价值投资者看好日本商业地产_时事_双语阅读-查字典英语网

价值投资者看好日本商业地产

Capitalisation rates – which are more or less interchangeable with yields – for Tokyo office investments are as high as 8 or 9 per cent, he says. Financing costs from Japan’s highly liquid banks are also extremely cheap and unlikely to rise any time soon.

他表示，东京写字楼投资的资本化率——从某种程度上来说可与收益率互换——高达8%或9%。来自流动性充足的日本国内银行的融资也极其便宜，而且这种融资成本短期内不太可能上涨。

Just four hours flight from Tokyo, Hong Kong is a world away in property terms. Investors, analysts and others are fretting about the potential for a dangerous bubble. Hot money from the US central bank’s quantitative easing programme looks like flowing increasingly towards the local commercial sector at a time when supply is incredibly tight and yields are already at record lows of about 3 per cent for office space.

就在距离东京4个小时航程以外的香港，这里的房地产市场却是另一番景象。投资者、分析师以及其他人都在担心出现一轮危险的泡沫的可能性。在美联储(Fed)定量宽松计划刺激下的热钱，看上去正越来越多地流向香港商业地产领域，而当前该领域的供应极其紧张，写字楼收益率已处于约3%的历史低位。

Mr Saunders’ own modest office in the city suggests a man focused on finding value. Small and plainly decorated, it is on the lower floors at the back of a slick eight-year-old steel and glass tower in central Hong Kong. His vista is dominated by the nearby windows of older residential blocks. Higher up on the other side of Three Pacific Place, he would have grand views out to Victoria Harbour – but with a rental bill to match.