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Breaking Ground: Chinese Investment in U.S. Real Estate | 开创性视角:美国房地产领域的中国投资

A New Asia Society/Rosen Consulting Group Report

A view of San Francisco's SOMA district (Tom Coates/Flickr)

A view of San Francisco's SOMA district (Tom Coates/Flickr)

A New Asia Society/Rosen Consulting Group Report

Chinese investment into the U.S. has been growing rapidly in recent years. The year 2013 marked a watershed, when for the first time Chinese outbound direct investment into the U.S. exceeded U.S. investment into China. The U.S. sector that has drawn by far the greatest share of Chinese investment is real estate, both residential and commercial, and this boom is the focus of a major new study by the Asia Society and Rosen Consulting Group (RCG), one of most influential real estate consulting, research, and analysis firms in the U.S.

Currently there is an estimated $200 billion of Chinese investment parked in U.S. real estate bonds, primarily long-term asset-backed securities. Since 2011, direct investments have exploded, particularly in New York and California. Estimates for 2014 peg Chinese investment at up to $10 billion in commercial real estate and more than $28 billion in residential real estate. While news coverage of individual transactions grows with each newly announced deal, particularly large dollar-value investments, few analytical studies offer a macro perspective on this boom, and none have attempted a comprehensive survey of total Chinese investment.

Building from Asia Society’s past studies on Chinese investment trends in the U.S., Asia Society and RCG have partnered to fill this gap to provide an authoritative account of Chinese investment stocks and flows into U.S. real estate. Breaking Ground: Chinese Investment in U.S. Real Estate provides a necessary resource for any investor, builder, financier, or service provider looking to stay ahead of this fast-moving trend, while also providing common ground for the broader debate, too often ideological and acrimonious, over U.S-China trade and investment.

The report was launched at events in New York (May 16)San Francisco (May 24), and Los Angeles (May 25). The report will be launched in Shenzhen on November 15 and Shanghai on November 17.

近几年中国在美国的投资呈井喷趋势。2013 年出现重要转折点,这一年中国对美国的外来直接投资首次超过美国对中国的投资。在美国,房地产行业占据中国投资最大份额且占比远超其他行业,既有住宅用房地产也有商用房地产,这一快速增长的趋势成为亚洲协会 (Asia Society) 与罗森咨询集团(Rosen Consulting Group,简称 RCG) 开展的一项大型新研究项目的关注焦点,RCG 是美国最具影响力的房地产咨询、研究与分析公司之一。

目前估计有 2000 亿美元的中国投资注入美国房地产债券,主要是长期资产支持型证券。自 2011 年开始,直接投资十分火爆,特别是在纽约与加利福尼亚。据估计,在 2014 年汇率制下注入商业房地产的中国投资高达 100 亿美元,注入住宅房地产的中国投资则超过 280 亿美元。虽然每次新交易(特别是美元数额巨大的投资)的宣布都会促使有关个人交易的新闻报道增加,但很少有分析研究对这种快速增长的趋势提供宏观视角,且无一研究尝试对整体中国投资进行综合分析。

为填补这一空白,亚洲协会与 RCG 携手合作,基于亚洲协会过去对美国境内的中国投资趋势研究,对注入美国房地产的中国投资股票与资金提供权威性说明。开创性视角:美国房地产领域的中国投资为寻求在这迅猛发展趋势中抢占先机的所有投资者、建造商、融资人或服务提供商提供必要的资源,同时也为围绕美中贸易投资的广泛辩论提供了公共基础,这些辩论多着眼于意识形态,意见纷纭。

此报告已在下列美国城市举行的活动中发布:纽约(5月 16日)、旧金山(5月 24日)以及洛杉矶(5月 25日)。本报告将于(11月15日) 在深圳发布,(11月17日) 在上海发布


Full Report-English (PDF, 5.0MB) | 完整英文版报告 (敬请期待)

Executive Summary-English (PDF, 1.0MB) | 英文版执行摘要 (敬请期待)

Full Report-Chinese (PDF, 5.0MB) | 全報告中文

About the Co-Author | 关于合著者

Rosen Consulting Group is the leading independent real estate economics consulting firm. Founded in 1990 and with offices in Berkeley and New York, RCG provides strategic consulting and unbiased investment guidance through all market cycles. RCG is a trusted advisor to leading banks, insurance companies, institutional investors, and public and private real estate operators.

罗森咨询集团 (Rosen Consulting Group) 是业内领先的独立房地产经纪咨询公司。RCG 成立于 1990 年,在伯克利与纽约设有办事处,提供有关各个市场周期的战略咨询与客观的投资指导。RCG对于许多主要银行、保险公司、团体投资人以及公私房地产运营商都是值得信赖的顾问。

Strategic Partner | 战略合作伙伴

Established in 2008, ChinaSF is an economic initiative of San Francisco in close partnership with the San Francisco Center for Economic Development. ChinaSF’s mission is to facilitate innovation and trade by providing bilateral access to government, business, and educational communities in Greater China and San Francisco.

旧金山市对华办公室 (ChinaSF) 成立于 2008 年,是旧金山市与旧金山经济发展中心 (San Francisco Center for Economic Development)合作发起的一个经济发展项目。旧金山市对华办公室成立的目的旨在促进大中华区与旧金山政府、商界和教育界的双边交流,推动创新与贸易发展。

For more information on sponsorship, please contact Wendy Soone-Broder at [email protected]


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