Hilton Hotels
二世谷希尔顿酒店（Hilton in Niseko Village）被马来西亚的基础设施集团YTL Corp以60亿日圆（7230万美元）收购。亚洲投资者加快了购置日本地产的步伐。
日
本房价连续第19个年头走低催生了一批新型投资者，他们开始攻占长久以来被西方企业所主导的领域。过去一年来，亚洲投资者加快了购置日本地产的步伐，他们拥有大量现金并且未受信贷危机影响。和香港、新加坡和中国部分城市的天价相比，这里的估值更低，而回报也较稳定。
据Dealogic统计，今年亚洲公司和个人在日本达成18项房产购置交易，价值3.72亿美元，去年达成的交易仅为八项。根据Dealogic的报告，美国购置的交易为三项，价值600万美元，欧洲仅一项交易。（这些数据不包括涉及私营公司和基金的交易。）
2010年亚洲投资者的购置交易较出名的有：二世谷希尔顿酒店（Hilton in Niseko Village）被马来西亚的基础设施集团YTL Corp以60亿日圆（7230万美元）收购，这家酒店位于日本最北端岛屿北海道的滑雪胜地二世谷村；7月，东京郊区的三家物流设施被新加坡房地产投资信托公司丰树物流信托（Mapletree Logistics Trust）以130亿日圆收购；据知情人士说，3月，箱根凯悦酒店（Hyatt Regency Hakone Resort & Spa）被一位来自香港的匿名私人投资者收购。
20年前，日本资产泡沫破裂后，随着各银行纷纷处置不良贷款，摩根士丹利（Morgan Stanley）、德意志银行（Deutsche Bank AG）和高盛集团（Goldman Sachs Group Inc.）等公司经营的房地产基金以及美国私募股权基金Lone Star Funds在之后的几年成功地将这些不良资产全部买走。
2007年，东京的房价有所回升；那时，地产业务是摩根士丹利在日本收益最大的业务之一。
Hyatt Hotels
箱根凯悦酒店（Hyatt Regency Hakone Resort & Spa）
据一项政府调查，截至6月的12个月内，日本全国范围内住宅用地的均价跌了3.4%。这些负债过度的西方银行和基金自全球信贷紧缩开始就加强了对自营投资的控制，而亚洲投资者则纷纷来填补空缺。
新加坡最善房地产信托（Saizen Reit）执行董事Raymond Wong说，亚洲投资者在低潮期并未受到太大影响，他们也未负债过度；不管以何种标准来看，在日本的收益都是具有吸引力的，并且利率很低；亚洲投资者现在有充足的现金，除了日本他们别无选择。最善房地产信托是一家房地产投资信托公司，在全日本管理着180处住宅房产。
香港兴业日本有限公司（HKR Japan）首席执行长查耀中（Ben Cha）说，我们将取得原先由西方资本控制的一些地方，这一趋势将存在一段时间，我们拥有可以调动的资本。查耀中乘坐飞机频繁往来于东京和香港之间，以建立香港兴业国际集团（HKR International Group）在日本的地方办事处。该集团是总部位于香港的地产开发企业，也是一个家族企业。
投资者说，东京住宅地产的收益率为4.5%-5%，而香港不到3%。该收益率是指地产的年预期净收入与资本价值的百分比。
查耀中说，日本住宅地产的收益率非常稳定，而中国内地和香港的增长波动性较高，日本的相对定价具有吸引力，中国内地市场具有很大波动性，而且政策因素无人能预料到。
香港兴业今年总计以90亿日圆在日本购买了三栋住宅楼，查耀中说，该公司希望大力扩张其日本投资组合。日本利率本身接近于零，其信贷条件也开始放宽：据德意志银行（Deutsche Bank）旗下房地产基金RREEF的研究，今年7-9月份日本各银行为房地产业发放的新增贷款较上年同期增长6.6%。
业界人士说，尽管亚洲买家越来越多，但在购买力方面他们仍不能与西方机构在雷曼兄弟（Lehman Brothers）破产前的交易规模相提并论。
摩根士丹利房地产基金（Morgan Stanley Real Estate Funds）在业界被称为Msref，它于2007年6月完成从全日空航空公司（All Nippon Airways Co.）手中收购13家饭店和两家名为ANA的地产管理分支公司，耗资2,813亿日圆（当时合24亿美元），这创下日本地产业交易的最高纪录。但较之西方资金，亚洲投资者通常是长期买家，西方资金一般在投资三五年后就撤资。
仲量联行（Jones Lang LaSalle）亚洲资本市场全国总监鲍尔斯（Michael Bowles）说，我预计这一趋势将在明年继续，如果看看该地区发生的情况，你会看见中国经济快速增长，拥有可支配财富的越来越多的中产阶级希望将他们的资产多元化，在东京拥有一座高质量的住宅是一种荣耀。
Mariko Sanchanta
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
As property prices in Japan head down for the 19th consecutive year, a new breed of investor has taken up some space long dominated by Western institutions.
