中國企業掀起海外置地熱潮 The Great Land Rush
The marketing of “Theland” milk powder says it all — cows graze on emerald grass below white clouds shaped like New Zealand. “A Cow per Acre” reads the slogan on the package.
紐仕蘭(Theland)奶粉的宣傳圖片說明了一切——在與新西蘭國土形狀類似的白雲下，奶牛在碧綠的草地上吃草。包裝上的標語寫道，“6畝地一頭牛”。
For anxious mothers in China’s crowded cities, Theland’s promise of space and quality in faraway places comes through loud and clear. They are not the only ones beguiled. Chinese businessmen, tired of thin margins at home, are lured by the promise of big tracts of land overseas.
對於在中國擁擠不堪的城市中生活的內心焦慮的媽媽們來說，紐仕蘭對於遠方的低密度空間和高品質的承諾擲地有聲。被吸引的不止媽媽們。海外大片的土地也吸引了那些厭倦了國內微薄利潤的中國商人。
Pengxin, a little-known Shanghai real estate developer that owns Theland, will become the world’s largest private landowner if Australia’s authorities clear its most ambitious bid yet: to gain control of the grazing lands of the S Kidman & Co cattle empire. That, plus holdings in New Zealand, make Pengxin the boldest of Chinese corporations investing in land, and has helped trigger a backlash.
鵬欣是一家鮮爲人知的上海房地產開放商，也是紐仕蘭的母公司。如果澳大利亞政府批准了該公司最具野心的競購項目——收購畜牧業帝國基德曼公司(S Kidman & Co)的牧場，鵬欣將成爲世界上最大的私有土地所有者。鵬欣這一舉動，再加上其在新西蘭擁有的土地，使得鵬欣成爲中國企業中投資土地最大膽的一家，也在一定程度上引發了一場反彈。
“China has seen fast development; lots of people have made money and now they don’t know where to put it,” says agriculture expert Li Guoxiang of the Chinese Academy of Social Sciences, explaining why Chinese invest in land overseas. “It’s part of the desire to move capital overseas and diversify choices … But we worry about tensions.”
“中國經歷了高速發展；很多人賺了錢，現在不知道該把錢投在哪裏，”中國社會科學院(CASS)的農業問題專家李國祥在解釋中國人海外置地的原因時稱，“人們希望把資金轉移到海外並擁有多樣化的投資選擇……但是我們擔心會引發緊張關係。”
The Financial Times, in a series of reports, is examining governments and private investors’ increasing interest in grand-scale land deals. With the commodity supercycle ending, land — the ultimate resource — could either become the next big thing or the source of cross-border disputes.
英國《金融時報》在一系列報道中審視了各國政府和私人投資者對大規模置地日益濃厚的興趣。在大宗商品超級週期結束之際，作爲終極資源的土地可能會成爲下一個熱點或是引發跨境糾紛的根源。
Pengxin stands out among Chinese companies investing in land overseas because of the size of its purchases and the scrutiny it has encountered. It is a midsized real estate and chemicals company based in Shanghai. In addition to its agricultural investments, it also owns mines overseas.
鵬欣在衆多海外置地的中國企業中之所以顯眼，原因在於其購買土地的規模和其面臨的嚴格審查。鵬欣總部位於上海，是一家中等規模的房地產和化工企業。除了在農業方面的投資以外，鵬欣還在海外擁有礦區。
The group is the lead bidder for 77,000 sq km of Kidman grazing lands that make up the largest private property on earth. In November, Australia blocked the A$350m ($257m) sale on security grounds. Pengxin rebid after excluding lands near an international weapons testing ground; but last month the sellers reopened bidding to add a domestic competitor.
