虽然房地产私募的概念炒作很热，但其实推进速度比较慢，因品牌、操作、项目等原因，很多基金存在无法完成募集目标的问题

Although the concept of real estate private hype is very hot，But in fact the advancing speed is slow，For the brand、operation、Reason such as the project，A lot of fund raising goal can not complete the existing problems

　　据悉，在信贷、IPO、发债、信托等融资渠道纷纷受阻之下，万科、复地、金地、华润、滨江这些知名企业纷纷通过房地产私募基金解决了百亿资金的缺口，以往在国内略显“边缘化”的房地产私募基金变得空前活跃。

It is reported，In the credit、IPO、translated、The trust financing channels such as in under obstruction，vanke、Complex to、ltd.gemdale、huarun、These famous enterprises have the binjiang real estate private equity fund yuan of money to solve the gap，In previous domestic slightly“marginalized”The real estate private equity fund becomes active unprecedentedly。

中小房企集中试水地产基金 On eve of enterprises to test the real estate fund

　　根据清科研究中心此前的预计，2012年将是私募房地产基金募资、投资集中发力的一年。

According to the division of the expected after research center，2012 will be private real estate fund whip round、Investment focus on a year with the power。

　　数据显示，房地产私募股权投资基金在2011年年内共有10只基金募集到位18.59亿美元,而2012年仅前半年，就有5只房地产基金募集到位28亿美元。

Data shows，Real estate private equity fund in 2011, ten years only $1.859 billion fund raising in place,And in the first half of the year 2012 only，There are five only real estate fund raising $2.8 billion in place。

　　三季度之后，市场中除大牌房企不断进入房地产基金领域。很多中小开发商也集中试水，今年房地产私募基金将成为房企融资的主战场。

After three quarters of，In addition to the big room market into real estate enterprises constantly hedge funds。A lot of medium and small developers try also focused on water，Real estate private equity fund this year will be the main battlefield room enterprises financing。

　　显然，进入2012年，房地产基金募集进一步提速，过去主要由专业房地产企业运作，今年如香港太平洋(601099,股吧)集团、上海易居等知名企业也纷纷设立基金，参与基金的管理和运作，未来基金规模会逐步扩大。

obviously，In the 2012 years，Real estate fund raising move faster，The past main professional real estate enterprise operation by，Hong Kong this year as the Pacific Ocean(601099,Shares it)group、Shanghai enjoysmart, and other famous enterprises have also set up a fund，Participate in fund management and operations，The future will gradually expand the size of the fund。

　　一位业内资深人士对中华资本网表示：“如今市场越来越成熟，分工也越来越细，一些成熟的投资人开始愿意将资金交给专业的团队去管理，这对地产私募基金来说是很大的机会。”

A senior people in the industry of the Chinese capital nets said：“Now more and more mature markets，Division of labor is also more and more fine，Some mature investors began to willing to put money to professional team to management，The real estate private equity fund, can be a big chance。”

　　创汇财富基金杨文坦言，成立地产私募基金的初衷是基于对于中国整个金融行业的看好，“选择在这个时候进入基金行业，我们是想先树立品牌，同时控股公司也希望往多元化方面发展。”

Foreign YangWen wealth fund said，The purpose of the real estate private equity fund established to China is based on the financial industry is good，“The choice of the time into the fund industry，We are the first to build up the brand，At the same time holding company also hope to diversification。”

房企的新融资平台 Room of the new financing platform enterprises

　　从国家有关规定要求，一般的基金公司，不能投资其关联企业，而事实上，目前市场上大部分地产私募基金都是房地产公司设立并投资于自身的项目，从本质上说是房地产开发项目的一个新的资金来源。

From the relevant state regulations，The general fund company，Can't investment its associated enterprises，And, in fact，On the market at present is most real estate private equity fund set up real estate company and invest in their own projects，Essentially of real estate development project is a new funding sources。

　　以创汇投资2011年募集的第一只人民币房地产私募基金“创汇财富基金”为例，该基金采取的是有限合伙制的形式，募集资金1.5亿元，其中单个LP(Limited Partner，有限合伙人)的出资门槛为300万元人民币。“我们在选择项目和管理项目上，全面综合考虑许多因素，诸如项目在当地的供求关系，进入价格、成本核算、产品定位以及定价和销售速度等，无论房地产市场处于怎样的状态，我们坚信只有严谨积极地研究、分析和管理，才能为投资人取得风险可控的高回报。”

