编国内楼市上半年出现回暖，但管理层做出坚决抑制房价反弹的表态，使得国内楼市前景不甚明朗。相比之下，经济复苏更为确定的美国市场，受到了国内高端人群的更多青睐。据不完全统计，近三年来，通过海外置业达到资产增值目的的人群以每年30%的速度递增。

Make up the domestic market appear warmer in the first half，But to prevent housing price management firm rebound statement，Make the domestic market prospects unclear。compared，Economic recovery is more sure of the U.S. market，Influenced by domestic high-end crowd of more favour。According to not complete count，Nearly three years in，Through the overseas home buyers to achieve the purpose of the asset appreciation crowd increasing at the rate of 30% per year。

　　在国外有一套自己的房产，不仅可以用来度假，还可坐拥租金收益，需要资金时可以变现坐享资产增值，已成为不少国人的梦想。但实现这个梦想着实不易。不仅有巨额的资金门槛，还有外汇管制、飞赴海外选楼的时间成本，还有出租管理、抵押贷款等复杂环节。

In foreign countries has its own property，Not only can be used to vacation，Still can sit to hug rental income，Need capital can cash sit enjoy asset appreciation，Many of the people has become a dream。But realize this dream really not easy。Not only have a huge sums of money threshold，And foreign exchange control、Fly to overseas choose floor of the time cost，And rental management、Mortgages and other complex link。

　　此时，只要借助主投REITs（房地产投资信托）的证券投资基金，就可以绕开这些复杂环节，参与帝国大厦、万豪酒店、沃尔玛超市，甚至是一座可以云中漫步的葡萄酒庄园的投资。而悠闲实现这个全球房产投资梦的成本，最低只需要5000元。

At this time，As long as the pitch with the REITs（Real estate investment trust）Securities investment funds，To get around these complex link，Participate in the Empire State Building、Marriott hotel、wal-mart，Even a can of walking on air of wine estate investment。And carefree to realize the dream of the global housing investment cost，Minimum only need 5000 yuan。

　　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。其最显著的特点就是分红率比较高，多数国家要求REITs收入的绝大部分定期以分红的方式分派给持有人，并通过分红部分免税等方式鼓励派息。

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。The most striking characteristics of share out bonus is high rate，Most countries require REITs income to most of the regular way of share out bonus assigned to the holder，And part of the way through dividends tax-free etc encourage dividends。

　　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%，全球房地产证券成长为股票、债券和现金之外的第四大投资标的，并得到养老金等主流投资机构的长期青睐。

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，Global real estate securities for growth stocks、Bonds and cash outside of the fourth largest investment targets，And get the annuities mainstream investment agency long-term favour。

　　日前市场广受关注的嘉实全球房地产基金，通过精选美国等市场的REITs，为国内投资者开通了5000元低成本海外置业的便捷通道。

A controversial market of fine fruit global real estate fund，Through the select markets such as the us REITs，For domestic investors opened 5000 yuan low cost of overseas buyers convenient channel。

　　那么，在金融危机余震不断的背景下，REITs值不值得投资？当前是不是出海投资外国地产的时机？嘉实投资全球房地产的优势又在哪里？

so，In the financial crisis of aftershocks have background，REITs is worth the investment？The sea is the timing of the foreign real estate investment？Fine fruit the advantage of global real estate investment and in where？

　　问题一

Problem a

　　美国REITs因何绕过了金融危机？

The United States of what REITs round the financial crisis？

　　核心提示：在2008年金融危机期间，收益率竟然超过40%。取得这一惊人回报率的，并不是某些牛股，而是部分美国公寓类REITs，以至于《福布斯》刊文惊叹“REITs绕过了金融危机。”

Core clew：In 2008 during the financial crisis，Yields actually more than 40%。Get the astonishing returns，And not some winners，But part of the apartment REITs，that《Forbes》KanWen amazing“REITs bypass the financial crisis。”

　　彭博数据统计显示，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 statistics show，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。

　　对国内投资者来说，借助嘉实全球房地产基金等主投REITs，可以实现低成本投资全球优质地产，不仅可以避免海外直接置业的诸多制约因素，而且可以享受到稳定的分红回报。这就把国内地产投资者通常理解的“击鼓传花”模式，彻底改变为具有稳定现金流的稳健收益模式。

For domestic investors，With fine fruit global real estate funds pitch REITs，Can achieve low cost investment global quality of real estate，Not only can avoid overseas direct home buyers of many of the restricting factors，And can enjoy stable share out bonus in return。This gives the domestic real estate investors usually understand“Playing music ball”mode，Completely change for a stable cash flow and the steady revenue model。

