{"id":1314,"date":"2006-05-06T23:11:50","date_gmt":"2006-05-06T15:11:50","guid":{"rendered":"http:\/\/raymondwu888.wordpress.com\/2006\/05\/06\/2006%e5%b9%b4%e5%85%a8%e7%90%83%e6%88%bf%e5%9c%b0%e7%94%a2%e9%97%9c%e9%8d%b5%e5%a0%b1%e5%91%8a%ef%bc%9a%e6%96%b0%e8%88%88%e5%b8%82%e5%a0%b4%e9%a9%9a%e8%b1%94%e8%b5%b7%e6%bc%b2"},"modified":"2006-05-06T23:11:50","modified_gmt":"2006-05-06T15:11:50","slug":"2006%e5%b9%b4%e5%85%a8%e7%90%83%e6%88%bf%e5%9c%b0%e7%94%a2%e9%97%9c%e9%8d%b5%e5%a0%b1%e5%91%8a%ef%bc%9a%e6%96%b0%e8%88%88%e5%b8%82%e5%a0%b4%e9%a9%9a%e8%b1%94%e8%b5%b7%e6%bc%b2","status":"publish","type":"post","link":"https:\/\/rebalancing.tw\/raymondwu\/2006\/05\/06\/2006%e5%b9%b4%e5%85%a8%e7%90%83%e6%88%bf%e5%9c%b0%e7%94%a2%e9%97%9c%e9%8d%b5%e5%a0%b1%e5%91%8a%ef%bc%9a%e6%96%b0%e8%88%88%e5%b8%82%e5%a0%b4%e9%a9%9a%e8%b1%94%e8%b5%b7%e6%bc%b2\/","title":{"rendered":"2006\u5e74\u5168\u7403\u623f\u5730\u7522\u95dc\u9375\u5831\u544a\uff1a\u65b0\u8208\u5e02\u5834\u9a5a\u8c54\u8d77\u6f32"},"content":{"rendered":"
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2006<\/span><\/b>\u5e74\u5168\u7403\u623f\u5730\u7522\u95dc\u9375\u5831\u544a\uff1a\u65b0\u8208\u5e02\u5834\u9a5a\u8c54\u8d77\u6f32 <\/span><\/span><\/b><\/p>\n

\u672c\u7bc7\u6587\u7ae0\u6458\u81ea\uff1a\u5546\u696d\u9031\u520a\u7b2c 962 <\/span>\u671f
<\/span>\u4f5c\u8005\uff1a\u8cc0\u6842\u82ac <\/span><\/span><\/p>\n

\u5168\u7403\u623f\u5730\u7522\u5e02\u5834\u6b63\u7d93\u6b77<\/span>15<\/span>\u5e74\u4f86\u50c5\u898b\uff0c\u6709\u4e9b\u5730\u65b9\u751a\u81f3\u662f\u53f2\u4e0a\u9996\u898b\u7684\u666f\u6c23\u5927\u6f6e\uff0c\u4e14\u9019\u4e00\u6ce2\u7684\u623f\u5730\u7522\u5e02\u5834\u71b1\u6f6e\uff0c\u4e0d\u50c5\u5730\u9ede\u65b0\u8208\uff0c\u6a19\u7684\u4e5f\u5f88\u53e6\u985e\uff0c\u4f4f\u5b85\u548c\u5546\u696d\u5927\u6a13\u5df2\u4e0d\u7a00\u5947\uff0c\u4f11\u9592\u3001\u990a\u751f\u7684\u4e0d\u52d5\u7522\u624d\u6b63\u7576\u7d05\u3002<\/span><\/span><\/p>\n

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\u5168\u7403\u623f\u5730\u7522\u5e02\u5834\u4e4b\u6240\u4ee5\u767c\u71d2\uff0c\u662f\u56e0\u70ba\u96e3\u5f97\u4e00\u898b\u7684\u5929\u6642\u5730\u5229\u4eba\u548c\uff1a\u9996\u5148\u662f\u5229\u7387\u4e0b\u6ed1\u5230\u6b77\u53f2\u4f4e\u9ede\uff0c\u8cfc\u8cb7\u623f\u5730\u7522\u7684\u6210\u672c\u5927\u5e45\u964d\u4f4e\uff1b\u5176\u6b21\u662f\u6295\u8cc7\u4eba\u5728\u4e8c<\/span>\u25cb\u25cb<\/span>\u4e00\u5e74\u80a1\u5e02\u56e0\u70ba\u7db2\u8def\u6ce1\u6cab\u7834\u6ec5\u800c\u5d29\u76e4\u5f8c\uff0c\u5c0d\u8b49\u5238\u5e02\u5834\u5931\u53bb\u4fe1\u5fc3\uff0c\u8f49\u5411\u5831\u916c\u7387\u8f03\u5177\u5438\u5f15\u529b\u7684\u623f\u5730\u7522\u5e02\u5834\uff1b\u518d\u4f86\u662f\u8fd1\u5e74\u5168\u7403\u7d93\u6fdf\u6210\u9577\u8868\u73fe\u4e0d\u51e1\uff0c\u9020\u6210\u5c0d\u65bc\u623f\u5730\u7522\u7684\u9700\u6c42\u589e\u52a0\u3002<\/span><\/span><\/p>\n

