In one crucial respect, the bubble in commercial property was less dangerous than in theresidential sector: there was no development boom and hence no oversupply. The enormousamount of liquidity sloshing around the system was directed at acquiring existing propertiesrather than building new ones. This was an excess of capital, not an excess of cranes, saysJonathan Gray, the boss of Blackstones real-estate business.
一个关键点是,商业房产的泡沫不如住宅板块的泡沫危险:没有开发热,因此也就没有过度供给。该系统周围庞大充盈的流动资金被用于购买已有的房产,而不是用于新建。这是资金的过剩,不是起重机的过剩,黑石集团房地产业务总裁乔纳森格雷说。
That flood of money drove up debt burdens and property values and reduced yields . Madness became routine: the 110% loan-to-value financing for a hotel in Germany, offered to a borrower with no knowledge of eitherhotels or Germany; the fact that yields on Grafton Street in central Dublin, hardly a retailparadise, came close to those in some of the worlds most prestigious shopping streets; thewillingness of staid fund managers to base their investment case on capital gains rather thanrental growth.
这些流动资金增加了债务负担和房产价值,减小了投资收益。疯狂成为常态:在德国,贷款投资一家酒店的贷款价值比达110%,而借款方既不懂酒店,也不懂德国;都柏林市中心的格拉芙顿街很难说得上是一个购物天堂,但是那里的投资收益接近世界上最知名的购物街;古板的基金经理更愿意让他们的投资案例凭借资本收益获得成功,而不是靠租金的增长。
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