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\u5f20\u9f99\u670b\u53cb\u5708\u6700\u8fd1\u7684\u52a8\u6001\u662f\u4ed6\u8eab\u7740\u897f\u88c5\uff0c\u5728\u81ea\u5bb6\u8c6a\u5b85\u7684\u6c5f\u666f\u5927\u9633\u53f0\u9760\u7740\u680f\u6746\u8fdc\u773a\u91cd\u5e86\u6e1d\u4e2d\u534a\u5c9b\u7684\u7167\u7247\u3002<\/p>\n
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\u5f20\u9f99\u73b0\u5728\u59bb\u79bb\u5b50\u6563\uff0c\u670b\u53cb\u5bb6\u7684\u6c99\u53d1\u662f\u4ed6\u6682\u65f6\u6b47\u811a\u5730\u3002\u4ed6\u773c\u795e\u6da3\u6563\uff0c\u6212\u5907\u5fc3\u91cd\uff0c\u4e0d\u8f7b\u6613\u544a\u8bc9\u522b\u4eba\u73b0\u5c45\u5730\u5740\u3002<\/p>\n
\u5f20\u9f99\u8eab\u8fb9\u5f88\u591a\u670b\u53cb\u9762\u4e34\u4e0e\u4ed6\u76f8\u540c\u7684\u5904\u5883\u3002\u4ed6\u4eec\u66fe\u7ecf\u8f7b\u677e\u5750\u62e5\u8c6a\u5b85\u8c6a\u8f66\uff0c\u6325\u91d1\u5982\u571f\uff0c\u4f46\u5728\u77ed\u6682\u51e0\u4e2a\u6708\u95f4\uff0c\u8d44\u4ea7\u5c3d\u5931\u3001\u4e0a\u4e86\u5f81\u4fe1\u9ed1\u540d\u5355\uff0c\u4e0d\u4ec5\u5931\u53bb\u51e0\u5341\u5e74\u79ef\u7d2f\u7684\u8d44\u4ea7\uff0c\u8fd8\u80cc\u4e0a\u6210\u767e\u4e0a\u5343\u4e07\u7684\u503a\u52a1\u3002<\/p>\n
\u4ed6\u4eec\u90fd\u53c2\u52a0\u8fc7\u4e00\u4e2a\u7531\u201c\u91d1\u671d\u9633\u8d22\u5546\u6559\u80b2\u96c6\u56e2\u201d\u7ec4\u7ec7\u7684\u57f9\u8bad\uff0c\u8fd9\u662f\u4e00\u4e2a\u6d89\u53ca\u8d44\u91d1\u7ea6900\u4ebf\u7684\u9a97\u5c40\uff0c\u5168\u56fd\u6709\u8d85\u8fc7\u4e94\u4e07\u5bb6\u5ead\u5377\u5165\u91d1\u671d\u9633\u3002\u9a97\u5c40\u4e4b\u4e0b\uff0c\u5df2\u6709\u591a\u8d77\u547d\u6848\u3002\u636e\u91d1\u671d\u9633\u5b66\u5458\u5185\u90e8\u7edf\u8ba1\uff0c\u5df2\u67094\u540d\u5b66\u5458\u56e0\u6b20\u94b1\u88ab\u6740\uff0c\u4ea6\u67093\u540d\u5b66\u5458\u56e0\u65e0\u529b\u8fd8\u503a\u9009\u62e9\u81ea\u6740\u3002<\/p>\n
\u8f7b\u677e\u6b65\u5165\u4e2d\u4ea7<\/p>\n
2013\u5e747\u6708\u7684\u4e00\u5929\uff0c\u91cd\u5e86\u5357\u6ee8\u8def\u4e00\u5bb6\u4e94\u661f\u7ea7\u9152\u5e97\u91cc\uff0c\u6b63\u4e0a\u6f14\u91d1\u671d\u9633IFC\uff08\u8d22\u5bcc\u5546\u5b66\u9662\uff0936\u671f\u7684\u6700\u540e\u4e00\u5802\u8bfe\u3002<\/p>\n
