姣旂壒甯佸穿浜嗭紝鎴夸环琚弗鎺т簡锛屽彧鍓╀竴绉嶈汉璧氱殑鍔炴硶

Posted 2021-05-28 鏅鸿胺瓒嬪娍

鏈€杩戝井淇℃敼鐗堟墦涔卞彂甯冩椂闂?/span>

甯告湁璇昏€呮湅鍙嬮敊杩囨枃绔犳洿鏂?/span>

灏嗏€滄櫤璋疯秼鍔库€?/span> 璁句负鏄熸爣 馃専

淇濇寔鑱旂郴锛屼竴璧峰墠琛?/span>

鈼庝綔鑰?| Phoebe Liu  寮犲▉寤?/span>

鈼庢潵婧?| 娴峰鎺橀噾锛圛D锛歡old1849锛?/span>

鍓嶆鏃堕棿鍦ㄦ繁鍦冲拰鏈嬪弸鑱氫細锛屼笁浣嶆湅鍙嬩腑鏈変袱浣嶏紙鏋楀鍜屾浌濮愶級鏉ヨ嚜浼犵粺澶栬锤琛屼笟锛屽彟涓€浣嶈儭濮愪簩鍗佸骞存潵涓€鐩村仛鎴垮湴浜ф姇璧勩€?/span>

杩囧幓涓€骞达紝鍋氫紶缁熷璐哥殑鏋楀鍑哄彛鍖荤枟鐢ㄥ搧锛岀柅鎯呭埡婵€闇€姹傦紝鏋楀鍘诲勾涓婂崐骞村埄娑﹀仛鍒颁簡1鍗冧竾銆?/span>

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骞村垵锛屾浌濮愯鍗曢噺寰堝ぇ锛屽師鏈兂瓒佺潃鏃舵満澶氳禋涓€浜涳紝娌℃兂鍒颁竴鍏?鏈堝氨鎾炰笂闆嗚绠遍渶姹傛毚澧炪€傛腐鍙ｆ病鏈変粨浣嶏紝璐ф病鍔炴硶閫佽揪锛屾浌濮愭棤娉曞啀鎺ュ崟浜嗭紝鍒颁簡涓嬪崐骞村叕鍙镐笟缁╄〃鐜板钩骞炽€?/span>

鍧愬湪鎴戝乏鎵嬭竟鐨勮儭濮愶紝鏄尪妗屼笂鐨勬渶澶ц耽瀹躲€?/span>

鑳″杩欎簺骞翠竴鐩村湪甯冨眬鍏ㄧ悆鎴垮湴浜с€?/span> 濂瑰幓骞存姇璧勭殑缇庡浗REITs锛屽勾鍖栨敹鐩婂啿鍒?6%锛?/span> 鏀剁泭濡傛楂橈紝寰楃泭浜嶳EITs鍐呯殑涓ゆ牱鏍囩殑鐗╋細

• 鏃╁勾鍦ㄧ埍杈捐嵎宸炰互姣忎憨3000缇庨噾璐繘鐨勫啘鍦猴紝璐叆鏃舵€昏姳璐?50涓囩編鍏冿紝鐜板湪娑ㄥ埌浜?50涓囩編鍏冿紱

• 寰峰窞鐨勬棫鎴挎敼閫犻」鐩紝鏀归€犲悗閲嶆柊鍑虹銆傚幓骞翠竴骞寸殑缇庡浗浜哄彛娴佸姩澶ц秼鍔匡紝琚ス璧朵笂浜嗐€?/span>

鎴戦棶濂逛负浠€涔堟姇REITs鑰屼笉鐩存帴鎶曟埧鍦颁骇锛屽ス鍥炵瓟锛氱溂鍓嶇殑璧勯噾鐩橈紝鏈夆€滅ǔ鈥濅笖楂樻敹鐩婄殑浜у搧锛屼綍蹇呰緵鑻﹁嚜宸卞幓璐拱銆佺粡钀ャ€佸彉鐜板憿锛?/span>

