diablo 3 gold " very well. Behind this isFor real estate funds at home - QES

"Valley to buy, at the height of sell", the golden rule of this doesnot change the investment industry in the real estate downturn has become a some new opportunities. Discounts, sagging real estate has become a nightmare for developers, but for some people star wars the old republic power leveling, this might be a chance: what was in the real estate industry of PE are the property of waves rising and falling profit. More people are joining the real estate pE-team. 　　Main capital stocks (eleven-twenty fifths) unit fled to cut meat must regret having sudden boom is not likely in a move investors Gospel: hold stocks saved! Shangzhe (pseudonym) decided to join the third-party real estate fund of RMB, he had prior experience includes foreign asset management companies, "relating to trusteeship and management of the property"; also involved countryIn the first Sino-foreign joint venture real estate fund, the background is "dominated by developers"; also has served a property Fund in foreign currency.　　And the third-party real estate fund sponsors, it is a leading real estate services sector listed companies. Shangzhe today, the Fund's partner serving registered in Tianjin, the first scale for successfully raising funds more than US $ 200 million. "Do the Renminbi real estate FoundationGold, now relatively well, "shangzhe said, does not have a mature national flat to the Chinese demographic dividend. National real estate investment funds, President of the Union, the prosperous times in China, Zhang Min tilling explains that the "proceed to the second wave of urbanization" is bound to promote the sustainable development of real estate. At present China's urbanization rate is approximately about 50%, appropriate data was 75% developed countries.That is the future China's urban population will grow by around 500 million. Recognized by not so shangzhe the only one, "early this year a lot of PE funds has plans to set up a real estate fund", according to industry some people close to the real estate PE said. Statistics as at the end of the third quarter, the new real estate fund raised 22 raise funds only, new $. Exactly how many domesticProduction Fund? No one knows exact numbers.　　International capital group limited of heshan Cao Shaoshan, Chairman and Chief Executive said that estimate is more than 200 of the industry. Under the regulation of real estate industry's thirst for capital, as well as shangzhe jump "sea" of the important reasons. A case was in early September, and KKR-Ocean announced joint establishment of real estate fund and the joint venture entity, intendedInvestment platform for companies to invest in a number of real estate projects. Shangzhe admits: now projects the choice is big, its hosted by funds accumulated by the projects pool size is more than 2 billion yuan. "Thawing to money, the ability to have a certain project selection" will be able to make money, another of the same Department of Tianjin real estate fund to the Fund, currently active in the market of real estate fundsEvery family make money, "more or less", such as a property Fund in Shanghai who claimed to be the annual returns of up to 50%.　　However shangzhe is still facing problems: former brand developers backed real estate funds, PE after agency join hands, if he's such an independent third party how to fight one's way out?　　Real estate PE falls for the time being? Shangzhe firstThe problem is that both foreign funds in the real estate fund or in a developer background, he should be mixed well, why don't you have to go it alone?　　RMB real estate funds would really fall for the time being? "Foreign real estate investment in the country has a lot of restrictions. "Shangzhe for this deep experience: first real estate investment is restricted to foreign investment industries, once again reaffirmed the property outside the limit orderForeign funds hold the barriers to domestic property; "not can't do" the old republic power leveling, but even many on less than US $ 100 million project directly reported to the local Department of Commerce approval, nodal Exchange is quite troublesome; domestic approval requirements to set up offshore structures, also make the establishment of new projects less likely, both projects share expansion, change and a lot of trouble. Close to the matter saidCarlyle at the end of 2006 the largest buying and selling in Shanghai after 110 villas project, there has been little action in the field of real estate in China. It recently completed a total of more than $ 1.6 billion property fund raising, "primarily invested in European and American markets." Shangzhe believes that real estate industry after the crisis in a row prices in Europe and America have reached the bottom, while foreign funds in such aCooked can play a more important role in the financial markets. Brand developer mode of the obvious advantages of the Fund swtor power leveling, "such as so many investors tend to invest these funds, because they have branded". Cao Shaoshan explained, but project source secure, benefit group guarantees, project supervision costs are low, relatively simple decision making links. But the other side of the coin is that these fundsWho then is for developers to manage the identity of the shareholders of the company, also is responsible for social investors? Whether financing will become a developers platform? "If you want to do fund long-term, this is a problem must be resolved.　　