\u5f20\u9f99\u9762\u5bf9\u53f0\u4e0b500\u4f4d\u5b66\u5458\uff0c\u6b63\u5728\u5c55\u793a\u81ea\u5df1\u7684\u201c\u4e94\u5e74\u89c4\u5212\u201dppt\u3002\u4ed6\u5f88\u7626\uff0c\u65b0\u4e70\u7684\u897f\u88c5\u5e76\u4e0d\u5408\u8eab\uff0c\u8fd9\u5e76\u4e0d\u59a8\u788d\u4ed6\u7684\u70ed\u8840\u6f8e\u6e43\u3002\u8ba1\u5212\u91cc\uff0c\u4e94\u5e74\u5185\uff0c\u5f20\u9f99\u8981\u5e26\u5168\u5bb6\u4f4f\u8fdb\u56db\u5c42\u697c\u9ad8\u7684\u522b\u5885\uff0c\u6bcf\u6708\u5168\u5bb6\u90fd\u6709\u51fa\u6e38\u8ba1\u5212\uff0c\u6bcf\u5e74\u8fd8\u8981\u51fa\u56fd\u65c5\u6e38\u3002\u5f20\u9f99\u4eca\u5e74\u7684\u76ee\u6807\u662f\u9a6c\u5c14\u4ee3\u592b\uff0cppt\u4e0a\u9a6c\u5c14\u4ee3\u592b\u5929\u84dd\u6d77\u84dd\uff0c\u5ea6\u5047\u5c4b\u5b81\u9759\u7965\u548c\u3002<\/p>\n
\u6700\u540e\u4e00\u5802\u8bfe\u6c14\u6c1b\u8fbe\u5230\u9ad8\u6f6e\uff0c\u6bcf\u4e2a\u5b66\u5458\u5728\u8bb2\u5e08\u7684\u5e26\u9886\u4e0b\u5c55\u793a\u68a6\u60f3\u3002\u6e38\u8247\u3001\u9ad8\u5c14\u592b\u3001\u522b\u5885\u3001\u8c6a\u8f66\uff0c\u8fd9\u4e9b\u5143\u7d20\u5728\u5b66\u5458\u4eec\u7684ppt\u91cc\u8f6e\u756a\u4e0a\u9635\u3002<\/p>\n
\u8fd9\u5802\u4ef7\u503c7.88\u4e07\u5143\u7684\u91d1\u671d\u9633\u8bfe\u7a0b\u544a\u8bc9\u5b66\u5458\uff0c\u8fbe\u5230\u68a6\u60f3\u53ef\u4ee5\u8f7b\u800c\u6613\u4e3e\u3002<\/p>\n
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2013\u5e74\uff0c\u91cd\u5e86\u7684\u623f\u4ef7\u8fd8\u5728\u7a33\u5b9a\u4e0a\u5347\uff0c\u7a33\u5b9a\u4e86\u5f90\u6587\u4e3d\u548c\u5f20\u9f99\u7684\u4fe1\u5fc3\u3002<\/p>\n
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\u8981\u8fdb\u5165BCC\u5b66\u4e60\uff0c\u5b66\u8d39\u4e0d\u83f2\u3002\u4e00\u4f4dBCC\u5b66\u5458\u5411\u7f51\u6613\u300a\u8def\u6807\u300b\u900f\u9732\uff0c\u4e0aBCC\u8bfe\u7a0b\u9700\u8d2d\u4e70100\u4e07Pre-REITs\uff0c20\u4e07\u4f1e\u578b\u6295\u8d44\uff0c\u79cd\u5b50\u91d1100\u4e07\uff0c\u9879\u76ee\u91d1300\u4e07\uff0c\u8d44\u91d1\u6c60100\u4e07\uff0c\u603b\u5171\u6bcf\u5bb6\u6700\u5c11620\u4e07\u5143\u3002<\/p>\n
\u636e\u91d1\u671d\u9633BCC\u5b66\u5458\u4f30\u7b97\uff0c\u524d\u540e\u6709\u8d85\u8fc74000\u4e2a\u5bb6\u5ead\u53c2\u52a0BCC\u5b66\u4e60\uff0cIFC\u57f9\u8bad\u5168\u56fd\u52a0\u8d77\u6765\u8d85\u8fc7100\u671f\uff0c\u5e73\u5747\u6bcf\u671f500\u4eba\u3002<\/p>\n
