本报讯

Report from our correspondent

　　记者胡萍报道 近期房地产市场似乎又有了回暖迹象，而监管层依然以不同的方式强调“坚持调控不动摇”。房地产如何能走出“压一压、弹一弹”的怪圈，诺亚财富 CRO连凯认为，应当发展房地产私募投资基金。

Reporter hu ping reported recent real estate market seems to have warmed signs，And regulatory still emphasize in different ways“Adhere to the regulation not be moved”。How can get out of real estate“Press a pressure、Playing a play”Of the vicious circle of，Noah wealth CRO to visit Andrew think，Real estate private equity investment fund shall be development。

　　据了解，目前国内房地产私募投资基金主要有两种形式：融资型房地产投资基金和房地产私募股权投资基金。连凯说，“相较于房地产信托产品，房地产私募投资基金有两大特点，弥补了房地产信托的不足：一是周期较长，通常在5年以上，可以跨越经济周期；二是一旦跨越经济周期，则投资项目未必选定某个具体项目，而是建立储备项目池，所有符合条件的项目都进入储备项目池。在有交易对手、有备选项目的情况下，可以先募集基金，找到符合条件的项目，即可迅速出资。”这两类创新金融产品有可能成为商业房地产市场的长期驱动力。

According to understand，At present domestic real estate private equity fund to basically have two kinds of forms：Real estate investment funds and financing type real estate private equity funds。Andrew Lin said，“Compared with real estate trusts products，Real estate private equity investment fund has two characteristics，To make up for the lack of real estate trusts：One is the cycle is long，Usually in five years，Can cross the economic cycle；2 it is once across the economic cycle，Then investment project may not choose one specific projects，But building a reserve project pool，All meet the conditions of the project are going into the reserve project pool。In a counterparty、Have alternative program，Can raise fund first，Find meet the conditions of the project，Capital can be quickly。”The two types of innovative financial products may become a driving force of the commercial real estate market for a long time。