見縫插針:中國開發商掘金美國樓市

The two-acre site at 421 Kent Avenue in Williamsburg, Brooklyn, is nothing more than concrete rubble and rusted steel rods – remnants of a property project gone bust.

在美國紐約市布魯克林區威廉斯堡街區肯特大道421號那塊方圓兩英畝的工地上，全是些碎石混凝土和生鏽的鋼筋，這是一個房地產項目倒閉後的遺留物。

But if Xinyuan Real Estate has its way, a gleaming upmarket condominium building with 216 units will soon take its place.

但如果中國房地產開發商鑫苑置業自有辦法，一棟熠熠生輝、擁有216個單元的高檔公寓樓即將在這裏建成。

This would make developer Xinyuan one of the first US-listed Chinese companies to build a significant residential development in the US, according to Dan Fasulo, managing director at Real Capital Analytics, the property analysts.

Real Capital Analytics董事總經理、房產分析師丹??法蘇洛(Dan Fasulo)指出，這棟公寓樓完工後，開發商鑫苑置業將成爲在美上市中資企業裏首家在美國建設大型居住開發項目的企業。

Following on the heels of wealthy Chinese people, who have been pouring money into US real estate, and state-owned Chinese banks, which have sharply increased lending to US commercial properties, it is now the turn of Chinese property developers to try their luck in the US.

中國富人一直向美國房市傾注資金，中國國有銀行也大幅提高了針對美國商業地產項目的放貸。如今，中國房地產開發商也緊隨二者之後，到美國試試運氣。

With Beijing redoubling its efforts to rein in house prices – it unveiled plans for a tougher real estate capital gains tax in March – the pressure is on for China’s property developers to seek openings overseas. Xinyuan is among the companies leading the charge.

中國政府加大房價調控力度，3月份推出了更加嚴苛的房地產資本利得稅，因此中國房地產開發商的壓力驟增，被迫轉向海外尋找機會。鑫苑置業就是帶頭髮起海外攻勢的企業之一。

The company, which counts ??billionaire Sam Zell among its early backers, made news last September when it snapped up the Kent Avenue site for $54.2m. John Liang, its US head, says the company plans to spend another $150m on the development.

這家企業的早期支持者包括億萬富翁山姆??澤爾(Sam Zell)。去年9月份，鑫苑置業以5420萬美元價格買下前述地塊，成爲轟動性新聞。鑫苑置業美國公司總經理John Liang表示，公司計劃拿出1.50億美元開發這塊地。

“We are just going where our customers are going,” says Mr Liang.

Liang表示：“我們只是跟着客戶走而已。”

It is a telling statement given the rise in capital outflows from China last year. The country recorded a capital account deficit in 2012 of $117bn, its first deficit since 1998. Much of this came from rich Chinese shifting their assets abroad.

考慮到去年中國資本外流擡頭，這一說法頗有說服力。2012年，中國資本賬戶赤字達到1170億美元，這是中國自1998年以來首次出現資本賬戶赤字，主要原因是富人向海外轉移資產。

Much of the money makes its way to places such as Hong Kong and Singapore, but also to the US, where the glut of Chinese money is driving up property prices in New York, Los Angeles and San Francisco.

多數資金流向了香港和新加坡，不過也有一部分流入美國。中國的海量資金推高了紐約、洛杉磯和舊金山的房價。

Data from the National Association of Realtors shows buyers from mainland China and Hong Kong are now the second-largest group of foreign investors in US residential real estate after Canadians, spending $9bn in the period from March 2011 to March 2012.

全美房地產經紀人協會(National Association of Realtors)的數據顯示，中國大陸和香港的買家如今成爲繼加拿大人之後，第二大外國投資者羣體，從2011年3月到2012年3月期間，購房金額達90億美元。

“We are constantly getting calls from our existing customers in China asking us to build in the US,” says Mr Liang. “The desire among them to invest in US real estate is very strong.” Xinyuan is not alone in wanting to tap into this pent-up demand.

Liang表示：“我們不斷接到中國現有客戶的電話，要求我們在美國蓋房子。他們投資美房市的願望非常強烈。”鑫苑置業不是唯一一家打算挖掘這一潛在需求的開發商。

In February, Vanke, China’s largest property developer by market value, teamed up with Tishman Speyer Properties, the US developer, to build two high-rise condominium towers in San Francisco. Financial terms of the joint venture were not disclosed, but the deal to develop the 655 units will be Vanke’s first project in the US.