\u5c0d\u65bc\u9019\u4e00\u6ce2\u5168\u4e16\u754c\u623f\u7522\u69ae\u666f\uff0c\u7f8e\u570b\u7e3d\u7d71\u5e03\u5e0c\u529f\u52de\u4e0d\u5c0f\u3002\u4ed6\u4e00\u9023\u4e32\u7684\u6e1b\u7a05\u53ca\u5169\u5e74\u524d\u7c3d\u7f72\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u8a17\u4fee\u6b63\u6848\uff0c\u5fb9\u5e95\u6d88\u9664\u7f8e\u570b\u4eba\u6c11\u6d77\u5916\u6295\u8cc7\u7684\u969c\u7919\uff0c\u7f8e\u570b\u8cc7\u91d1\u56e0\u6b64\u5411\u6f6e\u6c34\u822c\u6e67\u5411\u6d77\u5916\uff0c\u80a1\u7968\u5e02\u5834\u4e4b\u5916\uff0c\u623f\u5730\u7522\u96e8\u9732\u5747\u9711\u3002<\/span><\/p>\n

<\/span>\u904e\u53bb\u5169\u5e74\u4f86\uff0c\u9664\u4e86\u7f8e\u570b\u4eba\u71b1\u4e2d\u5230\u7fa9\u5927\u5229\u8cb7\u57ce\u5821\u4e4b\u5916\uff0c\u502b\u6566\u4eba\u4e5f\u6d41\u884c\u5230\u4fdd\u52a0\u5229\u4e9e\u6d77\u7058\u8cb7\u5225\u5885\uff1b\u6b50\u6d32\u4eba\u5247\u5728\u5357\u975e\u6e2f\u53e3\u57ce\u5e02\u69cb\u7bc9\u81ea\u5df1\u5922\u60f3\u4e2d\u7684\u5bb6\u5712\uff1b\u4e5d\u4e03\u5e74\u5f15\u7206\u4e9e\u6d32\u91d1\u878d\u98a8\u66b4\u7684\u6cf0\u570b\u9996\u90fd\u66fc\u8c37\uff0c\u4e00\u500b\u63a5\u4e00\u500b\u7684\u958b\u767c\u6848\u9396\u5b9a\u6d77\u5916\u8cb7\u4e3b\u3002<\/span><\/p>\n

<\/span>\u767c\u71d2\u73fe\u8c61\u3000\u9322\u6f6e\u6e67\u5165\uff0c\u6a19\u7684\u8de8\u4e94\u5927\u6d32<\/span><\/b><\/p>\n

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<\/span>\u5176\u7d50\u679c\u662f\uff0c\u5f9e\u4e00\u4e5d\u4e5d\u4e03\u5e74\u5230\u4e8c<\/span>\u25cb\u25cb<\/span>\u4e94\u5e74\uff0c\u5357\u975e\u623f\u5730\u7522\u7684\u50f9\u683c\u98c6\u6f32\u4e86\u4e8c\u56db\u56db\uff05\uff0c\u6f32\u5e45\u4e16\u754c\u7b2c\u4e00\uff0c\u5176\u6b21\u662f\u611b\u723e\u862d\u4e0a\u6f32\u4e86\u4e00\u4e5d\u4e8c\uff05\uff0c\u82f1\u570b\u4e0a\u6f32\u4e00\u4e94\u56db\uff05\uff0c\u897f\u73ed\u7259\u5247\u6210\u9577\u4e00\u56db\u4e94\uff05\u3002\u5728\u9019\u6bb5\u671f\u9593\uff0c\u4e8c<\/span>\u25cb\u25cb<\/span>\u4e09\u5e74\u548c\u4e8c<\/span>\u25cb\u25cb<\/span>\u56db\u5e74\u662f\u5168\u7403\u623f\u50f9\u6500\u5347\u7684\u9ad8\u5cf0\u671f\uff0c\u4f46\u662f\u5f9e\u53bb\u5e74\u958b\u59cb\uff0c\u623f\u5730\u7522\u6f32\u52e2\u4f3c\u4e4e\u5df2\u7d93\u51fa\u73fe\u6e1b\u7de9\u8de1\u8c61\u7684\u5831\u5c0e\u958b\u59cb\u898b\u8af8\u5831\u7aef\u3002\u4f46\u300a\u91d1\u878d\u6642\u5831\u300b\uff08<\/span>Financial Times<\/span>\uff09\u7d93\u904e\u5168\u9762\u7814\u7a76\u67e5\u8a2a\u4e4b\u5f8c\uff0c\u537b\u767c\u73fe\u5168\u7403\u623f\u5730\u7522\u5e02\u5834\u7d72\u6beb\u6c92\u6709\u51b7\u537b\u7684\u8de1\u8c61\uff0c\u4e00\u6ce2\u63a5\u8457\u4e00\u6ce2\u7684\u9322\u6f6e\uff0c\u524d\u4ec6\u5f8c\u7e7c\u7684\u6e67\u5411\u4e16\u754c\u5404\u5730\u7684\u5546\u696d\u6027\u4e0d\u52d5\u7522\uff0c\u800c\u4e14\u6295\u8cc7\u7684\u65b9\u5f0f\u8f03\u4ee5\u5f80\u7684\u50b3\u7d71\u7a69\u5065\u7b56\u7565\u66f4\u5177\u6709\u60f3\u50cf\u529b\u3001\u4e5f\u66f4\u52a0\u5927\u81bd\u3002<\/span><\/p>\n

