原创翻译:龙腾网 http://www.ltaaa.com 翻译:UP机器人 转载请注明出处

After being one of the most steadfast buyers of American real estate for years, large Chinese firms continued dumping high-profile US real estate in the third quarter, the Wall Street Journal reports, selling more than $1 billion of property as Beijing forced insurers, conglomerates, and other big investors into debt-reduction programs.


Chinese investors dumped $1.05 billion worth of prime US real estate in the third quarter while purchasing only $231 million of property, according to data firm Real Capital Analytics. This marks the second consecutive quarter where investors were net sellers of US commercial real estate, and the first time investors sold more US property than they bought since the 2008 crash.


In the last decade, Chinese investors plowed tens of billions of dollars into US real estate, with a concentration in major metro areas like New York, Los Angeles, San Francisco, and Chicago. The Journal notes that Chinese buyers "never represented more than a fraction of the buying power in any U.S. market," however they made headlines for paying massive premiums.

在过去的十年里,中国投资者在美国房地产市场投入了数百亿美元,主要集中在像纽约、洛杉矶、旧金山和芝加哥这样的大都市地区。 《华尔街日报》指出,中国买家"在任何美国市场的购买力中都只占一小部分",然而他们却因支付了巨额溢价而成为头条新闻。

Now, the party has unexpectedly ended.Rising corporate debt levels and concerns over currency stability has forced the Chinese government to tighten capital outflows and clamp down on overseas acquisitions.


As we discussed last month, total Chinese Credit Creation unexpectedly collapsed, resulting in shockwaves of weakness across the domestic and global economy. Amid speculation that Beijing is engineering a "slow landing" through a significant slowdown in credit issuance, investors - hungry for liquidity - are unloading US properties at a rapid clip. In global markets, this will likely create a deflationary chill and lead to a further slowdown in 2019.

正如我们上个月讨论的,中国信贷创造总额意外收紧了,导致了整个国内和全球经济疲软的冲击波。 在人们猜测中国正通过大幅放缓信贷发放,策划"缓慢着陆"之际,渴望获得流动性的投资者正迅速抛售美国房地产。 在全球市场,这可能造成通货紧缩的寒意,并导致2019年经济进一步放缓。

Trade tensions between Beijing and the Trump administration have not helped the situation, as more Chinese firms sold properties amid worries the trade war could deepen in the coming quarters, and potentially lead to more aggressive blowback at Chinese investors.


“This has to do more with a change in how capital is permitted to behave rather than Chinese investors saying ‘I don’t like the U.S.’,” said Jim Costello, senior vice president at Real Capital Analytics.


"Ping An Insurance Group Co. of China and partners in August sold a 13-story Boston office building for $450 million, the largest sale by a Chinese investor during the third quarter, Real Capital Analytics said. Its U.S. partner Tishman Speyer said it was the one that drove the decision to sell the building.

实际资本分析表示,8月份,中国平安保险集团及其合作伙伴以4.5亿美元出售了一栋13层的波士顿写字楼,这是第三季度中国投资者最大的一笔交易。 它的美国合作伙伴 蒂姆曼则表示,正是这家公司促成了出售大楼的决定。

China’s retreat showed signs of continuing in the fourth quarter. Dalian Wanda Group sold a glitzy development site in Beverly Hills, Calif., last month for more than $420 million. The Chinese conglomerate purchased the eight-acre parcel in 2014 for $420 million and had planned to develop luxury condominiums and a boutique hotel on the site, but feuds with a local union and contractors stalled progress.

中国经济在第四季度出现了持续回落的迹象。 万达集团上个月以4.2亿美元的价格在加利福尼亚州比弗利山出售了炫目的开发区。 2014年,这家中国企业集团以4.2亿美元的价格收购了这片8英亩的土地,原本计划在这里开发豪华公寓和一家精品酒店,但与当地工会和承包商的不和阻碍了进展。

Anbang recently engaged Bank of America Corp. to help it sell a portfolio of luxury hotels that it acquired two years ago for $5.5 billion, though the Waldorf isn’t part of that sale, according to a person familiar with the matter," said the Journal.


“Anbang is reviewing the company’s U.S. real estate portfolio after seeing price recovering in local property market due to strong recovery of the U.S. economy,” said Shen Gang, a spokesman for Anbang.


Still, some strategists believe that Chinese selling may slow in the months ahead.


“I do not think it will be a tidal wave of sales,” said Jerome Sanzo, managing director and head of U.S. Real Estate Finance for Industrial & Commercial Bank of China. “Some of them are not able to move forward for various reasons and will take gains now while waiting for future changes.”


In a highly leveraged economy such as China’s, growth is a lagged result of changes in the supply of credit. And with credit creation waning in China, it is less of a mystery why local corporations are rushing to "liquify" as fast as possible: the Chinese credit squeeze is well underway. Prepare for a global slowdown in 2019, one which has already hit the US housing market hard.

在中国这样一个高度杠杆化的经济体中, 随着中国信贷创造力的减弱,当地企业为什么急于尽快实现"自我调节",也就不那么神秘了: 中国的信贷紧缩正在顺利进行。 为2019年的全球经济放缓做好准备,这次放缓已经对美国房地产市场造成了沉重打击。