\u5f20\u9f99\u6ca1\u6709\u53c2\u52a0BCC\uff0c\u4ed6\u5c31\u662f\u8bb2\u5e08\u5634\u91cc\u8f6f\u786c\u4e0d\u5403\u3001\u987d\u56fa\u4e0d\u5316\u7684\u201c\u732a\u201d\uff0c\u5c3d\u7ba1\u5982\u6b64\uff0c\u4ed6\u7684\u94b1\u8fd8\u662f\u90e8\u5206\u6d41\u5411\u4e86Pre-REITs\u3002\u91d1\u671d\u9633\u4f53\u7cfb\u91cc\uff0c\u56e0\u4e3a\u4eba\u4eba\u76f8\u8fde\u7684\u501f\u8d37\u5173\u7cfb\uff0c\u5b66\u5458\u4e4b\u95f4\u5b9e\u8d28\u4e0a\u5f62\u6210\u4e86\u4e00\u4e2a\u201c\u547d\u8fd0\u5171\u540c\u4f53\u201d\u3002\u6ca1\u6709\u76f4\u63a5\u53c2\u52a0BCC\u7684\u5b66\u5458\u7684\u8d44\u91d1\u4e5f\u88ab\u88f9\u631f\u7740\u6d41\u5165Pre-REITs\u3002<\/p>\n
REITs\u5373\u623f\u5730\u4ea7\u4fe1\u6258\u6295\u8d44\u57fa\u91d1\u3002\u901a\u8fc7\u8d44\u4ea7\u8bc1\u5238\u5316\u7684\u65b9\u5f0f\uff0c\u628a\u6d41\u52a8\u6027\u8f83\u4f4e\u7684\u623f\u5730\u4ea7\u6295\u8d44\u76f4\u63a5\u8f6c\u5316\u4e3a\u8d44\u672c\u5e02\u573a\u4e0a\u7684\u8bc1\u5238\u8d44\u4ea7\u3002<\/p>\n
\u5728\u91d1\u671d\u9633\u7684\u4ecb\u7ecd\u91cc\uff0cPre-REITs\u6536\u76ca\u60ca\u4eba\uff0c\u6700\u9ad8\u5e74\u6536\u76ca\u8fbe100%\uff0c\u6700\u4f4e\u4e5f\u670940%\u3002\u5728\u91d1\u671d\u9633\u7684\u6f14\u793a\u6587\u6863\u91cc\uff0cPre-REITs\u88ab\u5f62\u5bb9\u4e3a\u521b\u9020\u4ebf\u4e07\u5bcc\u7fc1\u7684\u98de\u789f\u3002<\/p>\n
\u5728\u5f53\u65f6\u5411\u5b66\u5458\u7684\u4ecb\u7ecd\u91cc\uff0c\u91d1\u671d\u9633\u795e\u5316\u4e86REITs\u7684\u6295\u8d44\u56de\u62a5\u80fd\u529b\uff0c\u201cReits\u5728\u5404\u79cd\u5e02\u573a\u73af\u5883\u4e0b\u90fd\u4fdd\u6301\u4e86\u7a33\u5b9a\u7684\u5206\u7ea2\u56de\u62a5\uff0c\u663e\u8457\u7684\u8d85\u8fc7\u5176\u4ed6\u8bc1\u5238\u7684\u5e73\u5747\u6c34\u5e73\u201d\u3002<\/p>\n
\u91d1\u671d\u9633\u4e0d\u65ad\u7ed9\u5b66\u5458\u753b\u997c\uff0c\u997c\u8d8a\u753b\u8d8a\u5927\uff0c\u8d2a\u6b32\u4e5f\u8d8a\u6765\u8d8a\u5927\u3002\u548c\u5f20\u9f99\u4e00\u8d77\u4e0aIFC\u7684\u5b66\u5458\u6709\u7684\u4ea4\u4e0d\u8d77100\u4e07Pre-REITs\u7684\u95e8\u69db\uff0c\u82b1\u4e09\u5206\u5229\u606f\u501f\u94b1\u4e5f\u8981\u4e70\u3002\u672c\u8eab\u8d44\u4ea7\u96c4\u539a\u7684\u5b66\u5458\u4e5f\u628a\u94b1\u5168\u90fd\u7838\u8fdb\u53bb\uff0c\u4e00\u4f4d\u5317\u4eac\u7684\u65e9\u671fBCC\u5b66\u5458\uff0c\u4e0d\u4ec5\u628a\u81ea\u5df1\u6240\u6709\u7684\u8d44\u4ea7\u7838\u8fdb\u53bb\uff0c\u8fd8\u6316\u7a7a\u81ea\u5df1\u6240\u6709\u80fd\u501f\u94b1\u7684\u9014\u5f84\uff0c\u6700\u7ec8\u7838\u4e864000\u4e07\u8fdb\u91d1\u671d\u9633\u5e73\u53f0\u3002<\/p>\n
