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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.

据《华尔街日报》报道,中国大公司多年来一直是美国房地产最坚定的买家之一,但第三季度仍在高调抛售美国房地产,出售了超过10亿美元的房地产,原因是北京方面强迫保险公司、企业集团、以及其他大型投资者参与减债计划。

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.

数据公司实际资本分析的数据显示,中国投资者第三季度抛售了价值10.5亿美元的优质美国房地产,而只购买了2.31亿美元的房地产。这标志着投资者连续两个季度成为美国商业房地产的净卖家,也是投资者自2008年金融危机以来首次卖出比购买更多的美国房产。

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.

现在,派对出乎意料地结束了。
企业债务水平不断上升,加上对汇率稳定性的担忧,迫使中国收紧资本外流,打击海外收购活动。



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.

北京和特朗普政府之间的贸易紧张关系无助于形势的改善。越来越多的中国企业在担忧中抛售房产,贸易战可能在未来几个季度加剧,并可能导致中国投资者遭受更猛烈的打击。

“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.

实际资本分析高级副总裁吉姆•科斯特洛表示:“这与资本允许的行为方式的改变有关,而非中国投资者说“我不喜欢美国”。

"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.

据知情人士透露,安邦最近聘请美国银行帮助其出售两年前以55亿美元收购的豪华酒店产品组合,不过华尔道夫酒店并不在出售范围之内。

“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.

安邦发言人沈刚表示:"由于美国经济的强劲复苏,安邦看到当地房地产市场价格回升,目前正在评估该公司在美国的房地产投资组合。"。

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

尽管如此,一些策略师认为,未来几个月中国的抛售可能会放缓。

“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.”

“我不认为这将是一波抛售潮,”中国工商银行美国房地产金融董事总经理兼主管杰罗姆·桑佐表示。“由于各种原因,他们中的一些人无法向前迈进,在等待未来变化的同时他们现在就会获得收获。”

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。