涓変綅鏈嬪弸鐨勬晠浜嬶紝姝ｆ彮绀轰簡鍚庣柅鎯呮椂浠ｇ殑璐㈠瘜閫昏緫锛?/span>

鎵€璋撶殑鈥滀笉纭畾鎬р€濓紝骞朵笉閫傜敤浜庢墍鏈変汉銆?/strong> 鏂颁竴杞祫浜ц崚鏉ヨ锛屾湁鐨勪汉鐓ф牱鍙互鎵惧噯琛屼笟銆佹壘鍒版敹鐩婇珮涓旂‘瀹氭€у己鐨勪骇鍝併€?/span>

鏈€杩戜腑鍥藉垰鍒氭壒鍑嗙殑9鍙叕鍕烺EITs锛岃儗鍚庡氨鏄笂灞備负鍥戒汉鍒涢€犳洿澶氱ǔ鍋ョ殑鎶曡祫娓犻亾鐨勫姫鍔涖€?/span>

浣嗘槸瀵逛簬涓浗鎶曡祫鑰呮潵璇达紝REITs鏄釜鐩稿闄岀敓鐨勪笢瑗裤€?/span>

REITs绌剁珶鏄粈涔堬紵瀵屼汉涓轰粈涔堜細鐜╁畠锛熶綘搴旇鍏ュ満鍚楋紵 浠婂ぉ鎴戜滑灏卞拰澶у浠旂粏鑱婅亰銆?/span>

REITs鏄暐锛熷ソ鍦ㄥ摢锛?/strong>

REIT鐨勫叏绉版槸鎴垮湴浜ф姇璧勪俊鎵樺熀閲戯紙Real Estate Investment Trust锛夛紝閫氳繃灏嗗湴浜ц瘉鍒稿寲锛屽畠浣挎墍鏈夋姇璧勮€呴兘鍙互闂存帴鍦板弬涓庡埌鎴垮湴浜у競鍦猴紝浠庝腑鑾峰埄銆?/span>

鍏跺疄锛孯EITs骞朵笉鏄釜鏂伴矞鐜╂剰鍎匡細 瀹冭癁鐢熶簬1960骞寸殑缇庡浗銆?/strong> 鐢变簬鍦ㄧ編鍥藉彇寰椾簡闈炲嚒鐨勬垚鍔燂紝鐭煭鍑犲崄骞撮棿锛岀編鍥絉EITs妯″紡灏遍闈′簬涓滃崡浜氾紱杩涘叆21涓栫邯锛屾娲插鍥戒篃蹇€熻窡杩涖€傚浠婏紝涓浗涔熸垚涓轰簡寮€灞昍EITs涓氬姟鐨勫叏鐞冧富瑕佺粡娴庝綋涔嬩竴銆?/span>

鍥剧墖鏉ユ簮锛欴eloitte.

鎹畨姘革紙EY锛夌殑瑙傚療锛岀幇闃舵涓栫晫鍚勫浗鐨凴EITs琛屼笟锛屼互缇庡浗鏈€涓烘垚鐔燂紙Mature锛夛紝棣欐腐銆佹柊鍔犲潯銆佽嫳鍥界瓑杈冧负瀹屽杽锛圗stablished锛夛紝闊╁浗銆侀┈鏉ヨタ浜氱瓑灞炰簬鏂板叴甯傚満锛圗merging锛夛紝鑰岃彶寰嬪銆佹嘲鍥界瓑鍒欏皻澶勪簬钀岃娊闃舵锛圢ascent锛夈€?/span>

鍥剧墖鏉ユ簮锛欵Y.

缇庡浗瑙勫畾锛?/span> 涓€瀹禦EIT鍩洪噾锛屽繀椤昏灏嗗叾鎬昏祫浜х殑75锛呮姇璧勪簬鎴垮湴浜э紱鍏舵€绘敹鍏ヨ嚦灏戣鏈?5锛呮潵鑷簬绉熼噾鎴栨姷鎶艰捶娆惧埄鎭紱鑰屼笖锛屾瘡骞磋灏嗗噣鏀跺叆鐨勮嚦灏?0%椤讳互鑲℃伅鐨勫舰寮忓垎閰嶇粰鑲′笢銆?/strong>

REIT鐨勫彂鏄庯紝涓€澶滀箣闂存敼鍙樹簡鎴垮湴浜у競鍦虹殑娓告垙瑙勫垯锛氫綘涓嶅啀闇€瑕佸儚鐗规湕鏅偅鏍锋湁閽辨墠鍙互褰撳湴涓伙紝椋欐定鐨勬埧浠峰拰绋冲畾鐨勭閲戜粠姝や笌浣犳湁鍏炽€?/strong>

