附表 1
EXHIBIT 1
1980-2016
平均收益率
Return Averages
5年平均值
5-Year Avg
10年平均值
10-Year Avg
15年平均值
15-Year Avg
16.00
20年平均值
20-Year Avg
30年平均值
25-Year Avg
10.9%
35年平均值
30-Year Avg
12.3%
10.4%
14.00
12.00
9.2%
10.00
6.0%
8.00
6.00
4.00
2.00
0
债券 房地产NCREIF 罗素2000 标普500 纳斯达克
Bond S&P
INV Gr Corp Real Estate
NCREIF Russell 2000 S&P 500 NASDAQ
了解房地产的两个不同领域——自有房屋
与收益性房地产 Learn about the two different areas of real
estate -- home ownership versus income
production.
当被问到房地产投资时，很多投资者都会想到自己的
房子。这是一个非常错误的观念，因为居住的房屋是
使用资产，就像汽车一样。他们住在房子里，但不能靠
房子生存，因为居住的房子不产生收益。另外，投资者
很少会出售其房屋获得增值收益，靠此等利润生存，
因为他们必须购买置换房屋或支付租金。另一方面，
收益性房地产（写字楼、工业仓库、商业零售和酒店）
通过租金产生收益，并且由于其收入增加，置换为新
大楼的成本增加，这类房地产也随着时间增值。 Many investors think about their house when asked about
investing in real estate. This is a big misconception as the
home they live in is a use asset, just like their car. They live
in it, but cannot live on it as it does not produce income.
Also, it is rare for investors to capture appreciation by selling
their home and living on that profit, because they must
buy a replacement house or pay rent. Income-producing
real estate — office, industrial warehouse, retail, apartments
and hotels — on the other hand, produces income from
rents and appreciates over time as its income increases
and the cost to replace with a new building rises.
收益性房地产——独立资产类别 INCOME PRODUCING REAL ESTATE —
THE SEPARATE ASSET CLASS
大多数人认为其投资选择包括股票、债券、商品、现
金和对小公司的一些私人直接投资。20世纪80年代，
机构投资者得出结论，收益性房地产是一类独立资产
类别，因为其与股票和债券市场具有不同特点，与股
票和债券市场的表现或相关性不同。描述收益性房地
产的最佳方式是房地产具有“优于债券的收益”和“不
同于股票的增值”。
“优于债券的收益”的事实依据是随着经济发展，公司
55
Most people think their investment choices consist
of stocks, bonds, commodities, cash and a few private
direct investments in a small company. Institutional
investors came to the conclusion in the 1980s that income-
producing real estate is a separate asset class -- as it has
different characteristics and does not behave or correlate
the same as the stock and bond market. The best way
to describe it is that real estate has “better than bond-like
income” and “not quite stock-like appreciation.” “Better
than bond-like income” comes from the fact that as the
THE CHINA INVESTOR