opp asia - july 2011
DESCRIPTION
Overseas Property Professional - Asia. July 2011 edition.TRANSCRIPT
海外房地产界之声 THE VOICE OF THE OVERSEAS PROPERTY INDUSTRY
Asia
希腊和塞浦路
斯的前方报道
Greece &
Cyprus Report
Overseas Property Professional
2011年7月 JULY 2011 www.opp.org.uk
另类投资——森林业
协助您的客户在不断壮大的森林产业扩展他们的投资
2011年7月
July 2011www.opp.org.uk
通往美国的快速通道——
EB5投资移民签证
OPP亚洲为您揭秘如何成功申请美国永久居留签证EB-5
OPP亚洲采访——最后的话
奢侈度假酒店阿芙罗狄蒂山的总裁如何决定下一个投资项目
希腊和赛普罗斯的海外地产市场又见曙光？正值希腊寻求紧急救助和赛普勒斯的产权问题一年之际，为何一些著名的房地产开发商已开始再次投资？
尽享塞浦路斯的奢华生活
超大4房城中别墅Spacious 4 Bedroom Town Centre Villas
利马索尔豪华7房私人别墅Luxury 7 Bedroom Private Villa – Limassol
Ｍelford Services LTD塞浦路斯 利马索尔
艺术和科技相结合并具有当代建筑和工程理念的Metlford设计团队造就了独特的现代设计，把对质量的追求延伸至我们的各个项目。我们具有多种国际文化观的员工确保您的愿望可以迅速得到体现。同时，我们的客户支持团队也将会日以继夜地为您提供高效和及时的服务。
The Melford team consists of highly experienced architects and engineers with a contemporary approach to construction as both a science and an art.
我们备受享誉的声望令Melford愿诚邀与您一起实现您自己的房产投资计划！
w w w . m e l f o r d s e r v i c e s . c o m
轻松开创别致的未来
电邮我们：[email protected]
或致电：+35799742246 塞浦路斯 / +79857680145 俄罗斯
独有商用建筑Exclusive Commercial Building
MelfordServices_Asia_May.indd 1 19/5/11 16:38:11
进入美国的快速通道——EB5移民签证 GETTING INTO THE USA - EB5 VISAS 坚持信念：波多河丽
KEEPING THE FAITH: PORTO HELI
05 编辑点评 希腊仍有重新崛起的希望
06-07 行业新闻 塞浦路斯的房地产市场出现转机了吗？
08-09 行业新闻 世界顶级城市现在真正的全球化了
10 行业新闻 中国市场的衰退引发价格战
12-15 希腊&塞浦路斯：这些是怎么发生的？ 什么导致他们申请紧急救援？
18-22 坚持信念：Porto Heli 为什么在希腊修建一个新的奢侈风景区？
25-30 扩展林业市场 来自Daniel Kiernan的另类投资分析
32-35 市场快报： 希腊和塞浦路斯房产市场的数据与分析
36-39 走进美国：投资移民签证 美国新的永居签证政策
40-43 结尾 OPP亚洲采访塞浦路斯Aphrodite Hills度假
项目的Loucas Kitrou
05 EDITORIAL COMMENT The fundamentals are all still there in Greece
06-07 INDUSTRY NEWS Has the Cypriot market turned a corner?
08-09 INDUSTRY NEWS The world’s top cities are now truly globalised
10 INDUSTRY NEWS Price wars loom as the Chinese market dips
12-15 GREECE & CYPRUS: HOW DID IT HAPPEN? The background leading up to the bail-out
18-22 KEEPING THE FAITH: PORTO HELI Why is a new Greek luxury resort being built?
25-30 BRANCHING OUT INTO FORESTRY Alternative investments from Daniel Kiernan
32-35 MARKET SNAPSHOT: GREECE & CYPRUS All the facts and � gures on the market
36-39 GETTING INTO THE USA - EB5 VISAS A new residency permit for living in the USA
40-43 THE LAST WORD: OPP ASIA INTERVIEW Meet Loucas Kitrou of Aphrodite Hills, Cyprus
内容目录 Contents
探求深陷经济危机中的希腊和塞浦路斯的房地产
市场正在发生怎样的巨变，他们是否能很快走出
低谷？
OPP亚洲可提供详细资料帮助您应对棘手的美国移
民官僚主义，并快速帮您获得美国投资移民的永
居签证。
希腊&赛普勒斯（第12 / 18 / 32 / 40 页) 几年前，希腊和塞浦路斯的海外房地产市场具有非常可观的投资发展前景，但是在随后发生的全球金融危机里，希腊严重的财政赤字和塞浦路斯的产权问题愈发严重。在希腊申请紧急救援计划的一年后， OPP亚洲不禁疑问：现在的发展前景又是怎样？这些地区是怎么陷入这些困境中的？为什么Porto Heli 和 Aphrodite Hills这么有信心在这个时期又重新进行投资？各类事实和数据又暗示了什么呢？
GREECE & CYPRUS. (Pages 12 / 18 / 32 / 40) A few years ago, things had never looked better for the overseas property industry in Greece and Cyprus. But then came the global recession, and the full extent of Greece’s budget de� cit and Cyprus’ title deeds problems gradually became clear. One year on from the Greek bailout, OPP Asia asks, what is the outlook now? How did the region end up in such di� culties, why are Porto Heli and Aphrodite Hills con� dent enough to start investing again now ... and what do all of the key facts and � gures predict?
另类投资：森林业ALTERNATIVE INVESTMENTS: FORESTRY
您是否考虑过建议您的客户在森林业扩展业务和投
资呢？这个领域有很大发展机会，已成为目前最好
销售和最可靠的资产投资之一。
为什么Aman Resort，这个被誉为世界上最成功的
奢侈风景区的发展商，决定在希腊南部摩里亚半岛
的Peloponnese进行一项新的投资计划？为什么选
择Peloponnese？为什么是现在？
“EB-5签证作为投资或创业签证的快捷移民政策，鼓励了外国人通过投资50万-100万美金获得美国有条件永久居留权。这笔投资要求用在以商业为目的企业或可为美国人提供工作机会的开发项目上。而且这个签证没有批准后的等待期。”美国房地产联盟协会 Cindy Fauth, National Association of Realtors: Pages 36 - 39
本月收录
| 32011年7月 | www.opp.org.uk 内容目录
“在塞浦路斯，不但能以合理的价格享受舒适的生活，并且还可以利用这里的各种设施发展生意。这里不单只是度假胜地，还拥有包括律师事务所和顾问公司在内的完整体系的服务行业。因此，投资者还可以在这里开设公司并可轻易获得绿卡。我们会努力去和我们的业主打好关系，因为我们是要留下长期发展的，与他们合作则是必不可少的。”阿佛洛狄忒山度假 Loucas Kitrou, Aphrodite Hills: Pages 40 - 43
海外房地产界之声 THE VOICE OF THE OVERSEAS PROPERTY INDUSTRY
Asia
希腊和塞浦路
斯的前方报道
Greece &
Cyprus Report
Overseas Property Professional
2011年7月 JULY 2011 www.opp.org.uk
另类投资——森林业
协助您的客户在不断壮大的森林产业扩展他们的投资
2011年7月
July 2011www.opp.org.uk
通往美国的快速通道——
EB5投资移民签证
OPP亚洲为您揭秘如何成功申请美国永久居留签证EB-5
OPP亚洲采访——最后的话
奢侈度假酒店阿芙罗狄蒂山的总裁如何决定下一个投资项目
希腊和赛普罗斯的海外地产市场又见曙光？正值希腊寻求紧急救助和赛普勒斯的产权问题一年之际，为何一些著名的房地产开发商已开始再次投资？
FC_Asia_July.indd 1 8/7/11 16:11:10
市场快报：希腊&赛普勒斯MARKET SNAPSHOT: GREECE & CYPRUS
At Fresh Start Living we like to keep it simple…...we are looking for the world’s best-selling agents for one of the UK’s best-selling real estate products
为您的客户：For your clients:
• 低门槛价格从2万3千英镑起Low entry level with prices from £23,000
• 项目选择 – 包含3个学生公寓项目的6个开发区Choice of projects – 6 developments including 3 student projects available now
• 所有房产都以低于市场价30%至50%的价格出售All property is sold 30 to 50% below market value
• 所有房产都被提供充分的保障All property comes with a full structural guarantee
• Fresh Start提供全面管理和周到的出租服务Fresh Start offers a full management and lettings service
• 所有的单元房均可得到提前支付的一年租金收入All units come with one year’s rental income paid in advance
• 提供贷款方案Finance packages available
为代理商：For agents:
• 高佣金 –大大高于英国同类产品Excellent commissions – higher than most comparable UK product
• 包括培训在内的全力业务支持Full agent support including training
• 灵活的工作选择 – 即可与首席合伙人也可与最终代理商合作Flexible working terms – will work with lead partners or closing agents
• 市场行情– 该产品正以高销售量被售出Sellability – the product is selling now, in high volumes
联系方式： Contact:
若想进一步了解代理条款请联系
To discuss agency terms in
confidence please contact:
Gurjingder
+44 (0)161 728 5283
or +44 (0)785 413 9698
Fresh Start Living 帮您把复杂的事情简单化
我们正在全球范围内寻求英国最畅销房产之一的销售代理商
freshstartliving_July_man.indd 1 7/7/11 17:00:56
Asia
本月OPP亚洲为您带来.... IN THIS MONTH’S OPP ASIA ...
保持信念
(18-22页)为何世界顶级奢侈项目开发商Aman Resorts与Dolphin Capital Partners联合在希腊南部莫利亚半岛的伯罗奔尼撒(Peloponnese)开发了一个崭新的奢侈度假项目？是未来投资之路？
最后的话
(40-43页)尽管整个国家正经历危机，但是赛普勒斯的阿佛罗蒂特山度假村仍然积极扩张之中。关于如何在经济危机中扩张以及如何吸引更多的游客和买家，OPP采访了Loucas Kitrou先生。
美国签证
(36-39页)尽管美国总给人以自由开放的感觉，但是美国签证绝对是最令海外房产投资商头痛的问题之一。OPP带您详细解读EB-5签证系统——投资商的快速绿色通道
另类投资
(25-30页)利用林业项目扩展您客户的投资，这绝对是高回报，高于其他资产类别的表现，并且产生绿色光晕效益的投资！
希腊&赛普勒斯
(32-35页)更多关于两个经济体已降到历史最低点的事实与数据。更多信息关于年房屋价格改变和平均横跨地区的租金。
© Copyright RGG Ltd. No reproduction in whole or in part without written permission. The Publisher cannot be held liable for any loss suffered as a result of information held herein, accepts no liability for views expressed by contributors and advertisers, undertakes that prices were correct at time of going to press and neither accept responsibility for loss or damage to unsolicited material nor return it without an SAE. No product or service advertised and/or publicised and/or appearing in The Overseas Property Professional Asia magazine is, unless expressly stated to the contrary, endorsed by and/or otherwise associated with the Overseas Property Professional (OPP) brand. OPP Asia is printed in China by 煌马设计顾问有限公司 Huang Ma Design Consulting Ltd. An annual subscription to OPP Asia is £71.50 / CNY 765 (in China) or £123.50 / CNY 1,315 (for the rest of the world).OPP 亚洲年度订阅价格71.5英镑/人民币765元（中国境内）或者123.5英镑/人民币1315元（海外）
| 52011年7月 | www.opp.org.uk 主编寄语 Editor’s letter • Geo� Hadwick ✆ +44 (0)208 734 3970 geo� [email protected]
HEAD OFFICE 公司总部17 Heath Road,Twickenham TW1 4AW, UK ✆ +44 (0)20 8734 3960www.opp.org.uk
EDITORIAL 编辑人员Group editor 集团主编Geo� Hadwick✆ +44 (0)208 734 3970 geo� [email protected]
International property reporter 国际房产记者Sean Lightbown✆ +44 (0)208 734 3973 [email protected]
ADVERTISING 广告商Andy Grimley ✆ +44 (0)208 734 3963 [email protected]
MARKETING & OPERATIONS MANAGER推广和营运经理Naomi Zammit ✆ +44 (0)208 734 3968 [email protected]
DESIGN & PRODUCTION 设计和制作Martin Lane ✆ +44 (0)208 734 3971 [email protected]
SUBSCRIPTIONS 订阅 ✆ +44 (0)208 734 3968 [email protected]
PUBLISHED BY 分发OPP Media, part of RGG LtdOPP传媒，RGG子公司
Chief Executive 集团总裁Xavier Wiggins ✆ +44 (0)208 734 3967 [email protected]
It doesn’t matter what you say about the recent economic turmoil in Greece and Cyprus, the fundamentals are all still in place and it can
only be a matter of time before the market is on the move again. The recipe is just too good to fail.
The things that have underpinned the Greek and Cypriot overseas property market for years remain as strong today as they ever have been.
The whole Hellenic world has a glorious climate, cheap land, a well-developed tourist industry, wonderful food, excellent transportation links and plenty of fascinating art, history and culture. In so many ways, Greece and Cyprus is a winner. Going into the Euro on a false premise was a bad idea for Greece. The country did not meet the right economic criteria. But everyone is working hard to tackle the region’s fi nancial problems, and the EU will not let it fail. We all know that the Greek and Cypriot property markets will come back and do well. The question is when?
OPP thinks the answer is soon and that the whole region will once again become an opportunity that Asian investors cannot afford to ignore.
希腊仍有重新崛起的希望The fundamentals are all still in place
集团主编 Group editor
Geo� Hadwick
无论最近希腊和赛普勒斯的经济发生了何种巨变，其基础还
在，所以想要市场重新完整的再次运转，只是时间的问题。
重点在于，太好而不会倒闭。
即使现在，支撑希腊和赛普勒斯海外房地产市场屹立不
倒的因素仍然起着巨大的作用。
希腊拥有最灿烂的气候，便宜的土地，发展完善的旅游
工业和交通运输系统，以及丰富灿烂的古代文明，艺术历史和
文化。从多个方面来说，希腊和赛普勒斯都是绝对的赢家。
OPP 认为，整个地区马上又会恢复成为亚洲投资者无法
忽略的投资热地。
重要事项：此物业资料只供参考，不构成合约一部份。在准备资料过程中，已尽力务求准确，但恕不保证绝对无误。在法律容许的情况下，本公司不会负上任何因使用本物业资料而引致损失或赔偿的责任。有意购入者，请自行咨询专业意见。
06 | 行业新闻 地产行业 www.opp.org.uk | 2011年7月
中国买家的好去处——伦敦
伦敦房价大大低于北京，上海甚至香港的房价著名的房产经纪商Knight Frank最
新调查指出在伦敦投资居民住宅
要比在北京，上海或香港投资更
加划算。
在伦敦投资40万英镑，您可以
买到一个永久产权的房产(House),但是相同的钱投资在北京，您也
许连中心地带的公寓(Apartment)都买不起。
Knight Frank的调查研究表明，
中国买家在过去两个月，在北京已经
投资超过1.2亿英镑在房地产市场。
在经济复苏时，分享房屋所有权的业
务比“全部所有权”回弹更迅速。
现在在各个度假俱乐部分时享用
度假别墅所有权，以及其他“部分所有
权”也越来越普遍。
分享度假住房的所有权的推出带
给投资第二家房产的投资商带来了新
的机会。
公司最近就近300个世界范围内
的房产项目进行了调查研究，发现不
论是购买价格，投资者负担程度，还
是满足客户需求的程度“部分所有权”都是完美的投资选择。
“我们预计这类分散所有权的投
资形式会随着国家经济的回复，迅速
增长。”西雅图私人度假公馆的人告诉
OPP。
他的公司是专门进行“部分所有
权”度假房产市场推广以及开发的。目
前他们正在南卡罗来纳州销售一项房
产项目The Sanctuary，这个项目”位于
两个主要的度假目的地——希尔顿山
岛和著名的乔治亚州的萨凡纳。”Burns提出“一般来说，所有者每
年只在其购买的度假房内停留3-6周时
间。当“部分所有权”的房产的花费与
全部所有权的花费相比起来，其优势
不言而喻。他还指出：“因此，投资者
为何在可以投资135,000美金每个所有
权的时候，要去选择买一整个3室3卫的The Sanctuary的湖边度假别墅呢？
作者：Geoff Hadwick
大部分买家活跃在40万英镑到100万
英镑的市场部分。
自2007年经济危机以来，英镑已
经贬值了近25%，而中国投资商在英
国经济正常下投资，盈利了近两倍。
Knight Frank 的调查主管Liam Bailey 提出，“我们预计，在未来的
五年内英国伦敦的房产价格将至少增
加30%。”中国的投资者很喜欢在伦敦的
Canary Wharf一带投资买房，英镑与
美元的汇率回升时，若中国投资商
卖掉所投资的房产，并换成原来的
货币形式，那他们将多获得大于60% —70%的利润。
这绝对是一个难得的花最少的钱，投
资最高档的度假屋，还不用为全所有
权而操心。
Equity Estates Fund 的主席Philip Mekelburg也在积极开拓“部分所有权”房产市场，他补充道：“即使是可以轻
松支付一百万美金购买高端度假房产
的高收入家庭，也十分愿意投资在”部分所有权“市场上。官方的统计支持了
这一说法，近20年来，“部分所有权”房产投资拉动了Hilton Head地区的经
济发展。 会议旅游局的统计数据显示
在此地区度假旅游的人中有超过25%选择住在“部分所有权”的房产里。
Hilton Head是国际万豪度假俱乐部
项目的一员（在岛上有四个分时享有度假
别墅，以及一个迪斯尼度假俱乐部）。
此外，另一个有助于“部分所有
权”强势回归的因素是：买家可以不仅
在自己投资的“部分”享受假期，还可
以在俱乐部名下的其他度假房产的“部分”享受“交换使用权”。
这就是为什么The Sanctuary与The Registry Collection合作，向所有者提供
在世界各地最棒的“度假交换”目的地。
新闻摘要新西兰中介打开了亚洲和
欧洲的市场大门
新西兰中介Bayleys已经准备好面向东南亚、欧洲和英国巡回推广新的海外房产投资组合。Bayley公司的投资组合包括：位于塔拉纳基 (Taranaki) ，西海岸 (West Coast) ，奥塔哥中部 (Central Otago) 的旅游和酒店项目，以及在坎特伯雷北部的一个农田，马尔堡的两个葡萄园，奥克尔南部的一个退休小镇，和在奥克尔、昆士城、塔拉纳基和北部地区的房子。到目前为止，已有26个房产被确认在名单上。新西兰之所以如此广受欢迎和好评，是因为它的安全食物链供给、中国政府的计划投资方案和邻国澳大利亚出现的白炽化的房地产市场。著名的经济杂志经济学家The Economist估计，澳大利亚的房产市场的居住房的价格超过应有价值的56%。
New Zealand agency hits the road selling to Asia and Europe New Zealand-based agency Bayleys is putting together a portfolio of overseas property opportunities to take on a roadshow to South East Asia, Europe and Britain. Properties on the list include hospitality ventures on the west coast and homes in Auckland and Queenstown
印度人取代了中国人成为伦敦最大的来自亚洲的房产投资商印度已接替中国成为伦敦海外房产投资商最多的亚洲国家。Savill的《世界在伦敦》的报告中指出：印度投资商“是房地产市场中非常重要的一支队伍，因为他们组成了所有五百万至一千五百万的买家中的9%，并有将近25%的在这一范围内的Savill投资商投资超过5百万。”“在这里，印度人和巴基斯坦人的投资比中国人还多。”
Indians overtake Chinese as the biggest Asian investors in LondonIndians have overtaken the Chinese as Asia’s biggest investors in London property. Savills’ “World in London” report says Indians currently constitute 9% of all buyers in the £5m to £15m price bracket.
London is better value than BeijingLondon offers better value than Beijing, Shanghai or Hong Kong according to a new report by agency Knight Frank. For a £400,000
“部分所有权”市场比“全部所有权”回弹更迅速
合资带来更多利益
investment, you can buy a freehold house in London, but in Beijing you can’t even get a central apartment for that sort of money it says. The value of the Sterling has declined by 25% against a range of other currencies since 2007, and Chinese investors can make gains if the UK economy starts to normalise again. Canary Wharf is proving to be a popular purchase area for Chinese investors. And, says the research, if the pound Sterling foreign exchange rates start to go back to where they were, the uplift for Chinese investors could be as much as 60% to 70% in the same period if they sell the properties and transfer the money back into their original currency.