REITs鏈€鍚稿紩浜虹殑鏂归潰锛屾湁浠ヤ笅鍑犵偣锛?/span>

1.闀挎湡鏀剁泭绋冲畾銆佹湁淇濋殰

涓撲笟鐨勪簨鎯呬氦缁欎笓涓氱殑浜烘潵鍋氾紝杩欐槸璧氶挶鐨勬案鎭掓硶鍒欍€?/span>

REITs鍩洪噾浼氭嫑闆嗘埧鍦颁骇棰嗗煙鐨勪笓涓氫汉澹細鏂板姞鍧°€侀娓€佺編鍥姐€佸姞鎷垮ぇ鐨凴EITs锛岄兘浼氬鎵樿嚦灏戞湁5骞村湴浜у熀閲戜粠涓氱粡楠岀殑鏈烘瀯鎴栦汉澹潵绠＄悊鏃椾笅鐨勭墿涓氥€傝繖浜涗笓涓氫汉澹兘鍦ㄥ湴娈点€佹埧浜с€佷拱鍗栨椂鏈虹殑閫夋嫨涓婂仛鍑烘瘮甯镐汉鏇翠负绮惧噯鐨勫喅绛栵紝浠庤€屼繚璇丷EITs鐨勬敹鐩娿€?/span>

鏁版嵁鏄剧ず锛屽湪杩囧幓30骞撮棿锛?/span> 鍏ㄧ悆REITs鍩洪噾鐨勬€诲洖鎶ョ巼濮嬬粓楂樹簬鑲＄エ澶х洏鎸囨暟鏍囨櫘500鍜岀綏绱?000銆?/strong>

娣辫摑锛氭墍鏈夋湡鏉冪被REITs锛涚伆鑹诧細鏍囨櫘500鎸囨暟锛涙祬钃濓細缃楃礌2000鎸囨暟.

璇村埌杩欙紝鐔熸倝鑲＄エ琛屾儏鐨勪汉鍙兘琛ㄧず涓嶆湇锛氬鏋滃彧鐪嬭偂浠凤紝鍏ㄧ悆REITs鐨勪环鏍兼定骞咃紙price returns锛夋槑鏄庢槸璧朵笉涓婂ぇ鐩樼殑锛堝涓嬪浘鎵€绀猴級锛岄偅涓轰粈涔堟€诲洖鎶ワ紙total return锛夊嵈鑳借窇璧㈠ぇ鐩樺憿锛?/span>

榛勶細澶х洏锛涜摑锛歊EITs.

鍥剧墖鏉ユ簮锛歁SCI.

杩欏氨瑕佽皥鍒癛EITs鐨勭壒娈婃€т簡锛氫粠鎶曡祫REITs涓幏鍒╋紝 鑲′环鍙樺寲鏄瑕佺殑锛屼綘鏇磋鍏虫敞鐨勬槸瀹氭湡鐨勮偂鎭淳鍙戙€?/strong> 濡傚墠鏂囨墍璇达紝杩欓噷鐨勮偂鎭潵鑷簬浣犵殑REITs鍩洪噾缁忚惀鍦颁骇鐨勬墍寰椼€?/span>

鏈夌殑REITs鏄寜鏈堝垎绾紝鏈夌殑鍒欐槸鎸夊勾銆傛嬁鍒拌繖绗斿垎绾紝浣犲彲浠ラ€夋嫨灏嗗叾鍙栧嚭鏉ュ彟浣滀粬鐢紝涔熷彲浠ョ敤瀹冧拱鍏ユ洿澶歊EITs鈥斺€斿埄婊氬埄锛屼箰瓒ｆ棤绌枫€?/span>

甯告湁浜哄皢REITs瑙嗕负 鈥滆鍔ㄦ敹鍏モ€?/strong> 鐨勬潵婧愶紝鎰忓湪璇存槑瀹冨彲浠ョǔ瀹氬苟鍙潬鍦板垱閫犵幇閲戞祦銆傛鍥犱负鍏剁ǔ鍋ユ€э紝REITs鍙楀埌浜嗗鍥藉吇鑰佸熀閲戠殑闈掔潗锛屽浗澶栧緢澶氫釜浜烘姇璧勮€呬篃浼氶€夋嫨璐拱REITs鏉ヨ幏寰楅€€浼戦噾銆?/span>

