中國房地產開發商進軍美國樓市 Chinese Developers Move Into The U.S.

A Chinese company listed on the New York Stock Exchange is beginning to develop residential property in the U.S., hoping to tap into the hot demand among Chinese investors for U.S. apartments.

一家在紐約證券交易所(New York Stock Exchange)上市的中國公司開始涉足美國居住房產市場，希望利用中國投資者對美國公寓的火熱需求在美國有所作爲。

Xinyuan Real Estate Co. XIN +3.40% purchased a site last month in Williamsburg, in the New York City borough of Brooklyn, for its first development in the U.S., a 216-unit condominium building. The company also is scouting for other U.S. projects, planning to sell about 40% of the units it builds to Chinese investors.

鑫苑（中國）置業有限公司(Xinyuan Real Estate Co.)上月在紐約布魯克林區的威廉斯堡買了塊地，用於該公司在美國進行首個房地產開發項目──一幢有着216戶的共管公寓大樓。此外，鑫苑置業還在美國搜尋其它項目，並計劃將所建樓盤的40%左右賣給中國投資者。

'Chinese developers have money and access to a customer base that American developers can't get to,' says Omer Ozden, an adviser to Xinyuan and other Chinese investors in the market for U.S. real estate. 'If right out of the gate you can get 40% the building sold to mainland Chinese, it's going to be a successful project.'

Matt Craig / The Wall Street Journal鑫苑置業在紐約布魯克林修建公寓大樓。爲鑫苑置業及其他投資美國房地產市場的中國投資商提供諮詢的歐陽默(Omer Ozden)說，中國開發商財力雄厚，並且有客戶基礎，而美國開發商則沒辦法獲得這些客戶；如果能很快將這座樓的40%賣給中國內地人士，那項目就成功了。

Chinese investment hasn't poured into U.S. real estate as some experts predicted, but it has been steadily growing. An additional two dozen Chinese real- estate companies, both state-owned and private, are also scouring major U.S. cities for property deals, Mr. Ozden said.

中國投資並沒有像某些專家預測的那樣大舉進入美國樓市，但一直在穩步增長。歐陽默說，另有24家中國房地產開發商(包括國有和民營公司)目前也在美國主要城市尋找房地產交易。

Most of these firms are primarily seeking residential developments, though some are looking to acquire commercial buildings or luxury hotels, he said.

歐陽默說，上述公司裏，絕大多數基本上都在尋找住宅項目，不過也有些公司希望收購商業樓盤或豪華酒店。

In one closely watched deal that is being negotiated, Lennar Corp., LEN +0.47% a major home builder, is in talks with the China Development Bank for about $1.7 billion in capital to transform two former San Francisco naval bases into huge housing developments.

有一樁備受關注的交易是，美國大型房屋建築商Lennar Corp.目前正與中國國家開發銀行(China Development Bank)就一筆約17億美元的貸款進行磋商，這筆資金將用於把位於舊金山的兩個前海軍基地改造成大型住宅項目。

In recent years, as the Chinese government has tried to deflate a local housing bubble by restricting property purchases, more Chinese capital has flowed to the U.S. A report from the National Association of Realtors said that Chinese buyers accounted for $9 billion in U.S. residential sales for the year ended in March, trailing only Canadians among foreign buyers.

近年來，中國政府一直在限制百姓購房，試圖藉此打壓樓市泡沫，因此越來越多的中國資金流往美國。美國全國地產經紀商協會(National Association of Realtors)發佈的報告說，在截至今年3月的一年裏，中國買家在美國購買了價值90億美元的居住房產，在美國海外買家中出手的闊綽程度僅次於加拿大人。

Mr. Ozden, who is also a partner at Beijing Capital, the private-equity arm of the Beijing municipal government, said that Xinyuan is focusing on cities where Chinese investors like to live, primarily New York, Los Angeles, San Francisco and Miami. These buyers typically use the condos as investments that they intend to rent out. Some plan them as second homes, or places for their children to live while studying at a U.S. university.

歐陽默目前還是北京首創股權投資基金管理公司的合夥人，該公司是北京市政府旗下的私募股權公司。歐陽默說，鑫苑置業現在關注的是中國投資者喜歡居住的城市，如紐約、洛杉磯、舊金山和邁阿密等。這些買家一般把公寓當作投資，傾向於向外出租。還有人打算把公寓作爲第二居所，或讓子女在美國上大學時住。

Xinyuan paid $54.2 million for the site in Williamsburg and plans to spend about $200 million on the development. Total condo sales are expected to be in the $250 million to $350 million range.

鑫苑置業爲威廉斯堡那塊地支付了5,420萬美元，計劃爲這個項目投資約2億美元。預計該公寓樓的銷售總額約爲2.5億至3.5億美元。

Finding the right project hasn't always been easy for Chinese investors. Mr. Ozden said cultural differences have often made teaming up with U.S. partners a challenge. Some Chinese developers have relied on close friends, who speak English but know little about real estate, to serve as their negotiators. That has limited Chinese access to deals, and they often see properties only after many local investors have taken a pass.

找到合適的項目對中國投資者來說並非總是易事。歐陽默說，文化差異經常爲中國人與美國合夥人的合作帶來挑戰。一些中國開發商依靠那些英語流利、但對房地產知之甚少的密友來充當自己的談判代表。這就限制了中國人獲取交易的途徑，而且他們常常是在很多美國投資者都看過並放棄後纔有機會去看某些樓盤項目。

Foreign investors have stubbed their toe in the U.S. real-estate market before. New York City can be particularly challenging for outsiders unfamiliar with how contractors and unions operate. Mr. Ozden said Xinyuan is hiring locals in New York to help navigate areas like that.

外國投資者以前在美國房地產市場上曾跌過跟頭。尤其是紐約市，進軍這裏的樓市對於不熟悉承包商和行業協會操作方式的外來者而言可能極具挑戰性。歐陽默說，鑫苑置業目前正在紐約僱當地人來協助在這類城市的項目運作。

Xinyuan, which was founded in Zhengzhou in 1997, is developing residential buildings in about eight Chinese cities. It was the first real-estate developer in China to list shares on the NYSE, when it had an initial public offering in 2007, according to the company website. This month, it reported third-quarter revenue of $226.1 million and net income of $31.9 million.

鑫苑置業1997年成立於河南鄭州，目前在中國大約八個城市開發居住房產項目。據該公司網站介紹，該公司2007年進行首次公開募股，是首家在紐約證交所上市的中國房地產企業。鑫苑置業本月稱，公司第三財季的營收達到2.261億美元，淨收益爲3,190萬美元。

The company acquired the Williamsburg site from New York real-estate investor Richard Kalikow, who had foreclosed on the project's developer. Xinyuan plans to build mostly three-bedroom units to appeal to families who want an upscale building but may be priced out of Manhattan.

鑫苑置業從紐約房地產投資者卡利科(Richard Kalikow)手裏收購了威廉斯堡那個項目，之前卡利科曾取消了該項目開發商的抵押贖回權。鑫苑置業目前打算將大多數公寓建成三居室，以吸引那些既希望買高端公寓但可能又住不起曼哈頓的家庭。

Mr. Ozden declined to comment on how much Xinyuan intends to charge for the units, but condos in the area tend to sell for around $700 to $800 a square foot. 'We think Williamsburg has one of the biggest upsides for residential real estate in the U.S.,' Mr. Ozden said.

歐陽默拒絕就鑫苑置業未來的公寓價格發表評論，不過該地區的公寓售價一般在每平方英尺700美元至800美元左右。歐陽默說，我們認爲對美國住宅房地產項目而言，威廉斯堡是有着最大潛力的地方之一。