预测性更高，随着确定性不断提高，更多机构投资者被
吸引到美国市场。
如今，机构投资者在美国房地产市场中发挥着极其关
键的作用。他们通常为新建项目提供资金（借款和/或
股权），是投资性房地产的主要出资人。美国市场中活
跃的机构投资者包括公共和私人养老基金、捐赠经济、
保险公司、公有和私人房地产投资信托基金、私募基
金、机构资产管理公司、主权财富基金和其他准机构
外国资本。对于很多投资者来说，房地产提供了一种平
衡本期收入和长期增值的好方法。另外，私人机构房地
产投资与其他投资工具的相关性较弱，这意味着不同
于其他投资产品，其收益率不会朝着同一方向变化和/
或发生同等程度的变化。为此，机构投资者通常会在
其投资组合中配置一定比例的房地产。据HFF统计，美
国机构房地产所有权金额超过了1.5万亿美金。所有产
...机构投资者在美国房地
产市场中发挥着极其关键
的作用。
institutional investors typically allocate a percentage of
their investment portfolios to real estate.
Institutional real estate ownership exceeds $1.5 trillion in
the U.S, according to HFF. This large, diversified pool of
institutional investors can be found in all product types,
and consequently, creates a relatively liquid marketplace
for an otherwise illiquid asset class.
China’s real estate market is in the early stages of this
process, and is likely to reach, if not exceed, a similar level
in a much shorter time, but that may still be a decade
or more away. This is primarily due to a combination
of factors; the previously discussed direct ownership
preference which has created a real estate market
dominated by “for sale” condominium interests, primarily
in residential product, but also in other product types, the
lack of an efficient mortgage market, and the absent of
true REIT legal and tax framework, the high costs of capital
relative to low cash yield from holding real estate assets,
and the challenges of an entire market on ground leases.
Additionally, other alternative real estate investments
are still under development; REITs in China are still
at the experimental stage and insurance companies are
prohibited from participating in the biggest and most
lucrative sector, residential condominium development.
Presently, the development of an institutional real estate
investment market still has long way to go in China.
THE ROLE OF GOVERNMENT
品类型中都有这一大规模多样化的机构投资者群体，
从而为低流动性资产类别创造了一个相对流动性的市
场。
中国房地产市场仍处于此过程的初期阶段，可能会在
更短的时间内达到类似水平，但可能仍需要十年或更
长时间。这主要是由于多种因素综合造成的; 之前讨论
的直接所有权倾向创造了一个由“待售”共管公寓权益
主导的房地产市场，主要是在住宅产品领域中，但也存
在于其他产品类型中，其面临着的问题包括缺乏一个高
效的抵押市场，没有真实的房地产投资信托基金法律
和税务框架，相对于持有房地产资产产生的低现金收
益过高的资本成本，整个市场在土地租约方面的挑战
诸多。
另外，其他替代性房地产投资仍然在开发过程中；中国
房地产投资信托基金仍处于试验阶段，保险公司不得
参与规模最大的和最赚钱的住宅共管公寓开发。目前，
在中国建立一个机构房地产投资市场仍然任重道远。
政府的作用
中国政府在房地产市场中的重要作用再怎么高估也不
为过。与美国政府类似，当地、州和联邦政府制定约束
市场的各项法律法规，确定区划和开发标准。当然，中
国市场受到社会积极分子的影响较小。最大的区别在
WWW.THECHINAINVESTOR.COM
The role of the Chinese Government in the real estate
market is hard to overestimate. Similar to their counterparts
in the U.S, local, state and federal governments make the
laws and regulations that govern the market, determine
zoning and development standards. Though, the Chinese
markets are much less restrained by community activist
influence. The largest difference is that, in China, the
government is the sole land owner, and its control
is pervasive, extending to such terms as setting the
minimum and/or maximum pricing for which a developer
can sell his/her product. The list goes on and on.
While both U.S. and Chinese developers will spend time
with local officials to develop a solid working relationship,
U.S. developers ultimately own the land and