<\/span>\u300a\u91d1\u878d\u6642\u5831\u300b\u751a\u81f3\u7528\u5e0c\u81d8\u795e\u8a71\u4e2d\u773e\u5bb6\u82f1\u96c4\u65bc\u7279\u6d1b\u4f0a\u6230\u722d\u7d50\u675f\u5f8c\u7684\u300c\u5192\u96aa\u4e4b\u65c5\u300d\uff08<\/span>Odyssey<\/span>\uff09\uff0c\u4f86\u5f62\u5bb9\u7576\u524d\u9010\u6f38\u52a0\u901f\u4e2d\u7684\u5168\u7403\u623f\u5730\u7522\u71b1\u6f6e\uff0c\u800c\u9019\u6279\u73fe\u4ee3\u5192\u96aa\u5bb6\u7684\u7d44\u5408\u4e5f\u662f\u4e94\u82b1\u516b\u9580\uff0c\u6709\u521d\u5617\u751c\u982d\u7684\u500b\u9ad4\u6236\uff0c\u4e5f\u6709\u50f9\u503c\u5104\u842c\u7684\u5171\u540c\u57fa\u91d1\u3002\u62dc\u570b\u969b\u6cb9\u50f9\u98c6\u6f32\u4e4b\u8cdc\uff0c\u4f86\u81ea\u4e2d\u6771\u5730\u5340\u7684\u71b1\u9322\u5f9e\u53bb\u5e74\u958b\u59cb\u5927\u91cf\u6d41\u5411\u570b\u969b\u623f\u5730\u7522\u5e02\u5834\u3002\u963f\u5e03\u9054\u6bd4\u7684\u738b\u5ba4\u53bb\u5e74\u590f\u5929\u5c31\u4e00\u53e3\u6c23\u5728\u502b\u6566\u8cb7\u4e86\u597d\u5e7e\u68df\u5546\u696d\u8fa6\u516c\u5927\u6a13\u3002<\/span><\/p>\n

<\/span>\u81f3\u65bc\u5192\u96aa\u7684\u65c5\u7a0b\u5247\u65e9\u5df2\u8de8\u8d8a\u4e86\u5730\u7406\u548c\u653f\u6cbb\u7684\u7586\u754c\uff0c\u8db3\u8de1\u904d\u5e03\u4e9e\u6d32\u3001\u6b50\u6d32\u548c\u5317\u7f8e\u6d32\uff0c\u5c24\u5176\u662f\u4e2d\u570b\u3001\u5370\u5ea6\u548c\u6771\u6b50\u7b49\u65b0\u8208\u5e02\u5834\uff0c\u8de8\u570b\u696d\u52d9\u5df2\u7d93\u6210\u70ba\u623f\u5730\u7522\u6295\u8cc7\u7684\u65b0\u6a21\u5f0f\u3002\u6240\u4ee5\uff0c\u7121\u8ad6\u662f\u611b\u723e\u862d\u4eba\u8cfc\u8cb7\u675c\u62dc\u7684\u9ad8\u7d1a\u516c\u5bd3\u3001\u6fb3\u6d32\u4eba\u6295\u8cc7\u829d\u52a0\u54e5\u7684\u8fa6\u516c\u5927\u6a13\u3001\u6216\u8005\u662f\u7f8e\u570b\u4eba\u5728\u5317\u4eac\u84cb\u8cfc\u7269\u4e2d\u5fc3\u90fd\u4e0d\u8db3\u70ba\u5947\u3002<\/span><\/p>\n

<\/span>\u65b0\u8208\u5e02\u5834\u3000\u4fc4\u3001\u5370\u3001\u4e2d\u6700\u5bcc\u6f5b\u529b<\/span><\/b><\/p>\n

<\/span>\u800c\u4e14\u9664\u4e86\u50b3\u7d71\u7684\u571f\u5730\u548c\u5efa\u7bc9\u7269\u4e4b\u5916\uff0c\u9019\u4e9b\u6295\u8cc7\u4eba\u5c0d\u65bc\u4e0d\u7b26\u5408\u50b3\u7d71\u300c\u623f\u5730\u7522\u300d\u5b9a\u7fa9\uff0c\u4f46\u537b\u5177\u6709\u985e\u4f3c\u7279\u8cea\u7684\u76f8\u95dc\u7522\u696d\uff0c\u5c55\u73fe\u51fa\u524d\u6240\u672a\u898b\u7684\u9ad8\u5ea6\u8208\u8da3\u3002<\/span><\/p>\n