Flush with cash and unscathed by the credit crisis, Asian investors have stepped up their purchases of Japanese real estate over the past year. Compared with the astronomical prices in Hong Kong, Singapore and parts of China, valuations are lower─and returns are less volatile.
Asian firms and individuals have made 18 real-estate acquisitions in Japan this year, valued at $372 million, up from eight last year, according to Dealogic. That compares with U.S. buyers' three deals totaling $6 million and European buyers' one deal, Dealogic reports. (These numbers exclude deals involving private companies and funds.)
Some notable 2010 Asian purchases: the Hilton in Niseko Village, a popular ski resort in Japan's northernmost island of Hokkaido, was snapped up by YTL Corp., a Malaysian infrastructure conglomerate, for six billion yen ($72.3 million); three logistics facilities on the outskirts of Tokyo were purchased by Mapletree Logistics Trust, a Singapore-based real-estate investment trust, for 13 billion yen in July; and, according to people familiar with the matter, the Hyatt Regency Hakone Resort & Spa was bought by an unnamed private investor in Hong Kong in March.
Real-estate funds run by the likes of Morgan Stanley, Deutsche Bank AG and Goldman Sachs Group Inc. and private-equity firm Lone Star Funds did spectacularly well buying up distressed assets in the years after Japan's bubble burst 20 years ago, as the country's banks offloaded their nonperforming loans.
Prices even turned around in Tokyo in 2007; at that time, Morgan Stanley's property business was one of the firm's biggest revenue generators in Japan.
Now, many of the deals made during that Tokyo spike are dogging the U.S. investment bank as property values plummet and refinancing options remain scant.
Nationwide, according to a government survey, the average price for residential land fell 3.4% in the 12 months ended June, and the average for commercial land fell 4.6%. These overleveraged Western banks and funds have reined in their proprietary investments since the global credit crunch─and Asian investors have rushed to fill the void.
'Asian investors have not suffered that much during the down cycle, and they're not overleveraged,' said Raymond Wong, executive director of Saizen Reit, a Singapore-based real-estate investment trust that manages 180 residential properties throughout Japan. 'The yields in Japan are attractive by any standard, and the interest rates are so low. Asian investors are so flush with cash, they have no choice but to look at Japan.'
'We are taking up some of the space that used to be dominated by Western capital,' said Ben Cha, the chief executive of HKR Japan, who is busy flying back and forth between Tokyo and Hong Kong to set up the local offices of HKR International Group, a Hong Kong-based real-estate development firm that is also a family-run business. 'It's a trend that's going to be around for a while. We have capital to deploy.'
Investors said that on residential properties in Tokyo, the yield─a property's annual expected net income as a percentage of its capital value─is 4.5% to 5%, compared with less than 3% in Hong Kong.
'The yields on residential assets in Japan is very stable─we have had a lot of highly volatile growth in China and Hong Kong,' Mr. Cha said. 'The relative pricing in Japan is attractive. There is a lot of volatility in the Chinese market and policy factors that no one can predict.'
HKR this year bought three residential buildings in Japan for a total of nine billion yen, and Mr. Cha said the firm aims to significantly expand its Japan portfolio. Credit conditions in Japan, land of the near-zero interest rate, have started to ease as well: new lending by banks for real estate increased 6.6% in the July-September quarter compared with the same period last year, according to research by Deutsche Bank's real-estate fund, called RREEF.
Industry players said that although there are more Asian buyers, they still don't have the purchasing power to match the scale of the deals the Western institutions made before the collapse of Lehman Brothers.
In June 2007, the Morgan Stanley Real Estate Funds unit, known in the industry as Msref, completed the acquisition of 13 hotels and two property-management units known as ANA from All Nippon Airways Co. for 281.3 billion yen, $2.4 billion at the time─a record for a Japanese real-estate deal. But Asian investors tend to be longer-term buyers than Western funds, which typically focus on exiting from an investment in three to five years.