鵬欣是對基德曼公司7.7萬平方公里牧場的領先競標者。該牧場是世界上面積最大的私有土地。去年11月，澳大利亞政府以國家安全爲由阻止了這筆總值3.5億澳元（合2.57億美元）的交易。在交易去除了國際武器試驗場附近的土地後，鵬欣再次競標；但是上個月賣方重新招標，引入了一個澳大利亞本土競爭者。
Pengxin’s bid for Kidman draws on its experience as China’s largest land investor in New Zealand. But its expansion there has reached a limit only months after it announced plans to double its Kiwi assets to NZ$1bn ($670m) or 50 farms.
鵬欣競標基德曼公司藉助了其作爲在新西蘭置地規模最大的中國企業的經驗。但是，在宣佈將新西蘭資產規模擴大一倍至10億新西蘭元（合6.7億美元）、即50家牧場的計劃數月後，鵬欣在新西蘭的擴張就觸到了極限。
“We anticipated that investing in New Zealand farmland would not be easy but, in reality, it has been more challenging than we thought,” Terry Lee, president of overseas investment for Pengxin, wrote in response to written questions from the FT.
“我們預見到投資新西蘭的牧場可能不容易，但是，事實上情況比我們預想的更艱難，”鵬欣海外投資首席代表李泰瑞(Terry Lee)在迴應英國《金融時報》書面提出的問題時寫道。
In September, New Zealand vetoed Pengxin’s purchase of a 138 sq km sheep farm, Lochinver Station. A Pengxin subsidiary promptly pulled out of a NZ$43m deal to buy 10 other farms.
去年9月，新西蘭否決了鵬欣購買洛岑農場(Lochinver Station)的申請。洛岑農場是一家牧羊場，佔地138平方公里。鵬欣的一家子公司迅速退出了另外一筆總值4300萬新西蘭元、收購另外10家農場的交易。
The veto came as New Zealand imposed taxes on investment properties and stiffer requirements on foreign buyers. Popular resentment had risen after property documents, leaked to New Zealand media, showed buyers with Chinese surnames accounted for half the purchases of Auckland homes worth more than NZ$1m.
鵬欣的收購申請被否決，正值新西蘭對投資性房產徵稅以及對外國買家實施限制之際。新西蘭媒體獲知的房產文件顯示，擁有中國姓氏的買家佔到奧克蘭購房交易的一半，涉及房產總值逾100萬新西蘭元。隨後民怨沸騰。
Similarly in Australia, Canberra is reviewing foreign investment rules and has cut the threshold for approval of foreign acquisitions of rural land from A$252m to A$15m. A new registry of foreign-owned agricultural land goes public this year.
在澳大利亞也出現了類似的情況。堪培拉方面正在審查外商投資規則，並且已將對外資收購農業用地實施審查的起點金額從2.52億澳元下調至1500萬澳元。新的外資所有農業用地登記數據將於今年公佈。
As China’s urban sprawl consumes and pollutes its farmland, Beijing has given tacit blessing to agricultural investment overseas. Still, actual deals are few and far between.
由於中國的城市擴張侵佔和污染農業用地，北京方面默許了在海外進行農業投資的舉動。不過，實際交易少之又少。
They range from vineyards in France, Chile or Argentina to state farm investments in large Ukrainian tracts and agricultural pilot projects in Africa. Private Chinese entrepreneurs approach overseas Chinese communities in Southeast Asia to invest in oil palm plantations and vegetable farms.
中國在海外的農業投資多種多樣，從在法國、智利和阿根廷投資的葡萄園，到中國國有農場在烏克蘭投資的大片土地、以及非洲的農業合作試點項目。中國私人企業家還與東南亞的海外華人社區接洽，以投資油棕櫚種植園和蔬菜農場。
Australia and New Zealand are top destinations because foreigners can own land outright, but resentment over Chinese investors buying residential property has curdled the political environment.
澳大利亞和新西蘭是首選目的地，因爲外國人在那裏可以直接擁有土地，但是當地民衆對購買住宅的中國投資者的怨憤已經使政治環境變得不利。
Buying farmland “down under” makes sense for Chinese investors as slowing growth eliminates business returns at home. Tracts are large, costs are low and title is relatively uncomplicated. Chinese consumers pay a premium for imported food, especially infant formula.