　　从海外置业角度看，对大多数人来说，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。首先是解决了国内投资者信息不对称的劣势，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，以及纯投资性购买的后续出租管理等问题，REITs具有研究优势和管理经验。此外，直接置业无法分散风险，退出权益很难保证，REITs的流动性更佳。

From the perspective of overseas buyers，For most people，REITs investment compared with overseas direct investment real estate incomparable multiple advantages。First is solved the domestic investors 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 the subsequent rent buy pure investment management，REITs have research advantage and management experience。In addition，Direct home buyers can't spread risk，It was difficult to ensure that the exit rights，REITs liquidity is better。

　　从金融危机期间的数据可以看到，不同的REITs可以实现海外地产投资的风险分散化。受经济疲软影响，万豪等高档酒店的REITs收益率下降，但租房的人口数量大增，而且租约延长，装修成本降低，因此连锁公寓类REITs反而逆市取得较好收益。而优中选优，根据经济形势和全球市场变化灵活配置相应的REITs，正是嘉实全球房地产等REITs型证券投资基金的强项。

From the financial crisis of the data can be seen during，Different REITs can realize the risk of real estate investment overseas diversification。By the economic weakness influence，Marriott of high-grade hotel REITs yields down，But the rent of the population quantity soar，And extend the lease，Decorate cost reduce，So instead of chain apartment REITs inverse city with good returns。And select optimal optimal，According to the economic situation and global market change flexible configuration corresponding REITs，It is fine fruit such as global real estate REITs type of securities investment fund strengths。

　　从资产配置角度看，REITs个性十足，长期回报率明显优于股票市场，且与商品和股票市场关联度较低，是分散风险、优化配置的优良工具。海通证券(600837,股吧)的研究表明，REITs与传统股票、债券等投资品种相比，在风险收益特征上具有一定差异，投资海外REITs的证券投资基金REITs与国内证券市场的相关系数低于0.1，REITs与黄金、金属、能源等大宗商品的相关性也很低，均在0.4以下。

From the perspective of asset allocation，REITs individual character is dye-in-the-wood，Long-term rate of return is obviously better than the stock market，And with the goods and the stock market correlation is low，Is spread risk、Excellent configuration optimization tools。Haitong securities(600837,Shares it)Research shows that，REITs and traditional stock、Bonds investment than varieties，In risk yield has certain difference，REITs invest overseas securities investment funds REITs and domestic securities markets correlation coefficient of less than 0.1，REITs and gold、metal、The correlation of energy and other commodities also is very low，All in 0.4 the following。

　　根据资料统计，在投资组合中加入REITs，在风险获得有效控制的前提下，回报率大幅提高。过去五年（2007-2011），单纯将资金平均配置于全球股市及债市，相比加入20%的REITs，投资组合的年化报酬率从4.1%增加到7.2%，报酬率增幅达76%。

According to statistics，In the portfolio to join REITs，In an effective risk control of the premise，Increase in return。Over the past five years（2007-2011），Simply put money on average global equity and bond markets configuration，Join the REITs compared to 20%，The portfolio in the return rate increased from 4.1% to 7.2%，Return rate 76%。

　　问题二

Problem two

　　投资REITs 是不是好时机？

Investment REITs are good time？

　　核心提示：经济稳步复苏、低利率融资成本、全球资本回流等诸多趋势性因素，决定了美国地产市场复苏的确定性。

Core clew：Steady economic recovery、Low interest rates financing costs、The global capital return, and many other factors result，The U.S. real estate market recovery to certainty。

　　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。可以说，当前主投REITs的证券投资基金，就是跟随上了全球财富资本布局的大趋势。

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。Can say，The current pitch REITs securities investment fund，With the global wealth is the capital of the layout of the big trends。

　　美国全国房地产经纪人协会6月发布报告显示，来自中国的买家已成为美国房产的第二大国际买家。实际上，这种供求关系在资本市场上也已经有了明显的正向反应。在传统证券市场投资陷入低迷时，以REITs为主要投资对象的基金产品，往往成为投资者的避风港。来自彭博的数据证实：今年以来在欧债危机发酵影响下，欧洲等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%。

The national association of realtors released June report，From Chinese buyers has become the property of the second big international buyers。In fact，The relationship between supply and demand in the capital market has a significant positive reaction。In traditional stock market downturn in investment，REITs with for the main investment fund products of the object，Often become investors haven。The data from bloomberg confirmed：Since this year in Europe debt crisis under the influence of fermentation，Europe and other 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%。

　　美国地产是全球REITs市场的风向标。从基本面趋势看，在美联储继续维持低利率不变的背景下，美国楼市的供求关系不断改善。统计数据显示，美国30年期房贷利率近期创下历史新低，这将使得美国房贷拖欠率下滑，推动房市景气回温。彭博数据也显示，美国房地产景气确实出现逐渐好转的迹象，公寓型REITs今年第一季的租金收益年增率达5.4%，预估2012年全年的盈余增长率可达10%-12%。