Shared ownership property is going to be a better bet than full ownershipShared ownership properties are going to “rebound more quickly and strongly than whole-ownership second homes as the economy recovers,” according to data released this week by fractional industry research fi rm Ragatz Associates. “We anticipate shared ownership to experience signifi cant growth as the national economy recovers,” Michael G. Burns, President and CEO of Private Residence Resorts of Seattle told OPP Asia.
地产行业
亚洲和俄罗斯的买家帮助塞浦路斯度过难关
由于大量亚洲和俄罗斯买家的流入, 塞浦路斯的房地产市场重见曙光, 塞浦路
斯岛上的中介也对未来倍加自信。 根据Melford Services, Imperio
Properties 和Alpha Panareti 等本地房
地产公司的数据显示, 越来越多的国
外买家选择投资塞浦路斯房地产. 今年4月份, 国外买家的购买量比去年同
期增加了19%。
由于文化的密切联系, 塞浦路斯的
房产一直深受英国买家的喜爱, 但如今
来自中国和俄罗斯的买家增长迅速。
来自Imperio的Yiannis Misirlis 近期告
诉亚洲OPP, 塞浦路斯岛毫无疑问正迎来
中国和俄罗斯房地产投资者的浪潮。
Misirlis 还强调, 现在塞浦路斯增
加了可供国外投资者取得本地居留签
证的机制, 这使得来自中国和俄罗斯
的投资者大幅增加。他还说, 俄罗斯
人早在几年前就已经意识到这一政策
并开始利用它。如今, 来自中国的投
资者增长速度甚至比俄罗斯还快。
据Misirlis 说, 中国投资者“更倾
向于靠近海岸线的公寓, 而不是在海
岸线上的公寓”。 而且, 中国投资者
更愿意先交付50%的定金, 然后剩下
的就以传统贷款方式付清。
塞浦路斯发展商Melford Services的 市 场 营 销 和 销 售 主 管 N i k i t a Daniels，也注意到了亚洲投资者的房
地产购买涌潮。
Daniel向OPP Asia 度假透露
说：“60%的中国人都不满意他们在
据全球房地产公司的CB Richard Ellis说，泰国应该宽松目前对外国投资者
严格的房地产政策，以此促进经济的
发展。
这家公司还说对外国人的房地
产政策的改善会给房地产行业带来
很大的影响。“对现有政策的明智的
改动会对泰国经济带来戏剧性和正面
的影响。” 在这家公司新的报告里还
指出：“在目前脆弱的全球经济复苏
中，任何从海外投资商里获得的收益
都不应被忽略。”它补充说：“处理恰当的话，这
一变动会对泰国经济做出很大的贡
献，并且没有主权问题的资料风险或
者给社会和经济带来负面影响。”“大部分成功的房地产市场要不
就是完全自由的，比如在香港，要
不就是对外国投资商的政策戏剧性
CB Richard Ellis 指出：泰国应该允许更多的海外房地产买家进行投资
作者：Geoff Hadwick 中国的投资，并正在寻求新的住宅，
在这些人中，很大一部分人把目光投
向了塞浦路斯。”“我们已经吸引了很多目光。在
近期在塞浦路斯举办的国际房地产联
盟会议上，有大约20至30参与者来自
中国，并且在这些人中，不但有个人
投资者，还有政府官员。他们正从一
个更大的角度看塞浦路斯。”Daniel还说道：“我听说过的中
国人的最大的投资是1百50万欧元的
公寓，但低于15万欧元的小单位房
子，则有好几百个。他们利用不同的
投资方案来多元化他们的收入。我们
期望高级用户人数在一年内能得到提
升，这样价格也会被带动上涨。”据Daniel分析，这股投资浪潮已
经开始了。“很多投资方案都被采纳
了 – 我们有放在那里2，3年都没有动
静的房子，现在却有很多人问询这些
房产。这些需求主要来自于俄罗斯的
投资者，但我估计中国投资者会在至
多一年内取代俄罗斯投资者并完成这
些投资项目。 这也会使价格上涨，
尽管这个涨幅可能达不到2006至2008年的涨幅。
Daniel 还注意到很多新公司都建
立了分部在塞浦路斯，这里的房地产
市场也因此而扩大了。他补充说：“由于税收优惠，交易方便和邻近主要
市场，许多大型石油公司和金融机构
正在塞浦路斯建立起商业部门、仓库
甚至是总部。至于何时购买居住房给
他们的员工，就是时间问题了。从这
也可看出，居住房市场也会被扩大。
“塞浦路斯仍然是一个发展中市
场，并且危机甚至会阻碍它一段时
间，但是好在那里还是有很多土地和
很多的机遇”。根据Andreas Ioannou的说法，塞
浦路斯发展商Alpha Panaretti 的总经
理指出，新法规的出现也解决了之前
产权失败告终的问题。
Ioannou 相信这一新的政策“对大
家来说都是一个好消息”。Ioannou同时向OPP度假透露
说：“产权证问题有很多范畴，但是这
些问题都已经通过新的政策解决了。” “一号地区本身有许多复杂的开
发商公司，他们通常不会考虑很多，
相关经验也少，而且也没有很强大财
力投资支撑他们的运作。”“据调查发现，很多房屋因为质
量差而不符合建筑许可证的要求，有
些房屋则因为扩展远远超出原计划而
不能申请到产权证。”
| 072011年7月 | www.opp.org.uk 行业新闻
Thailand should chill outThailand should relax its conditions on foreign property investment to stimulate the economy, according to global real estate firm CB Richard Ellis. Current restrictions prohibit lending to foreign investors, 30-year lease terms and a 49% rule on foreign ownership.
新闻摘要澳大利亚股票升值
据新的调查发现，澳大利亚的居民住房市场股票在今年5月比去年同期增长近30%的份额。市场股票调查组织还发现，今年5月可购买的房产比去年同期增长29.7%。在一些城市这个数据甚至更大，比如在墨尔本，这一数据达到49.6%。市场股票调查组织的主席Louis Christopher说：“相比去年，我们仍然可以看到显著的增长 – 相对而言，房地产市场的股票份额仍然在增长。”Christopher补充说，过度供给会导致价格下降近10%。
Australian stock risesAustralia’s residential property market had nearly 30% more stock available in May than it did in the same month last year, according to new � gures.Data from SQM Research shows that the number of properties available to purchase increased 29.7% year-on-year to May. SQM Research chief Louis Christopher said the oversupply could drop prices by nearly 10%
万豪酒店进军亚洲奢华酒店公司JW Marriot计划在明年年底前在亚洲，欧洲和南美洲开发12个新的房产。预计今年开放的新的度假区包括一个在安卡拉拥有175间房的酒店，和一个在班加罗尔拥有250间房的房产。在下一年，计划开发的区域包括有秘鲁库斯科，首尔，迪拜和马尔代夫风景区。在这些计划开发的区域中，13个区域计划在2015年年底前完成。这会使JW Marriot公司的投资扩展到在全球29个国家拥有77个房产。在今年，JW Marriot已经在芝加哥，印第安纳波利斯和戛纳开了酒店。
Marriott moves into AsiaLuxury hotel company JW Marriot plans to open 12 new properties in Asia, Europe and South America by the end of next year.New resorts scheduled include a hotel in Ankara and a property in Banagalore.Next year, planned openings include resorts in Peru’s Cusco, as well as in Seoul, Dubai and the Maldives.13 more are planned for completion before 2015.
Cyprus is starting to pick upThe property market in Cyprus has turned the corner, and agents on the island are feeling more confident about the future thanks to an influx of buyers from Asia and Russia.Overseas buyers are returning to the island say local companies such as Melford Services, Imperio Properties and Alpha Panareti, pointing to a 19% year-on-year increase in sales to foreign buyers during April.
地宽松限制的，比如在新加坡。在
像英国这样的市场，由于税收的原
因，更倾向于外国投资者。为了应
对全球经济危机，新加坡已经自由
化对外国人的房产权的法律，并且
还第一次在Sentosa发行了专门针对
新的外国投资商的别墅区，并取得
巨大的成功。
CB Richard Ellis 还指出：“如果
泰国银行允许海外买家就泰国房产贷
款的话，它们会得到很大的收益。”“这会带来很多的利益因为所有
目前入境投资都是以现金为基础的。
这也会给居住房的开发商，度假村的
开发商，建筑承包商和泰国的银行系
统带来很多好处。”“明智的限制和控制可以控制负债
的程度，并且银行也可以向外国投资
者收取比国内投资者高出1%到2%的价
钱。海外投资者应该被允许申请陆上设
施的贷款。在我们看来，他们应该在申
请过程中受到更具体和更严谨的控制。”“在注册的所有房产权里不高于
49%的属于海外投资商的房产权的比
例，已经被用来防止外国人对国内房
地产的控制。 假如，要以增加房地产
权的比例来符合市场要求，那么这毫无
疑问会很大地增加来自境外的投资。”
08 | 行业新闻 地产行业 www.opp.org.uk | 2011年7月
中国政府提供更多住宅用土地中国正计划提供更多土地用于住宅
开发，政府正努力控制发展过快的
房地产市场。
上月北京的一次新闻发布会
上，中国国土资源部 (MOLAR) 表示，政府准备 2011 年释放 218,000 公顷土地用于住宅开发，
这一数字几乎是过去两年住宅用地
的两倍。
MOLAR 土地利用司司长廖永
伦敦的高租金吸引海外的“购买出租”投资者。
根据 LSL Property Services，从 2010 年 4 月起伦敦月租金增长 8%，2011 年 4 月达到 988 英镑。Knight Frank 发现，4 月在英国首都租赁房屋的价格上
涨 0.4%，连续 20 个月上涨。
投资者正开始抓住不断增加的租
赁可能。抵押贷款商协会 (The Council of Mortgage Lenders) 去年公布的数字表
明，2011 年第一季度“购买出租”购买
情况相比去年同期增加，可能减轻长
期需求。
出租机构 Benham and Reeves 告诉 OPP，大量来自海湾地区和中东的投
资者因有利汇率和当地的高出租需求
而购买伦敦房产。
公司主管 Anita Mehra 和 Marc von Grundherr 最近游历各地，同 100 多名
独立投资者、财务顾问和理财代理开
会。60 多名投资者还出席了公司在吉
隆坡的房产研讨会。
Benham and Reeves 市场协调主管 Stewart Buchanan 独家向 OPP 透露，正
在同约“一打”投资者协商购买英国首
都的房产。Mehra 补充，许多投资者
正争取在伦敦购买以把握经济形势和
租赁市场的需求增加。
她表示：“汇率是一个推动要素，
使许多房屋价格比 2006 年便宜 20%。
强势的租赁需求是另一个推动要素，
伦敦仍是全球企业的焦点，吸引越来
越多的海外高管。”“越来越多的国际学生（约
285,000 人）增加了租赁市场的需求，
比两年前增长约 25%。许多投资者为
自己来伦敦求学的子女购买房产。”全球经济危机之后保障财务安全
的困难推动了租赁需求的增加。银行
不愿意贷款，提高了保障财务安全所
需的最低存款额，这意味着许多人无
法购买自己的房屋。这增加了已经大
作者：Sean Lightbown 热的租赁市场的需求。
“需求还受到了持续抵押限制的推
动”，Mehra 继续，“在建新房的短缺意
味着新的专业人员仍将不得不租房，
因为他们还不够富有。”S&P 最近报告，情况“似乎支持中
期内 BTL 借款人的表现”。但是，风险
规避出借人和缺少资金仍给 BTL 房产
供应带来压力。S&P 还报告，由于借
还比例的下降，BTL 借款人负担抵押
支付的财务缓冲减少。
公司和房地产基金也牵涉其中。
极为成功的房地产投资集团 London & Stamford 正在计划打造一个价值约 3 亿英镑的新住宅房产方案，把握伦敦
急速增长的房租机会。
经验丰富的投资者 Raymond Mould 和 Patrick Vaughan 领导该公司，
他们认为年轻的专业人员因为抵押存
款要求比经济危机前更高而无法购买
房屋，所以住宅租金将继续增长。
自 2007 年末成立以来，London & Stamford 累积投资了 15 亿英镑商业房
产。其住宅房产目前仅价值约 890 万英镑，公司首席执行官 Patrick Vaughan 本周表示他希望将该领域投资增加至 3 亿英镑，其中大部分将用于出租而
部署出售。
主要由中东合作伙伴资助并筹措
资金约 10 亿英镑的公司主要针对一或
两卧室房产。
“我们看到了伦敦中央住宅市场
蓬勃发展的潜力”，执行主席 Raymond Mould 表示。
Oakwood Worldwide 也在伦敦投
资，公司表示，英国首都更多临时住
宅的需求正在增加。
Oakwood Worldwide 本周宣
布其已经“锁定伦敦市 Farringdon / Clerkenwell 一套新的 48 单元公寓主出
租计划”，并补充“Oakwood Farringdon 是 Oakwood 在伦敦的第 24 处房产，
提供已装修和带水电的公寓用于公司
住房和长期出租”。
新闻摘要美国仍然是海外房地产买
家热门首选地美国仍然是海外房地产买家热门首选地点。今年，国际住宅类购买销售额已经增长了160亿，根据美国国家房地产经纪联合会的‘The 2011 Pro� le of International Home Buying Activity’指出，这个绝对是近年来最高的增长。美国上一年度全部住房类销售截止至2011年三月底为820亿美金，去年同期为660亿美金。而且，在去年全美国际房地产销售中，非居民类得外国人和新近移民的比例持平，加上全部国内以及国际购买销售额直达1.07兆。全美不动产协会的Ron Phipps说道：“近年来，我们已发现，越来越多的外国买家来此，抓准今年来的低价格以及货源充足的机会，大举投资。”
US top for foreign buyers The United States remains a favourite destination for overseas property buyers. International residential purchases there surged by $16 billion this year to $82 billion, one of the highest increases in recent years according to ‘The 2011 Profile of International Home Buying Activity’ from the National Association of Realtors.
加拿大高端房地产市场暗潮汹涌Landcorp International公司已经制作了一个解释详尽的投资指南，帮助加拿大的海外房地产投资商的运作。这是由于加拿大对奢华住房的加剧，以及加拿大百万富翁的增长。同时，根据著名的Buy Association最新一期的报告，北美经纪代理集团RE/MAX指出：“加拿大的高端房地产销售从今年一月一日至四月三十日间与2010年同期相比已经增长了近三分之二。”尽管，当地的购买力激发了许多对于高端房地产的需求，但是“国外投资商的在加拿大一些市场的表现也是不容忽视的。”“促使加拿大在国际投资者中这么受欢迎的一个重要因素是加拿大的房地产项目对于国际标准来说十分划算，其生活质量，政治和经济稳定性以及其房地产法制的强度，都令投资者，尤其是海外投资商满意。Landcorp International正推出起价20万英镑的投资项目。
Canada’s luxury boomDemand for Canadian luxury homes is intensifying according to a report from the Buy Association. North American agency group RE/MAX noted luxury sales surged close to two-thirds of the market in the � rst quarter compared to the same period in 2010. “Its real estate remains a bargain by international standards,” the Association said.
海外买家涌入伦敦
租金上涨|敏锐投资商嗅到伦敦的商机
China to release undeveloped landChina plans to make more land available for housing development as the government tries to curb the country’s booming property market.In a Beijing press conference China’s Ministry of Land and Resources (MOLAR) said it is aiming to free 218,000 hectares of land.
London rents rise lures investorsLondon’s monthly rents have risen by 8% since April 2010 and reached £988 in April 2011. Knight Frank found that the price of leasing a home in the UK capital went up by 0.4% in April, the 20th consecutive month of increases. Lettings agency Benham and Reeves told OPP Asia that investors from the Gulf and Far East are fl ocking to buy property in London for their children studying at university.Benham and Reeves’ director Anita Mehra added that many investors are seeking to buy in London to take advantage of economic circumstances and an increase in the demand for rental accommodation.
“随着经济的发展，我们预计欧
洲尤其是伦敦员工搬家次数会增加，
从而产生对高质量公寓的更高需求”，Oakwood Worldwide 国际搬家和管理
主管副总裁 TJ Spencer 告诉 OPP。“这一新的房产是我们产品战略
的一部分，并且将证明是一项迫切需
要的资源，因为包括全球银行在内的
一些企业已经签署了安排员工搬家的
租约”。
林还表示，此项举措只是中国未来 5 年为低收入家庭建造 3600 万户可
承担住宅的庞大计划的一部分。
据政府监测，中国前 100 大城
市中有 77 个城市的房价继续上涨。
最近几个月来，只有北京和天津房
价月环比下降。
中国首要统计机构国家统计局 (NBS) 将于本周三 2011 年 5 月 18 日公布 70 个城市的 4 月房地产状况。
地产行业 | 092011年7月 | www.opp.org.uk 行业新闻
跟踪欧洲、亚洲和美洲 15 个城市
一流房地产表现的 Knight Frank
Index 本周的一份新报告指出，去
年巴黎豪宅价格激增 22%，和亚
洲市场的表现交相辉映。Knight
Frank 表示，世界豪华房产市场正
在被日益全球化追求海外房地产的
趋势所推动。
全球机构本周告诉 OPP 的报告重
要发现包括：
• 巴黎豪宅创下 Knight Frank Prime Global Cities Index 监测的所有城市的涨
价记录：去年到 2011 年 3 月价格上涨 22.2%，主要由供应限制以及海外买家
兴趣增加所推动；
• 莫斯科高级住宅市场表现最
差，去年到 2011 年第一季度价格下跌 8.0%；但下跌速度正在放缓，比上一
季度减慢 0.7%；
• 一年前，世界豪宅市场的表现
具有明显的大陆分界线。亚洲城市价
格上涨名列前茅，而欧洲和美洲远远
落后。一年来，全球格局不再那么泾
渭分明；
• 随着亚洲政府降温房地产涨价
措施开始生效，以及欧洲豪宅市场走
出低迷，欧洲和亚洲各大城市房价差
距开始缩小；
作者：Geoff Hadwick
世界各大城市均已成为全球化资本市场
Paris prices surge more than a fi fthLuxury house prices in Paris have mushroomed by 22% in the past year, rivalling the performance of Asian cities, says a new report out this week from the Knight Frank Index.Liam Bailey, Head of Residential Research at Knight Frank, told OPP Asia that these changes stem from increased overseas buyer power of overseas buyers and continuing globalisation of the luxury sector.