閬楁喚鐨勬槸锛岃鍔ㄦ敹鍏ュ緢闅捐浣犱竴澶滄毚瀵岋紝鍙兘涓€鏈堟瘮涓€鏈堝瘜锛屼竴骞存瘮涓€骞村瘜銆?/span>

2.娴佸姩鎬у己

鏅€氫汉鏈€瀹规槗鎺ヨЕ鍒扮殑REITs锛屽ぇ澶氶兘鍙互鍦ㄨ偂绁ㄤ氦鏄撴墍涔板埌銆傚洜涓篟EITs鏄皢涓嶅姩浜х殑鏀剁泭缁欒瘉鍒稿寲浜嗭紝浣犳兂鎸佹湁REITs灏辨墦寮€浜ゆ槗杞欢涔板叆锛屼笉鎯宠浜嗗氨鐩存帴鍗栨帀鑲＄エ鑾峰埄浜嗙粨銆?/span>

鐩告瘮浜庣湡姝ｇ粡钀ヤ竴濂楁埧浜с€佷竴闂村簵閾烘垨涓€鏍嬪啓瀛楁ゼ锛?/span> REITs缁欎簡浣犲揩閫熻繘鍏ユ埧鍦颁骇甯傚満銆侀殢鏃跺皢鑲＄エ杞寲涓虹幇閲戠殑渚挎嵎鎬с€?/strong>

璧勬枡鏉ユ簮锛欴eloitte.

鍦ㄤ竴浜涙儏鍐典笅锛屼綘鏃犳硶鍦ㄥ叕寮€甯傚満涓婃姇璧凴EITs銆傚湪鑻卞浗锛孯EITs鍩洪噾鏄己鍒朵笂甯傜殑锛屾墍鏈塕EITs閮藉彲浠ュ湪鑲＄エ甯傚満涔板埌銆傝€岀編鍥藉垯涓嶅涓婂競浣滆姹傦紝鏈変竴浜涙敹鐩婄巼寰堝ソ鐨凴EITs鏄叕鍕熷熀閲戝嵈娌℃湁涓婂競浜ゆ槗锛岀敋鑷宠繕鏈変竴浜涙槸绉佸嫙鍩洪噾锛屽氨缁欒澶氫釜浜烘姇璧勮€呰缃簡杈冮珮鐨勯棬妲涖€?/span>

3.閫忔槑鎬у己

涓庝换浣曚笂甯傚叕鍙哥浉鍚岋紝REITs蹇呴』鍚戞姇璧勮€呮姭闇茶储鍔′俊鎭紝骞跺強鏃跺憡鐭ラ闄╁拰閲嶅ぇ涓氬姟鍐崇瓥銆?/span>

姝ゅ锛岀浉杈冧簬鍏朵粬涓婂競鍏徃锛孯EITs鍩洪噾瑕佹淳鍙戞洿楂樼殑鑲℃伅銆佺暀瀛樻洿灏戠殑鏀剁泭锛屽洜姝?/span> 瀹冧滑椤绘洿棰戠箒鍦颁粠璧勬湰甯傚満瀵绘眰璧勯噾銆?/span> 杩欏氨淇冧娇REITs鎶湶鏇村淇℃伅锛岃鎶曡祫鑰呭REITs鐨勮储鍔″拰杩愯惀鐘跺喌鏈夋洿娣辩殑浜嗚В銆?/span>

姣斿锛孯EITs浼氬湪璐㈡姤涓姞鍏ョ粡钀ョН绱祫閲戯紙Funds from Operations, FFO锛変竴椤癸紝浣滀负琛ュ厖鎬х殑璐㈠姟鎸囨爣銆傝繖涓狥FO锛岀О寰椾笂鏄瘎浼版埧鍦颁骇鍏徃鐨勬渶鍙潬鎸囨爣锛屽畠琛ㄦ槑浜嗕竴涓猂EIT鏀粯鑲℃伅鐨勮兘鍔涖€?/span>

