交通银行(601328,股吧)最新一期中国财富景气指数报告显示，小康家庭不动产投资意愿已连续4个月上涨，其中现在不动产投资意愿更是首次达到100的临界点。与不断升温的房产投资意愿不同，国内楼市调控政策持续从紧，在此背景下，投资者的眼光逐渐转向海外房市。

Traffic bank(601328,Shares it)The latest issue of China's wealth boom index report shows，A well-off family real estate investment will have four months to rise，One of the real estate investment now for the first time to reach the critical point is 100。With the increase of property investment intend to different，The domestic market for tight control policy，In this context，Investors eye gradually turn to overseas housing market。

　　与此同时，最新消息显示，金融海啸之后，美国不动产历经三年多的大幅调整后，房屋库存大幅降低、租金收益率提升，加上房价止跌回稳，北美REITs吸引买盘涌入，是目前欧债危机下，成长趋势最为明确的产业。彭博数据统计显示，截至2011年底，过去3年、10年、15年来，包括REITs在内的全球房地产证券年化收益率分别达到16.2%、9.6%、6.4%，远超同期标普500、全球债券、全球股票以及上证A股收益。

At the same time，The latest news shows，Financial tsunami after，America's real after three years more sharply after the adjustment，Housing inventory greatly reduced、Rental yields ascension，With house prices rose in reason，North American REITs attract into buying，Is the European debt crisis，The most specific industry growth trend。Bloomberg data statistics show，By the end of 2011，The past three years、10 years、In the past 15 years，REITs, including the global real estate securities annualised rate of return were 16.2%、9.6%、6.4%，Far more than the same period the s&p 500、Global bond、Global stocks as well as the Shanghai a-share gains。

　　嘉实房地产及基础设施资产管理部投资经理蔡德森认为，从当前投资环境看，海外市场正处于复苏时期，海外房地产投资成长预期良好，不论从资产配置角度还是长期收益来看，都具备明显投资价值。他认为，以供给关系、租金收益等为基本面的支撑，是全球尤其美国房地产市场得以复苏的基础。目前，房地产本身的价格可能比高点（美国）低了20%、30%左右，这个价格水平比较合理。并且多数REITs的物业很优质，贷款率也比较低，一般在40%左右或更低。而且租约是中长期稳定的，每个地区的经济也慢慢恢复,新房产供给有限，需求量却在稳步攀升。所以从这些角度来看，当前海外房地产投资时机较好。

Fine fruit real estate and infrastructure investment assets management department manager CaiDeSen think，From the current investment environment look，Overseas markets are in recovery period，The real estate investment growth expected good overseas，No matter from the asset allocation Angle or long-term earnings and see，All have obvious investment value。He thinks，To supply、Such as the rental income for basic support，Is the U.S. real estate market especially to the revival of the base。At present，The price of real estate itself may be less than the high（The United States）Low 20%、30%，The price level is reasonable。And most REITs property is very high quality，Loans are low，General at about 40% or lower。And the lease of the medium and long term is stable，Each area's economic recovery also slowly,New housing supply Co., LTD，But demand in has been rising steadily。So from the point of view，The current real estate investment time overseas is good。

　　正在发行的嘉实全球房地产基金正是瞄准海外商业地产及收益型不动产的基金产品，旨在通过投资高流通性的全球房地产证券，为国内投资者分享海外房市投资相对稳定的现金流和资本增值收益。作为该基金拟任基金经理蔡德森介绍，经过2008年金融危机洗礼后的全球房地产市场处于一个稳步增长回暖的状态，在经历市场去泡沫化、票面价值回调后，当前全球房地产证券与历史估值最高位置呈现30%~40%的差距，处于较合理的估值水平；而体现在房地产资产本身价格上，受益于之前的大幅折价，当前处于低价状态下的海外房地产也具备明显升值空间。

Is issue of the fine fruit global real estate fund is aimed at overseas commercial real estate and profit of the real product type fund，Aims to high investment liquid of global real estate securities，For domestic investors overseas investment is the housing market share stable cash flow and capital appreciation income。As the fund fund manager CaiDeSen aspiring introduction，After the 2008 financial crisis after the baptism of the global real estate market in a steady growth of the state of the thaw，In the market to turning into a bubble-and experience、Face value after the callback，The current global real estate securities and history valuation on the top 30% ~ 40% gap，At a reasonable valuation levels；And embodied in real estate assets itself on price，Benefit from the heavily discounted before，The current low state of the overseas in real estate and also has rise significantly。