Us real estate is the REITs market vane。From the fundamentals of the trend，In the federal reserve will keep interest rates low constant background，The us housing market supply and demand, keep improving。Statistics show that，The 30-year mortgage rates reached a record low against the recent，This will allow American mortgage default rate down，Promote housing boom back to temperature。Bloomberg data also showed，The real estate boom do appear gradually sign of improvement，Type apartment REITs in the first quarter of this year 5.4% of hope rental income，For all of 2012 estimated earnings growth rate can amount to 10%-12%。

　　除了地产升值因素，稳定现金流分红回报这一推动REITs的另一个核心因素，也在继续发酵。截至2012年一季度末，All REITs现金分红回报率达到4.29%，股票REITs的分红回报为3.34%，同期标普500指数的分红收益仅2.14%。

In addition to real estate appreciation factor，Stable cash flow share out bonus this push REITs return another core factors，Continued to ferment。By the end of 2012 at the end of the quarter，All REITs cash dividends to 4.29% return，REITs stock dividends to 3.34% return，In the same period the s&p 500 earnings of share out bonus of only 2.14%。

　　问题三

Problem three

　　投资REITs 谁家功力深厚？

Investment REITs whose work force deep？

　　核心提示：海外投资最常见的现象就是水土不服。国内机构出海投资，在研究覆盖广度和深度，以及一线信息收集与分析上，具有天然的短板。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。

Core clew：Overseas investment of the most common phenomenon is not soil and water conservation。Domestic institutions out to sea investment，In the research covers breadth and depth，And a line of information collection and analysis，Has a natural short board。Especially global real estate investment，It's also a very stressed cast the localization of research topic。

　　分时段对比基金净值与业绩基准涨幅数据后，我们可以发现：去年三、四季度先后开始运作的两只全球地产基金，“起了大早，赶了晚集”，均在时机选择上出现较明显的偏差。针对团队实力各有差异这一客观现实，嘉实基金(博客,微博)优势何在？

Comparison of period of time of fund net value and performance standards or data，We can find：Last three、The fourth quarter has began to run two global real estate fund，“Up early，Cast late set”，All in the timing is obvious to appear on the deviation。For team power have difference each the objective reality，Fine fruit fund(blog,Micro bo)What advantage？

　　嘉实全球房地产基金在同类基金中，唯一聘任了境外投资顾问德意志投资管理美洲公司。该机构成立于1984年，是美国证券交易委员会注册投资顾问，研究覆盖美国、欧洲、澳大利亚等市场。截至2010年底，该公司管理的资产规模达2390亿美元，其主要成员均具有15-22年的海外地产证券投资经验。

Fine fruit global real estate fund in the similar funds，The only employ investment consultant outside deutsche investment management company of America。This machine form in 1984，Is the U.S. securities and exchange commission registered investment advisers，The U.S. covering the research、Europe、The Australian market and etc。By the end of 2010，The management of the company the largest assets of $239 billion，Its main member has 15-22 years of overseas real estate securities investment experience。

　　从现有各类基金的运作实际看，境外投资顾问拥有规模庞大和经验丰富的投研团队，熟悉各个国家市场实际，能有效跨越制约国内机构的信息障碍。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。因此，聘用境外投资顾问组建“中外联合舰队”模式，在信息分析、投研决策方面，拥有更大的优势。

From the existing each kind of fund operation actual look，Overseas investment advisers owns large scale and experienced team for research，Familiar with various countries actual market，Can effectively restricting domestic institutions across the information barriers。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。so，Hire overseas investment advisers is established“Sino-foreign joint fleet”mode，In information analysis、Making for research，Has a big advantage。

　　实际上，嘉实本土团队对地产信托研究也有六年多。嘉实从2005年便开始组建团队专注房地产研究，并在2010年成立国内基金业首家专门的房地产投研部门，对国际REITs市场有深入而广泛的研究，已建立起规范的投研及风险控制流程。目前，嘉实基金“全天候、多策略”的投研体系不断完善，高效国际化的战略方向日渐发力。

In fact，Fine fruit local team on the property trust also have more than six years。Fine fruit from 2005 began to form a team focus on real estate research，And in 2010 founded the first domestic funds for research department of special real estate，REITs have to international market deep and extensive research，Have already set up the standard for research and risk control process。At present，Fine fruit fund“all-weather、Much strategy”The inquiry system for continuous improvement，Efficient international strategic direction increasingly send force。

　　左凯

ZuoKai