记者 高丽霞

The reporter Sam koryo

　　[近些年来，在国内房地产调控持续从紧和海外房地产市场处在相对低位的双重背景下，去国外购房渐渐成为投资者的一种选择。海外REITs与我国市场相关性非常低，能较好分散国内A股市场风险，是较好的大类资产配置工具。]

[in recent years，In domestic real estate regulation continue tight and real estate market in overseas relative low double background，To go abroad to purchase become gradually investors a choice。REITs in China and overseas market relevance is very low，Good dispersion domestic a-share market risk，Is a good categories asset allocation tools。]

　　海外不动产投资成风 The real estate investment overseas wind

　　QDII出海至今，基本上是以亏损示人。在二季度欧债危机的半道截杀下，QDII基金一季度的幸福感未能延续。但两只投资海外不动产的QDII却取得了难得的盈利，成为54只QDII中的“幸存者”。

QDII so far out to sea，Is basically a shows a loss。In the second quarter, Europe debt crisis BanDao under the alleys，QDII fund quarter of happiness failed to continue。But two investment overseas the estate of the QDII has made a profit，As the QDII 54 only“survivors”。

　　同花顺(300033,股吧)统计数据显示，二季度以来截至到上周末，54只QDII中只有3只“幸存者”，其余51只QDII全线亏损。而这3只“幸存者”，有两只是投资海外不动产，即诺安全球收益不动产和鹏华美国房地产，二季度以来分别上涨了2.55%、1.58%。此外富国全球得益于债券牛市，也略微实现了盈利。

Straight flush(300033,Shares it)Statistics show that，Since the second quarter ended last weekend，54 only had only three of the QDII“survivors”，The rest of the 51 only QDII all losses。And this just“survivors”，There are two just investment overseas realty，That's real estate and income security ball peng hua American real estate，Since the second quarter, which rose 2.55%、1.58%。In addition rich countries to benefit from global bond bull market，Also slightly realize the profit。

　　今年以来，以中国为代表的全球富人移民潮，正在加速推涨美国楼市。统计数据显示，今年前四个月，流入美国不动产相关基金的资金就超过62.17亿美元，已经超过去年全年。“以目前国内宏观调控的形势，华人海外投资房地产的这波热潮，最起码还会持续10年的时间。”有市场人士称。当然，直接投资海外房地产，受众多门槛的限制。首先是巨额资金，其次比如外汇管制、飞赴海外选楼的时间成本，还有出租管理、抵押贷款等繁琐复杂的环节。

Since this year，In China, as a representative of the world's rich immigration，Is speeding up the push up us housing market。Statistics show that，The first four months of this year，Real estate related fund inflows of capital is more than 6.217 billion dollars，Have more than last year。“With the current domestic macroeconomic regulation and control of the situation，Chinese overseas investment real estate the wave of boom，At the very least will also for 10 years time。”Some market experts say。Of course，Overseas direct investment real estate，Many of the restrictions by the threshold。First is a huge amount of money，Second such as foreign exchange control、Fly to overseas choose floor of the time cost，And rental management、Mortgages and other complex link。

　　“从海外置业角度看，投资REITs相比直接投资海外不动产具有不可比拟的多重优势。”嘉实基金(博客,微博)经理蔡德森在接受记者采访时表示，首先是解决了投资信息不对称的劣势，赴海外选择勘查物业耗费时间精力，但REITs筛选物业由专业机构负责；其次，各国税收规定非常复杂，直接置业还面临房价波动带来的收益风险，以及购买后的出租管理等问题，REITs具有研究优势和管理经验。此外，直接置业退出权益很难保证，相反REITs变现的流动性更佳。

“From the perspective of overseas buyers，REITs investment compared with overseas direct investment real estate incomparable multiple advantages。”Fine fruit fund(blog,Micro bo)The manager CaiDeSen when accepting a reporter to interview said，First is solved the investment information asymmetry disadvantages，Choose to go overseas exploration property worth the time and energy，But REITs screening by professional institutions responsible for property；second，Countries tax regulations is very complicated，Direct real estate is still faced with house prices of the benefits of volatility risk，And after buying rental management，REITs have research advantage and management experience。In addition，It was difficult to ensure that the rights directly home buyers out，Instead of cash liquidity REITs much better。

