报告称私募行业今年面临大洗牌 The report says private industry this year faces big shuffle

　　中国建银投资有限责任公司9日发布的《中国投资发展报告(2012)》预测，私募股权投资行业将在2012年面临大规模洗牌。

China's building silver investment Co., LTD. 9 release《China investment development report(2012)》forecast，Private equity industry will face in 2012 mass shuffle。

　　中国建银投资有限责任公司研究中心主任张志前表示，2012年全球经济下行压力增大，股权投资行业将面临巨大的退出及回报压力。中国V C /PE行业将步入深度调整期，行业“洗牌”将加速，未达到预期收益的PE机构将在市场竞争中处于不利地位，募资、投资均面临挑战，甚至遭遇市场淘汰。而专业水平高、已提前完成募资的成熟机构则将更好应对行业调整，投资策略、竞争格局都将面临改变。

China's building silver investment Co., LTD, director of the research center ZhangZhi said before，In 2012 the global economy downward pressure increased，Equity investment industry faces huge exit and return pressure。China V C/PE industry will step into depth setting，industry“shuffle”Will speed up，Failing to meet the expected earnings PE organizations will in market competition at a disadvantage，Whip round、Investment both face challenges，Even out in the market。And professional level is high、Already completed ahead whip round mature institution is will better adjust to industry，Investment strategy、The competition pattern will face changed。

　　退出压力将带来渠道的多样化。张志前认为，2012年，大量人民币基金陆续进入退出期，而IPO资源仍相对有限，同业转售将成为机构间实现退出与寻找投资机会的重要渠道，PE洗牌的过程也将带来更多的可交易资产，PE二级市场建立的进程将加速。（方烨）

Exit pressure will bring the diversity of the channel。Before ZhangZhi that，2012 years，A lot of RMB fund to enter exit，And IPO is still relatively limited resources，Trade resell between organizations will be out of investment opportunities and realize the important channel，PE shuffling of the process will also bring more can trade asset，PE 2 class market will speed up the process of establishment。（FangYe）

　　今明两年房地产信托兑付额超2500亿 In the two years to real estate trusts forehead exceeds 250 billion

　　“今明两年，集合类房地产信托需兑付的金额，扣除次级后分别为710亿和1842亿。”中国银监会非银部主任柯卡生9日在中国信托业高峰论坛上说。他还称，尽管个别公司的个别项目存在风险隐患，但房地产信托引发区域性、系统性风险的可能性不大。

“In the two years，The collection class presentation to the amount of real estate trusts，After deducting subprime respectively for 71 billion and 184.2 billion。”The China banking regulatory commission, director of the silver ko card was born 9 in China on the BBS peak mukesh ambani said。He also says，Although some of the company's individual project risk potential exists，But real estate trusts cause regional、Systemic risk is unlikely。

　　记者从论坛现场获得的数据显示，截至2012年6月底，房地产信托余额6953亿，其中，自然人投资者认购规模为2692亿。

Reporters from BBS field obtained data show，By the end of 2012 to the end of June，Balance of 695.3 billion real estate trusts，Among them，Natural person investors subscribed to scale for 269.2 billion。

　　柯卡生认为，房地产信托规模仅占全国银行业金融机构对房地产行业融资的6.1%，占全国信托公司受托资产总规模的12 .62%，且规模、占比均呈现下降趋势，对整个房地产行业影响比较有限，更不会对信托业产生根本影响。同时，房地产信托项目实行单独建账，单独核算，项目之间相互独立，风险不会彼此传递。另外，合格投资者制度的建立使理性投资者增多，清算压力比过去有所缓解。尤其是300万元以上的高端投资者认购金额占自然人认购总规模的78.4%，具有较高的风险意识和承受能力。（赵东东）

Ko born card that，Real estate trusts scale only accounts for the banking financial institutions to real estate industry financing of 6.1%，The agent of the national trust company total assets of the size of the 12. 62%，And the scale、Than all of has declined，To the real estate industry effect is limited，More won't trust industry produce fundamental influence。At the same time，Real estate trusts projects for subscription alone，Separate accounting，Independent among project，Risk will not pass each other。In addition，Qualified investors system establishment make rational investor increase，The liquidation pressure to ease than in the past。Especially 3 million yuan of above of high-end investors subscription amount accounts for 78.4% of the total scale natural person subscribe，Has the high risk consciousness and bear ability。（ZhaoDongDong）

　　9日人民币对美元汇率中间价小幅下跌 9 the yuan to the dollar exchange rate the middle price fell slightly

　　来自中国外汇交易中心的最新数据显示，8月9日人民币对美元汇率中间价报6.3387，较前一交易日小幅下跌9个基点。

From the China foreign exchange trading center of the latest data show，August 9, the yuan to the dollar exchange rate the middle price for 6.3387，The session is a small drop nine basis points。

　　中国人民银行授权中国外汇交易中心公布，2012年8月9日银行间外汇市场人民币汇率中间价为：1美元对人民币6.3387元，1欧元对人民币7.8438元，100日 元 对 人 民 币8 .0816元 ，1港 元 对 人 民 币0.81730元，1英镑对人民币9.9362元，1澳大利亚元对人民币6.6934元，1加拿大元对人民币6.3722元，人民币1元对0 .48678林吉特，人民币1元对4.9726俄罗斯卢布。

The people's bank of China announced authorized China foreign exchange center，In August 2012, 9 RiYin rows of foreign exchange market rate for RMB：$1 to 6.3387 yuan，1 euro to 7.8438 yuan，100 yuan to people, people currency 8. 0816 yuan ，1 port to people currency RMB 0.81730 yuan，1 pound at 9.9362 yuan，1 Australia yuan to 6.6934 yuan，1 Canada yuan to 6.3722 yuan，1 yuan RMB to 0. 48678 ringgit，RMB 1 yuan to 4.9726 Russian roubles。

　　前一交易日，人民币对美元汇率中间价报6.3378。

In the session，The yuan to the dollar exchange rate the middle price for 6.3378。

　　（王淑娟）

（WangShuJuan）