今年2月，中國市值最大的房地產開發商萬科(Vanke)與美國開發商鐵獅門房地產公司(Tishman Speyer Properties)宣佈組建合資企業，共同在舊金山建設兩棟高層公寓樓。合資企業的財務條款尚未對外披露，但兩棟共655個單元的公寓樓將是萬科在美國開發的第一個項目。

Then last month, Zarsion Holdings, a Beijing real estate investment group, agreed to help fund an undisclosed chunk of a $1.5bn project to transform 65 acres of Oakland’s industrial waterfront into a residential neighbourhood.

上個月，北京一家房地產投資集團澤信控股(Zarsion Holdings)達成協議，爲一項價值15億美元的工程提供一大筆未予披露數目的資金，旨在把奧克蘭65英畝的工業碼頭改建成一處居宅區。

Others, such as Vantone Real Estate, are thought to be on the prowl for US residential property deals.

人們認爲，萬通地產(Vantone Real Estate)等其他房地產開發商也積極在美國尋找住宅地產開發項目。

Chinese buyers have varying reasons for purchasing US property, say people that have dealt with them. Some are buying because they want to emigrate or they have children who will go to school in the US.

與中國買家打過交道的人士表示，他們購買美國房產的理由多種多樣。有些人在美買房是想移民，或者家有子女將赴美國求學。

“People who made a lot of money in the last 10-12 years in China are looking to cash out,” says Mr Liang. “The era of quick profit is over in China.”

Liang表示：“過去10至12年間在中國賺了大錢的人正在向國外轉移資金。在中國，一夜暴富的時代已經結束了。”

Others buy because the numbers add up. The renminbi has repeatedly set new highs against the dollar in recent months.

其他人在美國購買房產是因爲很划算。最近幾個月，人民幣兌美元匯率屢創新高。

With the renminbi up 4 per cent against the dollar since last July, US house prices are still viewed as a bargain compared with Australia, Canada and China.

自去年7月至今，人民幣兌美元已累計上漲4%，因此與澳大利亞、加拿大以及中國相比，美國房價被認爲物超所值。

Then, there is China’s continuing crackdown on corruption.

此外，還有中國持續打擊腐敗的因素。

In Williamsburg, although Xinyuan says that there is more than enough local demand in New York’s sought-after property market to carry its Kent Avenue development through, it does expect plenty of Chinese interest.

在威廉斯堡，儘管鑫苑置業表示，在紐約炙手可熱的房市，當地需求已經足以推動肯特大道的開發項目，但預計還有大量中國人對此感興趣。

It is designing some of the units, which will range from $700,000 to $3m, with two kitchens – a Chinese wok kitchen and a western-style kitchen that can be separated by a sliding wall, as well as a large pantry that can double as a nanny’s quarters, if zoning rules allow for it.

鑫苑置業正在設計的部分公寓售價從70萬美元到300萬美元不等，配有兩間廚房，一間是中式廚房，一間是西式廚房，中間可由一扇滑動門隔開，還有一大間食品儲藏室，能兼做保姆間——如果分區規則允許的話。

The company is also offering help with financing and immigration referral services for potential Chinese buyers.

該公司還向潛在的中國買家提供融資以及移民推薦服務等幫助。

For now, foreign projects are still a fraction of the overall portfolio of Chinese developers.

目前，在中國房地產開發商的總體業務中，國外項目仍只是一小部分。

“The US will not replace China as our bread-and-butter business,” says Mr Liang, adding that even after the Williamsburg project hits the market in 2015, the US will account for less than 10 per cent of group sales. “It’s more about diversification and having a hedge against our domestic business.”

Liang表示：“美國不會代替中國成爲我們賴以爲生的主要業務。這麼做更多是出於業務多元化以及防範國內業務風險的考慮。”他補充道，即便威廉斯堡項目到2015年上市，美國銷量也只佔集團總銷量的不到10%。

Additional reporting by Simon Rabinovitch in Beijing

歐陽德(Simon Rabinovitch)北京補充報道