　　海通证券(600837,股吧)研报指出，“REITs与传统股票、债券等风险收益特征差异明显，海外REITs与我国市场相关性非常低，能较好分散国内A股市场风险，是较好的大类资产配置工具。”

Haitong securities(600837,Shares it)Research report points out that，“REITs and traditional stock、Bonds risk yield differences are significant，REITs in China and overseas market relevance is very low，Good dispersion domestic a-share market risk，Is a good categories asset allocation tools。”

　　海外团队很重要 Overseas team is very important

　　与基金相似，REITs是一种汇集多个投资者资金，由专业投资机构负责进行房地产投资经营管理，并将投资综合收益按比例分配给投资者的信托产品。其投资以成熟的，有稳定现金流的商业物业为主，如公寓、酒店、商场、写字楼等资产，以获取租金和资产增值作为投资回报。

And fund similar，REITs is a collection multiple investors funds，The specialized investment institutions responsible for real estate investment management，And will invest comprehensive income distribution in proportion to the investors trust products。Its investments to mature，With stable cash flow of commercial property is given priority to，Such as apartment、The hotel、mall、Office buildings and other assets，In order to get the rent and asset appreciation as a return on investment。

　　彭博数据显示，截至2011年底，全球上市房地产证券总市值超过7800亿美元，其中REITs占比超过60%。从2002年到2011年，业绩比较基准中具备10年价格和分红历史的REITs，10年间累计回报率达到237.0%，年化收益率高达11.6%，远高于A股收益水平，其中以租金形式为主要现金收益来源的收益占比达到44%。这意味着REITs投资者不仅分享了优质物业长期增值的收益，还收获了租金收入的稳定分红。

Bloomberg data shows，By the end of 2011，Global real estate securities listed total market value more than $780 billion，REITs accounted for more than 60% of than。From 2002 to 2011，Compared with the benchmark performance in 10 years history of price and share out bonus REITs，10 years accumulative total returns at 237.0%，Years change yield as high as 11.6%，Far higher than A shares income level，Among them with the rent for the main form of the source of revenue cash income reached 44%。This means that not only share the high quality REITs investors property long term value added benefits，Also gain the rental income stability dividends。

　　不过，海外投资最常见的现象就是水土不服。与海外不动产基金业绩相比，国内出海的QDII还是相差甚远。来自彭博的数据证实：今年以来在欧债危机发酵影响下，全球主要股市普遍低迷，但截至4月20日，海外DJ Wilshire不动产基金RWR.US和先锋不动产基金VNQ.US两只产品，近6个月的报酬率分别高达19.16%、19.09%。而同期，诺安全球收益不动产和鹏华美国房地产仅分别上涨了1.89%、1.8%。

but，Overseas investment of the most common phenomenon is not soil and water conservation。Compared with the overseas real-estate fund performance，Domestic aboard QDII or vary greatly。The data from bloomberg confirmed：Since this year in Europe debt crisis under the influence of fermentation，Major global stock market downturn in general，But the April 20，Overseas DJ Wilshire real estate fund RWR. The US and pioneer real-estate fund VNQ. US two products，Nearly six months respectively the return rate as high as 19.16%、19.09%。Over the same period, the，Ball's security gains real estate and peng China real estate only the United States which rose 1.89%、1.8%。

　　“海外投资，特别是全球房地产投资，更是一项非常强调投研本土化的课题。相比股票，REITs带有更强的实体投资色彩，而不同地区的地产又都有不同特点，意味着REITs投资对实地调研和一线信息要求更加严格。”嘉实基金对此表示，“因此，聘用境外投资顾问，在信息分析、投研决策方面，拥有更大的优势。”

“Overseas investment，Especially global real estate investment，It's also a very stressed cast the localization of research topic。Stock compared，REITs with greater entity investment colour，And different regions of the real estate and have different characteristics，Means of REITs investment field survey and a line of information to get tougher。”Fine fruit fund expressed，“so，Hire overseas investment consultant，In information analysis、Making for research，Has a big advantage。”