<\/span>\u300c\u6211\u5011\u73fe\u5728\u6240\u770b\u5230\u7684\u662f\u8cc7\u91d1\u5faa\u8457\u9019\u500b\u5546\u696d\u6a21\u5f0f\u4ee5\u4e0d\u540c\u7684\u65b9\u5f0f\uff0c\u5f80\u4e0d\u540c\u7684\u65b9\u5411\u524d\u9032\uff0c\u300d\u6469\u6839\u58eb\u4e39\u5229\uff08<\/span>Morgan Stanley<\/span>\uff09\u6b50\u6d32\u623f\u5730\u7522\u6295\u8cc7\u53ca\u91d1\u878d\u90e8\u9580\u884c\u653f\u7e3d\u76e3\u53f2\u58ef\uff0e\u7f85\u4f2f\u68ee\uff08<\/span>Struan Robertson<\/span>\uff09\u6b78\u7d0d\u7576\u524d\u7684\u623f\u5730\u7522\u6295\u8cc7\u8da8\u52e2\uff1a\u300c\u9996\u5148\uff0c\u5c31\u5730\u7406\u4f4d\u7f6e\u800c\u8a00\uff0c\u662f\u4e2d\u6b50\u548c\u5176\u4ed6\u7684\u65b0\u8208\u5e02\u5834\u3002\u5176\u6b21\uff0c\u662f\u6240\u8b02\u7684\u53e6\u985e\u4e0d\u52d5\u7522\uff0c\u4e5f\u5c31\u662f\u6bd4\u8f03\u975e\u50b3\u7d71\u7684\u623f\u5730\u7522\u696d\uff0c\u4f8b\u5982\u65c5\u9928\u98ef\u5e97\uff0c\u7279\u5225\u662f\u5065\u5eb7\u4e2d\u5fc3\u548c\u8001\u4eba\u5b89\u990a\u4e2d\u5fc3\u7b49\u7b49\u3002\u300d\u9664\u6b64\u4e4b\u5916\uff0c\u64da\u7f85\u4f2f\u68ee\u6307\u51fa\uff0c\u5171\u540c\u57fa\u91d1\u4e5f\u958b\u59cb\u76f4\u63a5\u6295\u8cc7\u5730\u7522\u958b\u767c\u5546\uff0c\u53c3\u8207\u4e00\u4e9b\u98a8\u96aa\u5ea6\u8f03\u4f4e\u7684\u958b\u767c\u6848\u3002\u4f8b\u5982\u6469\u6839\u58eb\u4e39\u5229\u5c31\u662f\u502b\u6566\u5eb7\u7d0d\u5229\u78bc\u982d\u5340\uff08<\/span>Canary Wharf<\/span>\uff09\u5e02\u5340\u91cd\u65b0\u958b\u767c\u8a08\u756b\u7684\u696d\u4e3b\u4e4b\u4e00\uff0c\u73fe\u5728\u53c8\u5165\u80a1\u8ca0\u8cac\u958b\u767c\u502b\u6566\u5e02\u897f\u5340\uff08<\/span>West End<\/span>\uff09\u90fd\u5e02\u66f4\u65b0\u8a08\u756b\u7684\u5927\u6ce2\u7279\u862d\u5730\u7522\u516c\u53f8\uff08<\/span>Great Portland Estates<\/span>\uff09\u3002<\/span><\/p>\n

<\/span>\u7531\u65bc\u623f\u5730\u7522\u6295\u8cc7\u4eba\u5c0d\u65bc\u98a8\u96aa\u7684\u627f\u53d7\u80fd\u529b\u8d8a\u4f86\u8d8a\u9ad8\uff0c\u56e0\u6b64\u904e\u53bb\u4e4f\u4eba\u554f\u6d25\u7684\u51b7\u9580\u570b\u5bb6\u6216\u5730\u5340\u4e5f\u958b\u59cb\u53d7\u5230\u9752\u775e\uff0c\u5176\u4e2d\u6700\u7099\u624b\u53ef\u71b1\u7684\u4e09\u500b\u65b0\u8208\u5e02\u5834\u5c31\u662f\u4fc4\u7f85\u65af\u3001\u4e2d\u570b\u548c\u5370\u5ea6\u3002\u5c24\u5176\u4e2d\u570b\u548c\u5370\u5ea6\u8fd1\u5e74\u4f86\u7684\u84ec\u52c3\u7d93\u6fdf\u767c\u5c55\uff0c\u5927\u578b\u5730\u7522\u958b\u767c\u57fa\u91d1\u548c\u5177\u6709\u570b\u969b\u767c\u5c55\u80fd\u529b\u7684\u5730\u7522\u958b\u767c\u5546\u7576\u7136\u4e0d\u6703\u5ffd\u7565\u9019\u5169\u8655\u5bf6\u85cf\u3002<\/span><\/p>\n

<\/span>\u9322\u9032\u5370\u5ea6\u3000\u53d6\u6d88\u9650\u5236\uff0c\u6b50\u7f8e\u5916\u8cc7\u6436\u9032<\/span><\/b><\/p>\n

