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英国《金融时报》艾伦•凯莱赫(Ellen Kelleher)伦敦报道
2006年11月9日 星期四
一
项提供上海物业投资机会的计划，吸引了伦敦金融城数以百计的银行家、分析师和交易员。他们非常希望获利于上海不断上涨的房价，以及许多外汇分析师预计将升值的人民币。
要投资于上海那些拔地而起的大厦，可以通过Shanghai Vision公司进行安排。这是一家总部位于爱尔兰都柏林的公司，在上海拥有多处“购房出租”(buy-to-let)地产项目。
该集团称，它的客户有三分之二是企业家和金融城人士，其中许多人希望持有人民币资产。其余客户则是希望将投资组合多样化的“购房出租”投资老手。
这些投资者认同这样一种理论，即：中国政府终有一日将允许人民币兑美元汇率进一步升值，并扩大人民币汇率的浮动区间。
因此，这些投资者认为，购买人民币资产越多越好，因为一些分析师预计，人民币的升值幅度可能会高达25%。
中国人民银行(PBoC)行长周小川最近表示，中国政府将致力于逐步采用更灵活的汇率机制。他的言论加剧了市场中有关人民币兑美元汇率将进一步走高的猜测。
汇丰银行(HSBC)分析师巴西莱•布罗斯(Basile Brosse)表示：“人民币不能在汇市自由交易。大量投资人民币的唯一方法，是购买以人民币计价的资产。”布罗斯也通过Shanghai Vision公司进行投资。
JP摩根(JP Morgan)伦敦办事处负责全球股票自营交易的副总裁罗德•罗德里格斯(Rod Rodriguez)表示：“我认为人民币被低估了。我想，我可以从中获利。这是最主要的诱人之处。同时，因为一些跨国公司纷纷将它们的亚洲总部搬进上海，导致写字楼租赁需求上升，这也是一个吸引因素。”罗德里盖兹也投资于该计划。
Shanghai Vision的计划还声称，它能够绕开中国有关房产所有权的严格的居住规则。尽管第一太平戴维斯(FPDSavills)、高纬物业(Cushman & Wakefield)和仲量联行(Jones Lang LaSalle)等少数知名地产代理商在上海拥有写字楼地产，但你需要在中国居住至少一年，才能通过传统方式购买一套公寓或房屋。
Shanghai Vision表示，该公司已在中国设立了自己的在岸公司，持有这些地产项目，从而避开了这些规定。
仲量联行中国业务主管盖伊•霍利斯(Guy Hollis)表示：“中国不是一个可以轻松进出的市场，购买一处房产的程序非常复杂，多数情况不值得费功夫。买下的房产不是流动资产。获准进出该市场的过程很艰难。”
Shanghai Vision向外国投资者提供进入该市场的机会，同时省却了大量审批程序。不过，你不能入住你所投资的房产。该集团会寻找租客，并控制与他们的关系。你可以随时卖出，但如果当时处于地产市场低迷时期，你回收的资金可能会低于投资额。另一个不利方面是，该集团只在5年内保证你的年租金收益率达到6%至7%。此后，你就要看市场行情的变化了。
在上海，总体租金收益率在5%至6%之间。然而，第一太平戴维斯认为，由于住房价格不断上涨、住宅市场日渐成熟和监管力度不断加强，租金收益率在未来两年可能会有所下降。
Shanghai Vision最新提供的地产项目，是一座提供高档服务的公寓楼，位于上海浦东金融区的中央。客户在购买一套一居或两居室公寓时，要签订一个为期70年的租赁合同。一套公寓的均价为10万英镑，并要求交纳40%的首付款。
按揭贷款利率（以人民币计算）全是浮动的，贷款必须在20年内偿清。目前的利率为6%至6.3%，最高贷款比率为房款的70%。按揭贷款可以向很多银行申请，包括中国银行(BoC)和汇丰银行。
与你自己购买一处房产相比，如果你通过Shanghai Vision投资，那么，你所缴纳中国的税金会低很多。月租金收入的税率为5%。Shanghai Vision称，与之形成鲜明对比的是，在西班牙，年租金收入的税率为25%。
如果你在5年内卖出房产，需要交纳5.5%的营业税。在此期限之后，则只要缴纳20%的资本利得税。如果你在英国定居，那么你在中国缴纳的税款可以进行抵扣。
Keogh对于即将发生的各种变化并不十分担心：“如果针对外国投资的规定再次改变，我们只有接受，然后采取应对措施。”
译者/何黎
英文原文
SHANGHAI PROVES ALLURING FOR BUY-TO-LET INVESTORS
By Ellen Kelleher in London
Thursday, November 09, 2006
A
scheme which offers the opportunity to invest in Shanghai has attracted hundreds of City bankers, analysts and traders. They are keen to make money on booming housing prices and the renminbi, which many currency analysts expect to rise in value.
Investing in the gleaming towers which dot the city's skyline can be arranged through Shanghai Vision, a Dublin-based company which owns buy-to-let property developments there.
The group reports that about two-thirds of its clients are entrepreneurs and City types, many of whom are looking to gain exposure to the renminbi. The remainder are serial buy-to-let investors diversifying their portfolios.
These investors subscribe to the theory that Beijing will one day allow a further appreciation of the renminbi against the dollar and greater exchange rate fluctuations.
So, the more assets you buy in renminbi the better, they argue, as the currency could rise by as much as 25 per cent, according to some analyst reports.
Zhou Xiaochuan, chief of the Peoples' Bank of China, the country's central bank, recently stated that Beijing was committed to moving gradually to a more flexible exchange rate mechanism, fuelling speculation that the renminbi will rise further against the dollar.
\"Renminbi is not trading on the market. The only way you can buy significant exposure to the currency is through assets,\" says Basile Brosse, an analyst at HSBC, who has invested with Shanghai Vision.
\"I felt I could make money from the Chinese currency which I think is undervalued. That was the major attraction. But the fact that rental demand in Shanghai is increasing as all the blue-chips are moving their Asian headquarters there was another plus,\" says Rod Rodriguez, vice-president of global equities proprietary trading in JP Morgan's London office, who has also invested in the scheme.
The scheme also claims to be able to circumvent strict residence rules governing property ownership in China. Though a handful of well-known agents, including FPDSavills, Cushman & Wakefield and Jones Lang LaSalle, have offices in Shanghai, you need to reside in China for at least a year to qualify to buy a flat or a house through traditional methods.
Shanghai Vision says it has got around these rules by setting up its own onshore company which holds the properties.
\"China's not an easy market to get in and out of and the process of acquiring a property is so complicated, it's not worth the effort in most cases. It's not a liquid asset. The process of getting permission to get in and out of the market is difficult,\" says Guy Hollis, who heads Jones Lang LaSalle's business in China.
Shanghai Vision offers foreign investors access to the market with considerably less red tape. However, you cannot live in your investment. The group finds tenants and controls the relationship with them. You can sell at any time but you could get less than your investment if there were a property market downturn. Another downside is the group will only guarantee your annual rental yield of 6 to 7 per cent for a five-year period. Thereafter you are subject to the vagaries of the market.
Gross rental yields in Shanghai are between 5 and 6 per cent. However, yields are likely to decrease over the next two years because of increasing residential prices, the maturation of the residential property market and increased regulation, according to Savills.
Shanghai Vision's latest development on offer is an upscale serviced apartment building in the middle of Pudong, Shanghai's financial district. When you buy a one or two-bedroom flat, you sign a 70-year lease. The average price of a flat is |
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发表于 2006-11-10 05:59:34