飞涨| 巴黎价格再次上涨
• 总体来说，指数中的城市在 2011 年第一季度平均年涨价率为 6.6%，
去年为 12.7% – 这在很大程度上归功于
亚洲城市增长速度放缓。
Knight Frank 住宅研究主管 Liam Bailey 告诉 OPP，海外买家不断增加的
购买力和豪宅市场持续的全球化是这
些改变的推动要素。“现在全球各大
城市及其更广泛的国内市场的表现
分歧正在增加”，他表示。
“支付能力和微观经济的影响在
减少，国际需求以及供应波动和税
务规定改变的影响在增加，这些城
市在吸引全球财富精英方面体现出
不同水平。例如，作为顶级的伦敦
和巴黎市场现在对富有国际买家和
国内富人具有相同吸引力，这说明
全球经济和财富趋势以及国内因素
抹平了价格表现。”“我们的第一组结果提供了一些有
趣的发现。2010 年第一季度全球豪宅
市场有一个简单的潜台词：亚洲市场
价格年增长率（一些城市甚至是季度
增长率）达到两位数，而欧洲和美国
排名垫底。一年来，局面不再那么泾
渭分明。亚洲增长率被更加抑制，而
其他地方如巴黎、伦敦和赫尔辛基的
供应和需求不平衡推动豪宅价格。”
马来西亚旅游大臣瞄准英国买家马来西亚旅游大臣 Ng Yen Yen 博士计划让英国买家参与马来西亚我
的第二个家（Malaysia My Second Home，MM2H）计划。计划给予满
足一定财务和其他标准的外国人多
次入境签证，允许他们在马来西亚
居住 10 年。 上周马来西亚旅游委员会在伦
敦组织的一次活动中 OPP 曾与大臣
进行讨论。她表示：“我们知道许多
英国人在西班牙和法国买房，现在
随着全球化进展和低价航线出行的
便利，人们可以前往更远的地方，
寻求更多样化的文化以及更有趣和
吸引人的目的地。”她补充道：“我们与英国有着紧
密的联系。你们给我们带来了教育
和法律体系以及行政服务，我们将
这些发挥到最大程度。轻松交流永
远是重要的，而马来西亚广泛使用
英语。同时我们政局稳定 – 我们的
机场从不关闭，我们不流一滴血就
实现独立，并且取得巨大发展。”OPP 询问部长，计划中除了英
国还有哪些国家。她表示：“拥有庞
大人口数量的中国和印度也是我们的
目标。我们希望吸引特定人群，可以
负担高品质生活的人群，不一定奢华
但舒适的生活。不过英国始终是我们
的首选。我相信随着进一步了解，会
有更多英国人来马来西亚。”国家正在简化马来西亚我的第
二个家计划的申请流程，令其更简
单快捷。Ng 博士表示：“我们正在
打造马来西亚第二个家产品令它更
好更整洁。5 个月处理太长，我们
正准备缩短到 3 个月。”以前申请人需要 7 万英镑流动
资产才具备计划资格，但现在已经
改了。“以前我们不允许将固定资产
计入资格。今年我们决定允许一半
固定资产作为 50% 流动资产，因此
如果您拥有 10 万英镑以上资产，可
以用其中一半来申请。”她补充道：“英国是我们非常重
要的市场。我们两国之间和谐互相
理解。我们将继续致力于开发英国
市场。”
Malaysia sets sights on UK buyersMalaysia is targeting UK buyers to take part in the Malaysia My Second Home (MM2H) program.The program gives foreigners who fulfi l certain fi nancial and other criteria a multiple-entry visa, allowing them to reside in Malaysia for 10 years.The Malaysian tourism minister, Dr Ng Yen Yen told OPP Asia that China and India are also being targeted for potential buyers.绝妙的主意| 马来西亚向外国投资商
推销自己
新闻摘要新的 4 亿美元资金瞄准
东京住宅市场本周 GE Capital 的房地产部门 General Electric Co 联合 Aberdeen Asset Management Plc 成立一项达 4 亿美元的基金投资东京住宅市场。新的 JV 公司（称为 Tokyo Residential JV）“将针对未来两年日本首都的小型公寓房间和一卧公寓”，资金管理者表示。资金将关注东京的房产，不断增加的人口将继续推动其需求。“这是对日本市场持续信心的另一个明确标志”，GE Japan 总裁兼首席执行官 Norbom 表示。GE Capital Real Estate 从 1998 年起一直投资日本房地产。拥有 2.87 亿美元资产的 Aberdeen Asset 于 2007 年开始投资日本房地产。公司投资此处的房地产 360 亿美元。大东京区占日本 35% 的人口和 39% 的 GDP。Tokyo Residential JV 表示，预计最近的地震不会对新合资企业造成任何影响。
$400m fund marks TokyoGeneral Electric Co, the property arm of GE Capital, joined forces with Aberdeen Asset Management Plc this week to set up a US $400 million fund to invest in Tokyo’s residential sector.The new JV company, which will be called Tokyo Residential JV, “will target studio and one-bedroom apartments in Japan’s capital over the next two years,” say the asset managers.
香港经历销售低迷尽管住宅地点在最近土地拍卖中价格创记录，个人住宅开发注册事务也一直保持高，但香港的住宅房地产市场已经开始疲软，Colliers International Hong Kong (CIH) 表示。上一个季度住宅销售活动的减速已经揭示了市场的不确定性增加。根据 CIH 住宅销售执行总监 Ricky Poon 表示，供应商甚至在半山区、九龙塘和元朗等地最近政府土地拍卖后撤销单元销售。到 4 月底，平均豪宅价格本年至今下降 5.4%，而 2010 年年环比增加 16.3%，平均豪宅出租价格本年至今增加 5.2%，而 2010 年增加 15.4%。“平均豪宅价格已经超过 1997 年峰值 41%”，Poon 表示。
Slow sales hit Hong Kong Hong Kong’s residential property market is faltering despite housing sites fetching record-breaking prices in recent land auctions and individual residential developments registering transactions at an all-time high, says Colliers International Hong Kong (CIH).A slowdown in residential sales activity over the past quarter has revealed a growing uncertainty in the market.
10 | 行业新闻 地产行业
随着交易额、交易量和出租价格的下降，中国的价格战在迫近
中国的投机买房行为开始减少。 根据全国工商联房地产商会主
席聂梅生教授在上月北京大学光华
房产协会组织的一次讨论会言，“在采取众多抑制房地产市场的举措
后，包括金融工具和行政约束，许
投机买房行为已经消失。”“我认为今年房屋交易量会下降
7%，交易额会下降 10%”，教授补
充，“所以就我看来，预测住房价格
至少下降 10% 是合理的”。随着中国政府继续加紧对住房
价格市场的控制和推出越来越多的
降温措施，越来越多的国际房地产
分析师预测，中国的房产价格很快
将开始降低。
北京师范大学房地产研究中
心主任董藩和国务院发展研究中心
金融研究所副所长巴曙松都同意聂
梅生教授预测今年中国房价将降低 10% 的预测。
同时，国内商业银行向房地产
开发商批准的贷款数量也在下降，
一些帮助房地产贷款度过难关。一
些谣言开始传播，据说中国中央银
行已经要求国内商业银行暂停向房
地产公司的所有贷款。
广州日报上周报道，许多商业
银行“在每年的前 2 个月就用光了大
部分房地产贷款额度”，“之后无法为
迪拜买房者可能在新计划下获得居住
签证。
据传某政府官员表示：“当局正
在考虑在透明规定和法律的基础上授
予业主阿联酋居住签证的方法”，“新机制建议业主在自由区成立公司，然
后公司将拥有房地产，使拥有公司的
业主在公司而非房产所有者的基础上
获得居住许可。”房地产代理认为，该举措可能吸
引寻求签证的外国人，从而推动举步
维艰的房地产市场。
但是，也有人表示此变动不会带
来新东西，因为人们可能已经通过成
立公司获得居住资格，而无需购买房
地产。一些专家还表示，成立公司的
成本（包括维持和拥有成本）可能令
买家望而却步。
迪拜买房者的签证希望
作者：Geoff Hadwick
开发商提供任何[ 贷款]”。分析师预
计，今年下半年现金流问题将是困
扰许多中国住宅开发商的问题。
广州日报称，据“可靠来源”，1 月到 4 月间，国内银行向房地产公
司发放的贷款总计 389.1 亿人民币，
年环比降低 15.6%，而非银行金融机
构的贷款达到 24.8 亿人民币，年环
比下降 5.6%。
绝望的开发商可能开始降价。“真正大规模打折浪潮将在 6 月到来”，广州同创卓越房地产投资顾问有
限公司总经理赵卓文告诉广州日
报。“现在房地产公司普遍面临现金
约束，[要解决这个问题]开发商会提
供打折以收回现金，而不是乞求银
行贷款”，他补充
买进迪拜，获得签证
China rules causing price fallSpeculative house buying and property prices in China are starting to wane because of the country’s regulatory restrictions according to Professor Nie Meisheng, president of the China Real Estate Chamber of Commerce. Professor Meisheng told OPP Asia: “As a result of China’s massive efforts…to curb the property market, a lot of speculative buying has been phased out” and that it was “fair to predict another 10% drop at least” in home prices, on the back of expecting a 7% decrease in housing transactions.
Visa plan may aid Dubai market Property buyers in Dubai could get a residency visa under new plans.A government offi cial reportedly said: “authorities are discussing ways of granting owners of properties in the emirate residency visas based on transparent rules and legislation,” adding, “the new mechanism suggests that property owners establish a company in the free zone, and then the company will own a property which will allow the property owner who owns the company to obtain a residence permit on the basis of ownership of the company, not the property.”
www.opp.org.uk | 2011年7月
新闻摘要 迈阿密划时代的买卖迈阿密机构 MC2 Realty 透露，由于海外买房者开始回国，Jade Ocean 阁楼本周销售打破记录，售价 325 万美元，或 1,020 美元/平方英尺。公司表示，这是 Sunny Isles Beach 的每平方英尺价格最贵的公寓。MC2 Realty 副总裁 Marie-Charlotte Piro 本周告诉 OPP，“市场无疑正在加热，我们发现喜欢南佛罗里达气候和生活方式的国际买家的兴趣在增加，房地产价值的增值潜力也在增加。”
Landmark deal in MiamiMIAMI-BASED agency MC2 Realty sealed a record-breaking $3.25million deal on a Jade Ocean penthouse last month - $1,020 per square-foot - as overseas property buyers start moving back into the state.
中国衰退会影响澳大利亚关于澳大利亚受中国房地产市场减速
影响的恐慌正在出现。中国的房地产繁荣为澳大利亚政府带来了更高的税收，并通过较低的利息率转化到当地住房市场。随着中国投资者最近推动价格上涨，专家表示减速可能带来灾难性结果。“中国的房屋销售在减慢，价格在降低”，纽约金融机构 Kynikos Associates 创始人 Jim Chanos 表示。“中国经济发展道路上正在出现裂痕。你们会看到房地产公司倒闭，销售处关门。”他预测中国开发商现在将转向香港通过垃圾债权募集资本，因为中国银行将减少对贷款的支持。60% 的中国经济目前由房地产建设开发市场所推动 - 是 1997 年前亚洲金融危机前亚洲四小龙的两倍，Chanos 今年早些时候曾这样告诉 CNN。相比之下，西方经济仅 10% 到 15% 的受建筑推动。上月他曾表示，建筑市场的急刹车可能令中国迅速陷入萧条。Chanos 补充道：“真正可怕的事是如果你做一下计算，他们减低建筑，就不存在减速 - 而是极快变为负数。问题的实质在于如果他们踩急刹车，经济会倒退。”
China slump could hit OzFears are emerging of the potential a slowdown in Chinese property sector could have in Australia.China’s property boom has provided Australia’s government with higher tax receipts that have been leveraged, via lower interest rates, into the local housing sector. With Chinese investors driving price-growth recently, experts say a slowdown could be disastrous.“House sales are slowing in China and prices declining,” says Jim Chanos, founder of New York-based � nanciers Kynikos Associates.
Real estate agents believe the move could boost the struggling real estate sector in the emirate by attracting foreigners looking for a visa.However, others have argued that this change provides nothing new, as people can already gain residency by setting up a company, without having to buy a property. Some experts have also said that the costs of setting up a company could put buyers off.
英国最大的获奖开发商诚寻代理商代理国际销售业务
Major UK award winning developer seeks agents for international sales
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Larkfleet_Asia_July.indd 1 7/7/11 10:43:47
长了令人印象深刻的1.6%，德国的年
度工业生产率也达到了令人惊讶的
14.8%。但是这对于国外房地产业，
尤其是对希腊和塞浦路斯这种正面临
巨大困难的经济体的国外房地产业，
意味着什么呢？
这意味着资金将依然短缺，借
贷者也将被无情地催债。希腊和葡萄
牙这样的经济体面临的实际问题则是
没有现金。
由于投资者要求更高的回报率
来补偿其在购买这些国家债务中的风
险，因此其债券发行量大涨。
例如，在葡萄牙，政府上个月
需要支付42.3亿欧元的借款，而其现
现在距离希腊紧急融资及
金融危机已经一年时间
了。在这一年中，爱尔
兰和葡萄牙相继遭遇了严重的经济
衰退，不得不卑躬屈膝地向欧盟领
导人请求与希腊类似的紧急救援。
西班牙依然在边缘犹豫不决，
其国内有一百多万套空置房产，产生
了大笔坏账和不需要的资产，削减了
国家的银行存款。
英国也在努力解决其面临的最
多的国债。上个月欧洲中央银行决定
提高利率。
我们正处于一个有些奇怪和麻
烦的时代。当2008年经济危机到来
12 | GREECE & CYPRUS
作者 | Geo� Hadwick
www.opp.org.uk | 2011年7月
数年之前，希腊和塞浦路斯的国外房地产投资业一片欣欣向荣。但是接着就遭遇了全球金融危机，希腊的财政赤字问题和塞浦路斯的地契问题逐渐浮现出来。在希腊进行紧急融资一年之后，OPP要问 我们现在怎样，将来又怎样？
希腊如何走到今天的地步？
希腊和塞浦路斯报道
绝望的时间表…希腊的紧急融资，很快？《经济学家》，格林威治时间2010年1月28日10点01分
在布鲁塞尔的决策圈内，关于对希腊的紧急融资的问题曾经是：欧盟政
府真的要这么做吗？现在，我可以宣布，欧盟高层官员关于这个问题的问法
已经变成：我们要怎样做？
在过去48小时内，我已经听到两
名非常高级的人物——都是在讨论深
层背景时——考虑在希腊破产之前需
要运用多大数额的外部援助的政策手
段来对其融资：一旦希腊破产，将对
16个使用同一货币的国家造成极其负
面的连锁影响。
昨天一名人士表示，政府首脑
不可能“永远”等待做出决定…这意味
着最多再过几个月就会有决定。该人
士称，希腊提出的在未来三年内将其
赤字从13%降至3%的计划草案看起
来不太可靠，因此一定会出现一场危
机。“我们要帮助希腊，”他说。这意
味着某种方式的“外部援助”换来的是
严格的条件。
德国支持希腊的紧急融资《每日电讯报》，格林威治时间2010年2月9日20点36分
据德国媒体报道，德国财政部长沃尔夫冈·朔伊布勒已经要求官员及时制
定一份计划用于周四的欧盟领导人峰会。该计划包括两种方案，一种是欧盟
成员国提供贷款，一种是欧盟制度上的对策。
此则新闻使得欧元对美元的汇率达到了1.38，这是欧元自去年年底陷入
时，欧元区的利率从4.25%锐减至1%
，并且持续了两年的时间。
因此，欧洲中央银行提高利率
说明其认为欧洲遭遇的紧急情况已经
过去。真的如此吗？对于西班牙、希
腊、爱尔兰和葡萄牙这些“周边国
家”而言答案当然是否定的，但是对
于德国、丹麦和荷兰这些北部经济体
而言答案却是肯定的。欧元区上个月
的通货膨胀率达到了2.6%，超过了预
期的2%，欧洲中央银行解释称德国
真正领先。德国当前的通货膨胀率为
两年来最高的2%，其经济状况看起
来良好。
二月的工业生产比去年同期增
金储备只有40亿欧元……所以紧急融
资不可避免。现金就是主宰，而希
腊、爱尔兰和葡萄牙现在正面临着在
欧洲金融体系中的下滑局面。欧洲中
央银行根据荷兰、德国和法国这些更
加富有的经济体的需要制定其货币的
未来进程，对于所谓的“周边”经济
体却放任其自生自灭。
利率还将继续提高，希腊的开
发者和借贷者的困难处境还将进一步
加剧。摩根士丹利认为，欧洲中央银
行明年还将把利率提高2%。但是即
使是逐渐进行的提价也足以在短期到
中期内抬高欧元的价值。
对于已经遇到问题而难以增加
低谷以来最高的一次。在几个小时以内，希腊的10年期债券就下跌36个基点
至6.39pc，因为投资者们都急于脱离捉襟见肘的境地，葡萄牙、西班牙和意大
利的债券也遇到了同样的情况。
德国基督教民主党议会主席Michael Meister表示，不能让危机持续。“我们的首要任务是欧元的稳定，”他向《德国金融时报》表示。“如果希腊要接
受援助，也只能在艰巨的条件下接受，如果希腊政府进行彻底的改革的话。”德国明确支持对希腊的紧急融资，有人担心这会破坏整个地中海俱乐部地
区的财政纪律。而且还有人提出了关
于公平的问题。爱尔兰通过削减工资
和在各方面都采取比希腊力度更大的
措施克服了资深危机，但是都柏林并
没有接受援助。
希腊紧急融资计划：在周日会议之前依然很乐观《卫报》，格林威治时间2010年4月30日12点49分
在周日拟宣布针对希腊的紧急融
资的细节的面对面会议之前，欧元区
的财政部长于今日预先举行了一场会
议。此消息是西班牙和葡萄牙的高级
官员在人群中被问及希腊的问题引发
的欧盟国家负债问题时透露的，旨在
说服投资者其它国家并未遭遇危机。
欧盟、欧洲中央银行和国际货币
基金组织依然在雅典就针对希腊的救
助计划举行了深入协商，欧洲委员会
则提出警告称整个希腊的经济需要进
行一次“彻底的”清查。但是依然有人乐观地认为此事很快就会达成。有报告称
该紧急融资甚至包括了来自德国金融和工业部门的款项，这些部门与希腊接触
颇多，德意志银行首席执行官Josef Ackermann也说服了很多公司领导人提供资
金。希腊总理乔治·帕潘德里欧因为紧缩方案招致了工会和公务员的怒火。
| 132011年7月 | www.opp.org.uk
希腊 | 和赛普勒斯危机的余波还未散去
GREECE & CYPRUS
出口的周边国家，这是一条非常坏的
消息。因为如果不能以出口为增长
点，这些国家会更加难以快速发展经
济以偿还债务。相反，随着违约风险
提高，这也可能会迫使这些国家必须
为其债务支付的利率上涨。
负债累累的家庭正在努力偿还
利息，而且更高的官方利率对于自身
财务状况就是一团糟的银行更是雪上
加霜。
这将把许多家庭推往财务崩溃
的边缘。
简而言之，一切都将发展成为
一种剧烈的螺旋式下降，最终的结果
就是导致这些周边国家全部被推出欧
元区。
对于希腊而言最好的办法可能
是双速欧元。通过全球货币市场筹
集的资金进行开发的国际金融项目
能够证明，当土地和劳务费用都很
便宜的时候在希腊或塞浦路斯投资
一项新的度假村或别墅综合体是一
个不错的办法。
但是，一如既往，寻找买家及
买家是否有足够的信心进行此类投资
是个问题。
希腊的前景尚为乐观，这一点
欧洲希望希腊的紧急融资能够使市场平静《独立报》，格林威治时间2010年5月3日08点00
欧盟各国政府今天上午将会非常想知道全球金融市场对提供给希腊的为
期三年的1200亿欧元的紧急融资将会如何反应。这笔紧急融资直到昨天才经
欧元区成员国和国际货币基金组织在原则上同意。
这项计划昨天晚上才由各国财政部长在布鲁塞尔确定，比最近几周任何
之前含糊不清的未能平息希腊——以及欧元遭遇的危机的欧洲紧急融资计划
都更为详细和广泛。为了避免对包括葡萄牙和西班牙在内的已经负债累累的
欧元区国家造成更大的冲击，德国总理安格拉·默克尔被迫最终收回了对希腊
紧急融资的反对，因为如果出现更大的冲击，欧元本身也将变得十分危险。
默克尔昨晚表示，她希望在周五通过德国议会推进一项使希腊经历新的
经济紧缩的决定。但是德国其他政治家提出警告称，德国议会肯定不会通过
上述决定。
上述紧急融资将为希腊提供1200亿欧元来自欧盟各国政府和国际货币基
金组织的为期三年的贷款，使希腊不必再以过高的利率进行借贷。
这是欧元区国家首次进行紧急融资，也是世界上迄今为止最大的一笔紧
急融资。
作为回报，希腊政府同意通过比以往更大幅度地削减公共部门工资和降
低养老金等措施在今年内将其开支赤字从接近14%降至8.1%，并且再将增值
税提高2%，达到23%。
一脸沮丧的希腊总理乔治·帕潘德里欧在雅典的一场电视播放的内阁会议上
称：“这是以希腊人民从来没有过的努力换来的从来没有过的支持。现在的牺
牲可以让我们有喘息的空间，给我们改变的时间。我要真诚地告诉各位希腊
人民，我们的前方有一场巨大的挑战。”
希腊紧急融资出台www.bbc.co.uk，格林威治时间2010年5月4日17点46分
希腊的援助计划未能达成其主要目标。比起上周，投资者的信心几乎没有
增加。
而且看起来欧元区也没有什么信心。今天的欧元汇率降到了今年以来的最
低点，整个欧洲市场都在颤抖。为什么？显而易见，即使是债券市场监管人
员也认为你可以要求政府再多做些事情。
为期两年的希腊贷款的利率在今天上午已经上涨了接近3个百分点。更糟糕的
是，从欧元区的角度来看，葡萄牙的债券利率也大幅上涨，尽管在西班牙遭
遇重创的是股票市场而不是债券市场。
如果这些国家的议会都通过此类援助，则新的一大笔官方资金应该意味着
希腊暂时不必担心从市场借贷的问题——这些高额利率不会对其有影响。但
是葡萄牙之类的国家就（还）没有这样的安全网。
希腊紧急融资失败…未能制止颓势蔓延。《华尔街日报》，格林威治时间2010年5月5日07点00分
希腊接受1100亿欧元（1450亿美元）的紧急融资至今还不足一周，已经有
评论称这项紧急融资是一个失败。昨天欧元跌到了今年以来的最低点。
整个欧洲的股票市场下跌了接近3%，其颓势甚至传播到了华尔街乃至更
远。希腊的利率再次上涨，市场参与者已经开始将注意力转移到欧元区里希
腊的难兄难弟身上，所有人都在讨论谁会是继希腊之后遭遇破产的国家。
换句话说，此次紧急融资未能制止令人恐慌的颓势蔓延。如果非要说它起
了什么作用的话，那就是推动了颓势蔓延。
造成这个问题的一方面原因是紧急融资的条款。这笔在周末批准的1100亿
欧元的款项是原本提出的450亿欧元的两倍多，但是随后立即修改的赤字预测
显示，即使融资金额再高也不足以填补希腊当前高额的赤字状态。另一方面
是希腊自身的原因：周二，希腊的公务员又举行了一次大罢工，对希腊政府
削减开支和提高税收的决定提出了质疑。
但是最大的原因恐怕是欧盟领导人之间普遍的一种观点，即希腊的危机本
质上是一种市场信心，或者说是市场心理学的问题。他们并没有意识到，其
实种种迹象都表明希腊实际上已经破产。
最新的官方预测显示，希腊当前的公债已经达到了国内生产总值的108%，
并且在2013年，也就是理论上紧急融资到期的年份，将达到GDP的149%。假
设这些债务的平均利率为6%，希腊需要将其GDP的9%支付给债券持有人，而
80%的债券持有人都在国外。
换种方式计算，希腊全部税收的25%都将用于支付国外的债券持有人的
利息。
同时，希腊政府的支出相当于50%以上GDP，且劳动生产率也低于欧盟平
均标准，没有任何一项预示着将来会有所好转。
希腊和塞浦路斯报道
很容易看出。它拥有绝佳的天气和丰
富的历史与文化，在情况稍微好转
时，其优势就能体现出来。
而塞浦路斯依然未能解决其长
期以来存在的地契问题和关于土地所
有权的争端。但是，如同我们本月在
OPP上报道的，Aphrodite Hills和
Porto Heli的开发者依然信心十足，
而且成千上万的准买家也依然认为希
腊是一个具有吸引力的胜地。希腊的
底子还在，最困难的情况也许已经过
去，只不过前方还有些许风暴。
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Spain, Greece, Ireland and Portugal and yes for the northern economies like Germany, Denmark, and the Netherlands. Infl ation in the eurozone hit 2.6% last month, ahead of its 2% target and the ECB has made it plain that Germany is its real priority. Germany now has infl ation running at 2.1%, a two-year high, and the economy is looking good. February’s industrial production (IP) grew an impressive 1.6% y-o-y and the annual German IP growth rate has now hit a staggering14.8%. But what does it all
We are now one year on from the great Greek bailout and the crisis
rumbles on. In the months that followed, Ireland and then Portugal both imploded and ended up going cap in hand to the European Union’s leaders for a similar rescue package.