\u897f\u5357\u8d22\u7ecf\u5927\u5b66\u9886\u5bfc\u4e2d\u56fd\u5bb6\u5ead\u91d1\u878d\u8c03\u67e5\u591a\u5e74\u7684\u5b66\u8005\u7518\u7281\u544a\u8bc9\u7f51\u6613\u300a\u8def\u6807\u300b\uff0cREITs\u5728\u7f8e\u56fd\u4e0d\u8fc7\u662f\u4e00\u6b3e\u666e\u901a\u7684\u7406\u8d22\u4ea7\u54c1\uff0c\u5e76\u4e0d\u53ef\u80fd\u8fbe\u5230\u8fd9\u4e48\u9ad8\u7684\u6536\u76ca\u3002<\/p>\n
\u91d1\u671d\u9633\u5728\u6df1\u5733\u6210\u7acb\u4e86\u91d1\u76c8\u6ca3\u80a1\u6743\u6295\u8d44\u57fa\u91d1\uff08\u6df1\u5733\uff09\u80a1\u4efd\u516c\u53f8\uff0c\u518d\u5c06\u5404\u4e2a\u57ce\u5e02\u7684\u5206\u516c\u53f8\uff0c\u6253\u5305\u6210REITs\u4ea7\u54c1\uff0c\u5728\u4e0a\u6d77\u80a1\u6743\u6258\u7ba1\u4ea4\u6613\u5e73\u53f0\u6302\u724c\uff0c\u5b66\u5458\u8d2d\u4e70\u4ea7\u54c1\uff0c\u5c31\u662f\u8ba4\u8d2d\u5206\u516c\u53f8\u7684\u80a1\u6743\u3002\u7f51\u6613\u300a\u8def\u6807\u300b\u63a5\u89e6\u7684\u591a\u4f4dBCC\u5b66\u5458\uff0c\u6709\u7684\u624b\u4e0a\u6301\u6709\u5206\u516c\u53f8\u5f00\u5177\u7684\u80a1\u6743\u8bc1\u660e\u4e66\uff0c\u6709\u7684\u5e76\u672a\u6536\u5230\u4efb\u4f55\u8bc1\u660e\uff0c\u7f51\u6613\u300a\u8def\u6807\u300b\u95ee\u53ca\u662f\u5426\u4e3a\u8ba4\u8d2d\u80a1\u6743\u7684\u65b9\u5f0f\uff0c\u5bf9\u65b9\u8868\u793a\u5e76\u4e0d\u6e05\u695a\u3002<\/p>\n
\u91d1\u671d\u9633\u5185\u90e8\u8d44\u6599\u663e\u793a\uff0c\u91d1\u671d\u9633\u82b1\u4e86300\u4ebf\u5143\u8d2d\u7f6e\u5404\u7c7b\u5730\u4ea7\u9879\u76ee\uff0c\u5305\u62ec5\u5bb6\u4e94\u661f\u7ea7\u9152\u5e97\u300110\u680bAA\u7ea7\u5199\u5b57\u697c\u3001\u8fd8\u6709\u5176\u4ed6\u7684\u5546\u4e1a\u7efc\u5408\u4f53\u3001\u516c\u5bd3\u4e4b\u7c7b\u7684\uff0c\u91cd\u70b9\u9879\u76ee\u662f\u5e7f\u5dde\u65b0\u5929\u5e0c\u5c14\u987f\u9152\u5e97\u3001\u4e0a\u6d77\u56fd\u9645\u822a\u8fd0\u4e2d\u5fc3\u3001\u5317\u4eac\u4e07\u79d1\u5927\u90fd\u4f1a\u3001\u91cd\u5e86\u56fd\u91d1\u4e2d\u5fc3\u7b49\u3002<\/p>\n