在中國經濟增長放緩使得企業國內業務的回報率下滑之際，中國投資者購買澳新地區的農地是明智的。那裏有大片的土地、成本低廉、所有權制度也相對簡單。中國消費者願意高價購買進口食品，特別是進口嬰兒配方奶粉。
Pengxin’s purchase of New Zealand’s struggling Crafar Farms in 2012 at first raised hackles. But the company engaged with native Maori groups and hired veteran dairymen from both countries. Founder Jiang Zhaobai, an architectural engineer turned entrepreneur, energetically flew well-heeled Chinese tourists around New Zealand. “They’ve earned their spurs. They’ve been dragged through the mud and come out again,” says one observer who closely tracks foreign investment in New Zealand.
鵬欣2012年對新西蘭經營困難的克拉法農場(Crafar Farms)的收購最初激起了民憤。但是，該公司與土著毛利人團體展開了對話，並聘請了來自兩個國家的經驗豐富的擠奶工。鵬欣的創始人姜照柏（曾從事建築工程工作）滿懷熱情地用飛機載着富有的中國遊客在新西蘭四處遊覽。“他們取得了聲望。他們遭到了詆譭，又洗清了自己，”一位密切關注外商在新西蘭的投資的觀察人士稱。
Guided by Mr Lee, a private equity investor who moved to New Zealand in 2003, Pengxin is building its own integrated dairy business. That is a direct challenge to Fonterra, the world’s largest dairy exporter which processes and markets milk on behalf of thousands of Kiwi farmers.
李泰瑞是一名私募股本投資者，於2003年搬往新西蘭。在他的指導下，鵬欣正在打造自己的綜合奶製品業務。這對全球最大的奶製品出口商恆天然(Fonterra)構成了直接挑戰。後者代表成千上萬的新西蘭奶農加工和銷售牛奶。
“Our aim is to satisfy demand from the Chinese middle class for high quality dairy products while exploring a complete supply chain model for New Zealand dairy products,” Mr Lee wrote.
“我們的目標是滿足中國中產階級對高品質奶製品的需求，同時爲新西蘭的奶製品探索一種完整供應鏈的模式，”李泰瑞寫道。
Pengxin had no background in agriculture in China before 2013 when it took over Dakang, a struggling pig breeder listed on the Shenzhen exchange, and began expanding its livestock business. It purchased a soya bean property in Bolivia in 2005 at the height of Chinese soya bean speculation.
2013年，鵬欣接手當時經營困難的大康牧業（在深交所上市的生豬養殖企業），並開始拓展畜牧業業務。在那之前，鵬欣在中國國內沒有任何農業方面的背景。2005年，在中國大豆投機最火熱的時候，鵬欣在玻利維亞買下了一塊大豆種植田。
“The property sector is not performing well and many companies want to change their focus,” said private equity analyst Ruan Yifei. “Farming and animal husbandry is blooming and very promising in China. Their reasons for investing are right.”
“房地產行業表現欠佳，很多企業希望改變經營重心，”私募股本分析師阮一飛稱，“在中國，農業和畜牧業正在蓬勃發展、前景非常光明。他們的投資理由沒錯。”
Pengxin’s blueprint for integrated dairy and mining businesses makes sense. But its internal structure is difficult to grasp and has contributed to distrust in its target markets.
鵬欣對於綜合奶業和採礦業的發展藍圖是有道理的。但是，市場很難理解其內部結構，這種結構在一定程度上導致了目標市場對其的不信任。
Like many Chinese property entrepreneurs, Mr Jiang’s businesses span a range of sectors. He started out by building factories around Shanghai, then branched into chemicals, real estate and mining before moving into agriculture and overseas land. His listed companies include Hong Kong-listed EverChina. Before Mr Jiang’s investment, that stock was flagged by regulators because its share ownership was concentrated in too-few hands, and for other problems.
