½ðÄê»á

À´Ô´£ºÎïÁªÍø¿ª·¢  £¬×÷Õߣº  £¬£º

ุúÄ㽲࣠ £¬×î½ü¹ðÁÖÁøÖݵÄÀϱíÃǶ¼ÔÚÎÊÒ»¸öÎÊÌ⣺ÁÙÆ½Å®½ÖÕ¾¾¿¾¹ÔÚÄÄ¿­£¿»°ËÃ÷ÈÕâ¸öµØ·½¸ãµÃÉñÃØÙâÙâµÄ  £¬ÌýµÃÈ˶¼ðò×ÓéK¡£ÓÐÈ˽²Ëü½»Í¨±ãµ±  £¬ÓÐÈË˵ÂÑÓö¼Ã»  £¬¸ãµÃÎÒ¶¼Ïëµô¹«¹êÈ¥¿´¿´ßÖ¡£ÄǸü×Ó  £¬ÕâÆª¾ÍÀ´¸øÄã½²½²ÁÙÆ½Å®½ÖÕ¾µÄ×îÐÂλÖà  £¬Ë³´ø°ïÄãÆÊÎöÆÊÎöËü¾¿¾¹Öµ²»ÖµµÃ¿Ë࣡£

ÁÙÆ½Å®½ÖÕ¾×îÐÂλÖà  £¬ÄãÏþµÃû£¿

¶ªÄÇÐÇ  £¬ÁÙÆ½Å®½ÖÕ¾°¤ÂÑÁË£¡ÏÖÔÚµÄλÖÃÊÇÔÚÁÙÆ½Ö÷³ÇÇøÄÇ¿­  £¬¾ßÌåµã¾ÍÊÇ¿¿½üµØÌú2ºÅÏßÑØÏß¡£Äã½²ÊDz»ÊǸü×ӱ㵱£¿ÎÒ¹À¶Ñ  £¬¿Ï¶¨ÊÇרßøÄÇЩ»¨Í·Ñ¼¸ãµÄ  £¬Ïë±ãµ±¿Ë¹ä½ÖÓ÷¹¡£ÖܱßÁíÓÐЩÉ̳¡ºÍС³Ô½Ö  £¬ËãÂÑÃ굀  £¬¹äÒ»Ìì¶¼²»ÅÂûµØ·½¹Õ¡£

²»¹ýßÖ  £¬½²½»Í¨±ãµ±Ò²Òª·Öʱºò࣡£ÔçÉÏá¯ÁëÆÚÄǽÐÒ»¸öÂѼ·  £¬¼òÖ±ÊÇË£niaá̶¼Ã»µØ·½Õ¾¡£ÄãÈç¹û²»Ïë¸ãŨˮ  £¬½¨Òé×îºÃ±Ü¿ªÉÏϰàʱ¼ä  £¬Ñ¡¸öÂéÖ±µÄʱ¶ÎÔÙ¿Ë¡£½²µ½ÕâÀï  £¬ÁÙÆ½Å®½ÖÕ¾µÄλÖÃÕÕ¾ÉÂÑ»ðÌÌ  £¬ËæÊ±ÏëÍæÏë³Ô¶¼ÄܸãµÃ¶¨¡£

ÖܱßÓиãÍ·µÄµØ·½  £¬ËãÂÑÃÍࣣ¿

ÌýÎÒ½²à£  £¬ÁÙÆ½Å®½ÖÕ¾ËÄÖÜÓиãÍ·µÄµØ·½¼òÖ±Ëã¹ýÁú¡£É¶É̳¡¡¢Ð¡³Ô½Ö  £¬Âé·³ÂѶ¼µß¡£ÓÈÆäÊÇ³ÔµÄ  £¬Ê²Ã´ÁøÖÝÂÝòÏ·Û¡¢¹ðÁÖÃ×·Û¶¼ÓÐ  £¬ÂѺúȵÃÄãˬµ½ÂѶ¼µø¡£ÁíÓиöÉ̳¡ÀïÍ·  £¬×¨ÃŸãÁËÐ©Íøºìµê  £¬ÅÄÕÕ´ò¿¨ÄÇÊÇûÂÑÀíµÄÀ˲ÙÐÄÇé¡£