\u636e\u300a\u7ecf\u6d4e\u89c2\u5bdf\u62a5\u300b\u7edf\u8ba1\uff0c\u91d1\u671d\u9633\u4ec5\u5b66\u8d39\u4e00\u9879\u6536\u5165\u4fbf\u8fbe\u5230288\u4ebf\u5143\u5de6\u53f3\u3002\u91d1\u671d\u9633\u65b9\u9762\u79f0\uff0cPre-REITs\u53d1\u884c400\u4ebf\u5143\uff0c\u80a1\u6743\u6295\u8d44\u57fa\u91d1150\u4ebf\u5143\uff0c\u98ce\u6295\u57fa\u91d150\u4ebf\u5143\uff0c\u5176\u540e\u671f\u53c8\u8ffd\u52a0\u53d1\u884c\u4e86\u4e00\u6279\u201c\u516c\u53f8\u77ed\u503a\u201d\u3002\u6570\u5b57\u76f8\u52a0\uff0c\u91d1\u671d\u9633\u603b\u6d89\u53ca\u8d44\u91d1\u7ea6\u5728900\u4ebf\u5143\u5de6\u53f3\u3002\u8fd9\u4e9b\u94b1\u5f53\u4e2d\uff0c\u9664300\u4ebf\u5143\u7cfb\u91d1\u671d\u9633\u79f0\u5df2\u8d2d\u4e70\u5546\u4e1a\u5730\u4ea7\u548c\u522b\u5885\u7b49\u4e4b\u5916\uff0c\u5176\u4ed6\u8d44\u91d1\u7528\u9014\u5e76\u672a\u516c\u5f00\u3002<\/p>\n
Pre-REITs\u9ad8\u6536\u76ca\u5206\u7ea2\u7684\u795e\u8bdd\u57282013\u5e74\u4e0b\u534a\u5e74\u7834\u88c2\u3002\u4ece2014\u5e74\u5f00\u59cb\u5230\u73b0\u5728\uff0cPre-REITs\u518d\u65e0\u5206\u7ea2\u3002\u4e4b\u524d\u7684\u5206\u7ea2\u6536\u76ca\u4e5f\u5927\u591a\u4ee5\u6269\u80a1\u7684\u5f62\u5f0f\u6eda\u52a8\u30022014\u5e74\u4e0b\u534a\u5e74\uff0c\u91d1\u671d\u9633\u5df2\u7ecf\u62db\u6536\u4e0d\u5230\u5b66\u5458\uff0c\u4e5f\u5f88\u5c11\u6709\u65b0\u7684\u5b66\u5458\u52a0\u5165BCC\u8d2d\u4e70Pre-REITs\u3002<\/p>\n
2014\u5e747\u6708\uff0c\u91d1\u671d\u9633\u5e73\u53f0\u5185\u90e8\u964d\u606f\uff0c\u4e92\u76f8\u501f\u8d37\u4ece\u4ee5\u524d\u76843\u5206\u964d\u52302\u5206\u5229\u606f\u3002\u8fd9\u662f\u91d1\u671d\u9633\u5d29\u76d8\u7684\u5bfc\u706b\u7d22\u3002\u201c\u91d1\u671d\u9633\u66fe\u628a\u4fe1\u7528\u5f53\u4f5c\u6838\u5fc3\u4ef7\u503c\u89c2\uff0c\u672a\u7ecf\u5b66\u5458\u540c\u610f\uff0c\u76f4\u63a5\u964d\u606f\uff0c\u8fd9\u4e0d\u662f\u7ed9\u81ea\u5df1\u6253\u8138\u5417\uff1f\u201d\u5305\u62ec\u5f20\u9f99\u5728\u5185\u7684\u4f17\u591a\u91d1\u671d\u9633\u5b66\u5458\uff0c\u4ece\u8fd9\u65f6\u5f00\u59cb\u6000\u7591\u91d1\u671d\u9633\u5e73\u53f0\u3002<\/p>\n
\u5f88\u591a\u4eba\u60f3\u8981\u4fdd\u5168\u4e0b\u8f66\uff0c\u4f46\u5df2\u505c\u4e0d\u4e0b\u6765\u3002<\/p>\n