4.澶氭牱鍖?/strong>

鑷充簬澶氭牱鍖栵紝鎴戜滑鍙互浠嶳EIT鐨勫唴閮ㄥ拰澶栭儴涓や釜灞傞潰鏉ョ悊瑙ｏ細

浠庡叾鍐呴儴鏉ョ湅锛屾瘡涓€涓猂EIT鍩洪噾鍙兘鏈夊叾涓撻暱鐨勫湴浜х被鍨嬶紝濡傚叕瀵撱€佸啓瀛楁ゼ銆佸晢閾虹瓑锛屼絾涔熸湁璁稿REITs鎸佹湁澶氭牱鐨勮祫浜х被鍨嬶紝杩欏氨璧峰埌浜?/span> 鍒嗘暎椋庨櫓 鐨勪綔鐢ㄣ€?/span>

涓句釜渚嬪瓙锛屽湪缁忔祹涓嶆櫙姘旂殑鏃跺€欙紝濡?020骞达紝浣犺喘涔扮殑REIT鍙兘鏃椾笅鐨勫啓瀛楁ゼ浜忔崯涓ラ噸锛屼絾鏄鏋滃畠鍚屾椂杩樻寔鏈夌墿娴佸湴浜э紝閭ｈ繖閮ㄥ垎鐗╀笟灏卞緢鍙兘灏哛EIT鐨勫洖鎶ョ巼鏁戝洖鏉ヤ竴鐐癸紝鍥犱负鍏ㄧ悆鍚勫湴鐨勭數鍟嗛兘鍦ㄧ柅鎯呮湡闂村嚭鐜颁簡鐖嗗彂寮忓闀裤€?/span>

濡傛灉浣犳槸鐩存帴涔版埧/涔版ゼ锛屼綘寰堥毦鍋氬埌澶氭牱鍖栭厤缃€?/strong>

鑰屼粠澶栭儴鏉ョ湅锛孯EITs鎵€浠ｈ〃鐨勬埧鍦颁骇甯傚満鏄瘡涓姇璧勪汉閮藉簲鑰冭檻娑夎冻鐨勯噸瑕佸競鍦轰箣涓€锛屾槸澶氬厓鍖栨姇璧勭粍鍚堢殑涓€閮ㄥ垎銆?/span>

杩欎竴鐐逛竴瀹氳璁颁綇锛歊EITs鏄竴绉嶇嫭鐗圭殑璧勪骇绫诲埆锛屽畠涓庤偂绁ㄥ競鍦恒€佸€哄埜鍜屽叾浠栬祫浜т箣闂寸殑鍏宠仈搴︽病鏈夐偅涔堝ぇ銆傛崲鍙ヨ瘽璇达紝褰撲綘鐨勮偂绁ㄥぇ璺屾椂锛屼綘鐨凴EIT鍙兘姝ｅ湪涓婃定鎴栬€呮寔骞筹紝浠庤€岀紦瑙ｆ暣涓姇璧勭粍鍚堢殑娉㈠姩鎬с€?/span>

杩欏叾瀹炲緢濂界悊瑙ｏ細姣斿鍐欏瓧妤奸噷鏈変竴瀹朵紒涓氬€掗棴娓呯┖锛屽鏋滀綘鏄繖瀹朵紒涓氱殑鑲′笢锛岄偅浣犲彲鑳芥崯澶辨儴閲嶏紱浣嗘槸 瀵逛簬鍐欏瓧妤兼潵璁诧紝瀹冪殑绉熼噾鏀跺叆涓嶄細鍙楀埌閭ｄ箞澶х殑褰卞搷锛屽洜涓鸿繖瀹朵紒涓氳蛋浜嗭紝涓嬩竴瀹朵紒涓氬張浼氬叆椹昏繘鏉ャ€?/strong>

