Real estate funds play a leading role in
drama hanging down the curtain active real estate fund of nearly 10 the Forte investment Chi Ying is one of them.
40 years old weeks into years of real estate transactions, net worth hundreds of millions in their hands a small fortune “spare cash”. the market regulation wind tight, it is clear that real estate is no longer aspiring investment positions. inflation pressure, the stock market not to force, under the recommendation of friends, he began to focus on the real estate private equity funds. “We thoughtful Fund is how the operation of the project how management. The extent of risk. Week into your own business is not listed, he admitted that the concept of capital operation Yishi would like to take the force of the professional fund.
cfa”>
Chi Ying Dong Weihai quality developers to intervene for the Fund Fuhou project resources and management capabilities, coupled with the value attached
like years ago, real estate trust products that few others know, today's real estate funds are also facing the start-up stage, investors need experienced from strangers to acquaintances process. Profit Wise investment of Dong Weihai very profound experience: “Private real estate should first have any chance to prove themselves, the limelight trick sometimes between, the strength of the Hui style.
“developers Fund” has been questioned
floor is not, soon after, Everything seems to be structured, calm and restrained. Located in the rich and lots of quiet dead ends the same studio and its owner Profit Wise Equity Investment Management Co., Ltd., is very new, low-key. Dong Weihai or early years of the early 40s to see reporters here for the sake of the gardener, the young director of manager the temperament of its own surge of dead people to study the wording of the unhurried, very homely.
the late 1990's the concept of real estate is still fresh bubbling, an occasional opportunity to make Dong Weihai contact the Housing the real estate industry, from and real estate forged a deep bond with the next 10 years, Dong Weihai has worked in the most powerful country in the world, Kohl and the Netherlands International Real Estate Group, and began to engage in real estate fund business in 2009 Chi-Ying a newly formed investment company he intervene.
Chi Ying investment by Forte Group, the fund industry sub jointly set up and holding, belonging to one of the at home and the first real estate private equity fund management company. In November, Chi-Ying print and publish the first fund complex landscape industry, to raise the scale of 550 million of China's Law is currency. the second only by the 2010 annual base Jin Jingying member unit of Shanghai Federation of Industry and real estate merchant groups organized jointly initiated and Forte jingye Fund analogy, the second fund small, but one great attempt. “Followed by raising the threshold of the land market, at home and the vision of the large housing prices began to turn to real estate funds, many well-known developers have initiated the establishment of a real estate fund.
developers to do the fund would produce operating or moral risk? of the questions raised by industry sub, Fan Wei, executive director of the Forte Group that without too much concern because developers do fund is not a new thing. “The world's most powerful countries, such as Goldman Sachs, Blackstone initiated by financial institutions, the establishment and management of the Fund, as well as developers fund established, such as Tishman Speyer of Tishman Speyer, a senior told me, The world's most powerful countries before the developers set up a fund was incredible, but then the idea occurred to reverse. Institutional fund raising, but also looking for items they found that the days of childhood and developers fund established since there are no worries about the project, but also has experience in project management, the only concern might be beneficial for conflict. Fan Wei said, as long as the fund reasonable terms of design, contract chapter to complete this pure can prevent and deal with conflict.
completed do the benefits of conflict handling mechanisms, intellectual and surplus requirements of the project step into the price and conditions in accordance with the management team of professional, independent judgment; exit mechanism through the pursuit of protection to the agreement of limited partnership companies with Forte.
fired the first shot “
Forte King Industry Fund was established in the five months to complete the round of investment for the whole radical. considered from the perspective of enhance the return of funds to projects generally take to the stage that began in the early intervention. has invested in Nanjing, Metropolis International, flowerbeds Square and three projects in Chengdu Yong bays, especially Yong bays most striking. This is not only due to its high-rise residential opened in August 2010 after more than two months time to go rate reaches 98.78% (of 566 units for sale, 7 sets of data until November 9, 2010), reaching a sales downturn in the property market miracle, but also because this hot sales funds quickly return to the November 9, 2010 The project is a total return of 700 million yuan of funds.In the analysis of the sales fiery reason, the Dong Weihai that mainly the right to public opinion location and reasonable price positioning, for the relatively constant demand. “
yields are unpredictable, but the landscape industry has apparently fired the first shot. “
relying Forte Group's core competencies and brand, we now cast real estate projects, the projects are complex, developed, and all residential projects. “Dong Weihai said the first fund investors is also recognition Forte brand and the concept of holding investments.
Chi Ying aside consideration of other developers in the short term project, which There are some very practical reasons. “Investment projects of Forte is relatively risk is smaller than the force, while the high demands to invest in other projects will fund's management team, risk control the degree of difficulty will be even greater.
Dong Weihai choose control is very important partners of the Fund's risk, the intervention of high-quality developers for the the Fund Fuhou project resources, development experience and management capabilities coupled with the value attached.
