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Word下载.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Word下载.docx
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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.RESTORINGAMERICANFINANCIALSTABILITYACTAslwritethis,theUSisbeginningitsfinaldebateoftheRESTORINGAMERICANFINANCIALSTABILITYACT<
RAFS>
andappearstobebuildingmomentumforadoptioninsomeform,whichwouldthenrequirereconciliationwiththeequivalentHouseversion.Ifadoptedinanythinglikeitscurrentformitwillcutabroadswathofchangeacrosscurrentbusiness.Practicesbyprovidersofrealestatecapitalofallshapesandsizes.itwillgivetheFederalReserveBanknewpowersoverfinancialinstitutionsbutinturnimposemorecongressionaloversightoftheFed.Lawyersrecognizethatoftenthemostcompellinglitigationcasesleadtotheworstprecedent:
judicialover-reachinginthefaceofegregiousfacts.WillthatbethecasewiththeRAFSandtheresultingregulations?
Willwespendthenext20yearsbackingawayfromthereformsadoptedinthisatmosphereofcrisis?
Thiswillallplayoutoverthecomingmonthsandyears,wewillkeepaneyeontheprocessinthiscolumn,andaswithallsubjectscoveredinthiscolumn,wewouldwelcomehearingyourperspectiveonthis.
CALPERSANDPLACEMENTAGENTSMuchoftherealestateinvestmentmomentumovertheyear2005through2007wasfueledbyincreasedassetallocationwithinpublicemployeepensionfounds,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,Governor,Schwarzenegger
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