中國安邦接近收購黑石23億美元日本房產

Blackstone is close to selling a large part of its residential property portfolio in Japan to Anbang Insurance of China, in a $2.3bn transaction that could come as early as the end of this week.

黑石(Blackstone)正接近將其在日本的很大一部分住宅資產組合出售給中國安邦保險(Anbang Insurance)，交易價值23億美元，可能最早於本週結束時宣佈。

The mooted sale is further evidence that real estate continues to be one of the biggest beneficiaries of negative interest rates in Japan and comes as the country’s central bank continues to buy local real estate investment trusts as part of its unconventional monetary policies.

這一擬議出售交易進一步證明，房地產繼續是日本負利率的最大受益者之一。作爲非傳統貨幣政策的一部分，目前日本央行(Bank of Japan)繼續買入國內房地產投資信託。

The transaction was “part of a global rotation from fixed income into other asset classes”, said a person familiar with the matter. “It is a very sensible purchase, because it produces stable income flows.”

一位知情人士表示，這筆交易是“全球投資者從固定收益轉向其他資產類別的一部分”。“這是一筆非常明智的收購交易，因爲相關資產將產生穩定的收入流。”

The assets in question are mostly 10-storey apartment buildings leased to young professionals in Osaka and Tokyo, the person added. Both locations are relatively immune to Japan’s ageing demographics. Part of the portfolio consists of buildings bought from General Electric in 2014.

這名知情人士補充稱，擬出售的資產大多是面向大阪和東京的年輕專業人士出租的10層公寓樓。這兩個城市相對沒有受到日本人口老齡化的影響。還有一部分資產是2014年從通用電氣(GE)手中購得的建築物。

Blackstone has spent the past few years renovating those properties, taking advantage of favourable central bank policies and the requirement of long-term investors, including insurers and pension funds, for investments that produce both yield and security.

過去幾年，黑石一直利用有利的央行政策以及長期投資者（包括保險公司和養老基金）對投資既要有收益還要安全的要求，裝修這些樓盤。

Such assets are also relatively immune to inflation, should the Bank of Japan ever succeed in overcoming deflationary pressures.

此外，如果日本央行成功克服通縮壓力，這些資產相對不會受到通脹的影響。

Blackstone’s real estate arm has produced solid returns in recent years, in part due to its close relationship with Anbang and other Chinese entities that have paid high prices for Blackstone-owned properties both in the US and in Asia.

近年黑石的房地產業務產生穩健回報，部分原因是其與安邦以及其他中資實體的密切關係，中資爲黑石在美國和亞洲擁有的房產支付了高價。

The trend began with Anbang’s $1.95bn purchase of New York’s Waldorf Astoria two blocks from Blackstone’s headquarters on Park Avenue in 2014. Anbang also bought Strategic Hotels & Resorts from Blackstone, paying $6.5bn earlier this year.

這一趨勢始於2014年，當時安邦以19.5億美元買下紐約華爾道夫酒店(Waldorf Astoria hotel)，這裏距離黑石位於公園大道(Park Avenue)的總部有兩個街區。今年早些時候，安邦還斥資65億美元從黑石手中收購Strategic Hotels & Resorts。

In October, Blackstone agreed to sell a 25 per cent stake in Hilton Worldwide for $6.5bn to Chinese conglomerate HNA.

今年10月，黑石同意以65億美元將希爾頓酒店(Hilton Worldwide)的25%股權出售給中國綜合企業海航(HNA)。

Chinese insurers are also among the big contributors to Blackstone funds, as they seek to diversify their portfolios and protect themselves from a depreciating renminbi.

此外，中國保險公司是黑石基金的重大出資者，這些保險商希望將投資組合多元化，保護自己不受人民幣貶值的影響。

At the same time, hotels are expected to be among the biggest gainers as Chinese tourists venture abroad. Wu Xiaohui, Anbang’s chairman who stays at the royal suite of the Waldorf when he is in New York, plans to convert much of the hotel into condominiums that will be marketed to his cash-rich countrymen.

與此同時，隨着中國遊客走向海外，預計酒店行業將成爲最大受益者之一。安邦董事長吳小暉計劃將華爾道夫酒店的很大一部分改造爲公寓，出售給現金充裕的中國同胞。吳小暉前來紐約時會入住華爾道夫酒店的皇家套房。

The transaction was originally reported by Reuters.

這筆交易最初是由路透(Reuters)報道的。