Dong Weihai analysis, the current fund face the risk or mainly from the impact of macroeconomic policy and market bumps. “from the fourth quarter 2009 to first quarter of 2010, the property market in the short run too fast increase to the hazards, we will remind the investors should also be reminded at a high level to keep a clear head, cautiously optimistic. The market is unlikely to maintain an annual 20 percent growth rate of more than 30%. This is the judgment of the property market as a whole. From individuals, especially in the residential side, we're still very optimistic about the future development.
project location the city is one of the considerations, but not the resolution factor. “The growth of cities is that we need. Like Shanghai, although the high prices, but need to beg to surrender the very diversity of funding sources, the value of growth still exists. The key is to find the fringe plus value. Dong Weihai
investment threshold: 8000000
complex landscape industry Fund is adopted in the form of limited partnership, the GP (general partner) + LP (limited partner) GP, Chi Ying, responsible for fund management in Chi-profit research management team, in addition to the “real estate” of Fan Wei, Dong Weihai, Conceiving twocfa(Chartered Financial Analyst, Chartered financial analysts).
LP of institutional investors and individual investors According to Guan proportion, the former corporate entities, The Conceiving listed companies and real estate enterprises; the latter is a high net worth figures, the majority, such as weeks into the like business owners. “the amount of investment, the greater proportion of high net worth clients, and the accumulation of wealth style pattern. “Dong Weihai said the company after more long-term approach is the size of the insurance funds, pension funds, pension funds and other funds involved, but at this stage the focus is enterprise and guests households.
Dong Weihai, the first volume to Forte jingye Fund, for example, the starting point of personal LP investment is 800 million of our law provides monetary, institutional investors and our investment, overall investment amount of money. This is considered from the perspective of asset allocation, to make the configuration more rational and reasonable allocation ratio of 10% at the mercy better. Because private equity is a relatively high risk and high return, no concept of security at the end, the total amount of funds may invest a certain extent, the earlier a representative of the risk of the investment can be sustained. “
cfa”>
the wealth of society involved in private equity real estate fund has become a trend, these funds from the original buyer to produce the side, but also conducive to smooth supply and demand.
at the same time, the GP will be held in a certain proportion with the cast. line regulation, intellectual surplus with the cast of 10%. “from the project level, Forte investment accounted for at least 60%, Dong Weihai, major shareholders and the formation of a common benefit of all investors can allow investors to have more security and a sense of trust.
the existence and continuation of the Fund, Dong Weihai is the first volume of usually 3 to 5 years at the mercy belong to the long-term investment. Forte jingye Fund “3 +1 +1″ mode, the minimum period of three years, a “1″ based on the principle of maximizing the return to judge by the GP; the second “1″ by all investors to vote in decision-making. Fund maturity will hold a liquidation balance sheet.
profit sub-prescription face, Chi-Ying said that allocation be held in strict accordance with the agreement between the partners as the partner gains more than 10%, the overriding profit 20% only under the agreement as a reward for GP Fund for issue by a third party financial institution dedicated to
open up the real estate Renduermo
if financing difficulties “and” difficult to put an end to real estate “as a real estate Renduermo”, real estate funds may help to get through them from the perspective of the market, whether it is real estate funds or real estate trust, the first one of the motives In order to broaden the financing channels of real estate enterprises to ten new countries since 2010, from 10 one of the country, and then to 9.29 New Deal “, the SFC real estate enterprises IPO, issuance or restructuring many restrictions, and the kingdom on the banks credit and lending policies also kept tightening, real estate financing format faced a major adjustment.
So, as God opened another window, the real estate private equity funds are now being played by the Housing property developers, the role of “blood transfusion” as Fan Wei said, “This will not only expand the real estate industry, asset management and fund management business, can become a source of profit; supplement is also another channel business development funds.
at the same time, in the objective of the Fund has absorbed more private capital accumulation of the wealth of society need to invest direction, real estate is one of them in real estate investment channels are only two First, buy a house, buy real estate company stock, while the wealth of society involved in private equity real estate fund has become a trend, these funds from the original buyer to produce the side, but also conducive to increasing the supply of flat supply and demand
Zero2IPO Research Center count data show that as of November 2010, a total of 10 real estate base Jinyue Cheng raise $ 1.859 billion, the fund number and amount of the 2009 level of 5.0 times and 3.4 times Dong Weihai Today's development is a natural performance. “chapeau 2007 Partnership Enterprise Law,” real estate fund baked paved the legal road. Shanghai Pudong New Area Finance Office is also the introduction of coherent rules instigated and encouraged the development of private equity funds on the other hand, developers are becoming increasingly sophisticated. “Forte with ING Real Estate, Morgan Stanley, CB Richard Ellis in 2008 agencies, and familiar than the force of the Fund's terms of coherent modes of operation, management structure, more and more mature understanding of the capital market. “The key is, the concept of” investors began to change: 5 million to 10 million people can invest in financial assets, see more development of the field of income.
future seems bright, the roads would still be twists and turns. Who is eligible to like the fact that real estate private equity fund managers, is still an “unsolved”.
contact edit: shanlin the liu@xinhuafinance.com
Note:
This article is from www.zuoshar.com, business school ranking. Please keep this link when you forward this article. Thanks!