may have discussed the information contained therein with others within or outside the Bank and the author and/or such other Bank personnel may have already acted on the basis of this information (including communicating the information contained herein to other customers of the Bank). The Bank, its personnel (including those with whom the author may have consulted in the preparation of this communication), and other customers of the Bank may be long or short the financial instruments or other products referred to in this document, may have acquired such positions at prices and market conditions that are no longer available, and may have interests different from or adverse to your interests. The persons providing the information to you may receive commissions, fees, rebates or other non-monetary benefits from any counterparty, broker, agent or another affiliate of the OCBC Group or any other party in respect of any trades or transactions effected for you including in relation to the investments referred to herein.
Bank of Singapore Limited is a licensed bank regulated by the Monetary Authority of Singapore in Singapore. Bank of Singapore Limited, Hong Kong Branch, is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap.571) regulated by the Securities and Futures Commission in Hong Kong. Bank of Singapore Limited, its employees and discretionary accounts managed by its Singapore Office may have long or short positions or may be otherwise interested in any of the investment products (including derivatives thereof) referred to in this document and may from time to time dispose of any such investment products. Bank of Singapore Limited forms part of the OCBC Group (being for this purpose Oversea-Chinese Banking Corporation Limited and its subsidiaries, related and affiliated companies). OCBC Group, their respective directors and/or employees (collectively “Related Persons”) may or might have in the future interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. OCBC Group and its Related Persons may also be related to, and receive fees from, providers of such investment products.
Bank of Singapore Limited adheres to a group policy (as revised and updated from time to time) that provides how entities in the OCBC Group manage or eliminate any actual or potential conflicts of interest which may impact the impartiality of research reports issued by any research analyst in the OCBC Group.
Past performance is not always indicative of likely or future results. The value of any investment or income may go down as well as up. All investments involve an element of risk, including capital loss. Customers who are interested to invest in such investment products should read the risk disclosures and governing terms and conditions that are set out in the relevant offering documents.
Dual currency investments, structured deposits and other investment products are not insured by the Singapore Deposit Insurance Corporation or the Hong Kong Deposit Protection Scheme.
Applicable to clients booked and/or managed in the Dubai International Financial Center (DIFC) only: The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC.
Cross-Border Marketing
Hong Kong SAR: Bank of Singapore Limited is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap. 571), regulated by the Securities and Futures Commission in Hong Kong. This document is for information only and is not intended for anyone other than the recipient. It has not been reviewed by any regulatory authority in Hong Kong. It is not by itself an offer or a solicitation to deal in any of the financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products. It does not have regard to the specific investment objectives, financial situation, investment experience and the particular needs of any recipient or Investor. This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction. Indonesia: The offering of the investment product in reliance of this document is not registered under the Indonesian Capital Market Law and its implementing regulations, and is not intended to constitute a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. According, this investment product may not be offered or sold, directly or indirectly, within Indonesia or to citizens (wherever they are domiciled or located), entities or residents, in any manner which constitutes a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. Japan: The information contained in this document is for general reference purposes only. It does not have regard to your specific investment objectives, financial situation, risk tolerance and particular needs. Nothing in this document constitutes an offer to buy or sell or an invitation to offer to buy or sell or a recommendation or a solicitation to buy or sell any securities or investment. We do not have any intention of conducting regulated business in Japan. You acknowledge that nothing in this document constitutes investment or financial advice or any advice of any nature. Malaysia: Bank of Singapore Limited does not hold any licence, registration or approval to carry on any regulated business in Malaysia (including but not limited to any businesses regulated under the Capital Markets & Services Act 2007 of Malaysia), nor does it hold itself out as carrying on or purport to carry on any such business in Malaysia. Any services provided by Bank of Singapore Limited to residents of Malaysia are provided solely on an offshore basis from outside Malaysia, either as a result of “reverse enquiry” on the part of the Malaysian residents or where Bank of Singapore Limited has been retained outside Malaysia to provide such services. As an integral part of the provision of