REITs锛屼粠鍏ㄧ悆鍒版柊鍔犲潯

璇村畬浜哛EITs鐨勫熀鏈儏鍐碉紝鎴戜滑鏉ュ叿浣撹€冨療涓€涓嬩簹娲叉姇璧勮€呮渶鐔熸倝鐨凴EITs甯傚満涔嬩竴鈥斺€旀柊鍔犲潯銆?/span>

浣撻噺锛氬叏鐞冭緝灏忥紝浜氭床杈冨ぇ锛屽浗鍐呬富娴?/strong>

浠庡競鍊兼潵鐪嬶紝缇庡浗鏄叏涓栫晫REITs鐨勭粷瀵逛富瀵笺€傛嵁娆ф床鍏叡鎴垮湴浜у崗浼氾紙EPRA锛夌殑鎶ュ憡锛屾埅鑷?020骞寸鍥涘搴︼紝缇庡浗REITs鐨勬€诲競鍊间负1.2涓囦嚎缇庡厓锛岃繎涔庝簬绗簩鍚嶆棩鏈殑9鍊嶃€?/span>

浠庝笘鐣岃寖鍥存潵鐪嬶紝鏂板姞鍧″苟涓嶇畻鏄釜寰堝ぇ鐨凴EITs甯傚満锛屼笂骞村洓瀛ｅ害鐨勬€诲競鍊肩害涓?50浜跨編鍏冿紱 浣嗘槸鏀惧湪浜氬お鍦板尯锛屾柊鍔犲潯REITs鐨勫湴浣嶅氨寰堟槑鏄句簡锛屽叾浣撻噺浠呮浜庢棩鏈€佹境澶у埄浜氥€?/strong>

鍙︿竴鏂归潰锛孯EITs瀵逛簬鏂板姞鍧¤祫鏈競鍦烘潵璇翠篃鏄瀬鍏堕噸瑕佺殑瀛樺湪銆備笂鍥剧孩鑹茬殑鎶樼嚎鏍囨槑浜嗕竴鍥界殑REITs甯傚€煎崰璇ュ浗鑲＄エ鎬诲競鍊肩殑姣旈噸銆傚嚑涓浗瀹舵櫘閬嶉兘鍦?%宸﹀彸锛屼絾鍦ㄦ柊鍔犲潯锛岃繖涓€鏁板瓧绔熻兘楂樿揪16.9%銆?/span>

鎹柊鍔犲潯浜ゆ槗鎵€锛圫GX锛夌殑鏈€鏂版姤鍛婏紝杩欓噷 鍏辨湁42瀹禦EITs鍜屽湴浜т俊鎵樺叕鍙革紙REITs & Property Trusts锛?/strong>銆?/span> 鎴戜滑鑷繁鏁颁簡涓€涓嬶紝鍦ㄤ粖骞?鏈堢殑鏂板姞鍧?03瀹朵笂甯傚叕鍙稿悕鍗曚腑锛屽悕瀛楅噷甯︽湁鈥淩EIT鈥濆瓧鏍风殑鍏辨湁25瀹躲€傚彟鏈夋姤閬撶О锛?021骞存柊鍔犲潯涔熶細娑岀幇鏇村REITs锛岃繖鏄埧鍦颁骇琛屼笟鐨勫ソ骞淬€?/span>

绉嶇被锛氬悇鏈夌壒鑹?/strong>

濂戒簡锛岃繖涔堝REITs鍩洪噾锛屼粬浠兘鍦ㄦ姇璧勪粈涔堟埧浜э紵

浠庡叏鐞冩潵鐪嬶紝鈥滀笓闂ㄥ寲REITs锛圫pecialized REITs锛夆€濇暟閲忔渶澶氾紝瀹冧滑鎶曡祫鐨勬槸閭ｄ簺闅句互琚父鐢ㄦ蹇靛泭鎷殑鍦颁骇绫诲瀷锛屽鐢靛奖闄€佽祵鍦恒€佸啘鐢般€佹埛澶栧洯鍦扮瓑绛夈€傝€屾柊鍔犲潯鐨凴EITs鏋佸皯鎶曡祫杩欑被璧勪骇锛岃繖鍙兘涓庤繖涓煄甯傚浗瀹剁己灏戠┖鏃峰湡鍦版湁鍏炽€?/span>

鏁版嵁鏉ユ簮锛歁SCI銆丼GX.