ÐÑÁúµã£º¿ËÅ®½ÖÕ¾¼ÇµÃ´ø¸öС±³°ü  £¬·ÅµÃϹ¤¾ßÓÖÇá±ã  £¬Ã»È»ÊÖ¶¼¸ãÍÑÆ¤¡£

²»¹ýßÖ  £¬ÖܱßÍ£³µÎ»ÉÙµÃÂÑë»Ò  £¬¿ª³µ¿ËµÄÅóÓÑҪôÔçµã  £¬Ã»È»¾ÍµÈ×ÅÈÆÈ¦È¦¡£×øµØÌúµÄ»°µ¹ÊDZ㵱  £¬¾¿¾¹¾ÍÔÚµØÌú¿ÚÅﱧ  £¬Ò»Ï³µ¾ÍÄÜÖ±½Ó½ø½ÖÍ·¹Õ¡£

ÁÙÆ½Å®½ÖÕ¾ÊDz»ÊÇñ²µÃÂѶ¼µø£¿

Ïà¹ØÍ¼Æ¬

ßÖ  £¬ÁÙÆ½Å®½ÖÕ¾Õâ¸öµØ·½ÕæÊÇÓиãÍ·Ò²ÓиãʺµÄµØ·½¡£Ïë³ÔÏë¹äµÄ  £¬ÂÑÊÇµÄ  £¬ËæÊ±¶¼ÄÜˬ£»µ«½²µ½È˶àµÄʱºò  £¬ÄǽÐÒ»¸ö¸ãÂÑû¼û  £¬¼·µÃÄã¶¼»³ÒÉÈËÉú¡£ÁíÓÐЩС̯··  £¬¸ãµÃÈý½ÅèµÄ¹¤¾ß  £¬¹óµÃµôÄ㹫¹ê  £¬Âò֮ǰ×îºÃÕö´óÑÛ¾¦  £¬±ð±»¿Ó࣡£

Ïà¹ØÍ¼Æ¬

²»¹ý×ÜÌåÀ´¿´  £¬Õâ¸öµØ·½ÕÕ¾ÉÖµµÃ¿ËÒ»´Î¡£ÄãÏë³ÔÁøÖݵÄÂÝòÏ·ÛÕվɹðÁÖµÄÃ×·Û  £¬ÕâÀï¶¼ÄÜÕÒ»ñµÃ¡£ÄÄžÍËæ±ã¹ÕһȦ  £¬ÅĸöÕÕ·¢ÅóÓÑȦ  £¬Ò²Ëã²»Ðé´ËÐÐ࣡£


Ïà¹ØÍ¼Æ¬

ÄǾ¿¾¹ÁÙÆ½Å®½ÖÕ¾½»Í¨ÊDz»ÊDZ㵱£¿ÂÑÊÇµÄ  £¬µ«Äã×îºÃ±Ü¿ªá¯ÁëÆÚ  £¬Ã»È»´ðÄã¶¼À§¡£ËæÊ±ÏëÒªÕҳԵġ¢¹ä½Ö´ò¿¨  £¬ÕâÀï¿Ï¶¨Ã»ÎÊÌâ  £¬¿ËÊÔÏÂ×ÓÄã¾ÍÏþµÃ¡£