\u5b66\u5458\u4e4b\u95f4\u653e\u503a\u7684\u94b1\u6536\u4e0d\u56de\u6765\uff0c\u91d1\u671d\u9633\u5c31\u53d1\u884c\u77ed\u503a\uff0c\u9f13\u52b1\u5b66\u5458\u4ee5REITs\u62b5\u503a\uff0c\u5c06\u79c1\u4eba\u503a\u52a1\u5173\u7cfb\u8f6c\u79fb\u5230\u5e73\u53f0\u3002\u4e00\u4f4d\u5df2\u7ecf\u9000\u51fa\u91d1\u671d\u9633\u7684\u5b66\u5458\u56e0\u4e3a\u6536\u4e0d\u56de\u6765\u94b1\uff0c\u6700\u540e\u6f14\u53d8\u4e3a\u8d2d\u4e70\u91d1\u671d\u9633\u77ed\u503a700\u4e07\uff0c\u77ed\u503a\u5229\u606f\u6bd4\u4e09\u5206\u4f4e\uff0c\u6536\u4e0d\u56de\u672c\u91d1\uff0c\u4e5f\u53ea\u80fd\u65e0\u5948\u63a5\u53d7\u3002\u52302015\u5e747\u6708\uff0c\u91d1\u671d\u9633\u8fde\u77ed\u503a\u7684\u5229\u606f\u4e5f\u505c\u6b62\u652f\u4ed8\u3002<\/p>\n
\u7f51\u6613\u300a\u8def\u6807\u300b\u5b9e\u5730\u8d70\u8bbf\u91d1\u671d\u9633\u5728\u91cd\u5e86\u5206\u516c\u53f8\u5730\u5740\uff0c\u53d1\u73b0\u5df2\u4eba\u53bb\u697c\u7a7a\u3002\u800c\u91d1\u671d\u9633\u7684\u65e9\u671f\u5b66\u5458\u3001\u91d1\u671d\u9633\u591a\u5bb6\u516c\u53f8\u8463\u4e8b\uff0c\u540c\u65f6\u4e5f\u662f\u91cd\u5e86\u5927\u5b66\u526f\u6559\u6388\u7684\u9648\u5fb7\u5f3a\uff0c\u4e5f\u5411\u7f51\u6613\u300a\u8def\u6807\u300b\u8868\u793a\uff0c\u91d1\u671d\u9633\u65e9\u5df2\u505c\u6b62\u8fd0\u8425\uff0c\u4ed6\u540c\u725b\u5609\u6797\u7b49\u4eba\u4e5f\u65e0\u6765\u5f80\u3002<\/p>\n
\u5b66\u5458\u4eec\u6b64\u65f6\u4ece\u91d1\u671d\u9633\u5df2\u62ff\u4e0d\u5230\u4efb\u4f55\u6536\u76ca\uff0c\u4f46\u501f\u94b1\u7684\u94f6\u884c\u3001\u5c0f\u8d37\u3001\u79c1\u4eba\u7684\u5229\u606f\u5374\u6ca1\u505c\u4e0b\u6765\u3002\u8d1f\u503a\u7684\u589e\u957f\u72b9\u5982\u9ed1\u6d1e\uff0c\u4e00\u4e2a\u63a5\u7740\u4e00\u4e2a\u541e\u566c\u7740\u91d1\u671d\u9633\u5b66\u5458\u3002<\/p>\n
\u201c\u4f60\u96be\u9053\u4e0d\u4eab\u53d7\u88ab\u6298\u78e8\u7684\u611f\u89c9\uff1f\u201d<\/p>\n
\u5982\u540c\u591a\u7c73\u8bfa\u9aa8\u724c\u6548\u5e94\uff0c\u5d29\u76d8\u7684\u8fde\u9501\u53cd\u5e94\u4e5f\u964d\u4e34\u5230\u5f20\u9f99\u5934\u4e0a\u3002<\/p>\n
2015\u5e744\u6708\u4e00\u5929\uff0c\u5f20\u9f99\u8bb0\u5f97\u90a3\u662f\u4e2a\u4e0b\u96e8\u5929\uff0c\u4ed6\u5728\u8fd9\u5929\u8981\u529e\u7406\u8c6a\u5b85\u7684\u62b5\u62bc\u8d37\u6b3e\u7684\u7b2c\u4e00\u6b21\u51b2\u8d37\u3002<\/p>\n
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