"Shangzhe said. This is not groundless. Guangdong brand real estate funds who pointed out that when they finance many investment people have this question. "IInside there is a Convention, all shareholders do not have to fund money; if used swtor power leveling, is in other channels on the basis of the cost of capital plus 5 points. "But some people still question, when interest on bank loans to 6 points, naturally from the Fund financing the cost of more than 35 points are expensive," now is not get money from the Bank, could still insist on it? "Shangzhe exodus of foreign capital andReal estate licensing Fund for commodities, it is true that both funds have their disadvantages, but more important is to "brand". Shangzhe said, including spirit divine land, rivers, such as the international "second Echelon" real estate funds, "top ten brand, future prospects to link. "A real estate data available in a financing statement in support of the Fund, its references Russell Investment Group(Russell Investment Group) according to the data, real estate investment is the important types of asset allocation in mature markets, institutional investors in North America and Europe for real estate investment in basic stability in 7% per cent of its total assets, North American institutional investors in the field of PE funds allocation is only 7%, European institutional investor configurationIn the field of PE assets is only 4% per cent of the total number.　　In Japan, for example, institutional investors on real estate investment Asia-Pacific region rose from per cent in 2005 to the cent in 2009, and the PE investment growth far behind. This big but who want to share a piece of the cake, "they must establish their own track RECOrd (historical performance) ", shangzhe said that, while now the overall situation is uncertain, everyone has the opportunity.　　As early as 2009, CDH, Pouquet investment began to try out real estate funds.　　Property plight raised the Fund initially found shangzhe, he is much experienced in the background of experience, "the financing procedures, financial structure," very well. Behind this isFor real estate funds at home, raise difficulties, "the Fund's average size is only 300 million or 400 million dollars per family. "The shangzhe said that like them more than 1 billion of the Fund is too much in the industry as" amazing ". Nationwide more than more than 200 claimed to be only about half of the real estate fund "vote up". This estimate, the real estate fund will contribute the amount of money to the Chinese real estate industry onlyAbout $ 50 billion, while last year for between 20,000 per cent the amount of money in real estate development. "Lack of institutional LP is the main reason. "Rivers international Chairman Cao Shaoshan said. On the strict regulation of this industry, "insurance funds, social security reluctant to intervene". Industry analysis, and the investment decision Committee could not enter into the State-controlled organizationsInto the real estate fund important reasons. "Every investment is involved in fund management", said a Beijing real estate fund Diablo 3 Power Leveling, which is very troubling thing to industry-wide.　　"So far in the domestic real breakthroughs was the sweet blue", the Pouquet investment is responsible for real estate investment partner can do "all investors are on the outside, the project is entirely by Pouquet management". Of theQian, their funds had mixed with the cooperation of a local Government to establish a Fund of 3 billion yuan for reconstruction of old, are two separately-funded 50% establishment of fund management companies. But fund structure "with the original design are not the same": after fund raising is complete, the investment of developer enthusiasm is high, "wants to use the money for their project";Cooperation to development needs and the Government, and the land price is not expected in inviting tenders, auction and hanging, some agreement between the Government and various developers, attach some preferential terms. "So the final Fund was divided into several. "These people say Diablo 3 Power Leveling," a piece of land on a project to have 1-2 investors form an exclusive small funds. "Shangzhe the Fund therefore also turn"High net worth individuals", through the trust and private banking part of the banks to raise. But it's not smooth sailing, in October, the CBRC full stop issue of real estate fund trust products. Trust is the main source of property Fund, only a case of Beijing International Trust, real estate investment trusts accounted for about 20% of the company's overall business. From September 19, 2011 through 2The 5th issue of trust in the product diablo 3 gold, financing remains the largest real estate investment trust business, 7 items total raised $ 1.472 billion, the total issue size of 50.41%.　　Private banking customers looking to invest in real estate funds "only part". As the cost of real estate enterprise's financing high real estate fund financing costs are rising. It is understood that the highNet worth individuals current IRR expectations for real estate funds generally for around 20% per cent, 8% capital guaranteed income is almost required industry practice.　　Shangzhe Fund designed a schema is cent of capital preservation and 8% rate of return. "This squeeze real estate fund profits. "Prescribed debt share real estate fund is now widely used by the investment strategy swtor power leveling,But yields on bonds are relatively fixed. "This is also determines the structure of the investor.　　"Shangzhe explains that these high net worth individuals can afford investment recovery period of 2 years in total, but" genuine involvement in one or more stages of the development process "property of the life cycle of the Fund are made from" 5 2 "mode. CITIC capital, Senior Managing Director-real estate investment DepartmentDirector Cheng Xiaoyuan further pointed out that the links to retail property real estate fund-year maximum period to nearly 10 years. Of long-term investment led investors to seek binding GP team GP team to 10% per cent of the total Fund amount is industry practice. Domestic special circumstances leading to this number only about 1%, "hadn't even smaller funds".This mismatch was Fund Manager was forced to use bonds investment patterns, but it also caught the wire rope GP. A project lose overall all bets are off. Tianjin shining star for sale in the near future adverse things that cannot be returned to the Trust Fund, "the trust scheme is certainly at a loss". People in the industry say, this not only means that trust company reputation, but alsoDirect impact on investors ' enthusiasm for real estate funds.