就像中國很多房地產企業家一樣，姜照柏旗下的業務橫跨多個領域。他通過在上海周邊建造工廠起家，之後將業務擴展至化工、房地產和採礦，然後又進軍農業和海外置地。他旗下的上市公司包括在香港上市的潤中國際(EverChina)。在姜照柏入股前，由於股份集中在過少股東手中以及其他一些問題，潤中國際曾被監管機構標記。
Pengxin has raised funds through the high-interest shadow banking market by issuing trust products, a common strategy when housing prices were soaring. As markets slumped, it reshuffled overseas mining and land assets into its listed units. An article in China’s Securities Times newspaper in 2014 described the company as a “hurtling capital train” that must continue growing to move forward.
鵬欣通過發行信託產品從高息的影子銀行市場籌集了資金，這是房地產價格飆升時的常見策略。隨着市場陷入低迷，鵬欣將海外採礦業務和土地資產整合進了旗下的上市公司。2014年，《證券時報》在報道中把鵬欣描述爲“一輛高速行駛的資本列車”，必須不斷擴張才能前進。
Pengxin bought 55 per cent of Shenzhen-listed Dakang in 2013 via several wholly-owned subsidiaries registered in a Tibetan town bordering Mount Everest. Other shareholders are indirectly related, according to public records, in effect giving Pengxin greater control over Dakang.
2013年，通過多家在靠近珠穆朗瑪峯的西藏小鎮註冊的全資子公司，鵬欣收購了深圳上市公司大康牧業55%的股份。公開資料顯示，鵬欣與其他股東之間存在間接聯繫，這事實上使得鵬欣對大康擁有更大的控制權。
It is now trying to transfer its New Zealand assets into Dakang. That decision cost the company some of its carefully cultivated good will in New Zealand, because it began the transfer while the government was still reviewing the Lochinver Station purchase.
如今，鵬欣正嘗試將新西蘭的資產轉入大康旗下。該決定使得該公司在新西蘭精心培養的商譽部分喪失，因爲它在新西蘭政府還在審查洛岑農場收購案時便開始了資產轉移。
The company posted the properties on the internet auction site Trade Me to comply with a legal requirement to offer them to New Zealand citizens, raising some concerns that it had tried to shortcut the process.
爲了遵守新西蘭關於地產出售時要讓新西蘭公民有機會購買的法律規定，鵬欣此前把一些地產發佈到了拍賣網站Trade Me上，這引起了關切，人們關心它是否試圖鑽程序的空子。
The reshuffle was driven by internal dynamics but it hurt the company in New Zealand, and led directly to the veto of the Lochinver Station purchase. Similar mismatches between its internal needs and international perception could hamper Pengxin in its mammoth bid for Australian land.
此次資產整合是由內部事態驅動，但卻損害了鵬欣在新西蘭的形象，並直接導致洛岑農場收購案被否決。與此類似，鵬欣的內部需求與其外部形象之間的錯配，可能會有損於鵬欣在澳大利亞的這筆大規模土地競購。
“China is a real problem for Australia and New Zealand — the perfect partner on the surface with huge markets, huge growth potential and very clear needs from these countries,” says Kerry Brown, professor of Chinese studies at King’s College, London.
“對澳大利亞和新西蘭來說，中國是個實實在在的問題——中國擁有巨大的市場和強勁的增長潛力，澳新兩國對中國也有明顯的需求，表面上看來，中國是完美的合作伙伴，”倫敦大學國王學院(Kings College London)研究中國問題的教授克里•布朗(Kerry Brown)稱。
“But underneath, China remains alien in terms of fundamental values and political beliefs. Unless that changes in China, it will never be an easy relationship and public ambiguity will continue.”
“但是，實質上，中國在基本價值觀和政治信仰上仍然不同於它們。除非中國在這方面有所改變，否則它與澳新兩國的關係永遠輕鬆不了，公衆態度將繼續搖擺不定。”
