投資性房地產(chǎn)：上市公司和資金[外文翻譯]


中文：4937字      8頁
英文：15789字     9頁

投資性房地產(chǎn)：上市公司和資金

IESE商學(xué)院-那瓦拉大學(xué)

摘 要：
在今天歐洲的,有兩個(gè)主要的載體為間接房地產(chǎn)投資基金和上市房地產(chǎn)公司。這些公司不但大量的投資在房地產(chǎn)市場,還獲得了不同的風(fēng)險(xiǎn)和回報(bào)。在一些歐洲國家,房地產(chǎn)公司已修改他們的金融結(jié)構(gòu)和稅務(wù)結(jié)構(gòu)采用基于投資的法律形式(房地產(chǎn)投資信托基金),它起源于美國,這改變了他們的地位。在本文中,我們就地產(chǎn)基金和上市房地產(chǎn)公司的投資分析,及其他們在歐洲房地產(chǎn)業(yè)的影響進(jìn)行討論。
[關(guān)鍵詞]：房地產(chǎn)開發(fā)、房地產(chǎn)投資、房地產(chǎn)基金、房地產(chǎn)公司

介紹
因?yàn)榇罅康脑黾恿顺墒斓耐顿Y房地產(chǎn)投資渠道,間接投資實(shí)體在日益頻繁的轉(zhuǎn)換。這些單位可以采取不同的法律形式及其特點(diǎn)進(jìn)行投資,但他們往往被分為兩大組:公司、房地產(chǎn)投資基金。
本文介紹了大量的在歐洲的主要特點(diǎn)為間接投資工具的上市公司、房地產(chǎn)投資基金。它包括一個(gè)跨越國家的比較,這兩種類型的載體和直接投資于房地產(chǎn)。

From：[IESE Business School – University of Navarra Avda ]

INVESTMENT IN REAL ESTATE: LISTED COMPANIES AND FUNDS
Abstract ：
 In Europe today, there are two main vehicles for indirect investment in real estate: real estate investment funds and listed real estate companies. With these instruments not only does the investor take a position in the real estate market, he/she also acquires different risk/return structures, which may vary according to the instrument being used. In some European countries, real estate companies have modified their financial structure and tax position by adopting a legal form based on REITs (Real Estate Investment Trusts), which originated in the US; this changes their position compared to real estate funds. In this paper we compare real estate funds and listed real estate companies and analyse the appearance of REITs in Europe and their impact on the real estate industry.

Keywords: real estate, real estate investment, real estate fund, real estate company, REIT