<\/span>\u81ea\u5f9e\u5370\u5ea6\u653f\u5e9c\u5728\u4eca\u5e74\u5e74\u521d\u53d6\u6d88\u4e86\u5916\u8cc7\u76f4\u63a5\u6295\u8cc7\u7684\u9650\u5236\u4e4b\u5f8c\uff0c\u8cc7\u91d1\u4fbf\u6e90\u6e90\u6e67\u9032\u5357\u4e9e\u6b21\u5927\u9678\u3002\u5982\u679c\u7528\u722c\u5c71\u4f86\u5f62\u5bb9\u5404\u5730\u7684\u623f\u5730\u7522\u5e02\u5834\uff1a\u82f1\u570b\u7684\u5e02\u5834\u5df2\u7d93\u904e\u4e86\u985b\u5cf0\u72c0\u614b\u8981\u958b\u59cb\u8d70\u4e0b\u5761\u4e86\uff0c\u897f\u6b50\u7684\u5e02\u5834\u4e5f\u53ea\u5dee\u4e00\u5169\u6b65\u5c31\u8981\u62b5\u9054\u5c71\u9802\uff0c\u800c\u5370\u5ea6\u5e02\u5834\u537b\u9084\u5728\u5c71\u8173\u4e0b\u3002<\/span><\/p>\n

<\/span>\u300c\u5370\u5ea6\u64c1\u6709\u5de8\u5927\u7684\u6210\u9577\u6f5b\u529b\uff0c\u300d\u82f1\u570b\u6c99\u7dad\u58eb\u5546\u696d\u5730\u7522\u958b\u767c\u516c\u53f8\uff08<\/span>Savills Commercial<\/span>\uff09\u8463\u4e8b\u9577\u5091\u745e\u7c73\uff0e\u8cc0\u65af\u6bd4\uff08<\/span>Jeremy Helsby<\/span>\uff09\u6307\u51fa\uff1a\u300c\u9019\u500b\u570b\u5bb6\u6709\u8457\u4e00\u7fa4\u53d7\u904e\u826f\u597d\u6559\u80b2\u3001\u800c\u4e14\u80fd\u5920\u8aaa\u82f1\u8a9e\u7684\u4eba\u529b\u8cc7\u6e90\uff0c\u9019\u500b\u8cc7\u6e90\u5df2\u9010\u6b21\u88ab\u958b\u767c\uff0c\u4f46\u662f\u5c31\u623f\u5730\u7522\u7684\u89d2\u5ea6\u800c\u8a00\uff0c\u537b\u8655\u65bc\u672a\u958b\u767c\u72c0\u614b\u3002\u300d<\/span><\/p>\n

<\/span>\u4e2d\u4fc4\u554f\u984c\u3000\u969c\u7919\u4ecd\u591a\uff0c\u5916\u8cc7\u4f9d\u7136\u770b\u597d<\/span><\/b>
<\/span><\/b>
<\/span>\u56e0\u6b64\u6b50\u7f8e\u8a31\u591a\u7684\u570b\u969b\u623f\u5730\u7522\u958b\u767c\u5546\uff0c\u5982\u9053\u4e43\u6234\uff08<\/span>Dawnay Day<\/span>\uff09\u3001\u6f22\u65af\uff08<\/span>Hines<\/span>\uff09\u4ee5\u53ca\u9435\u7345\u9580\uff08<\/span>Tishman Speyer Properties<\/span>\uff09\u7b49\uff0c\u90fd\u5df2\u7d93\u722d\u5148\u6436\u9032\u5370\u5ea6\u5e02\u5834\u3002<\/span><\/p>\n

<\/span>\u76f8\u8f03\u65bc\u5370\u5ea6\uff0c\u4e2d\u570b\u5e02\u5834\u7684\u5916\u5728\u74b0\u5883\u4e2d\u5b58\u5728\u8457\u653f\u6cbb\u958b\u653e\u7a0b\u5ea6\u4f4e\u3001\u8a9e\u8a00\u969c\u7919\u4ee5\u53ca\u8cc7\u7522\u6d41\u52d5\u6027\u4e0d\u8db3\u7b49\u554f\u984c\uff0c\u5118\u7ba1\u5982\u6b64\uff0c\u904e\u53bb\u5e7e\u5e74\u4ee5\u4f86\u5916\u8cc7\u9084\u662f\u8702\u64c1\u800c\u81f3\uff0c\u50cf\u9ad8\u76db\uff08<\/span>Goldman Sachs<\/span>\uff09\u3001\u6469\u6839\u58eb\u4e39\u5229\u3001\u548c\u6fb3\u6d32\u9ea5\u594e\u723e\u9280\u884c\uff08<\/span>Macquarie Bank<\/span>\uff09\u7b49\u570b\u969b\u77e5\u540d\u6295\u8cc7\u5546\u90fd\u5df2\u7d93\u767b\u9678\u4e2d\u570b\uff0c\u800c\u7f8e\u570b\u7684\u666e\u6d1b\u65af\u4e0d\u52d5\u7522\u6295\u8cc7\u516c\u53f8\uff08<\/span>ProLogis<\/span>\uff09\u8173\u6b65\u6700\u70ba\u7a4d\u6975\uff0c\u5df2\u7d93\u7372\u5f97\u4e2d\u570b\u653f\u5e9c\u8a31\u53ef\u9032\u884c\u591a\u9805\u5927\u578b\u5de5\u5546\u696d\u958b\u767c\u6848\u3002<\/span><\/p>\n