Foreign investment in the first collected in 2011 only RMB real estate private equity funds“Wealth to earn foreign exchange fund”For example，The fund is limited to the form of partnership，Raising capital of 150 million yuan，One single LP(Limited Partner，Limited partners)Capital contribution of the threshold for 3 million yuan RMB。“We are choosing project and project management，Comprehensive and integrated consideration many factors，Such as project in local supply and demand，Into the price、Cost accounting、Product positioning and pricing and sales speed, etc，No matter how real estate market is at the state，We firmly believe that only rigorous actively research、Analysis and management，The risk for investors to get a high return of controllable。”

　　创汇财富基金，一位高层管理人员表示：“我们的定位不仅是一个融资平台，帮助中小开发企业实现融资，同时也是投资者资产配置、优化投资结构，减少房地产投资泡沫的一个有效渠道。”

Wealth to earn foreign exchange fund，A senior administration official said：“Our position is not only a financing platform，Help small and medium-sized enterprises to achieve development financing，Investors also asset allocation、Investment structure，Reduce the real estate investment bubbles of an effective channel。”

　　目前私募基金，一般对中小开发商募资，采取的是股权募资，而且由房地产企业用全部股权作质押，保证了投资者的投资安全和回报的可行性。

At present private equity fund，General for small and medium-sized developers from balking，The equity is taken from balking，And from a real estate enterprise with all equity as impawn，Ensure the safety and return of the investment of feasibility。

机会与风险并存 Opportunity and unexpected risks

　　在调控持续的情况下，房企“不差钱”的时代已经过去，而地产私募基金则迎来一个发展的时代。一方面，市场流动性的紧缺为地产私募基金“大展拳脚”提供了广阔的空间，另一方面，房地产市场整体的低迷也为地产私募基金的发展增添了不少变数。

In the regulation of continued，Room enterprises“Don't sent money”Time has in the past，And real estate private equity fund is a development in the era。On the one hand，The market of the lack of liquidity for the real estate private equity fund“Exhibition fist”To provide a broad space，On the other hand，The real estate market overall downturn also for the real estate development of private equity fund added many variables。

　　创汇基金管理公司高层表示，从下游来说，目前市场低迷，开发商的资金链问题已经成为全国皆知的秘密，地产私募基金有更多的余地去选择优质的项目去投资，同时在项目谈判的时候也会更有利。“但从上游来看，即从基金募集的角度来说，现在并不是好时候。”他坦言，“上半年大量的房地产信托包括民间高利贷大幅抬高了投资者对回报率的期望值，就我们接触来看，目前地产基金产品的购买一般融资成本都超过了15%以上。”

Foreign fund management company executives said，From downstream to，At present the market downturn，Developers of money has become the national chain is known secret，Real estate private equity fund has more leeway to choose the high quality project to invest，At the same time in the project for the talks will be more beneficial。“But from the upstream and see，That is, from the point of view of fund raising it，Now is not good time。”He said，“In the first half of a real estate trusts including folk usury up sharply to the rate of return investors expectations，Will we contact and see，At present the product property funds buy general financing cost is more than 15%。”

　　虽然房地产私募的概念炒作很热，但其实推进速度比较慢，而且很多基金存在无法完成募集目标的问题。

Although the concept of real estate private hype is very hot，But in fact the advancing speed is slow，And a lot of fund raising goal can not complete the existing problems。

　　对于房地产私募基金在国内发展前景的预期，博主认为，越来越多有相当资产规模、更懂资产配置的高净值人士和企业、机构将会选择把钱交给值得信赖的专业基金管理公司来管理，这将是大势所趋，同时也是市场更加成熟的一个标志。至于市场成熟的时间，其实我们现在已经比2010年的时候朝前走了一大步，但借鉴国外成熟市场的发展历程，如香港李嘉诚旗下的房地产的资金有1/5来自基金融资，中国房地产企业在银行资金紧缩的背景下，房地产私募基金将迎来春天。

For real estate private equity fund domestic development prospects in the expected，Blogger think，More and more have quite asset scale、More understand asset allocation of high net worth persons and enterprises、Agencies will choose the money to the trustworthy professional fund management company to manage，This will be the trend of The Times，At the same time is also more mature market a sign。As for market mature time，In fact we have now than in 2010 when the ahead for a big step，But foreign mature markets of the development process，If the li ka shing Hong Kong subsidiary of real estate funds have 1/5 from the fund，China real estate enterprise in the bank funds under the background of tightening，Real estate private equity fund will be spring。

　　（以上观点仅供网友参考，不代表本网立场）

（The above statement only for the net friend to reference，Do not represent our position）

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