Spain continues to teeter on the brink, with more than a million empty homes generating a vast sea of toxic bad debts and unwanted assets poisoning the nation’s bank balances. And the UK fi ghts to tackle the biggest
| 15JULY 2011 | www.opp.org.uk
WORDS | Geo� Hadwick
A few years ago, things had never looked better for the overseas property industry in Greece and Cyprus. But then came the global recession, and the full extent of Greece’s budget defi cit and Cyprus’ title deeds problems gradually became clear. One year on from the Greek bailout, OPP Asia asks - what is the outlook now?
How did we get here?
GREECE & CYPRUSREPORT
A timeline to despair ... A Greek bailout, and soon? The Economist. 28 Jan 2010. 10.01 GMT. In Brussels policy circles, the question asked about a bailout of Greece used to be: are European Union governments willing to do this? Now, I can report, the question among top EU offi cials has changed to: how do we do this?
Twice in the past 48 hours I have heard very senior fi gures—both speaking on deep background—ponder the political mechanics of how large sums in external aid could be delivered to Greece before it defaults on its debts: a crisis that would have nasty knock-on effects for the 16 countries that share the single currency.
One fi gure said yesterday that heads of government could not wait “forever” to take the decision ... which means a decision in the next few months, at most. Greece’s draft plans for reducing its defi cit from around 13% to 3% in three years did not seem credible, said this source. And thus a crisis is looming. “We need to help them,” he said. This means “external aid” of some sort, in exchange for strict conditions.
Germany backs Greek bail-out. The Daily Telegraph. 09 Feb 2010. 20.36 GMT. Wolfgang Schäuble, Germany’s fi nance minister, has asked offi cials to prepare a plan in time for a summit of EU leaders on Thursday, according to reports in the German media. The options include either a loan from EU states or some sort of institutional EU response.
The news pushed the euro to $1.38 against the dollar, the strongest one-day rally since the single currency began its nose-dive late last year. Yields on Greek 10-year bonds plummeted 36 basis points to 6.39pc in a matter of hours as speculators scrambled to exit overstretched positions, with synchronised moves for Portuguese, Spanish, and Italian bonds.
Michael Meister, parliamentary chief for Germany’s Christian Democrats, said the crisis could not be allowed to drag on. “Our top priority is the stability of the euro,” he told FT Deutschland. “Should Greece receive help, it will only be under
national debt of them all. Last month the European Central Bank decided to put up interest rates. We are in the middle of some strange and troubling times. When the Great Recession kicked off in 2008, the offi cial eurozone interest rate was slashed from 4.25% to 1%. And it stayed there for two years.
So, the fact that the ECB is now starting to up its interest rates would imply that it thinks that Europe’s moment of emergency has passed. But has it? The answer is clearly no for the “peripheral countries” like
mean for the overseas property industry, especially in hard-pressed economies like Greece and Cypus?
It means that money will remain in short supply. And borrowers are going to be clobbered hard. The real problem for economies like Greece and Portugal is that they ran out of cash. Yields on their bonds rocketed as investors demanded ever-higher returns to compensate for the risk of buying the country’s debt. In Portugal, for instance, the government needed to repay €4.23bn of borrowings last month
tough conditions and if the Greek government undertakes root-and-branch reforms.” Germany’s apparent backing for a bail-out comes despite worries that it will
lead to the breakdown of fi scal discipline across the Club Med region. It also raises troubling questions of fairness. Ireland has tackled its own crisis by slashing wages and going far beyond any measure so far offered by Greece, yet Dublin has not received help.
Greek bailout plan: optimism grows ahead of Sunday meeting. The Guardian. 30 April 2010. 12.49 GMT. Finance ministers from across the eurozone are holding a conference today ahead of a face-to-face meeting on Sunday which is expected to announce the details of a bailout for Greece. The news comes as senior politicians from Spain and Portugal, which have been caught up in the panic about the indebtedness of European countries sparked by Greece’s problems, attempt to persuade investors that their economies are not in danger.
Intense negotiations are still taking place in Athens between the EU, European Central Bank and International Monetary Fund about the details of the Greek rescue plan, with the European commission warning that the entire Greek economy is going to have to be overhauled “root and branch”. But there is growing optimism that a deal is imminent. Reports suggest that the bailout even includes money from the German fi nancial and industrial sector, which has a heavy exposure to Greece, with business leaders being cajoled into action by Deutsche Bank chief executive Josef Ackermann. Greek PM George Papandreou faces anger from unions and public offi cials over the austerity package.
Europe hopes Greek bailout will calm market. The Independent. 3 May 2010. 08.00 GMT. European governments will watch anxiously this morning to see how global fi nancial markets react to a €120bn three-year bailout plan for Greece, fi nally agreed in outline yesterday by Eurozone countries and the IMF. The plan, which was being fi nalised by fi nance ministers in Brussels last night, is more concrete and vastly more expensive than previous, vaguer European bailout pledges which have failed to quell a concerted market assault on Greece – and the euro – in recent
16 | GREECE & CYPRUS www.opp.org.uk | JULY 2011REPORT
that could force up the interest rates they’ll have to pay on their bonds as default risks grow.
Debt-laden households are struggling to pay their interest bills and higher offi cial rates are likely to be more than passed on by banks whose own fi nances are in a mess. This could push many of these households over the fi nancial edge.
In short, it could all develop into a vicious downward spiral. Which could eventually push some of these peripheral countries out of the euro altogether.
The best bet for Greece might be a two-speed Euro. And internationally-fi nanced projects with money raised on the global money markets might decide that investing in a new resort or villa complex in Greece or Cyprus is a good bet when land and labour are cheap.
But, as always, it will be a question of finding the buyers and whether or not they feel confident about investing there.
Greece can be optimistic on this Greece | and Cyprus may have to wait a long time for calmer waters to emerge
with only €4bn in cash reserves … so a bail-out became unavoidable. Cash is king and Greece, Ireland and Portugal now fi nd themselves facing the downside of being in the Euro. The ECB will set its currency’s future course according to the needs of its wealthier economies such as the Netherlands, Germany and France and it will throw the so-called “peripheral” economies to the wolves.
Interest rates are going to go on climbing and hard-pressed Greek developers and borrowers will struggle. Morgan Stanley reckons that the offi cial ECB rate will be up by 2% by next spring. But even a gradual series of hikes would be likely to push up the value of the euro in the short-to-medium term.
For peripheral countries already having problems boosting their exports, this would be very bad news. That’s because without growth from this source, they’ll fi nd it yet harder to grow their economies quickly enough to service their debt repayments. In turn,
front. It is easy to get to, it has excellent weather and plenty of history and culture to pull in the crowds when things get better. Cyprus, on the other hand, still has to sort out its long-running problems with title deeds and land-ownership disputes.
But, as we report on the page of OPP
this month, developers at places like Aphrodite Hills and Porto Heli remain confi dent and thousands of potential buyers out there still believe in Greece as an attractive destination. The fundamentals still work and the worst might be over, but there is still a fair bit of stormy water ahead.
weeks. Fear of a broader attack on other heavily indebted Eurozone countries, including Portugal and Spain, which could place the euro itself in jeopardy have fi nally forced the German chancellor, Angela Merkel, to swallow her objections to a Greek bailout. Ms Merkel said last night that she hoped to push the deal, which involves a new austerity pain for Greece, through the German parliament by Friday. Other German politicians warned, however, that parliamentary approval was far from a foregone conclusion.
The proposed bailout will give Greece almost €120bn in EU government and IMF loans over three years to replace the need for new borrowing at exorbitant market rates. This would be the fi rst bailout of a Eurozone country and the biggest bailout of any country.
In return, the Greek government has agreed to slash its spending defi cit from nearly 14 per cent down to 8.1 per cent this year by imposing even steeper cuts in public sector wages than previously introduced, lower pensions, and an additional two percentage-point rise in VAT to 23 per cent.
A depressed-looking Greek Prime Minister, George Papandreou, told a televised cabinet meeting in Athens: “It is an unprecedented support package for an unprecedented effort by the Greek people. These sacrifi ces will give us breathing space and the time we need to make great changes. I want to tell Greeks very honestly that we have a big trial ahead of us.”
The Greek bailout fl ame-out. www.bbc.co.uk. 4 May 2010. 17:46 GMT The Greek support package has failed to achieve its key objective. Investors have little more confi dence in Greek debt than they had last week.
And - it seems - little confi dence in the eurozone either. The euro today sank to a one year low, and markets shuddered across Europe. Why? Apparently, even bond market vigilantes think you can ask a government to do too much.
The interest rate on two-year Greek debt has gone up nearly three percentage points since this morning. Worse, from a eurozone standpoint, Portuguese bond yields have risen sharply as well, though in Spain it’s been the stock market rather than bond prices that have been taking the strain.
Assuming the support package goes through the various national parliaments,
the huge new pot of offi cial money should mean that Greece doesn’t have to worry about borrowing from the markets for quite a while - these high interest rates need not affect it. But the likes of Portugal don’t (yet) have that safety net.
The Greek Bailout Flop … So much for stopping the contagion. Wall Street Journal. 5 May 2010. 07.00 GMT. It hasn’t been a week since the terms of Athens’s €110 billion ($145 billion) bailout were set, and already the reviews of this latest Greek drama are saying it’s a fl op. Yesterday the euro sank to its lowest level in a year. Stock markets across Europe fell nearly 3%, and the carnage spread to Wall Street and beyond. Greek interest-rate spreads climbed higher again, and market players have turned their attention to the eurozone’s other weak sisters as everyone tries to fi gure out who is most likely to follow Greece down the road to national insolvency.
The bailout, in other words, hasn’t stopped the much-feared contagion. If anything, it has spread it.
Part of the problem lies with the bailout’s terms. The €110 billion agreed over the weekend was more than twice the €45 billion originally proposed, but it came with revised defi cit projections that immediately made even the higher number look inadequate to fund Greece’s bloated state. Part of the problem, too, comes from the Greeks themselves: On Tuesday, civil servants held another paralyzing strike, calling into question Athens’s will to see through its program of spending cuts and tax hikes.
But perhaps the largest part of the problem has been the view, pervasive among European leaders, that the Greek crisis is fundamentally an issue of market confi dence or psychology. They have misread the signals that Greece is well and truly bankrupt.
According to the latest offi cial projections, Greek public debt, currently 108% of gross domestic product, will top 149% of GDP in 2013, the year that the bailout loans, in theory, come due. Assuming an average interest rate of 6% on that debt, Greece would be left paying 9% of its GDP to bondholders, 80% of whom are located abroad. Put another way, 25% of Greek tax revenue would go toward interest payments to foreign bondholders. Meanwhile, Greece’s government spending equals more than 50% of GDP and labour productivity is well below the EU average, neither of which bode well for growth going forward.
OPPAsia 亚洲 杂志诚邀您加入房地产精英经纪人英国之行——英国伦敦 (London, UK)
OPPAsia invites the best Asia based Agents to take part in a very special tour of the UK this Year
主办单位： OPP亚洲 协办单位： 财富房地产集团(Fortune RE Group) 合作单位： 房地产投资商展览会(The Property
Investor Show) 以及OPPLive 房地产展会Organiser: OPPAsiaCo-organisers: Fortune RE Group and The Property Investor Show & OPPLive
主要活动：
• 带领您实地考察一些英国最好的投资项目，方便您推广到亚洲市场
• 中英双语研讨会，旨在协助您在推广国际地产项目时创造更多的收益
• 英国最主要住宅开发商演讲会
• 与著名房地产开发商和业界专业人士的沟通，以及聚会
• 出席英国伦敦最大的房地产活动之一的“房地产投资商展览会”和“OPP Live展会” 以及研讨会、各种房地产界活动。
• 各类社交活动，包括高级晚宴
• 观看英格兰超级联赛 (Premier League football match)
2011年10月11日至16日 Oct 11-16 2011
代表团优惠价格为：19000人民币
The delegate package price:
19,000 RMB
Main Activities:• Site visits to property developments that agents like you can
market in Asia.
• Seminars in Chinese/English aimed at helping you generate easier and better revenues from marketing international property.
• Presentations from leading UK residential developers.
• Networking events with developers and other industry professionals.
• Time to explore the many stands and seminars at the industry’s leading event in London – The Property Investor Show and OPPLive.
• Entertainment including meals at top restaurants, social functions, a visit to a Premier League football match and lots more.