<\/span>\u81f3\u65bc\u4fc4\u7f85\u65af\u5247\u9762\u81e8\u4e0d\u540c\u7684\u554f\u984c\u3002\u7531\u65bc\u4fc4\u7f85\u65af\u653f\u5e9c\u5c0d\u65bc\u571f\u5730\u6240\u6709\u6b0a\u7684\u9650\u5236\uff0c\u4ee5\u53ca\u56b4\u91cd\u7684\u5b98\u50da\u8caa\u6c61\u821e\u5f0a\uff0c\u4f7f\u5f97\u8a72\u5730\u4e0d\u52d5\u7522\u5e02\u5834\u7684\u98a8\u96aa\u9060\u8d85\u904e\u4e2d\u570b\u6216\u5370\u5ea6\uff0c\u6210\u9577\u6f5b\u529b\u6709\u9650\u3002\u4e0d\u904e\u4f9d\u7136\u6709\u8a31\u591a\u5916\u8cc7\u5730\u7522\u5546\u5c0d\u65bc\u83ab\u65af\u79d1\u60c5\u6709\u7368\u937e\u3002\u6a21\u5f0f\u6539\u8b8a\u3000\u65b0\u5730\u9ede\u3001\u65b0\u6a19\u7684\u53d6\u4ee3\u50b3\u7d71<\/b><\/span>
<\/span><\/b>
<\/span>\u96d6\u7136\u570b\u969b\u4e0d\u52d5\u7522\u6295\u8cc7\u65e9\u5df2\u7d93\u8de8\u8d8a\u4e86\u5730\u7406\u7684\u7586\u754c\uff0c\u4f46\u662f\u5176\u9593\u4ecd\u7136\u6709\u76f8\u7576\u591a\u7684\u5730\u7de3\u56e0\u7d20\uff0c\u50cf\u662f\u82f1\u570b\u7684\u5730\u7522\u516c\u53f8\u5c0d\u65bc\u6771\u6b50\u548c\u83ab\u65af\u79d1\u7684\u5e02\u5834\u5c31\u8868\u73fe\u51fa\u6975\u9ad8\u7684\u8208\u8da3\uff1b\u800c\u7f8e\u570b\u516c\u53f8\u5247\u628a\u62c9\u4e01\u7f8e\u6d32\u5e02\u5834\u8996\u70ba\u7981\u81e0\uff0c\u5176\u4e2d\u53c8\u4ee5\u58a8\u897f\u54e5\u70ba\u9996\u9078\u76ee\u6a19\u3002<\/span><\/p>\n

<\/span>\u623f\u5730\u7522\u696d\u8005\u9810\u671f\uff0c\u5916\u8cc7\u57fa\u91d1\u548c\u5927\u578b\u5730\u7522\u5546\u5728\u672a\u4f86\u6578\u5e74\u5167\uff0c\u4ecd\u5c07\u7e7c\u7e8c\u6295\u5165\u9019\u4e9b\u65b0\u8208\u5e02\u5834\uff0c\u800c\u4e14\u96a8\u8457\u8cc7\u672c\u898f\u6a21\u7684\u64f4\u5927\uff0c\u4ee5\u53ca\u5e02\u5834\u900f\u660e\u5ea6\u7684\u63d0\u5347\uff0c\u5916\u5546\u5c07\u6703\u4ee5\u5408\u8cc7\u7684\u65b9\u5f0f\u548c\u7576\u5730\u516c\u53f8\u5171\u540c\u958b\u767c\u65b0\u7684\u623f\u5730\u7522\u3002<\/span><\/p>\n

<\/span>\u300c\u9019\u4e9b\u570b\u5bb6\uff08\u7684\u623f\u5730\u7522\u5e02\u5834\uff09\u7531\u65bc\u5177\u6709\u6975\u9ad8\u7684\u5347\u503c\u6f5b\u529b\u548c\u5831\u916c\u7387\uff0c\u56e0\u6b64\u6df1\u6df1\u5438\u5f15\u8457\u5916\u8cc7\uff0c\u5373\u4f7f\u98a8\u96aa\u4e5f\u8ddf\u8457\u76f8\u5c0d\u63d0\u9ad8\u3002\u300d\u8cc0\u65af\u6bd4\u8868\u793a\uff1a\u300c\u53cd\u89c0\u897f\u65b9\u570b\u5bb6\u5e02\u5834\uff0c\u8a31\u591a\u516c\u53f8\u6839\u672c\u9023\u6848\u5b50\u90fd\u627e\u4e0d\u5230\uff0c\u6709\u592a\u591a\u7684\u8cc7\u91d1\u5728\u8ffd\u9010\u6975\u5c11\u6578\u7684\u7522\u54c1\uff0c\u56e0\u6b64\u52e2\u5fc5\u8981\u5f80\u5176\u4ed6\u5730\u5340\u767c\u5c55\u3002\u300d<\/span><\/p>\n