涓庡叏鐞冨钩鍧囨按骞冲垰濂界浉鍙嶏紝 鈥滃鏍峰寲REITs锛圖iversified REITs锛夆€濆湪鏂板姞鍧℃渶涓轰富娴併€?/strong> 濡傚墠鏂囦粙缁嶇殑锛岃繖绫籖EITs鎸佹湁澶氱鐗╀笟锛岃€岄潪鍗曚竴鍖栫殑鎴夸骇绫诲瀷锛屼粠鑰岃捣鍒伴檷浣庨闄╃殑鏁堟灉銆?/span>

鏂板姞鍧EITs鐨勫彟涓€鐗圭偣锛屾槸闈炲父 鍥介檯鍖?/strong> 銆傛牴鎹甋GX鐨勬渶鏂扮粺璁★紝鏂板姞鍧?/span> 瓒呰繃80% 鐨凴EITs鍜屾埧浜т俊鎵樺熀閲戞寔鏈夊澶栫殑涓嶅姩浜с€?/span>

鍥剧墖鏉ユ簮锛歋GX.

鏂板姞鍧EITs鍚戝澶栨姇璧勭殑棣栭€夊湴鏄簹娲插浗瀹讹紝姣斿鏈?0瀹禦EITs鎸佹湁涓浗澶ч檰鐨勬埧浜э紝7瀹舵姇璧勪簡鏃ユ湰鍦颁骇锛?瀹舵娂娉ㄩ┈鏉ユゼ甯傜瓑銆?/span>

闄や簡鎶曡祫杩戦偦锛岃繕鏈夊緢澶氭柊鍔犲潯REITs浼氳窇鍒板寳缇庛€佹娲插湀鍦般€傛瘮濡侫RA US HOSPITALITY TRUST锛屽氨鏄竴涓妸璧勯噾鐧惧垎鐧剧牳杩涚編鍥介厭搴椾笟鐨凴EIT銆?/span>

鎹㈠彞璇濊锛?/span> 閫氳繃鎶曡祫鏂板姞鍧EITs锛屼綘灏卞彲浠ュ湪鍏ㄤ笘鐣屽壊闊彍 鈥斺€旀湁娌℃湁寰堝績鍔紵

琛ㄧ幇锛氬ソ浜庡ぇ鐩橈紝鍙互鍏ュ満

褰撶劧锛屾姇璧勮€呬滑鏈€鏈€鏈€鍏冲績鐨勮繕鏄繖涓帺鎰忓効鑳芥湁澶氬皯鏀剁泭銆傛垜鐢ㄥ嚑寮犲浘鍛婅瘔浣犮€?/span>

棣栧厛鏉ョ湅鐪嬫柊鍔犲潯REITs鐨勬€诲洖鎶ュ拰鑲′环鍥炴姤銆備笅鍥句腑锛岃摑鑹插拰缁胯壊涓鸿　閲忔柊鍔犲潯REITs琛ㄧ幇鐨勪袱绉嶆寚鏁帮紝鍙互鐪嬪埌瀹冧滑閮芥槸 楂樹簬鏂板姞鍧″ぇ鐩樻寚鏁?/strong> 鈥斺€旀捣宄℃椂鎶ユ寚鏁帮紙Strait Times Index锛夌殑銆?/span>

绮楃暐浼拌涓€涓嬶紝濡傛灉浣犲湪鐤儏鍒濇湡鐨勫競鍦轰綆鐐逛拱鍏ユ柊鍔犲潯REIT鑲＄エ锛岄偅浣犵幇鍦ㄥ氨宸茬粡鎷垮埌澶х害 40%鐨勬€绘敹鐩?/strong> 浜嗐€?/span>

鎹甋GX鐨勬渶鏂版祴绠楋紝褰撳墠鏂板姞鍧EITs鐨勫钩鍧囪偂鎭敹鐩婄巼锛圓vg. Div Yield锛変负5.6%锛屼篃灏辨槸璇达紝鎶曡祫100鍏冭繘鍘伙紝浣犲湪涓€骞村悗鍙互鎷垮埌5.6鍏冪殑鍒嗙孩锛涘钩鍧囧競鍑€鐜囷紙Avg. P/B锛夋槸1.04锛屼害 寰?/strong>闅捐鑲′环杩囬珮 銆?/span>

鍥剧墖鏉ユ簮锛欵PRA.