五星级高档酒店 Five-star Hotel 飞机往返及各种交通 All Flights &Transfers 餐饮及各类活动费用 All group meals & events
王磊 （上海） Tim Wang (Shanghai)电话： 0086 18626296338 邮箱：[email protected]
马上联系我们： Please Contact Us NowGeoff Hadwick.Editorial Director.OPP MediaRGG Ltd. 电话: +44 (0) 20 8734 3970 手机: +44 (0) 7885 796689 邮箱: [email protected]
袁静 （伦敦）Jing Yuan (London)电话：0044 (0) 20 8734 39600044 (0) 7929 464 235 邮箱： [email protected]
Asia
OPPAsiaTour.indd 1 8/7/11 17:11:24
富有的购买者们“依然相
信 作 为 国 际 胜 地 的 希
腊”， Dolphin Capital
Partners的董事Katerina Katopis说
道。Dolphin Capital Partners正在希
腊修建一个奢侈度假酒店。
位 于 希 腊 伯 罗 奔 尼 撒 半 岛 的
Porto Heli Collection是Dolphin Capital Partners和Aman Resorts共同开发的一
个酒店项目。
其最低售价为200万欧元，清
晰定位于超级富有的人群……目前
已经售出7套。时势并非如想象中的
严峻。
Katopis认为这说明希腊遭遇的
经济问题并未造成过于严重的后果。
在接受OPP Asia的独家采访
中，Katopis表示“所有人都知道希腊
最近遇到的问题。但是对Porto Heli Collection有兴趣的人也都知道这是
一个国际性的项目，所以我们不会
因为希腊遇到的问题提供任何形式
的折扣。
一旦人们意识到这是一个有着
作者 | Geo� Hadwick
乍一看，希腊和塞浦路斯的表现并不佳。但是希腊依然有充足的阳光、宝贵的土地，以及历史和文化财富。这是否就是世界级奢侈开发商Aman Resorts选中伯罗奔尼撒半岛与Dolphin Capital Partners共同开发新的奢侈项目的原因呢？这一项目是否能成为希腊今后发展的榜样，或者对其它开发者有所启发？
坚守信念
强大品牌背景且资金到位的酒店，那
么他们就会认识到这是一个高品质的
具有强大资金支持的项目。”这个项目象征着希腊在未来数
年中的发展方向，因为这是一个非常
高端和重要的项目。
对于Katopis而言，希腊未来的
关键就在于向高端市场的转型，因为
依然有许多“国际银行家”这样的购买
者希望在希腊消费。
她认为应该保持高端和坚守信
念。实际上，希腊确实应该集中发展
奢侈领域，摆脱“囤货多，价格低”的模式。
Porto Heli吸引了来自伦敦、俄
罗斯和中东的潜在买家。其独一无
二的品质在营销和销售过程中完全
得以体现，非常低调，而且仅在内
部进行。
Katopis认为，能够说服人们购
买奢侈酒店别墅
“希腊的房价将上涨，我们希望酒店开业以后价格能够上涨。”
的另一个因素就是其能够避免关于
在希腊修建房产还是购买房产的犹
豫不决。
她说：“300万欧元可以在希腊海
边新建一座自己的房子了，但是很多
人不这样做，因为希腊政府在办理相
关手续上非常麻烦。”其它方面的益处就跟一般的度
假酒店所有权带来的益处类似，包
括使用酒店设施和Aman海滩俱乐
部等。
当被问及鉴于当前希腊糟糕的
经济形势，购买者能否从投资中获得
任何收益时，Katopis表示“希腊的房
价将上涨，一旦酒店开业，房价将和
Aman之前的酒店一样迅速上涨。例
如，在特克斯与凯科斯和泰国的项目
中，酒店开业之后价格还没翻倍，别
墅就全部卖完了，而且在五到十年之
后其价格达到了初始价格的四倍，因
此是一项很好的投资。”但是，这一点与希腊当前的形
势不符，因为最新数据显示，希腊的
房价一直在持续下跌，交易价值也在
不断下滑。
Aman Resort以其在亚洲度假村
领 域 的 项
目而富有盛名。Porto Heli Collection是Aman Resorts在欧洲第一个包含别
墅销售的项目。
Katopis表示“伯罗奔尼撒群岛就
是希腊的汉普顿。所有真正有钱的
人都在这里有另外一套备用房产，
而且这里是亲近大自然、低调与优
雅的胜地。人们可以沿着海岸从一
家走到另一家，也可以在附近的岛
上举行聚会。日常活动都围绕大海
进行，而且这里还有一些小湾和受
保护的海湾。”该度假村距离雅典约两小时车
程。Katopis表示Aman“选择这个地点
的原因就是距离雅典很近，而且该地
区没有很好的酒店，且人们在度假村
开发区中买不到足够好的房产。”“我们的项目聚集了该地区内最
长的海岸，”她说道，“项目开发完成
以后还将有一个高尔夫球场，三四座
酒店，诸多房屋、阁楼和公寓，以及
一个‘私人’海滩。”该开发项目当前有两个项目正
在出售。另有一个通过公司内部销售
团队进行的廉价出售项目，总共11套
海景房，最低价格200万欧元，其中
两套已经竣工，有一套已经售出。这
些别墅都将享受酒
18 | GREECE & CYPRUS www.opp.org.uk | 2011年7月希腊和塞浦路斯报道
Dolphin是东地中海地区住宅型度假房产的主要投资者，其资产超过18亿欧元。其投资项目前分布在世界上超过6200万平方米可开发的海岸土地上，包括在希腊、塞浦路斯、克罗地亚、土耳其、巴拿马和多米尼加共和国等地的13个大型一体化度假房产项目，以及通过其子公司——塞浦路斯的Aristo开发公司开发的60多个小型的假日房产项目。Porto Heli Collection提供别墅、高尔夫球场和休闲设施。其一期项目是Aman度假村和别墅，预计将于2012年开业，由Aman Resorts管理。Aman非常注重服务、文化、设计与环境。由hotelier Adrian Zecha创立于1987年的Aman目前在印度尼西亚、法属波利尼西亚、印度、法国、菲律宾、柬埔寨、摩洛哥与特克斯和凯科斯群岛等地运营24家精品酒店。
位置：伯罗奔尼撒半岛是希腊大陆的南端，隔着科林斯海峡与北边相望。由于其位于雅典附近、气候温和、历史丰富且景色迷人，长期以来一直都是雅典人周末和假期首选的去处。Porto Heli是伯罗奔尼撒半岛东边的一个天然港口，与伊兹拉岛和斯佩察岛相对，其已经成为高级别墅区。Aman提供从雅典机场出发的直升机运送服务，用时25分钟，驱车则需两小时。
度假项目：设施包括一家餐厅，一家高级酒吧，一家图书馆，一间spa，一个带有池畔餐厅的游泳池，一间健身房，一间瑜伽室，以及网球场。酒店共有38间位于不同楼层的客房，最大程度地保护顾客的隐私。别墅则包括两种类型：
1）A型为10公顷地块上的四至五间卧室的别墅。这些别墅可以应购买者的个人要求进行设计和建筑。总占地面积10010m2总建筑面积（有条件和无条件）811 m2游泳池：24.67m x 6.00m148 m2
2）B型为4公顷地块上的两间卧室的别墅。总占地面积4000 m2总建筑面积（有条件和无条件）317 m2游泳池：20.50m x 5.00m102 m2
价格：别墅价格从300万欧元至2000万欧元不等，签署购买协议时须支付10%的定金，在合同文件签署之后支付30%的房款，之后别墅开始施工，主体完成之后再支付30%的房款，然后在竣工交付之后支付剩余的30%房款。租赁方案：适用于所有别墅业主。参与这项方案的别墅业主须同意“Aman关于Porto Heli的管理方案”的规定。参与租赁方案的别墅的总收入的%将支付给业主。据Aman表示，业主参与租赁方案能够很好地用租金收入来支付平时的维护成本。
小档案：Aman在希腊波尔图合力(Porto Heli)所有者/开发者：Dolphin Capital Investors（www.dolphinci.com）
店的服务，但是不可享受租赁
水池。此外，Aman酒店正在施工
中，预计2012年春季开业。届时还将
有别墅出售，业主享有产权，可以用
于出租。
Dolphin表示在这个项目的资金
| 192011年7月 | www.opp.org.uk GREECE & CYPRUS希腊和塞浦路斯报道
方面不遗余力。它聘请了获得大奖的
建筑师Edward Tuttle对整体项目进行
设计，并且在任何可能的地方加入了
当地工艺和材料。别墅具有绝
佳的观景效果，业主白天还可以
在九重葛林的林荫下休息。而且每座别
墅的私人游泳池（有些还配有双倍长度
的健身游泳池）旁边都有一个平台。
本项目对面是因新古典主义豪
宅与马车而出名的无车岛斯佩察岛。
所有的酒店设施，从图书馆到
精品店、美术馆、网球场以及具有六
个双重治疗室的spa都向业主开放。
Dolphin明确表示希望这种风格永
远不会过时，也希望非常富有的人能
够因为Porto Heli的位置和奢侈级别的设
施而抢购。这是否能成为希腊和塞浦
路斯其它开发者的榜样呢？
Santa Ynez, CA 加利佛尼亚州，圣伊内斯
三溪农场（Three Creek Ranch）为您带来难得一见的奢华一百多英亩的房产项目，其中包括约650平方米的主屋，邻旁有一间两卧室客人房，以及壮观的26英亩葡萄园种植着九种混合品种，葡萄藤即将成熟，著名的海岸葡萄园种植公司全方位为您打理庄园种植。由全国知名的葡萄酒酿酒师管理的现代葡萄酒酿酒厂，可容纳5000箱酒。这里距离购物中心，美食餐厅以及Santa Barbara各式文化旅游中心只有30分钟距离。三溪农场（Three Creek Ranch）为您呈现的一百多英亩的葡萄园环绕的房产项目，令您尽享葡萄酒之乡的生活态度。售价$16,500,000
Carey Kendall 00-1-805-689-6262 [email protected]
Montecito, CA 加利佛尼亚州，蒙特斯托
您可尽情享受在Montecito Valley惊艳的太平洋和海峡群岛景观，这里有最精美的设计，装修以及全部配套设施。六间奢华卧室以及七个浴室，优雅宽敞的居住环境。全部位于5.6 英亩的土地上。售价$11,500,000
Susan Pate 00-1-805-895-9385 [email protected] Pate 00-1-805-895-0835 [email protected]
Montecito, CA 加利佛尼亚州，蒙特斯托
舒适与高科技的结合，永恒的经典由著名的建筑设计师Walter Frost设计，这项卓越的项目包括了六间代浴室的卧室以及外带一间浴室和一个卫生间。这里是由20世纪20年代的采石场重新改造兴建的。并在几十年后的2001年，由著名室内设计师John Saladino相中并买下，把这里改造成了私人天堂。复原整合的屋顶是由一万四千块18世纪意大利瓷砖、横梁天花板、黑木以及现代机械系统构成。 售价$24,500,000
Mitch Morehart 00-1-805-565-4546 [email protected]
Montecito, CA 加利佛尼亚州，蒙特斯托
海滨房产，带给您最顶级的的享受。这里有最棒的岛屿海景，沙滩以及海岸群山。同时提供给您约115英尺长的私人海滩。七间卧室，九间浴室，分离的客人屋以及海滩露台小屋。 售价$12,950,000
Natalie Grubb-Campbell 00-1-805-565-8879 [email protected] www.GrubbCampbell.com
Carpinteria, CA 加利佛尼亚州，卡平特里亚
Santa Barbara一处由私人的大门把守的独家奢华海滩房产项目。这里包括了六间卧室，均建于1930年间并有著名的海滩设计师Andy Neuman改造重装。其他设施包括：一居室客人房，网球场，水疗温泉室以及所有您能想到的私人海滩所需要的装备。售价$22,500,000
Gregg Leach 00-1-805-886-9000 [email protected]
Montecito, CA 加利佛尼亚州，蒙特斯托
这个新建成的房产项目向您提供二十多英亩无与伦比的私人群山海景享受。全部住宅空间呈现温暖，亲密舒适的风格。绝对是休闲，度假，居家的最好去处。主建筑有4居室，游戏/多媒体休闲室，精致的酒窖（可存放3000多瓶）；除此之外，还有客人房，游泳池等设施。售价$15,900,000
Rebecca Riskin 00-1-805-452-0222 [email protected]
销售美国奢华房产项目Selling luxury properties in the USA
www.villagesite.com
VillageProperties.indd 1 7/7/11 17:04:06
Wealthy buyers ‘still believe in Greece’ as an international
destination,” says Katerina Katopis, a director at Dolphin Capital Partners, which is building a luxury resort development in the country.
The Porto Heli Collection, in the Peloponnese region of Greece, is a resort development being built in conjunction with Aman Resorts. With prices starting at €2m, the development is clearly targeted at the very wealthy ... and yet it has already sold 7 units. Times are not so hard.
Katopis believes this indicates that Greece is not being unduly stigmatised by its economic troubles.
Speaking exclusively to OPP, Katopis said “everybody knows that Greece has experienced its fair share of troubles recently. But the people who are interested in Porto Heli Collection do realise that this is an international project, and so we’re
| 21JULY 2011 | www.opp.org.uk
WORDS | Geo� Hadwick
At fi rst glance, Greece and Cyprus are not doing too well. But the Hellenic world still has plenty of sunshine, keenly priced land and a wealth of history and culture to offer. Is that why world-class luxury developer Aman Resorts has joined forces with Dolphin Capital Partners to build a new luxury project in the Peloponnese? Could the scheme end up being an ideal investment for OPP Asian buyers looking to move into the Aegean?
Keeping the faith
GREECE & CYPRUSREPORT
not offering any sort of discount because of the troubles. Once people see that this is a resort with a big brand behind it and that the fi nances are in place they understand that this is a development of high calibre with strong fi nancial backing.”
The development is indicative of how things might go in Greece for the next few years because it is a
very high profi le, major investment.And for Katopis, the key to Greece’s future is to move into the upmarket sector where there are still buyers “like international bankers” out there willing to spend. Stay upmarket and keep the faith she says. Indeed, the country should concentrate on the luxury end of things and forget the pile it high, and sell it cheap model.
Porto Heli is
“Prices in Greece will improve and we expect resort prices to increase when the hotel opens”
getting interested potential buyers from London, Russia and the Middle East. The exclusive nature of the resort is refl ected in the marketing and sales process, which is very low key and handled in-house.
Another factor that will persuade people to pay a premium for luxury villas in a resort development, according to Katopis, is that it removes the hassle of building or buying in Greece as an individual. She said: “For €3m you could build your own home just up the coast, but a lot of people have been put off because of the bureaucracy of dealing with the Greek government.”
Other benefi ts include all the usual perks of resort ownership, including use of the hotel facilities and the Aman beach club.
Asked if buyers could expect any sort of return on their investment, given the poor economic situation in Greece, Katopis argues that “prices in Greece will improve and once the hotel is opened and we expect that
prices
will see a considerable increase as experienced in previous Aman resorts. For example, in the Turks and Caicos and in our Thailand developments, villas sold before the hotel doubled in price when the resort opened, and five to ten years later were being sold for four times the original price, so its good value for money and a good investment.”
However, this is at odds with the latest data from the country, which shows house prices continuing to fall, and transaction values plummeting as well.
Aman Resorts are best known for their work in Asian resort areas. The Porto Heli Collection will be the fi rst Aman Resort in Europe to incorporate villas for sale.
According to Katopis “The Peloponnese region is pretty much The Hampton’s of Greece. All the really wealthy people have second homes here, and it’s an understated and classy destination close to nature. People move from one house to the other along the water and party on the nearby
islands. The daily activities
22 | GREECE & CYPRUS www.opp.org.uk | JULY 2011REPORT
Dolphin is a major investor in the residential resort sector in the eastern Mediterranean with over €1.8 billion worth of assets. It’s portfolio is currently spread over 62 million square metres of prime coastal developable land and comprises 13 large-scale leisure-integrated resorts under development in Greece, Cyprus, Croatia, Turkey, Panama and the Dominican Republic and more than 60 smaller holiday home projects through its subsidiary Aristo Developers in Cyprus. The Porto Heli Collection o� ers villas, golf and leisure activities. The � rst phase of the Porto Heli Collection is the Aman Resort and Villas, expected to commence operation during 2012, managed by Aman Resorts. The company focuses on service, culture, design and environ-ment. Founded in 1987 by hotelier Adrian Zecha, Aman currently operates 24 boutique hotels in Indonesia, French Polynesia, India, France, the Philippines, Cambodia, Morocco and the Turks & Caicos Islands.
The Location: The Peloponnese peninsula is the southern part of mainland Greece, separated from the north by the Corinth Isthmus. It has long been favoured as a weekend and holiday destination by Athenians due to its proximity to Athens, mild climate, rich history and scenery. Porto Heli is a natural harbour on the eastern side of the Peloponnese, opposite the islands of Hydra and Spetses. It has become an area of wealthy villas. Aman o� ers a 25-minute helicopter shuttle from Athens airport. It is two hours by car from the capital city.
The Resort: Facilities include a restaurant, a lounge bar, a library, a spa, a swimming pool with poolside restaurant, a gym, a yoga room and tennis courts. The hotel o� ers 38 guest pavilions arranged on di� erent levels to maximize privacy. Villas come in two types:
1) Type A consists of four to � ve bed villas on 10-hectare lots. These bespoke villas can be designed and built to individual speci� cation. Total Land Area 10,010m2 Total Covered Space (conditioned & unconditioned) 811 m2 Pool: 24.67m x 6.00 m 148 m2
2) Type B consists of two bed villas on 4-hectare lots. Total Land Area 4,000m2 Total Covered Space (conditional & unconditioned) 317 m2 Pool: 20.50m x 5.00 m 102 m2
Prices: Villas are available from €3 to €20 million with a 10% deposit expected on signing a reservations agreement, 30% pay-able when the contractual documentation for the transfer is dispatched to the purchaser to signal the start of construction, 30% payable on completion of the hard shell and 30% on completion and transfer of the deeds.
Rental Programme: available to all villa owners. Participation in this scheme requires villa owners to agree to the terms of the ‘Aman at Porto Heli Management Programme’. Villas in the rental program will provide owners with a % of the gross revenues. Involvement in the rental program is a good way for owners to o� set a large portion of their maintenance costs says Aman.
Fact File: Aman at Porto Heli, Greece.Owner / Developer: Dolphin Capital Investors (www.dolphinci.com)
revolve around the water, and there are small coves and protected bays.”
The resort is about a two-hour drive from Athens. Katopis says that Aman “chose the location because of its proximity to Athens, and because the area did not have a very good hotel and had no opportunity to buy a good home within a resort development.”
“We have amassed the largest land bank in the area,’ she says, “and when complete it will have a golf course, three or four hotels as well as houses, lofts and apartments and a ‘private’ beach.”
There are two projects for sale at the moment currently under development. A small development of 11 seafront houses, with prices starting at €2m is being sold off-plan through the company’s in-house sales team, with 2 completed and one already sold. These villas will be serviced by the hotel, but will not be eligible for the rental pool. In addition to this, the Aman Hotel is under construction and is expected to open in Spring 2012. And villas for sale will be available to accompany the hotel, designed as properties, which the owners will be able to rent out.
No expense has been spared on the scheme says Dolphin. It has commissioned award-winning architect Edward Tuttle to design the development and local craftsmanship and materials will be incorporated wherever possible. The villas will be offer elevated views out to the sea and shaded bougainvillea timber frame seating areas for mid-day lounging. Each will have a terrace next to its own private swimming pool (some also featuring double length lap pools.)
Opposite the scheme is the car-free island of Spetses, famous for its neoclassic mansions and horse-drawn carriages.
All of the hotel facilities will be available to owners, from a library to a boutique shop, art gallery, gourmet dining, tennis courts and an extensive spa with six double treatment rooms.Dolphin clearly hopes that style never goes out of fashion and that the super-rich will snap up Porto Heli for its sense of place and all of its luxury trimmings. Could it prove to be the model for others in Greece and Cyprus to follow?
我们为经纪人提供量身定制的房地产产品Our real estate products come perfectly packaged for the best agents in the business.
To find out about our market leading properties, our full agent support programme and our competitive commissions call 4006838535
获取我们更多市场推广和 经纪人支持方案以及高额佣金政策的信息，请致电：4006838535
Why should you exhibit at our show?It is the capital’s longest running and best attended show, having run for 18 years, proving its strong brand name with a high number of top-quality visitors. With government-enforced restrictions on home ownership, more and more Chinese investors are seeking top-quality properties overseas.A recent BAIN report stated that by the end of 2010 there were 320,000 high-income Chinese investors, each holding more than 10 million RMB cash available for investment.
Beijing Overseas Property & Investment Expo Autumn 2011
China World Trade Centre, Beijing • Sept 15th – Sept 18th 2011
The Beijing Overseas Property & Investment Show (BOPI) is the ideal platform for overseas companies offering real estate, land and investment projects to the wealthy Chinese market and will take place from the 15th September – 18th September 2011 at the China World Trade Center in Beijing.
Show information:
• Exhibitors include Real estate developers, immigration serviced agencies, and alternative investments.
