土木工程建筑外文翻译外文文献英文文献创业者的转机房地产的盈利时刻.docx
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土木工程建筑外文翻译外文文献英文文献创业者的转机房地产的盈利时刻.docx
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土木工程建筑外文翻译外文文献英文文献创业者的转机房地产的盈利时刻
Practitioner'sCorner:
AnInterestingTime
ForRealEstate
Hasthereeverbeenamoreinterestingtimeinrealestatefinance?
Happiertimes,yes,moreprofitabletimes,definitelyyes.Butmoreinteresting?
TheyearleadinguptoSeptember2008sawthecreationofrealestatefinancestructuresofbreathtakingcomplexity.sincethantimeintherealestatefinanceindustryhavebeeninvolvedmainlyintryingtounderstandwhatwentwrong,andtodeterminewhetherthecollapse,wasinanymaterialwaytheresultofflawsinthesecomplexrealestatefinancestructures.orwasitjustafunctionofexternaleconomicpressuresandthecyclicalnatureofrealestate.whilethejuryisstillout.Theanswerseemstobethatthestructuresdidnotcausetherealestaterecession,butthroughtheiropaquenaturetheymayhavemadetherecessionworse,bothbydelayingtherecognitionoftheunderlingfragilityofthemarketandbymakingtheproblems,oncerecognized,evenmoredifficulttoresolve.
Onethingissure:
manypeople,whetherlegislators,regulators,lawyers,accountants,bankersorthosewhoraiseandconsumerealestatecapitalarenowworkingveryhardtoaddress
(1)howtoresolvedistressedrealestatecapitalstructures,and
(2)howtoimprovethestructuresandformofdeliveryofrealestatecapitaltothemarketinthefuture.Changebeingconsiderednowwillaffecttherealestatemarketsthroughthenextgeneration.Followingareafewexamples.
RESTORINGAMERICANFINANCIALSTABILITYACT
Aslwritethis,theUSisbeginningitsfinaldebateoftheRESTORINGAMERICANFINANCIALSTABILITYACT
Lawyersrecognizethatoftenthemostcompellinglitigationcasesleadtotheworstprecedent:
judicialover-reachinginthefaceofegregiousfacts.WillthatbethecasewiththeRAFSandtheresultingregulations?
Willwespendthenext20yearsbackingawayfromthereformsadoptedinthisatmosphereofcrisis?
Thiswillallplayoutoverthecomingmonthsandyears,wewillkeepaneyeontheprocessinthiscolumn,andaswithallsubjectscoveredinthiscolumn,wewouldwelcomehearingyourperspectiveonthis.
CALPERSANDPLACEMENTAGENTS
Muchoftherealestateinvestmentmomentumovertheyear2005through2007wasfueledbyincreasedassetallocationwithinpublicemployeepensionfounds,attractedbyseeminglyhighreturns.Oneexampleofthiswasa$14billionnetincreaseincommercialrealestateinvestment9bytheCaliforniaPublicEmployeesRetirementSystem(CalPERS)asthemarketboomedin2005and2006.Notonlywasthenetexposureincreased,but,asdetailedina"RealEstateProgramReview",datedApril19,2010,bytheRealEstateUnitOftheCalPERSInvestmentOffice,"newinvestmentdisproportionallymadetohighriskinvestments".inaMemorandumaccompanyingtheProgramReviewTheRealEstateConsultanttotheCalPERS,Boardalsonotedawidevarietyoffactorsthatapparentlycontributedtothe48.2percentdeclineinNetAssetsatFairMarketValuefromJune30,2008throughJune30,2009,intheCalPERSrealestateportfolio,asfollows:
(1)Higheramountsofleverage,whichloweredincomereturnsandincreasedexposuretochangesintheassetvalue;
(2)Recoursedebt,whichexposedCalPERStorisksbeyondthespecificassets;
(3)Looserprogramguidelinesgaveinvestmentstrategies;
(4Shiftingcommitmentsfromstabilizedcoreinvestmenttonon-stabilizedopportunisticinvestments,whichnowcomprisemorethan40percentofthecurrentholdingsintheportfolio;
(5)Adramaticincreaseinthenumberofmanagerrelationshipsandcommingledinvestmentvehiclesprovidedlesscontrol,poorergovernanceandhinderedstaff'sabilitytoresolveproblemsandliquidateasset;
(6)vintageyearconcentrationwithover$27billionofequitycommitmentsmadein2005and2006,inpartdrivenbysuccessfulmarkettimingdispositionsrealizedbycorepartner.
InterestinglyneithertheRealEstateProgramReviewnorthePCAMemorandumcitetheundueinfluenceof"placementagents",generallythirdpartyconsultantswithdifferingdegreesofprofessionalandcompetence,politicalorboardconnections,andcompensationarrangementswhoundoubtedlycontributedtothe"increaseinthenumberofmanagerrelationships","looserprogramguidelines,"and"largeconcentratedinvestments."However,theCalifornialegislaturedidtakenoteofthepotentialfoeabuse.OnOctober11,2009,Gover
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- 土木工程 建筑 外文 翻译 文献 英文 创业者 转机 房地产 盈利 时刻