<\/span>\u8cc0\u65af\u6bd4\u540c\u6642\u6307\u51fa\uff0c\u897f\u6b50\u623f\u5730\u7522\u5e02\u5834\u7684\u6295\u8cc7\u5831\u916c\u7387\u76ee\u524d\u5927\u7d04\u53ea\u6709\u56db\uff05\u5230\u4e94\uff05\u7684\u6c34\u6e96\uff0c\u502b\u6566\u5e02\u897f\u5340\u7684\u958b\u767c\u6848\u751a\u81f3\u9023\u56db\uff05\u90fd\u4e0d\u5230\u3002\u800c\u7f8e\u570b\u7684\u60c5\u6cc1\u4e5f\u8655\u65bc\u6709\u53f2\u4ee5\u4f86\u6700\u4f4e\u6f6e\u3002\u56e0\u6b64\uff0c\u6295\u8cc7\u4eba\u958b\u59cb\u904b\u7528\u4ed6\u5011\u7684\u60f3\u50cf\u529b\u548c\u5275\u610f\uff0c\u5c07\u89f8\u89d2\u4f38\u5411\u904e\u53bb\u5f9e\u672a\u8003\u616e\u904e\u7684\u9818\u57df\u3002<\/span><\/span><\/p>\n

\u300c\u9019\u610f\u5473\u8457\u53e6\u985e\u7684\u5730\u9ede\u3001\u53e6\u985e\u7684\u4e0d\u52d5\u7522\uff0c\u300d\u82f1\u570b\u666f\u9806\u623f\u5730\u7522\u516c\u53f8\uff08<\/span>Invesco Real Estate<\/span>\uff09\u6b50\u6d32\u5e02\u5834\u7814\u7a76\u90e8\u9580\u4e3b\u7ba1\u4fdd\u7f85\uff0e\u7518\u8ffa\u8fea\uff08<\/span>Paul Kennedy<\/span>\uff09\u6307\u51fa\uff1a\u300c\u6295\u8cc7\u8005\u4e0d\u4f46\u8de8\u904e\u5730\u7406\u7586\u754c\uff0c\u4e26\u4e14\u958b\u59cb\u6d89\u8db3\u591a\u7528\u9014\u3001\u4f11\u9592\u6027\u7684\u4e0d\u52d5\u7522\uff0c\u4f8b\u5982\u65c5\u9928\u3001\u9152\u5e97\u3002\u300d<\/span><\/p>\n

<\/span>\u9664\u4e86\u65b0\u8208\u5e02\u5834\u4e4b\u5916\uff0c\u65b0\u8208\u7684\u4e0d\u52d5\u7522\u7a2e\u985e\u4e5f\u662f\u7576\u524d\u5168\u7403\u623f\u5730\u7522\u6295\u8cc7\u7684\u71b1\u9580\u9805\u76ee\u3002\u300c\u623f\u5730\u7522\u6295\u8cc7\u4eba\u5c0d\u65bc\u65c5\u9928\u3001\u5ea6\u5047\u6751\u3001\u5b89\u990a\u4e2d\u5fc3\u3001\u8d85\u7d1a\u5e02\u5834\u3001\u5b78\u751f\u516c\u5bd3\u548c\u4f11\u9592\u4f4f\u5b85\u7684\u8208\u8da3\u8d8a\u4f86\u8d8a\u9ad8\u3002\u300d<\/span><\/span><\/p>\n

\u82f1\u570b\u840a\u574a\u570b\u969b\u7269\u696d\u516c\u53f8\uff08<\/span>Knight Frank<\/span>\uff09\u6295\u8cc7\u90e8\u9580\u4e3b\u7ba1\u5f7c\u5f97\uff0e\u9ea5\u8003\u723e\uff08<\/span>Peter MacColl<\/span>\uff09\u8b49\u5be6\uff1a\u300c\u7406\u7531\u975e\u5e38\u660e\u986f\uff0c\u4e00\u65b9\u9762\u662f\u56e0\u70ba\u76ee\u524d\u5e02\u5834\u4e0a\u50b3\u7d71\u7684\u623f\u5730\u7522\u7522\u54c1\u8d8a\u4f86\u8d8a\u5c11\uff0c\u53e6\u4e00\u65b9\u9762\u662f\u56e0\u70ba\u9019\u4e9b\u65b0\u8208\u9818\u57df\u63d0\u4f9b\u4e86\u6975\u4f73\u7684\u7372\u5229\u6a5f\u6703\u3002\u300d\u96b1\u85cf\u5371\u6a5f\u3000\u91d1\u878d\u5e02\u5834\u4e0d\u7a69\u5b9a\u62c9\u9ad8\u98a8\u96aa<\/b><\/span><\/p>\n