• Number of exhibitors: 100 - 120
• Number of visitors: 80,000 – 120,000
• Very High Net Worth visitors (invitation only) : 5,000
For more information please contact Andy Grimley:Tel: +44 (0)20 8734 3967Email: [email protected]
位于悉尼最后一块未被开发的稀缺滨水地区的住宅已经开售Sell one of the most visionary redevelopments ever undertaken in one of Sydney’s last undeveloped waterfront sites
投资优势:极为舒适而富有活力的滨水生活客户支付20%的定金就可以免除6%的贷款利息便利的交通，靠近渡轮，轨交和公交站毗邻澳洲的顶尖大学附近运动，娱乐，生活福利设施齐全紧邻超级市场和购物中心(Newington, Rhodes & Homebush Bay)广受中国和亚洲买家的推崇由悉尼最大的最成熟的开发商开发位于澳洲环境最优美社区
代理分销的优势：由财富房地产集团为亚洲市场特别挑选，非常贴近亚洲市场的需求高额的佣金收益大型开发商，拥有上千个单元可供销售丰富全面的中英文市场推广资料售前培训和后续的销售支持来自财富集团直接的销售管理
项目坐落于高档的悉尼码头，靠近悉尼最著名的购物、餐饮区域，毗邻悉尼奥林匹克公园的休闲娱乐场所。规划中附属豪华码头私密半岛社区以及便利的公路,轨交和轮渡使您可以轻松到达悉尼各区。
马上付定，立即获取6% 的利息返还！
请与我们联系代理分销：电话：+44 (0)7974 667478邮件：[email protected]
中国大陆地区:电话： 4006838535邮件： [email protected]
售价：2,700,000RMB起 首付仅需20%,并可提供80%的房屋抵押贷款
Bilbergia_Sydney_Asia_May.indd 1 19/5/11 16:51:24
对许多寻求扩大投资产品
供应范围的独立金融顾
问和海外房地产经纪人
而言，考虑森林业绩会好很多。
为什么要考虑森林？森林对经
纪人而言有什么好处？
作为一种投资产品，其能够为
经纪人带来三大好处：
• “绿色光环”能够促进销售；
• 经纪人的可观佣金率；
• 卓越的多样化方式。
“绿色光环”效应
森 林 项 目 是 绿 色 、 道 德 与 社
会责任投资的机会。我们很容易就
能得知关于地球的森林破坏，从而
导致生物多样性破坏、当地居民无
家可归以及引起全球气候变化的信
息。对于关注这些问题的投资者而
言，对森林进行投资是行动的最快
捷方式。
可观的佣金率
相对于不动产投资产品，森林
的佣金率非常高。经纪人最好不要把
森林仅仅视为一种“附带”的产品；它
很可能成为您业务的核心。对于曾经
销售过房地产投资的经纪人而言，森
林是一种类似的资产，能够避免客户
产生“您只是在追赶潮流”的观点。
卓越的多样化方式
与投资黄金类似，投资森林的
主要好处之一就是其“反周期性”。总
体而言，如果您投资森林，则无论宏
观经济发生怎样的变化，您的财产依
然在增加，因为树木一直在生长。这
使得树木成为了一种避免通货膨胀的
工具，也意味着即使经济处于衰退周
期中，其它方面的投资也表现不佳，
森林却依然可以为您带来回报。
在存货方面，森林也是一项非
常灵活的投资 - 如果当年的市场价格
作者 | Daniel Kiernan
您是否曾经想过将森林推荐为一种另类投资产品？其实森林类产品的投资一直都胜过其它资产的投资 -具有“绿色光环”效益的好项目是吸引众多买家所在。另类品展望的首席投资分析家Daniel Kiernan总结了这方面的益处和关键的卖点。
扩张您是否曾经想过将森林推荐为一种另类投资产品？其实森林类产品的投资一直都胜过其它资产的投资
效益的好项目是吸引众多买家所Daniel Kiernan总
太低，那么可以让树木继续生长，这
样不仅没有储存成本，而且来年收获
的木材数量还更多。我们在其它文章
中可以发现，财产多样化及其持有大
众化能够降低风险，这也是您应向您
的客户推荐的另类投资能够带来的主
要益处之一。
全球原材料需求
与所有商品相同，世界人口增
长，尤其是中国和印度人口增长，
对木材提出了更多的需求。每年中
国要消耗1.5亿立方米木材，印度要
消耗6400万立方米木材。这两个国
家需要大量进口木材来满足国内需
求，而且随着其中产阶级的发展，
这一需求将持续增长。此外，对作
为可再生燃料来源的木片的进一步
需求也保证了木材的价格。这一点
是经过详细调查得出的，引人注目
且令人信服。
可靠投资
作为一种巨大的财富储备，一
种避免通货膨胀的工具和一种多样化
的方式，森林一直都是一种绝佳的投
资产品。1987至2008年间，森林投资
的年均回报率为14%（来自美国国家
房地产受托人委员会的数据），1972年至今，其年均回报率为11%。即使
在经济衰退期间，其回报率也一直保
持在高位——木材在过去两年的表现
非常抢眼。在当今的经济环境中，这
种可观的回报对任何客户而言都极其
具有吸引力。
税收优惠
森林投资可以享受多项税收优
惠，但是鉴于每名投资者的税收情况
都不同，因此可以根据自己的情况参
考下列关于税收的建议：
继承税：在持有两年之后，位
于世界上任何地方的商业性森林都将
享受100%的营业财产出售减免税，
即可以免除100%的继承税。这对于
正在寻求避税方法来传承其财产的投
资者而言无疑非常重要。
资本增值税：树木价值上涨不
会导致任何资本增值税。如果您拥有
树木生长处的土地，则需要缴纳资本
增值税，但是如果土地属于租借所
得，不存在直接的所有关系，则无需
缴纳资本增值税。
所得税：在英国，如果砍伐树
木而且获得了利润，就需缴纳英国
“无论发生什么情况，您的财产始终在增加，因为树木一直在生长”
| 252011年7月 | www.opp.org.uk ALTERNATIVES 商业另类品
投资在林木业是正确选择 | 对于IFA和代理经纪来说，高佣金高收益意味着吸引更多崇尚人性和环保的投资商
• 项目是否符合碳信用额？这些
不仅仅是新的收入来源，还是能够增
加项目绿色资格的第三方认证。
重要结论
• 森林投资对于经纪人而言是将
其业务多样化同时又不会偏离核心业
务太远的一种好方法。
• 森林投资与海外不动产项目提
供的佣金级别类似；
• 森林有着强大的绿色光环，也
是道德与具有社会责任感的投资——前提是您选择正确的项目；
• 作为一种尚未与大众普遍持有
的资产发生关联的另类投资，森林投
资有利于投资者的投资多样化和财产
保护；
• 森林投资的业绩记录很好；
• 森林投资是长期性的难以变现
的投资。
26 | ALTERNATIVES www.opp.org.uk | 2011年7月商业另类品
个人所得税。您可以用成本来抵
消征税单。如果您投资的是英国以外
的森林而且已经缴纳了森林所在国家
的所得税，这就构成了在英国的双重
税收——因此您只需缴纳一次所得
税。这一点需要事实查证，应该谨慎
而为。
绿色
投资者投资森林就是在帮助保
护地球上伟大的自然资产之一。森林
是我们最大的碳汇，其吸收碳元素，
并阻止气候变化。森林还蕴含了世界
50%以上的植物和动物种类，具有极
大的生物多样性。这种绿色的光环对
许多投资者而言非常具有吸引力。
有什么收获？
从本质上而言，森林其实是您
能进行的最难变现的投资。如果种
植场地变少，投资者可以获得中期回
报，但是真正的利润只有在树木完全
成熟并收获之后才能获得 -这可能是
在初期投资的10年或15年以后。所以
这一投资非常适合寻求投资多样化和
长期保存财产的投资者，但是并不适
合尝试购买第一套房之类的投资者。
而且，一如既往，这一点需根
据购买者的情况来决
定，谨记：
谨慎而为，在开始向客户出售之前要
完全理解这项投资建议。
需要注意的事项
• 调查土地所有权。项目所有人
应该出具没有争议的、清楚定义的、
长期的土地使用与租赁权证明。
• 确定有一名独立的投资者经
纪人能够在出现违约或者产品提供者
停止交易的情况下代表投资者处理事
宜。重要的是要避免出现投资者在很
远的国家只拥有一小块无价值的土
“两年之后，森林将享受100%的营业财产&继承税的免除”
“利润只有在树木完全成熟并收获之后才能获得——这可能是在初期投资的10年或15年以后。”
地的情况出现。独立的经纪人能够代
表所有投资者出售所有现有土地并且
将出售所得支付给投资者。
• 确定树木都已购买保险，或者
最低限度也要让公司做出更换损失树
木的保证。
• 寻找得到林业管理委员会或类
似机构认证的项目 - 这个印章对于项
目运行非常重要，并且有利于保证这
是一项真正的绿色、道德与具有社会
责任感的投资。
• To be approved, $1 million or $500,000 to be invested into a regional center
• Multiple regional centers available for investment with comparative independent information for positive/negative aspects
• Support and assistance throughout entire immigration process
• Knowledgeable and experienced consultants
EB-5项目的选择并不是仅在一个地区，我们会提供给客户最贴合客户要求的项目以供选择。如果您对分销我们项目感兴趣，请联系： Tim Wang 4006838535 [email protected]
诚邀经纪人推广我们的绿卡项目 Agents needed to promote our beneficial Green Card Program
EB-5是投资人投资经美国联邦政府许可的投资移民项目而获取绿卡的一种途径。
EB-5 Green Card Program for immigrants moving to the United State
我们的EB-5项目都是经由我们精心挑选的，我们富有经验的团队提供客户全程的移民咨询和支持。关键是我们的客户是无需支付任何服务费的。
投资人要求
• 申请者需向EB-5地区项目中心投资100万或50万美金并且是合法收入• 每笔投资必须提供至少10个的就业机会给美国人• 投资人无需有从商经验或学历及语言要求• 唯一要求投资人具有资产并有可以符合投资的现金• 申请EB-5没有任何国籍要求• 投资人需出具可以证明合法收入的文件
专业协助您的客户申请英国签证
• 各类赴英签证
• 申请英国投资移民
• 投资100万英镑（或20万英镑）-5年后获得永久居留
• 投资500万英镑 – 3年后获得永久居留
• 投资1000万英镑-2年后获得永久居留
Supporting your clients professionally with their UK visa requirements
• All sorts of visa applications
• Tier 1 investor visa • Invest GBP1million (or GBP200,000)
get settlement after 5 years
• Invest GBP5millionsget settlement after 3 years
• Invest GBP10millionsget settlement after 2 years
Telephone (电话): 0044 1892 615036(UK) 0086 10 57372526(北京) Fax (传真): 0044 1892 618689 Email (邮箱): [email protected] www.candjinternational.co.uk
投资普吉岛的五星级酒店，您的客户将获得连续10年每年8%的租金保证。Sell a 5*Resort in Thailand and give your clients a unbeatable 10 year rental guarantee at 8%
• 多样化的投资客户群
• 有志于在泰国投资高档5星级度假地
• 同销售伙伴保持密切联系并提供必要的支持
• 准备获取丰厚的销售提成
温塔纳湖景度假和温泉酒店坐落于温塔纳湖中央，俯视世界级的高尔夫场地的同时，游客不仅能欣赏蓝俊岭高尔夫球场的美景，还能在入住五星奢华酒店的同时体验其他主要的普吉岛球场。
Directly opposite the lake and World Class golf course, you can give your clients a unbeatable 10 year rental guarantee at 8% on a 5* resort in Thailand
除了高尔夫之外，度假村还提供水上运动项目，酒店配备五星级餐饮及豪华的水上餐厅，让住客能在日本水花园中体验奢华及独具异域风情的水疗。
这样的生活方式令人神往
金融大礼包更为诱人。
您的客户投资至少27万人民币便可获得可观稳健的回报。
www.fortuneregroup.com
成为我们亚洲投资顾问和代理商，您需要具备:
请与我们联系代理分销：电话：+44 (0)7974 667478邮件：[email protected]
中国大陆地区:电话： 4006838535邮件： [email protected]
• 投资多样化的绝佳机会• 低门槛，起价仅需266314 人民币• 确保10年，每年8%的收益率• 稳健的资金增长• 专业管理团队的支持• 坐落于世界顶尖的高尔夫球场
• 全套中文的推广资料• 中文化行销支持• 电话及面对面的培训• 丰厚的佣金
投资客户的收益：
分销代理商优势：
• Full Mandarin marketing material• Full white labeled marketing materials • Phone and face to face training • Good commissions • Sellable product for today’s market• Diversify your clients portfolio • Generous agent incentives
Agent Benefits：
不要以为我们只是说说而已，老虎伍兹曾说过：
这是我打过的最好的球场。
Wintana_Thailand_Asia_May.indd 1 19/5/11 13:54:53
Many international financial advisors and overseas property agents
looking to broaden their offering of investment products could do far worse than considering forestry.
Why, and what are the benefits of forestry for agents?
As an investment product, farmland offers three key benefi ts to agents:• A “green halo” to help sell it;• Favourable commission rates for agents;• Brilliant diversification tool.
The “green halo” effectForestry projects can be opportunities for green, ethical and socially responsible investments. It’s very easy to find information about the destruction of the planet’s forests and the damage that is being
done to bio-diversity, robbing indigenous people of their homes and contributing towards global climate change. For investors who are concerned about this, investing in forestry is one painless way to take action.
Favourable commission rates Agent commissions on forestry compare very favourably with property investment products. Agents don’t need to consider forestry as just a “complimentary” product; it can be a core offering that forms a central plank in your business model. For agents already selling property investments, forestry is a similar enough asset to avoid the perception amongst your clients that you’re just jumping on the latest bandwagon.
WORDS | Daniel Kiernan
Have you ever thought about recommending forestry as an alternative investment product to clients in Asia? It is an investment class that has consistently outperformed other assets - and good projects have a “green halo” effect that is a real hook for many buyers. Daniel Kiernan, chief investment analyst at Alternative Outlook, outlines the benefi ts.
Branching outHave you ever thought about recommending forestry as an alternative investment product to clients in Asia? It is an investment class that has consistently outperformed other assets - and good projects have a “green halo” effect that is a real hook for many buyers. Daniel
Brilliant diversification toolLike gold, one of the major benefits of investing in forestry is that it is “counter-cyclical.” Basically, if you invest in forestry then whatever happens in the wider economy, your wealth is still growing because your trees are still growing. This makes trees a great inflation-proof store of wealth and means that even if the economy is in a downward cycle and other investments are performing poorly, forestry should still be earning you a return.
It’s also an extremely flexible investment in terms of inventory – if the market price is too low one year, it is possible to leave the trees standing and not only is there no storage cost, but the amount of timber harvested the following year will have increased. As we’ve
noted in other articles, being able to diversify away from property and more commonly held assets reduces risk and is one of the key benefits of alternative investments that you should be promoting to your clients.
Global demand for raw materialsLike all commodities, the demand for timber is supported by the growth of the world’s population and in particular the strong growth in China and India. Annually, China consumes over 150 million and India over 64 million cubic meters of timber. Both of these countries are already
importing large amounts of timber to meet this need and as their middle classes grow and their spending power increases, this demand will also increase. In addition, the growing requirement for wood chips as a renewable fuel source will also support timber prices.
This is a compelling and convincing backstory that stands up to scrutiny.
A solid investmentAs well as being a great store of wealth, a protection against inflation and a diversification tool, forestry has been a consistently strong performer. Forestry investment showed an average annual return of 14% between 1987 and 2008, (according to the US
“With forestry, no matter what happens, your wealth is still growing because your trees are still growing”
| 29JULY 2011 | www.opp.org.uk ALTERNATIVES BUSINESS
Wood is good | for IFAs and agents, as it o� ers high commissions and returns, and attracts ethical and environmental buyers
30 | ALTERNATIVES www.opp.org.uk | JULY 2011BUSINESS
National Council of Real Estate Fiduciaries) and from 1972 to the present day, it has produced annual returns of 11%. This strong showing has continued throughout the recession – timber has performed well over the last two years. These returns should be attractive to any client in todays’ climate.
Tax benefitsForestry investments can often have superb tax advantages, but of course each Asian Country will have different rules. Take independent tax advice. But here is how it can work in the UK for instance:
Inheritance Tax: After two years of ownership, commercial woodland qualifies for 100% Business Property Relief no matter where it is situated in the world, allowing 100% Inheritance Tax relief. This is, of course, very important to investors who are looking for tax efficient ways to pass on their wealth.
Capital Gains Tax: There is no capital gains tax due on any rise in the value of the trees. You could be subject to capital gains tax if you own the land the trees are planted on, but if the land is leased there is no direct ownership and no Capital Gains tax to pay.
Income tax: UK Income tax is payable once the trees are felled and you take your profi ts. You can offset your costs against the tax bill. If you have invested outside the UK and already paid income tax in the
country where the forest is located, there may be a dual tax agreement with the UK – so you only have to pay income tax once. This is the sort of fact checking that should form part of your due diligence.
GreenBy investing in forestry, investors are helping to preserve one of the earth’s great natural assets. Forests are our
biggest carbon sinks, absorbing carbon and helping combat climate change. They also harbour over 50% of the world’s plant and animal species, preserving bio-diversity. This green halo has a strong appeal to many investors.
What’s the catch?By its very nature, forestry is just about the most illiquid investment you can make. Investors may see interim returns when plantations are thinned, but the real profi t comes once the fully mature trees are harvested – which can be 10 or 15 years after the initial investment. So this might be perfectly suitable for investors looking to
diversify and preserve wealth in the long term, but it would not suit somebody trying to save for a deposit on their fi rst home for example.
And, as always, it is a case of buyer beware: undertake thorough due diligence and be sure to fully understand the investment proposition before you begin selling it to clients.
What to look out for• Research the land ownership. Project owners should be able to demonstrate uncontested, clearly defined, long-term land tenure lease rights • Ensure that there is an independent investor’s agent in place to act on the investors behalf in the event of a default or if the product provider ceases trading. It’s important to avoid
the situation where an investor is left holding a small and relatively worthless parcel of land in a far off country. An independent agent would act on behalf of all of the investors to sell all of the available land and use the proceeds to repay investors.
• Ensure that the trees are insured or as a minimum the company provides a replacement guarantee for lost trees.• Look for projects that are certified by the Forestry Stewardship Council (FSC) or similar – this is an important seal of approval for the way the project is being run and helps to guarantee that it is a genuine green, ethical and socially responsible investment• Does the project qualify for carbon credits? Not only are these another source of revenue, they are also third party verification that boosts the project’s green credentials.
Key conclusions• Forestry is a good way for agents to diversify their product offering without being seen to stray too far from their core business model;• Forestry provides similar commission levels to overseas property projects;• Forestry has a strong green halo and is an ethical and socially responsible investment – provided you choose the right project;• As an alternative investment that is not correlated with more commonly held assets, forestry helps consumers diversify and protect their wealth;• Forestry has a strong track record of performance;• Forestry investments are long term,
illiquid investments.
“After 2 years, woodland qualifi es for 100% Business Property & 100% Inheritance Tax Relief”
“The profi t comes once the fully mature trees are harvested – which can be 10 or 15 years after the initial investment”
最佳时机入手塞浦路斯的五星级酒店公寓
Your chance to sell an extraordinary 5 star development in Cyprus
尊贵独享公寓 起价仅1,000,000人民币我们正在寻找杰出的国际房地产分销商与我们一起向亚洲的投资商和买家销售这难得一见的项目。您将得到我们伦敦优秀管理团队的全力支持和培训。我们会提供一切您所需的东西，包括全套营销资料，定制的电子邮件广告和高质图片以及具备丰富经验的市场开发小组。
分销商获益：• 高达10% 佣金• 佣金准时支付• 全面市场推广资料• 全面培训和其他支持
如需更多信息，可通过以下方式联系Gordon OsborneEmail: [email protected]
2010塞浦路斯年度最佳项目
Extraordinary 5* development in CyprusWe are looking for exceptional international agents to sell this unique development to Asian buyers and investors. You will receive full support and training from a dedicated management team.
• 10% commission paid
• Punctual payments
• White label promotional material
• Full training and support
TerraDivina_Asia_May.indd 1 19/5/11 16:36:36
作者 | Amit Katwala
在过去几十年中，希腊无
疑是倍受欢迎的度假胜
地，其适宜的气候、悠
闲的小岛和古老的建筑吸引了整个欧
洲的游客和购房者。但是在全球金融
危机中，希腊遭受重创，结束了2004年雅典奥运会引发的房价热潮。据环
球房地产指南称，希腊“其它城市”地区的房价从2005和2006年强劲的年均
13%的增长率降至2009年平均1.8%的
下跌率。
全球金融危机使得外国人无法
获得第二套房的购买资金，因此许多
业主被迫出售持有的房产，造成希腊
房产供应量大幅过剩，从而导致房价
进一步下跌。
希腊的经济问题由来已久——
希腊一直债务缠身，去年才接受了欧
盟和国际货币基金组织提供的1100
亿欧元的拯救性贷款。
该笔贷款的条件也对希腊的房
产市场造成了影响，包括增加税收、
削减开支、廉价出售国有资产以及严
厉打击偷税漏税等。
这些问题起源于希腊加入欧元
区——因为1999年过高的预算赤字
和通货膨胀，希腊最初被欧元区排
除在外，直到2001年才获准加入。
但是后来真相大白，希腊隐瞒了真
实的国债和借贷情况，其预算赤字
也从来没有达到过欧盟要求的GDP的3%以下。
32 | 希腊和塞浦路斯 www.opp.org.uk | 2011年7月市场速递
因为众所周知的经济崩溃，希腊已经不再见诸于房产新闻。希腊房产市场是正在恢复……还是会变得更糟？
房价
那么……这些经济动荡如何影
响房价？这是希腊有史以来遭受的最
严重的经济危机之一，其房价不断下
跌。据希腊银行的数据显示，2010年
第三季度希腊的公寓平均价格比2009年同期下跌了4.3%，其中首都雅典下
跌了3.1%，其第二大城市赛萨洛尼基
下跌了9.7%。
新公寓比老公寓的价格下跌更
多，分别为5.2%和3.7%。去年的销
售量也出现了下降。2010年前三季
度，雅典的房产销售量比2009年同期
下降了15.4%。希腊全国的房产交易
量下降了6.2%。
租金回报率
据环球房地产指南称，由于以
往房价涨速过快，加租幅度过小，业
主入住普遍等原因，希腊的租金回报
率很低。据环球房地产指南的数据显
示，雅典市中心的小公寓的租金回报
率约为2.8%，而大公寓的租金回报率
仅为大约2%。雅典郊区的租金回报
率稍微高一些，而在曾经红极一时的
第二套房置业首选地克里特岛，其公
寓的租金回报率约为3.5%。
游客数量
在全球金融危机的冲击下，前
往希腊的游客数量也大幅减少；据希
腊旅行社行业协会称，希腊2009年的
游客收入减少了20%，游客数量减少
了10%。
经济
希腊的经济复原之路看起来艰
辛无比。环球房地产指南称希腊的
GDP在2009年下降了2%，在2010年
下降了4.2%。今年将继续下降，降幅
还将增加3%，对比2000至2007年平
均4.2%的增长率和2008年2%的增长
率，反差更为明显。到2011年底，希
腊的失业率预计将达到14.6%，而这
一数字在2010年是12.1%，在2008年
则是7.7%。
年均房价改变(%)
来源： 希腊银行
-10
-5
0
5
10
15
20
‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10
Nominal Real
作者 | Amit Katwala
市场速递： 希腊
希腊的土地出售计划可能屈服于公众舆论，2011年4月5日希腊政府计划出售国有土地来筹集数十亿欧元的资金，但是如果相关地方政府屈服于公众压力，继续保留这些土地的公有产权，则该计划将搁浅。
富有买家“依然相信希腊”，2011年3月30日Dolphin Capital Partners的董事之一Katerina Katopis称，买家们“依然相信作为国际胜地的希腊”。Dolphin Capital Partners正在希腊修建一个豪华度假酒店。
当地房产经纪人称希腊的房价将再次暴跌，2010年7月30日希腊持续的外债危机正在冲击房产市场，迫使房产税收增加，房价下降
最高达50%。
新闻中的希腊……
“希腊经济恢复之路似乎漫长。2009年GDP下降2%，2010年下降4.2%。”
希腊和塞浦路斯希腊和塞浦路斯2011年7月 | www.opp.org.uk | 33希腊和塞浦路斯
后来真相大白，希腊隐瞒了真实的国债和借贷情况，其预算赤字也从来没有达到过欧盟要求的GDP的3%以下。
雅典中心公寓买进花费
(欧元)月租金 年收益 购买价格/平
方木 欧元
美元租金价格/平方木
欧元
70 sq. m. 392,910 910 2.78% 5,613 13.00
120 sq. m. 747,480 1,472 2.36% 6,229 12.27
200 sq. m. 1,461,400 2,550 2.09% 7,307 12.75
雅典 郊区公寓
买进花费(欧元)
月租金 年收益 购买价格/平方木 欧元
美元租金价格/平方木
欧元
70 sq. m. 275,870 732 3.18% 3,941 10.46
120 sq. m. 437,160 1,118 3.07% 3,643 9.32
160 sq. m. 613,440 1,781 3.48% 3,834 11.13
225 sq. m. 961,425 2,275 2.84% 4,273 10.11
雅典郊区房屋
买进花费(欧元)
月租金 年收益 购买价格/平方木 欧元
美元租金价格/平方木
欧元
150 sq. m. 571,050 1,260 2.65% 3,807 8.40
250 sq. m. 987,750 2,253 2.74% 3,951 9.01
350 sq. m. 1,305,150 3,525 3.24% 3,729 10.07
600 sq. m. 2,457,000 5,544 2.71% 4,095 9.24
希腊克里特岛公寓
买进花费(欧元)
月租金 年收益 购买价格/平方木 欧元
美元租金价格/平方木
欧元
45 sq. m. 87,300 302 4.14% 1,940 6.70
100 sq. m. 188,800 523 3.32% 1,888 5.23
希腊克里特岛别墅
买进花费(欧元)
月租金 年收益 购买价格/平方木 欧元
美元租金价格/平方木
欧元
45 sq. m. 167,925 447 3.19% 2,239 5.96
150 sq. m. 328,200 801 2.93% 2,188 5.34
300 sq. m. 589,200 n.a. n.a. 1,964 n.a.
