见。上述差异体现在不同方面。例如，在中国房地产市
场中，高层写字楼分部分、分层或者甚至分套出售的情
况并不少见。除一些例外情形外，这种做法在美国非常
少见，即使是大型公司经常会将其拥有的大部分房地
产出租，只选择拥有对公司长期成功具有“关键”影响
的部分。
看似一个小小的差异影响着并突显了两国市场之间存
在的诸多其他差异。通过反复试验，美国市场已经将重
点转移至整体资产投资；整体资产投资融资更容易，对
质量和服务具有更大的控制权，最重要的是，资产处置
更简单。相反地，这使得对于普通投资者而言，直接拥
有房地产是一个昂贵的方案。多年来，通过开发投资工
具，这一问题已经得到了解决，投资者通过利用此等投
资工具可以将其资本与其他人的资本结合，以获得房地
产股权所有权作为回报。此等组合投资以多种形式存
在；公有和私人房地产投资信托基金，有限合伙企业和
混合投资基金在美国市场中都很常见。
此等组合投资通常由投资团队事先募集，然后要求投
资者评估投资团队和战略，而不是个人资产。这种资金
募集和资产购置方法不能快速吸引中国资本，但是非
常常见，且几个世纪以来，一直受到美国房地产和金融
法律的支持。几十年来，事实证明，在美国出售金融工
具（如合伙企业或基金权益）要比出售位于山东省的一
栋写字楼第11层的70平方米容易得多。
WWW.THECHINAINVESTOR.COM
objective, open investment process designed to produce
the best opportunities.
“WHOLE ASSETS” VERSUS
“CONDOMINIUM-IZED” OWNERSHIP
Another differentiating factor between the two national
markets is the “direct ownership preference” that is
common beyond residential real estate in the China
market. Chinese investors overwhelmingly prefer to own
real estate, for both their business and personal needs. In
the U.S., renting space for both business and personal use
is far more common. These differences are manifested in
different ways. For example, in China real estate markets, it
is not uncommon for high-rise office buildings to be sold
in pieces, floor by floor, or even suite by suite. With few
exceptions, that is a very uncommon practice in the U.S.;
even large corporations will frequently lease the majority
of their real estate, choosing to own only those facilities
deemed “critical” to the long-term success of the company.
While a seemingly small difference, it impacts and
accentuates many of the other differences found between
the two national markets. Through trial and error, the U.S.
market has gravitated toward whole asset investment;
it allows for easier financing, greater control of quality
and service, and most importantly, easier disposition
of assets. Conversely, it makes directly owning real
estate an expensive proposition for the average investor.
This problem has been solved over the years by the
development of investment vehicles that allow investors
28