把房地产等有形资产作为贷款抵押品有其历史逻辑,但在许多国家,这种无可争辩的观念正在遭受冲击。美国、西班牙、爱尔兰、葡萄牙和希腊的房地产市场最近几年都出现了史无前例的暴跌。日本房地产价格仍远远低于30年前的水平,即使按名义价格计算也是如此。房地产的低迷在蔓延。对法国、意大利和英国大部分地区(不包括伦敦等城市)被迫抛售住房的人而言,住房价值也出现了暴跌。全球范围的数百万住房抵押贷款“沉入水下(即房屋价值低于抵押贷款余额),同时价值数百亿(或许数千亿)美元的商业地产贷款也出现了麻烦。
Not only can property prices fall significantly, but buildings can also go from being income producers to cost burdens. A friend recently bought a substantial office block in southern England in reasonable condition at perhaps a quarter of its build cost – with the land for free. It is partly occupied – but unless he manages to find more tenants in the coming years, he will lose money. The present rents are the same as they were 15 years ago – and it is a struggle to find new occupiers.
不仅房地产价格大幅下跌,房地产本身也可能从收入创造者转变为成本负担。一位朋友最近在英格兰南部以大约四分之一造价的价格,购买了一栋状况基本完好的办公大楼,而且土地免费。目前大楼有一部分租户,但除非这位朋友能够在未来几年找到更多的租户,否则他将会赔钱。当前的租金仍是15年前的水平,但仍然很难找到新的租户。
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