重要数据 别墅和公寓
来源：全球地产指南
Heraklion 25.7% (25.5%)
Rhodes 18.4% (17.6%)
Kerkyra/Corfu10.5% (10.7%)
Kos 9.1% (8.9%)
Chania 8.7% (8.8%)
Zakinthos 6.3% (6.0%)
Thessaloniki 4.4% (5.3%)
Hira/Santorini 2.5% (2.4%)
Athens 2.4% (2.8%)
Aktio 2.1% (2.0%)
Other GR Airports 9.8% (10.0%)
(2009) (2008)
希腊十大机场前来希腊的全部游客％来源：AIA
市场速递
WORDS | Amit Katwala
Greece’s and Cyprus’ popularity as a holiday destination has been unquestioned throughout
the last few decades, with its warm climate, idyllic islands, and ancient architecture attracting visitors and home buyers from across Europe.
But, the global recession hit the country hard, ending a house price boom that had been triggered by the 2004 Olympics in Athens. According to Global Property Guide, the market went from strong annual price increases of 13% on average in 2005 and 2006 for ‘Other Urban’ areas, to a fall of 1.8% in 2009.
Because of the global crisis, foreigners could no longer get fi nance for second home purchases, and many owners were forced to sell existing properties, leading to a massive oversupply that pushed house prices down further.
Greece’s economic problems have been well documented - the country has a deeply rooted debt problem, and required a €110 billion EU-IMF bailout loan last year.
The conditions of this loan are also affecting the property market, and
include tax increases and spending cuts, as well as the sell off of state assets and a clampdown on tax evasion.
The problems stemmed from Greece’s entry to the Euro - having been initially left out because of its high budget defi cit and infl ation in 1999, the country met the conditions by 2001. However, it later transpired that it had hidden its true national debt and borrowing levels, and its budget defi cit had never been within the required EU limit of 3% of GDP.
Property PricesSo ... how has all this economic turmoil affected the market? Well, prices in
Greece have continued to fall, with the economy in one of its worst ever crises. And average prices for Greek apartments fell 4.3% year-on-year in
34 | GREECE www.opp.org.uk | JULY 2011SNAPSHOT
Are the overseas property markets in Greece and Cyprus recovering ... or is worse still to come? Here are some key facts and � gures for Asian buyers
Q3 2010, according to figures from the Bank of Greece. In the capital, Athens, prices fell 3.1% over the same period, while in the second largest city, Thessaloniki, they fell 9.7%. New apartments were worse hit than old apartments, experiencing a 5.2% fall compared to a 3.7% fall. The number of sales also fell last year. In Athens, they were down 15.4% for the fi rst nine months of 2010 compared to the same period in 2009. Transfers fell 6.2% for Greece as a whole.
Rental yieldsRental yields in Greece are also low due to rapid property price increases in the past, minimal rental increases, and the popularity of owner-occupancy, according to Global Property Guide. In Athens, small city-centre apartments yield around 2.8%, while larger apartments yield around 2%, according to Global Property Guide data from last year. This is marginally better in
the suburbs of Athens, and in the once popular second-home destination of Crete, where returns on apartments are at around 3.5%.
Visitor numbersThe number of visitors to Greece also took a hit due to the recession; with a 20% drop in visitor revenue in 2009 due to a 10% drop in tourist arrivals, according to the Hellenic Association of Travel and Tourist Agencies.
The economyThe road to recovery looks set to be a long one for Greece. GDP fell 2% in 2009 and 4.2% in 2010 according to Global Property Guide. This will continue this year, with a further 3% contraction in GDP, in contrast to the average annual GDP growth rate of 4.2% from 2000 to 2007 and 2% in 2008. The unemployment rate is also expected to rise to 14.6% by the end of 2011, up from 12.1% in 2010 and 7.7% in 2008.
Annual House Price Change (%)
Source: Bank of Greece
-10
-5
0
5
10
15
20
‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10
Nominal Real
WORDS | Amit Katwala
Market SnapshotGreece
Greek land sale plans may fold to public opinion 5th April 2011Greek government plans to raise billions of euros from the sale of state-owned land may fail if the authorities there cave in to public pressure to keep these assets in public ownership.
Wealthy buyers ‘still believe in Greece’ 30th March 2011Buyers “still believe in Greece as an international destination”, according to Katerina Katopis, a director at Dolphin Capital Partners, which is building a luxury resort development in the country.
Greek prices will crash again say local agents 30th July 2010Greece’s continuing sovereign debt crisis is impacting on the property market by forcing up real estate taxes and causing units to be marked down by as much as 50%
All stories from opp.org.uk
Greece in the news...
“The road to recovery is set to be a long one for Greece. GDP fell 2% in 2009 and 4.2% in 2010”
GreeceGreeceJULY 2011 | www.opp.org.uk | 35GREECESNAPSHOTGreece“It later transpired that Greece had hidden its true national debt and borrowing levels, and that the country’s budget defi cit had never been within the required EU limit of 3% of GDP”
AthensCenter apartments
Cost in €to buy
Cost in €monthly rent
Yield(p.a.)
Price/sq.m €to buy
Price/sq.m €monthly rent
70 sq. m. 392,910 910 2.78% 5,613 13.00
120 sq. m. 747,480 1,472 2.36% 6,229 12.27
200 sq. m. 1,461,400 2,550 2.09% 7,307 12.75
AthensSuburb apartments
Cost in €to buy
Cost in €monthly rent
Yield(p.a.)
Price/sq.m €to buy
Price/sq.m €monthly rent
70 sq. m. 275,870 732 3.18% 3,941 10.46
120 sq. m. 437,160 1,118 3.07% 3,643 9.32
160 sq. m. 613,440 1,781 3.48% 3,834 11.13
225 sq. m. 961,425 2,275 2.84% 4,273 10.11
AthensSuburb houses
Cost in €to buy
Cost in €monthly rent
Yield(p.a.)
Price/sq.m €to buy
Price/sq.m €monthly rent
150 sq. m. 571,050 1,260 2.65% 3,807 8.40
250 sq. m. 987,750 2,253 2.74% 3,951 9.01
350 sq. m. 1,305,150 3,525 3.24% 3,729 10.07
600 sq. m. 2,457,000 5,544 2.71% 4,095 9.24
CreteApartments
Cost in €to buy
Cost in €monthly rent
Yield(p.a.)
Price/sq.m €to buy
Price/sq.m €monthly rent
45 sq. m. 87,300 302 4.14% 1,940 6.70
100 sq. m. 188,800 523 3.32% 1,888 5.23
CreteVillas
Cost in €to buy
Cost in €monthly rent
Yield(p.a.)
Price/sq.m €to buy
Price/sq.m €monthly rent
45 sq. m. 167,925 447 3.19% 2,239 5.96
150 sq. m. 328,200 801 2.93% 2,188 5.34
300 sq. m. 589,200 n.a. n.a. 1,964 n.a.
Vital statistics Villas and condominiums
Source: Global Property Guide
Heraklion 25.7% (25.5%)
Rhodes 18.4% (17.6%)
Kerkyra/Corfu10.5% (10.7%)
Kos 9.1% (8.9%)
Chania 8.7% (8.8%)
Zakinthos 6.3% (6.0%)
Thessaloniki 4.4% (5.3%)
Hira/Santorini 2.5% (2.4%)
Athens 2.4% (2.8%)
Aktio 2.1% (2.0%)
Other GR Airports 9.8% (10.0%)
(2009) (2008)
Top 10 Greek airports % of total visitors to Greece by
charter � ights. Source: AIA
美国一向被认为是机会的
乐园……和充满了商业
冒险精神的国家。长期
以来美国都一直吸引着全球各地的
商业投资者。国外房地产投资者协
会最近对投资者的调查显示，房地
产已经成为投资首选，也被认为是
升值潜力最大的产业。
但是，同时，国外房地产投资
者在购买和使用其决定购买的美国
住宅的过程中也面临着一系列复杂
的问题。
移民、税收、货币和金融问题
在全球投资者进入美国住宅地产领域
的过程中越来越重要，而这一过程的
繁琐程度令人惊讶。
EB-5签证对于想要通过在美国
进行投资获得在美国的居留权的投
资者而言是一条重要的途径。您的客
户需要了解这是什么以及其如何使
用……但是这并不仅仅是一个程序这
么简单。如果清楚地了解了EB-5，任
何拥有投资美国意愿客户的经纪人都
36 | 商业投资
作者 | Cindy Fauth
www.opp.org.uk | 2011年7月
尽管美国的形象一向自由和开放，对于国外房地产投资者来说，移民美国却是一件非常繁琐的事情。如果您想移民美国，获得绿卡的过程众所周知地长，而且不确定性很高。但是，如OPP美国记者Cindy Fauth所述，还有一个办法……如果您的客户准备投资房地产以外的项目……并且会创造就业和财富，那就没问题了。
绿卡还是信用卡？
Cindy Fauth是OPP的定期专栏作家，代表全国房地产经纪人协会发表文章。www.realtor.org
视角
将从中获益。
通往美国居留权之路
通过非正常渠道了解到，EB-5是一种投资性或企业型的签证，鼓励
外籍人士以规定的金额，通常是50万或100万美元，对美国的商业企业或
开发项目进行投资从而为美国的工人
创造就业机会。
作为回报，投资者可以获得有
条件限制的永久居留权。其它签证在
这方面的手续需要等待很长时间或者
被长时间延期，但是使用EB-5则无需
等待。
美国政府每年有权发放1万张
EB-5卡，但是从来没有发满过。
EB-5在很多情况下能够成为解
决国际投资者与签证相关的居留问题
的最佳解决方案。例如：
• 想要在美国生活并养育小孩的个
人、夫妻及家庭；
• 使用其它签证而不得不长时间等待
的外国公民；
• 想要在美国开展业务的企业家；
• 想要在美国购买第二套住宅并且更
加灵活地使用该住宅的富有的购买者。
获得居留权的两种途径
现在有两种申请EB-5签证的方法：
1）按照原始规定以个人投资者/企业
家名义申请；或
2）按照Regional Centres（区域中心）
试点规定向联合投资组织注入资金。
个人EB-5要求：
·对新的商业企业、重组为新企
业的现有企业、规模扩大的现有企
业、或陷入困境的企业进行至少100万美元的投资；如果投资属于指定就
业区域，则投资金额可以宽限到50万美元。
• 成立一家新的企业，为美国工人（
不包括移民者及其家人），创造10个就业机会；
• 帮助陷入困境的企业维持投资前的
就业水平至少两年；
• 直接管理企业或制定企业政策。
Regional Centres（区域中心）EB-5要求：
• 对正在为Regional Centres（区域中
心）内或其附属的一个新的商业企
业或陷入困境的企业提供资金支持
的联合投资组织投资至少100万或50
万美元，具体金额视该地区的TEA情
况而定。
• 通过资本投资直接或间接创造至少
10个全职就业机会；
• 投资者成为该联合投资组织的有限
责任合伙人，使其有权在美国任何地
方生活。
具备专业资质的顾问非常重要
无论采取哪种方式，美国公民
与移民局都要求提供能够证明所需资
金、资金合法来源，以及企业计划和
就业机会的可行性等相关方面的详尽
文件和签证申请。
专门从事EB-5法律的移民律师
和财务顾问能够帮助投资者完成这项
复杂的过程。
EB-5律师能够提供一份关于
Regional Centres（区域中心）的详尽
名单以便垂询具体的投资金额要求，
并且提供法律事务的指导。财务顾问
能够评估投资项目是否符合投资者要
求等情况。地区中心地图 | 您可以投资在不同地区的不同项目上
“也有通过大笔资金达成这一目的的简便方法——即EB-5签证。”
USA
| 372011年7月 | www.opp.org.uk 商业投资
“EB-5存在两种风险，”移民律
师、费城Klasko、Rulon、Stock与Seltzer律师事务所创始合作人、美国
移民律师协会EB-5委员会主席Ron Klasko说道。
“作为移民律师，我们处理的是
移民风险的问题。我们认为，投资者
应该具有专属的财务顾问，为其谨慎
选择Regional Centres（区域中心）和
规避财务风险的项目。”房地产公司CB Feltrim最近刚刚
发布了一个新的网站——EB5select.com，这一举动巩固了他们会计移民
法专家的地位。公司的目标是与政
府指派的地区中心合作，协助海外
投资商快速申请绿卡。
CB Feltrim的CEO Garrett Kenny指出这是一个快速流线的新服务可
协助投资商应对官僚主义。“通过与
政府指定的地区中心合作，我们可
以很快的为客户确定潜在的投资项
目与方向，进行调查，并锁定还是
的房地产项目….并制定3-5年的一系
列商业退出战略计划。投资者们只
需要做一点文书工作即可，而我们
会安排所有过程和程序。”一旦得到EB-5签证，投资者个
人及其家人就获得了有条件限制的在
美国的永久居留权。
两年以后，签证持有人必须提
交证明文件证明签证提出的要求都已
经得以满足，从而去除条件限制。
Regional Centres（区域中心）的作用
想 要 开 展 和 管 理 其 企 业 的
EB-5投资者可以投资与政府认可的
Regional Centres（区域中心）相关
的项目。几乎每个州都有
Regional Centres（区域中心）（见
Regional Centres（区域中心）图）。
而且，按照美国公民与移民局的定
义，Regional Centres（区域中心）
是得到美国公民与移民局认可的在
特定的地理区域内推动经济发展、
提高地区生产力、创造就业机会并
增加国内资本投资的任何公有或私
有的经济单位。
大部分Regional Centres（区域中
心）都属于目标就业区域，要求50万
的投资金额。它们的职责包括：
• 寻找可以从国外投资中获益并且符
合美国公民与移民局的就业要求的当
地项目；
• 将地区内的项目针对国外投资者进
行营销；
• 将EB-5个人投资者的资金集中起
来作为低价资本来源提供给当地企
业家。
Regional Centres（区域中心）对于
EB-5申请人的好处包括：
• 与Regional Centres（区域中心）相
关的项目对创造就业机会的要求更
低，而且间接创造的就业机会也被视
为有效；
• 进行申请所需的许多商业文件都由
Regional Centres（区域中心）提供；
• 大部分项目都被列为有限合作公
司，意味着投资者能够在美国任何地
方居住，并且满足美国公民与移民局
对于管理的要求。
在某种程度上由于R e g i o n a l Centres（区域中心）
对EB-5的要求限制更少，而且相对
更容易达到，因此现在90%以上的申
请人都是Regional Centres（区域中
心）的投资者。
美 国 现 在 有 1 0 0 多 个 R e g i o n a l Centres（区域中心），还有许多正
在申请。
Regional Centres（区域中心）要
维持其资格，必须满足申报要求。如
果未能满足申报要求，则美国公民与
移民局将取消其资格。
如 需 获 知 最 新 的 R e g i o n a l Centres（区域中心）名单，请登
录usc is .gov，并在搜索框中输入
Immigrant Investor Regional Centres（投资移民区域中心）。
对于大部分移民者而言，通过
绿卡获得永久居留权的过程非常漫长
和复杂。
但是，也有通过大笔资金达成
这一目的的简便方法——即EB-5签证。
请确定您已经非常了解这一方
面的内容，以便帮助您的客户达成在
美国投资的目的。
出击 | 通过EB-5商业移民方案冲破美国签证系统
视角USA
The United States is known as a nation forged with an entrepreneurial can-do spirit.
It has long attracted global business investors from around the world. In a recent survey of investors by the Association of Foreign Investors in Real Estate (AFIRE), its real estate market was ranked as the number one choice for investment and viewed as the best opportunity for price appreciation.
However, Asian property investors can be faced with a range of issues in purchasing and using the U.S. residence they have decided to buy. Immigration, tax, currency and fi nancing issues all play an increasingly important role for global investors looking to move into the U.S. residential property sector.
The EB-5 visa has emerged as one important tool for those willing to invest in the U.S. as a means of obtaining residency status. Your clients need to know about it and how it works, but it isn’t simple. Any real estate agent with Asian clients interested in investing in the U.S. will benefi t from a solid understanding of what the EB-5
38 | USA VIEWPOINT
WORDS | Cindy Fauth
www.opp.org.uk | JULY 2011
Despite its free and open image, the USA can be a very bureaucratic place to move into as an overseas property investor. If you want to live there, the green card process is notoriously long and problematic. However, as OPP Asia’s American correspondent Cindy Fauth explains, there is another option … if your client is prepared to invest beyond the property itself ... in creating jobs and wealth. This is how it works.
Green card or credit?
Cindy Fauth is a regular OPP columnist writing on behalf of the National Association of Realtors. www.realtor.org
BUSINESS
is all about. The Path to U.S. ResidencyKnown informally as the investment or entrepreneurial visa, the EB-5 encourages foreign nationals to invest specifi ed amounts of money, typically $500,000 or $1,000,000, in commercial enterprises or development projects that create jobs for U.S. workers. In return, they receive conditional permanent residency. While other types of visas may have waiting periods or long delays in processing, the EB-5 has no waiting period after approval. The US government is authorized to grant 10,000 EB-5s per year, but has never met its quota.