'I expect the trend to continue next year,' said Michael Bowles, national director of Asia capital markets for Jones Lang LaSalle. 'If you look at the dynamics of what's happening in the region, you're seeing rapid economic growth in China, a growing middle class with disposable wealth looking to diversify their assets. There is prestige in owning a good-quality residential asset in Tokyo.'
Mariko Sanchanta
Flush with cash and unscathed by the credit crisis, Asian investors have stepped up their purchases of Japanese real estate over the past year. Compared with the astronomical prices in Hong Kong, Singapore and parts of China, valuations are lower─and returns are less volatile.
Asian firms and individuals have made 18 real-estate acquisitions in Japan this year, valued at $372 million, up from eight last year, according to Dealogic. That compares with U.S. buyers' three deals totaling $6 million and European buyers' one deal, Dealogic reports. (These numbers exclude deals involving private companies and funds.)
Some notable 2010 Asian purchases: the Hilton in Niseko Village, a popular ski resort in Japan's northernmost island of Hokkaido, was snapped up by YTL Corp., a Malaysian infrastructure conglomerate, for six billion yen ($72.3 million); three logistics facilities on the outskirts of Tokyo were purchased by Mapletree Logistics Trust, a Singapore-based real-estate investment trust, for 13 billion yen in July; and, according to people familiar with the matter, the Hyatt Regency Hakone Resort & Spa was bought by an unnamed private investor in Hong Kong in March.
Real-estate funds run by the likes of Morgan Stanley, Deutsche Bank AG and Goldman Sachs Group Inc. and private-equity firm Lone Star Funds did spectacularly well buying up distressed assets in the years after Japan's bubble burst 20 years ago, as the country's banks offloaded their nonperforming loans.
Prices even turned around in Tokyo in 2007; at that time, Morgan Stanley's property business was one of the firm's biggest revenue generators in Japan.
Now, many of the deals made during that Tokyo spike are dogging the U.S. investment bank as property values plummet and refinancing options remain scant.
Nationwide, according to a government survey, the average price for residential land fell 3.4% in the 12 months ended June, and the average for commercial land fell 4.6%. These overleveraged Western banks and funds have reined in their proprietary investments since the global credit crunch─and Asian investors have rushed to fill the void.
'Asian investors have not suffered that much during the down cycle, and they're not overleveraged,' said Raymond Wong, executive director of Saizen Reit, a Singapore-based real-estate investment trust that manages 180 residential properties throughout Japan. 'The yields in Japan are attractive by any standard, and the interest rates are so low. Asian investors are so flush with cash, they have no choice but to look at Japan.'
'We are taking up some of the space that used to be dominated by Western capital,' said Ben Cha, the chief executive of HKR Japan, who is busy flying back and forth between Tokyo and Hong Kong to set up the local offices of HKR International Group, a Hong Kong-based real-estate development firm that is also a family-run business. 'It's a trend that's going to be around for a while. We have capital to deploy.'
Investors said that on residential properties in Tokyo, the yield─a property's annual expected net income as a percentage of its capital value─is 4.5% to 5%, compared with less than 3% in Hong Kong.
'The yields on residential assets in Japan is very stable─we have had a lot of highly volatile growth in China and Hong Kong,' Mr. Cha said. 'The relative pricing in Japan is attractive. There is a lot of volatility in the Chinese market and policy factors that no one can predict.'
HKR this year bought three residential buildings in Japan for a total of nine billion yen, and Mr. Cha said the firm aims to significantly expand its Japan portfolio. Credit conditions in Japan, land of the near-zero interest rate, have started to ease as well: new lending by banks for real estate increased 6.6% in the July-September quarter compared with the same period last year, according to research by Deutsche Bank's real-estate fund, called RREEF.
Industry players said that although there are more Asian buyers, they still don't have the purchasing power to match the scale of the deals the Western institutions made before the collapse of Lehman Brothers.
In June 2007, the Morgan Stanley Real Estate Funds unit, known in the industry as Msref, completed the acquisition of 13 hotels and two property-management units known as ANA from All Nippon Airways Co. for 281.3 billion yen, $2.4 billion at the time─a record for a Japanese real-estate deal. But Asian investors tend to be longer-term buyers than Western funds, which typically focus on exiting from an investment in three to five years.
'I expect the trend to continue next year,' said Michael Bowles, national director of Asia capital markets for Jones Lang LaSalle. 'If you look at the dynamics of what's happening in the region, you're seeing rapid economic growth in China, a growing middle class with disposable wealth looking to diversify their assets. There is prestige in owning a good-quality residential asset in Tokyo.'
Mariko Sanchanta
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