瑞银－全球房地产分析报告－343页

秋云飞

Global Real Estate Analyser
Public and private real estate pricing diverges. Which will be proved right?

Contents
UBS global real estate outlook .................................... 3
Key investor questions and our answers .................................. 3
Investment market robust despite political uncertainty ............ 6
Tenant demand stronger than GDP growth implies ................. 7
Real estate returns more reliant on yield ................................. 8
Asset values - absolutely expensive, relatively cheap ................ 8
Listed real estate valuations 'fair' ............................................ 9
The pace of earnings growth fades ....................................... 10
Listed real estate from an asset allocation perspective ........... 12
Listed real estate and 10-year treasury yields ......................... 13
Listed real estate vs equities .................................................. 14
Listed real estate vs physical real estate ................................. 14
Listed real estate and the Fed (or other central banks)........... 16
Implications: higher bond yields on physical property ............ 17
Restructurings, M&A, IPOs and more .................................... 19
Credit markets relatively stable to improving ......................... 22
Country positioning .................................................... 23
UBS global economic outlook .................................... 46
REITs and interest rates .............................................. 49
REITs in inflationary or deflationary times ............... 71
Death of the mall – Reality or hype? ......................... 78
Back to fundamentals ................................................. 94
Investor positioning: 14th annual investor survey . 102
Balance sheets & financing ....................................... 113
Fund flows, short interest & positioning ................. 118
The case for global real estate ................................. 124
The REIT revolution ................................................... 131
Australia ..................................................................... 146
New Zealand .............................................................. 160
Hong Kong ................................................................. 164
China ........................................................................... 177
Japan .......................................................................... 188
Singapore ................................................................... 204
Europe: UK and the Continent ................................. 213
United States ............................................................. 255
Malaysia ..................................................................... 294
Philippines .................................................................. 299
Thailand ...................................................................... 303
Indonesia .................................................................... 307
Mexico ........................................................................ 312
Appendix .................................................................... 317
UBS Global Real Estate Team Contact List ............... 331

胡万平

不错不错啊

yeazhg

尴尬了，似乎是英文。

Nancyscorpio

感谢楼主分享

会开枪的狮子

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