There are many scenarios where the EB-5 might be the right answer to an international investor’s visa-related residency issues. For example: • Individuals, couples and families that prefer to live and raise their children in the U.S.A;• Foreign nationals on long waiting lists for other visas;• Entrepreneurs wanting to start a U.S. business;
• Affl uent buyers looking for a second home in the U.S. and more fl exibility to use it.
Two Paths to Residency Today there are two ways to apply for the EB-5 visa: 1) under the original program as an individual investor/entrepreneur; or 2) under the Regional Centre Pilot Program, contributing to an investment pool.
Individual EB-5 requirements:• Invest at least $1,000,000 in a new commercial enterprise, an existing business reorganised as a new enterprise, the expansion of an existing business, or a troubled business; lowered to $500,000 if it is in a Targeted Employment Area.• Set up a new business, create 10 jobs for U.S. workers, not including the immigrant and his or her family;• Help a troubled business, maintain the pre-investment level of jobs for at least two years;• Directly manage the business or formulate business policy.
Regional Centre EB-5 requirements:• Invest at least $1,000,000 or $500,000 into an investment pool funding a new commercial enterprise or troubled business within or affi liated with a Regional Centre, depending on the TEA status of the region;• Create at least 10 new full-time jobs either directly or indirectly through capital investment;• The investor becomes a limited partner in the venture, freeing him or her to live anywhere in the U.S.
Qualifi ed advisors are importantUnder either path, the U.S. Citizenship and Immigration Services (USCIS) requires extensive documentation to be
submitted with the visa application on the commitment of required funding, lawful source of funds, and viability of the business plan and job projections.
An immigration attorney specializing in EB-5 law and a fi nancial advisor can help an investor navigate the complex process.
An EB-5 attorney can provide a list of well-established Regional Centres to inquire about investments, and provide guidance on legal matters. A fi nancial advisor can examine the fi t of the investments to the applicant’s needs.
“There are two kinds of risks Map of Regional Centres| where those interested in residency can invest their money in a variety of di� erent projects
“There is a shortcut to US residency for those with signifi cant fi nancial resources - the EB-5 visa”
| 39JULY 2011 | www.opp.org.uk USA VIEWPOINT BUSINESS
Give me your rich | The huddled masses yearning to breathe free will have to wait
in the EB-5,” says Ron Klasko, immigration attorney and founding partner with Klasko, Rulon, Stock and Seltzer LLP in Philadelphia, and Chairman of the EB-5 Committee of the American Immigration Lawyers Association (AILA).
“As immigration attorneys, we deal with issues of immigration risk. We insist that investors have their own fi nancial advisors conduct due diligence on the Regional Centre and the project to address the fi nancial risk.”
Property fi rm CB Feltrim recently launched a new website, EB5select.com, which consolidates the necessary accountacy and immigration law information. The aim, by working with government-appointed regional centres, is to fast-track green card applications for foreign investors.
For CB Feltrim chief executive Garrett Kenny this offers a streamlined and speedy service for investors that tackles much of the bureaucracy for them. “By working with Government appointed regional centres, we can identify potential businesses for investment; undertake all the research, fi nd the ideal property...and plan the business exit strategy following a three to fi ve year period. All the investor has to do is sign the paperwork and we’ll manage the entire process.”
Once the EB-5 visa is granted, the individual and his family become conditional permanent
residents. After two years the visa holder must petition for removal of conditional status by submitting proof that the original requirements for the visa were met.
The role of Regional CentresEB-5 investors who are not interested in starting and managing their own business can invest in projects associated with a government-approved Regional Centre. Regional Centres exist in almost every state. The USCIS defi nes a Regional Centre as any USCIS-approved public or private economic unit involved with the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment in a specifi c geographic area.
Most Regional Centres are in Targeted Employment Areas with $500,000 investment requirements. Their activities include:• Looking for local projects that can benefit from foreign investment and will meet USCIS requirements for job creation;• Marketing projects in their geographic region to foreign investors;• Pooling individual EB-5 investors’ funds to provide a low-cost source of capital to local developers.
The benefi ts of Regional Centres to EB-5 applicants include:• Projects associated with Regional Centres have fewer restrictive job creation requirements, and jobs created indirectly count toward the quota;• Much of the documentation required for the application is provided by the Regional Centre;• Most projects are structured as limited partnerships, meaning investors can live anywhere in the U.S. and meet USCIS requirements for management.
Due to Regional Centre requirements being less restrictive and easier to meet, Regional Centre investors now
account for more than 90% of EB-5 applications. There are currently over 100 Regional Centres in the U.S.,with many more applications in the pipeline.
Regional Centres must meet ongoing reporting requirements to maintain their designation. If they fail to do so, USCIS drops them. For an updated list, go to uscis.gov and enter Immigrant Investor Regional Centres in the search box. For most OPP Asia readers, the road to residency via the green card will be complex. However, there is a shortcut for those with signifi cant fi nancial resources—the EB-5 visa. Ensure you are educated on this topic so you can help your clients pursue their goal of investing in the U.S.
Strike | through the US visa system using EB-5
Aphrodite Hills项目坐落在
塞浦路斯南海岸的两块高
地上，帕福斯以东约15英里，是一片低密度的赤陶土屋顶白
色建筑群，同时保留了地方风格。
与其它当前在该岛上的项目不同，
这个项目还在开工 - 一片新的豪华别
墅群已经启动。
现在塞浦路斯全国的房地产市
场都处于危机之中，为什么Aphrodite Hills项目还能继续进行？该项目房地
产经理Loucas Kitrou认为，这一项目
的各种特色依然对购买者具有莫大的
吸引力。“秘诀就在于——精心的设
计和高质的配套，在每一个细节满足
准买家的要求。”这些种种因素与该度假村提供
的受控环境融合之后，成功地维持了
该项目的房价。Kitrou表示：“岛上的
房价下跌了5%至30%不等，但是我
们已经控制了局面，尽管我们也会这
些度假村之一的部分公寓打七折，对
部分别墅打八折。”Kitrou表示，准买家还可以在逐
40 | 希腊和塞浦路斯报道
作者 | Amit Katwala
www.opp.org.uk | 2011年7月
鉴于塞浦路斯的信用评价正在降级，其地契方面的制约也没有消失的迹象，现在并不是在塞浦路斯启动新投资的最佳时机。但是豪华的Aphrodite Hills项目的开发已经开始进入第三期。是什么让该项目的房地产经理Loucas Kitrou认为现在是重新开始投资的时机？他接受了OPP的采访。
豪华拯救
阿芙罗狄蒂山 | 结合了奢华的居民住宅和五星级酒店的全方位设施
最后一篇
渐兴旺的二手房市场购房，从而节
约资金。“许多人一直在炒房 - 他们
在英镑价高时买房，赚得30%的外
汇，所以他们有意卖房并购买更大
的房产。”尽管如此，他依然认为买新房
是最好的选择，因为其建筑质量有保
证，而且新房也可以提供75%的抵押
贷款。
这些因素使得该项目对于欧盟
以外的居民非常具有吸引力。随着
欧元的兴起，生活成本提高了，但
是利率反而降了，现在仅为4%至
4.9%。对于非欧盟的居民而言，这
一利率比其在自己国家的利率低得
多。例如在俄罗斯，抵押贷款的利
率高达10%至11%。
实际上，Kitrou表示“来自俄罗
斯的购买者非常多”，此外还有东欧
和中东的购买者。
全球经济衰退已经引起了一些
变化——通过买房并出租其别墅或
者公寓以获得回报的人现在几乎没
有了。“别墅和公寓现在更像是一种
体现生活方式的产品，尽管人们依
然认为可以通过出租获得一定的资
金回报。”房地产的租赁方面则出现了进
展。“出租收入不断上涨——租金提
高了10%至15%。”Kitrou认为这是因
为租赁公司的增多，以及人们从选
择洲际酒店到租住度假屋的态度的
总体转变。
他说：“租赁公司不断增多，现
在登记在册的就有120家。以前酒店
业都不支持租赁以保护自身利益，
但是在过去几年中这一点也发生了
变化。”新的Alexander Heights项目将是
Aphrodite Hills Resort的最后一期，计
划在300块地块上修建160座别墅用于
出售。施工将于今年九月左右开始，
其中两套较小的110万至450万欧元的
别墅，以及另外四套更大的180万至
280欧元的别墅已经售出。
K i t r o u说道： “我们精心挑
选代理人，包括英国伯恩茅斯的
Select Resorts，它是为数不多的销售
PremierResorts的分代理商之一。我
们给予他们充分的宣传和推广权，他
们的工作表现非常好。”从一开始，Kitrou就一直忙于
Aphrodite Hills项目，而且几十年来
实际情况与总体规划并没有多少出
入。“项目用地是拉尼蒂斯家族于20世纪30年代买的。我们非常仔细地进
行了规划，也参考了包括La Manga在内的许多项目，确定我们真正想要达
成的目标。
与最初计划不同的唯一一点
是，项目的市场细分定位更高。我们
现在已经不再开发一间卧室的公寓，
因为我们的目标客户是更加富有的
人，因此应该具有更高的准入点。”他还表示，度假村拥有合适
“我们学到了很多有关度假村运营的知识 - 如何销售，首先销售什么。这是一条学习曲线！”Loucas Kitrou. Aphrodite Hills.
难。Kitrou表示，Aphrodite Hills在这
方面的态度非常积极。“我们已经发
放了每一个地块的地契，现在正在致
力于每一套房产的地契的发放工作。
总共有400多份地契，我们已经将250份送到了业主手中。这个过程比较缓
慢，所以我们每周只能处理10份。”Kitrou认为塞浦路斯的法律并不
存在固有的问题。“法律是为了保护
购买者。只要你守法，就不存在任何
问题，但是如果你没有建筑许可证，
那就是个问题了。”
| 412011年7月 | www.opp.org.uk 希腊和塞浦路斯报道最后一篇
的基础设施这一点对于早期阶段的
销售非常重要：“道路和高尔夫球
场修建于2002年底，当初的地价很
便宜，大约10万英镑。现在最便宜
的也要50万英镑。”Kitrou及其在
Aphrodite Hills的团队在实践中学到
了许多，并且计划运用其专业能力
在Lakkos tou Frangou的海岸上开发
一个新的项目。
“我们学到了很多度假村运营的
知识，”他笑着说。“如何销售，首先
销售什么。这是一条学习曲线。我们
已经设计好了个新度假村 - 一个高尔
夫球场和400套房产，就在海岸边。
这个项目包括了俱乐部和饭店，但是
依然享受Aphrodite Hills的服务。”新度假村的住宅将融入新的技
术，这反映出度假村从启动以来的不
断进步。“我们将引入住宅自动化 - 光线和声音，百叶窗和安全以及视听
系统，都通过一套装置来控制。”他认为，塞浦路斯对于购买者
而言依然是非常具有吸引力的目标
之一，尽管存在众所周知的问题。
其中一个问题就是部分房产无法得
到地契，造成再次出售方面的困
“塞浦路斯的生活舒适，生活成本合理，而且还可以在这里做生意”
他相信塞浦路斯还可以为潜在
购买者带来比存在的问题更多的利
益，并且吸引人们到度假村常住。他
向OPP表示“大约20%至25%的购买者
长年居住在塞浦路斯。他们大多数已
经退休，但是也有很多家庭居住在这
里 - 他们送自己的孩子去利马索尔和
帕福斯的大型国际学校就读。”Kitrou相信塞浦路斯的特点决定
了其房地产需求将一直存在。“英国
人喜欢来塞浦路斯，因为塞浦路斯以
前是英国的殖民地，英国人在这里可
以享受到和英国相同的制度，而且这
里也广泛使用英语。
在这里能够以合理的生活成本
享受舒适的生活，而且也有做生意
的基础设施 - 这并不仅仅是一个度
假胜地。
这里有完善的服务产业，包括
律师和会计，所以你可以作为一家
欧盟的公司在这里开展业务，而且
要获得塞浦路斯的永久居留权也非
常容易。”OPP采访的时候是三月，正值淡
季。该度假村大概30%要感谢这里的
永久居民，因为他们使用酒店的设施
也为酒店产生了收入。
“高尔夫和饭店使用频率最
高，但是 S PA和网球就没有这么
高，”Kitrou说道。而且由于很多业
主只是一年来几次，很难建立一种社
区氛围，但是Aphrodite Hills酒店已
经通过成立业主委员会，试图实现社
区氛围。“我们尽力拉近与业主的距
离 - 在修建度假村并将其交到业主手
上的过程中，我们成立了业主委员
会。我们都要住在这里，所以我们需
要合作。”那么该社区的未来将走向何
方？Kitrou表示正在探索新的市场，
并用塞浦路斯所提供的一切吸引它
们。一个项目进入最后阶段的同时，
下一个项目早已开始计划，目标市场
也已经锁定。
他说：“印度经迪拜到塞浦路斯
只需要6至7个小时，是我们的目标市
场之一。我们许多来自英国的客户都
具有印度背景，我们可以利用这一点
渗透进印度市场。”“这一点是我们目前正在寻求的
目标——我们现在正在着手进行前
期工作。”
The Aphrodite Hills resort is spread across two plateaux on Cyprus’ south coast, about
15 miles east of Paphos, and is a low-density collection of white, terracotta-roofed buildings, in keeping with the local style. Unlike most other developments on the island at present, there is building work going on – a new collection of luxury villas has been launched off-plan.
So how is it that Aphrodite Hills is in the position of being able to build, when the country’s real estate market is in crisis? Loucas Kitrou, Real Estate Manager at the resort thinks his development has continued to attract buyers because it has the right mix of features. “The recipe is there – good design and quality fi ttings, with the needs of the prospective purchaser considered at every stage.”
This combination of factors, when mixed with the controlled environment offered by the resort
42 | GREECE & CYPRUS
WORDS | Amit Katwala
www.opp.org.uk | JULY 2011
With the country’s credit rating being downgraded, and the title deeds fi asco showing no signs of abating, now doesn’t seem like the best time to be launching new product in Cyprus. But the luxury Aphrodite Hills development is doing just that with the start of phase three of its luxury project. Why does the resort’s real estate manager Loucas Kitrou think that now is the time to invest again. Top people talk to OPP Asia.
Luxury to the rescue
Aphrodite Hills | combines luxury resi with all the amenities of a 5-star hotel
THE LAST WORD
has allowed property there to hold its price. Kitrou said: “Prices on the island are down between 5% and 30%, but here we have a controlled environment, although in one of the resorts villages we are offering some apartments at a 30% discount and some villas at a 20% discount.”
Prospective buyers could get a cheaper option by buying from the resale market, which is thriving, according to Kitrou. “A lot of people have been selling to upgrade – they bought when the pound was much higher, and are making 30% on FX, so it is tempting for them to sell it and buy something bigger.”
Nonetheless, he believes that buying new remains the best option, because of the guarantee on construction, and the 75% mortgages available on new properties.
This offering has made the resort particularly attractive to non-EU citizens. Since the Euro came in, the
cost of living has gone up, but interest rates have dropped, they’re now at 4% to 4.9%. For a non-EU citizen, this is still much lower than what they can get in their own country, for example, a Russian might have to pay 10% or 11% on a mortgage.
In fact, there are “a decent number of Russian buyers”, according to Kitrou, as well as elsewhere in Eastern Europe, and the Middle East.
The global recession has led to some changes – the wave of people looking to purchase and turn a profi t from renting out their villa or apartment has dried up. “It’s much more of a lifestyle product now, although people will always think that by renting it out they can recover some of the expenses.”
The rental side of the business is something that has been improving. “Rental income has been going up – bookings are up 10 to 15%.” Kitrou attributes this to the growth of the rental company, and to a general change in attitude from the resort’s InterContinental hotel towards holiday rentals. He said: “The rental company is growing, it now has 120 properties on its books. Before, the hotel industry was trying to protect itself by not embracing rentals, but this has changed in the last few years.”
The new development, Alexander Heights, will be the fi nal phase of the Aphrodite Hills Resort, and is set to consist of 160 villas on 300 plots, which are for sale off-plan. Construction is expected to start in around September this year, and 2 junior villas, priced between €1.1m and €4.5m have already been sold, as well 4 larger villas priced between €1.8m and €2.8m.
Kitrou said: “We use agents selectively, including the UK’s
Bournemouth-based Select Resorts which was a sub-agent of Premier Resorts, one of the few agents who were selling. We pretty much gave them a free hand with advertising and leads, and they’ve done very well for us.”
Kitrou has been with the Aphrodite Hills project since its inception, and very little has changed from the masterplan laid out decades ago. “The land was bought in the 1930s by the Lanitis family. We planned it out very carefully, and visited a lot of resorts like La Manga to see what we wanted to do. The only thing that we’ve changed from the initial masterplan is that the market segment is higher. There isn’t a market for one-bed apartments any more, because we’re attracting richer people and there’s a higher entry point.”
He added that it was important for the resort to have the infrastructure in place in order to attain sales in the initial period: “The roads and the golf course were built in late 2002, and the initial plots were cheap, around
“We have learned a lot about the operation of a resort - how to sell, what to sell fi rst. And it’s been quite a learning curve!”Loucas Kitrou. Aphrodite Hills.
given for some properties, causing a problem when they need to be re-sold. Aphrodite Hills has taken a pro-active stance on this, according to Kitrou. “We have issued title deeds for every plot and are working on the title deeds for individual units. There are more than 400 title deeds, and we’ve transferred 250 to owners. It’s a slow process, so we’re only managing 10 a week.”
Kitrou doesn’t think there is an inherent problem with Cypriot law. “The law provides for and protects the purchaser. If you do it right, there is no issue, but if you don’t have a building permit then that can be a problem.”
He believes that Cyprus still has many benefi ts to offer potential buyers, which outweigh the problems, and attract people to move to the resort full time. He told OPP that
| 43JULY 2011 | www.opp.org.uk GREECE & CYPRUSTHE LAST WORD
£100,000. Now the cheapest is half a million pounds.” Kitrou and his team at Aphrodite Hills have benefi ted from the learning experience, and plan to use their expertise on a new development further up the coast at Lakkos tou Frangou.
“We have a learnt a lot about the operation of the resort,” he says, with a smile. “How to sell, and what to sell fi rst. It’s been quite a learning curve. We’ve got a new resort planned – a golf course with 400 properties just up the coast. It will have a club house and restaurants, but it will be serviced from Aphrodite Hills.”
The homes at the new resort will incorporate new technology refl ecting the relentless march of progress since the resort fi rst launched. “We’ll have built in home automation – light and sound, blinds and security and audiovisual systems will all be controlled from one unit.”
He believes that Cyprus is still an attractive destination for buyers, despite the much-publicised problems. One of those problems is the issue with title deeds not being
“Cyprus offers comfortable living at a reasonable price, and you can still do business here”
“about 20% to 25% live here all year round. They’re mostly retired, but there are some families here – they send their kids to the big international schools in Limassol and Paphos.”
Kitrou believes Cyprus will always experience demand because of its characteristics. “People from the UK are drawn to Cyprus because it’s an ex-colony, so it’s got the same systems and English is widely spoken. It offers comfortable living at a reasonable price, and it has the infrastructure to do business – it’s not purely a holiday destination. There’s a good service industry including lawyers and accountants, so you can do business here as an EU company and it’s very easy to get permanent residency.”
When OPP visited in March, the off-season, the resort was around 30% full thanks to this core of permanent residents, who also generate revenue for the hotel by using its facilities.
“Golf and the restaurants get used a lot, but the spa and tennis don’t see that much action,” says Kitrou.
And it can be hard to build up a community feel when many of the owners are only there a few times a year, but Aphrodite Hills has tried to accomplish this through setting up owners committees. “We try to be close to our owners – we set up owners committees when villages are built and then hand them over. We are here to stay so there needs to be co-operation.”
And what about the future of the community? Well, Kitrou is looking to target new markets, and lure them to what Cyprus has to offer. Even as the finishing stages are put to one development, the next one is already being planned, and a target market identified.He said: “India is only 6 to 7 hours away with a change in Dubai, and it’s one of the markets we’re keen to look at. We get a lot of UK purchasers of Indian background, and we can use these to softly penetrate the Indian market.” “Its something we’re in the process of looking at – we’re doing the fi rst steps now.”
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