such services from outside Malaysia, Bank of Singapore Limited may from time to time make available to such residents documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of Malaysia). Nothing in such documents or information is intended to be construed as or constitute the making available of, or an offer or invitation to subscribe for or purchase any such capital markets product. Myanmar: This document and information herein is made available by Bank of Singapore Limited, which is not licensed or registered under the Financial Institutions Law (Law No. 20/2016) or other Myanmar legislation to carry on, nor do they purport to carry on, any regulated activity in Myanmar. The provision of any products and services by Bank of Singapore Limited shall be solely on an offshore basis. You shall ensure that you have and will continue to be fully compliant with all applicable laws in Myanmar when entering into discussion or contracts with Bank of Singapore Limited. Oman: This document does not constitute a public offer of investment, securities or financial services in the Sultanate of Oman, as contemplated by the Commercial Companies Law of Oman (Royal Decree No. 4/1974), Banking Law of Oman (Royal Decree No. 114/2000) or the Capital Market Law of Oman (Royal Decree No. 80/1998) and the Executive Regulations of the Capital Market Law (Ministerial Decision No. 1/2009) or an offer to sell or the solicitation of any offer to buy non-Omani investment products, securities or financial services and products in the Sultanate of Oman. This document is strictly private and confidential. It is being provided to a limited number of sophisticated investors solely to enable them to decide whether or not to make an offer to invest in financial products mentioned in this document, outside of the Sultanate of Oman, upon the terms and subject to the restrictions set out herein and may not be reproduced or used for any other purpose or provided to any person other than the original recipient. Additionally, this document is not intended to lead to the making of any contract within the territory or under the laws of the Sultanate of Oman. The Capital Market Authority of Oman and the Central Bank of Oman take no responsibility for the accuracy of the statements and information contained in this document or for the performance of the financial products mentioned in this document nor shall they have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. Russia: The investment products mentioned in this document have not been registered with or approved by the local regulator of any country and are not publicly distributed in Singapore or elsewhere. This document does not constitute or form part of an offer or invitation to the public in any country to subscribe for the products referred to herein. South Korea: The document does not constitute an offer, solicitation or investment advertisement to trade in the investment product referred to in the document. Taiwan: The provision of the information and the offer of the service concerned herewith have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant laws and regulations of Taiwan and may not be provided or offered in Taiwan or in circumstances which requires a prior registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorised to provide the information and to offer the service in Taiwan. Thailand: Please note that neither Bank of Singapore Limited nor any other entities in the Bank of Singapore Limited’s group maintains any licences, authorisations or registrations in Thailand nor is any of the material and information contained, or the relevant securities or products specified herein approved or registered in Thailand. Interests in the relevant securities or products may not be offered or sold within Thailand. The attached information has been provided at your request for informational purposes only and shall not be copied or redistributed to any other person without the prior consent of Bank of Singapore Limited or its relevant entities and in no way constitutes an offer, solicitation, advertisement or advice of, or in relation to, the relevant securities or products by Bank of Singapore Limited or any other entities in Bank of Singapore Limited’s group in Thailand. The Philippines: The information contained in this document is not intended to constitute a public offering of securities under the Securities Regulation Code of the Philippines. Dubai International Financial Center (DIFC): Bank of Singapore Limited has a branch registered in the Dubai International Financial Centre ("DIFC") which is regulated by the Dubai Financial Services Authority (“DFSA”). Bank of Singapore Limited (DIFC Branch) is not a financial institution licensed in the United Arab Emirates outside of the DIFC and does not undertake banking or financial activities in the United Arab Emirates nor is it licensed to do so outside of the DIFC. This material is provided for information purposes only and it is general information not specific in any way to any particular investor, investor type, strategy, investment need or other financial circumstance. As such this information is not financial advice or a financial promotion, nor is it intended to influence an investor's decision to invest. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The material is only intended for persons who fulfill the criteria to be classified as “Professional Clients” as defined under the DFSA rules and should not be reviewed, received, provided to or relied upon by any other person. United Arab Emirates (U.A.E): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.
Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