鐢变簬绡囧箙闄愬埗锛岃繖閲屽啀闄勪笂涓€涓柊鍔犲潯鍓嶄簲澶EITs鍘诲勾涓婂崐骞寸殑琛ㄧ幇锛屼笉澶氳В閲婁簡銆傚鏋滄劅鍏磋叮锛屾垜浠鑱娿€?/span>

       

绋庢敹璞佸厤涓篟EITs閿︿笂娣昏姳

鏂板姞鍧EITs鏈槸涓轰簡鎸叴90骞翠唬浣庤糠鐨勬柊鍔犲潯鎴垮湴浜у競鍦鸿€岀敓鐨勩€?/span>

浠?986骞存皯闂村紑濮嬫彁鍑猴紝鍒版柊鍔犲潯閲戠灞€锛圡AS锛屾柊鍔犲潯澶锛夐甯冦€婃埧鍦颁骇鍩洪噾鎸囧崡銆嬶紝鍐嶅埌2002骞?鏈堢涓€鍙猂EITs锛堝嚡寰峰槈鑼備俊鎵橈級涓婂競锛屾€诲叡璧颁簡15骞存椂闂达紝鏈熼棿缁忓巻浜?0骞翠唬鐨勭粡娴庤惂鏉′互鍙?997骞寸殑浜氭床閲戣瀺鍗辨満銆?/span>

鍜岀編鍥絉EITs鐩告瘮锛屾柊鍔犲潯REITs鏇村彈浜氭床鎶曡祫鑰呭枩娆紝涓昏鍘熷洜鏈変互涓嬪嚑鐐癸紝鍖呮嫭 澶╃劧鐨勫湴鐞嗕紭鍔裤€佺◣鏀舵縺鍔辨斂绛栥€佸鍏冪殑鎶曡祫鏍囩殑浠ュ強鎮犱箙鐨勮祫浜х鐞嗙粡楠屻€?/strong>

鍦ㄦ垜浠殑瀹為檯鎿嶄綔涓紝寰堝闈犱紶缁熷疄涓氬彂瀹剁殑鍏徃鎺岄棬浜哄湪娴峰鎶曡祫鐨勬瘮渚嬪苟涓嶉珮锛屾湁涓€浜涚敋鑷宠繕娌℃湁寮€璁炬捣澶栬处鎴凤紝浣嗘槸濡傛灉鐪熺殑瑕佸紑锛屼竴澶ч儴鍒嗕汉浼氱洿鎺ラ€夋嫨寮€UBS銆?/span>

杩樻湁涓€浜涗腑灏忎紒涓氳€呰窇寰楁瘮杈冨揩锛屽紑璁句簡娴峰璐︽埛锛屼絾鑻︿簬娌℃湁鏃堕棿浜嗚В娴峰鎶曡祫鐨勪俊鎭紝璐︽埛骞朵笉甯哥敤锛屽鑷?-3骞存病鏈変娇鐢ㄨ€岃鍏虫埛鐨勩€?/span>

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瀹㈣鏉ヨ锛屾柊鍔犲潯褰撳湴鐨勯噾铻嶇幆澧冨拰涓浗姣旓紝骞朵笉绠楁椿璺冦€傛柊鍔犲潯鏀垮簻鍐冲畾 鐢ㄦ洿寮€鏀剧殑绠″埗鏉ュ惛寮曞浗闄呰祫閲?/strong> 锛氬畠鏀寔鏂板姞鍧＄殑REITs鎶曡祫鍏ㄧ悆鍦颁骇浠ュ鐨勮祫浜э紝鑰岀編鍥藉垯瀵规鎻愬嚭浜嗕竴绯诲垪闄愬埗銆?/span>

褰撶劧浜嗭紝鍙湁REITs杩樻槸娌″姙娉曟弧瓒虫捣澶栨姇璧勮€呯殑闇€姹傦紝鍥犳寰堝浜洪€夋嫨鍦ㄦ柊鍔犲潯璁剧珛鍏徃浜彈绋庢敹浼樺娍锛屽悓鏃跺張鎼缓杩旂▼鏋舵瀯鎶曡祫棣欐腐鎴栬€呮捣澶栧叾浠栧湴鍖恒€?/span>

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鏂板姞鍧EITs涓婂競绾㈢鏋舵瀯

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鍙傝€冭祫鏂欙細

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REITs瑙嗛噹涓ㄦ柊鍔犲潯REITs锛氬叏鐞冩敹鐩婄巼鏈€楂樹箣涓€. REITs琛屼笟鐮旂┒. 2018-07-23.