ÁÙÆ½Å®½ÖÕ¾, ×îÐÂλÖÃ, ÁøÖݹðÁÖ½»Í¨, Å®½Ö³ÔºÈ, µØÌúÕ¾±ãµ±

Ïà¹ØÍ¼Æ¬

¡¶Ò˲ýÏ´Ô§ÑìÔ¡ÄÄÀïºÃ¡·

VC¾ùÈȰåÄÚ²¿Ò²ÓÐÁ¢Òì  £¬ºìħÊ×´´Á˳¬¸ßÃܶÈëϸ»ØÁ÷¼Æ»®  £¬Ã«Ï¸ÃܶÈÌáÉýÁË30%  £¬ÀäÈ´Òº»ØÁ÷ËÙ¶È´ó·ùÌáÉý¡£¾Ýºìħ¹Ù·½Ðû³Æ  £¬³¬ºñ±ù½×VCÄܹ»ÊµÏÖСÓÚ2¡ãCµÄÀäÈÈÇøÎ²î  £¬ÎªÊÖ»ú´øÀ´Ç¿¾¢¾ùÈÈ¡¢É¢ÈÈÄÜÁ¦¡£

¡¶¶¼»áÔõçÛÕÒÅ®È˹ýÐÔÉú»î¡·

¡°ÑÝÒÕ¾­¼Ã×÷Ϊ¶¼»áÎÄ»¯µÄÖØÒª×é³É²¿·Ö  £¬ÊÇÁ÷´«¶¼»áÎÄ»¯¡¢ÕÃÏÔ¶¼»áÆøÖʵÄÖØÒªÔØÌå  £¬Ò²ÊÇÌáÕñÎÄÂÃÊг¡Ïû·ÑÐÅÐĵÄÖØÒªÊµ¼ù¡£¡±ÀîÕò½øÒ»²½²ûÊÍ  £¬Æä²ýÊ¢Éú³¤²»µ«¸»ºñÁ˶¼»áÎÄ»¯ÄÚº­  £¬»¹ÏÔÖøÌáÉýÁ˶¼»áÎÄ»¯Æ·Î»ºÍÐÎÏó¡£

¡¶¼ËÅ®ÉÏÃÅҪעÒâʲô¡·

ÄÜÔ´»ù½¨ÏîÄ¿ÆÕ±é¾ßÓС°Í¶×ʹæÄ£´ó¡¢½ÓÄÉÖÜÆÚ³¤(ͨ³£10-20Äê)¡±µÄÌØµã  £¬´¿´âÒÀÀµÆóÒµ×ÔÓÐ×ʽð»òÒøÐдû¿î  £¬ÈÝÒ×ÃæÁÙ×ʽðÕ¼ÓÃѹÁ¦´ó¡¢¸Ü¸ËÂÊÆ«¸ßµÄÎÊÌâ¡£pre-REITsµÄ½éÈë¿ÉÌáǰÅÌ»î´æÁ¿×ʲú  £¬½«Î´À´µÄÎȶ¨ÏÖ½ðÁ÷ת»¯ÎªÄ¿½ñµÄ½¨Éè×ʽð  £¬ÓÃÓÚÐÂÏîĿͶ×Ê  £¬¹¹½¨¡°Í¶×Ê¡ªÅàÓý¡ªÍ˳ö¡ªÔÙͶ×Ê¡±µÄÈ«ÖÜÆÚ×ʱ¾±Õ»·  £¬½â¾ö¹Å°å»ù½¨¡°ÖØ×ʲú¡¢³¤ÖÜÆÚ¡¢µÍÖÜת¡±µÄÈÚ×ÊÍ´µã  £¬ÎüÒýºã¾Ã×ʱ¾(°ü¹Ü¡¢Éç±£¡¢PE/VC)¼ÓÈë  £¬·Å´ó²ÆÎñÓë¹úÆó×ʽðÇ˶¯Ð§Ó¦¡£

¡¶Å®ÈËÓаëÌ×ЧÀÍÂð¡·

½ðÍú´ï£¨Æ·ÅÆAKD£©½¨Á¢ÓÚ2009Äê  £¬ÊÇÒ»¼ÒÖÂÁ¦Óڸ߶Ë×Ô¶¯»¯½¹µãÁ㲿¼þÑз¢¡¢Éú²ú¡¢ÏúÊÛÒ»ÌåµÄ¹ú¼Ò¸ßм¼ÊõÆóÒµ¡¢¹ã¶«Ê¡×¨¾«ÌØÐ¼¼ÊõÆóÒµ¡£

ÍøÕ¾µØÍ¼