<\/span>\u4e0d\u904e\uff0c\u9ad8\u5831\u916c\u901a\u5e38\u90fd\u6703\u4f34\u96a8\u8457\u9ad8\u98a8\u96aa\uff0c\u7121\u8ad6\u662f\u6295\u8cc7\u65b0\u8208\u570b\u5bb6\u5e02\u5834\uff0c\u6216\u662f\u53e6\u985e\u623f\u5730\u7522\u5546\u54c1\uff0c\u5176\u4e2d\u6240\u6d89\u53ca\u4e4b\u5371\u6a5f\u8207\u98a8\u96aa\uff0c\u4e5f\u6bd4\u50b3\u7d71\u623f\u5730\u7522\u5e02\u5834\u9ad8\u51fa\u8a31\u591a\u3002<\/span><\/p>\n

<\/span>\u65b0\u8208\u5e02\u5834\u5f80\u5f80\u898f\u6a21\u8f03\u5c0f\uff0c\u56e0\u6b64\u6d41\u52d5\u6027\u4e0d\u8db3\uff0c\u800c\u4e14\u5e02\u5834\u8cc7\u8a0a\u4e0d\u900f\u660e\uff0c\u52a0\u4e0a\u4e0d\u540c\u7684\u6cd5\u5f8b\u3001\u898f\u5b9a\u548c\u7a05\u5236\uff0c\u5f80\u5f80\u4f7f\u60c5\u6cc1\u66f4\u52a0\u8907\u96dc\u3002\u5728\u9019\u4e9b\u570b\u5bb6\uff0c\u5e02\u5834\u9700\u8981\u7684\u901a\u5e38\u662f\u623f\u5730\u7522\u958b\u767c\uff0c\u800c\u4e0d\u662f\u6295\u8cc7\u3002<\/span><\/span><\/p>\n

\u4f46\u662f\uff0c\u8aa0\u5982\u62c9\u585e\u723e\u6295\u8cc7\u7ba1\u7406\u516c\u53f8\uff08<\/span>LaSalle Investment Management<\/span>\uff09\u6b50\u6d32\u7814\u7a76\u90e8\u9580\u4e3b\u7ba1\u7f85\u8cd3\uff0e\u53e4\u67f4\u723e\u5fb7\uff08<\/span>Robin Goodchild<\/span>\uff09\u6240\u8aaa\uff1a\u300c\u5982\u679c\u53ea\u662f\u8cb7\u9032\u548c\u6301\u6709\uff0c\u6839\u672c\u7121\u5229\u53ef\u5716\u3002\u300d<\/span><\/p>\n

<\/span>\u800c\u4e14\u8a31\u591a\u65b0\u8208\u570b\u5bb6\u5e02\u5834\uff0c\u5305\u62ec\u58a8\u897f\u54e5\u3001\u963f\u6839\u5ef7\u3001\u5370\u5c3c\u3001\u99ac\u4f86\u897f\u4e9e\u3001\u97d3\u570b\u3001\u4fc4\u7f85\u65af\u548c\u5df4\u897f\u7b49\uff0c\u5728\u904e\u53bb\u5341\u5e74\u9593\u90fd\u66fe\u7d93\u5148\u5f8c\u7206\u767c\u904e\u91d1\u878d\u5371\u6a5f\uff0c\u5176\u4e2d\u90e8\u5206\u570b\u5bb6\u4e4b\u91d1\u878d\u5e02\u5834\u81f3\u4eca\u4ecd\u7136\u8655\u65bc\u76f8\u5c0d\u8f03\u4e0d\u7a69\u5b9a\u7684\u72c0\u6cc1\u3002<\/span><\/p>\n

<\/span>\u5118\u7ba1\u5982\u6b64\uff0c\u5305\u62ec\u6f22\u65af\u3001\u9435\u7345\u9580\u3001\u548c\u62c9\u585e\u723e\u7b49\u5927\u578b\u5730\u7522\u516c\u53f8\uff0c\u4ee5\u53ca\u6469\u6839\u58eb\u4e39\u5229\u548c\u9ad8\u76db\u7b49\u6295\u8cc7\u57fa\u91d1\uff0c\u9084\u662f\u722d\u5148\u6050\u5f8c\u7684\u5c07\u8cc7\u91d1\u6295\u5165\u65b0\u8208\u5e02\u5834\uff0c\u6436\u596a\u5148\u767c\u512a\u52e2\u3002\u56e0\u70ba\uff0c\u5c31\u5982\u540c\u82f1\u570b\u7d93\u6fdf\u5b78\u5bb6\u7d04\u7ff0\uff0e\u51f1\u6069\u65af\uff08<\/span>John Maynard Keynes<\/span>\uff09\u7684\u540d\u8a00\uff0c\u300c\u6210\u529f\u7684\u6295\u8cc7\u662f\u5c0d\u4ed6\u4eba\u7684\u9810\u671f\u9032\u884c\u9810\u671f\u300d\uff0c\u9019\u4e9b\u516c\u53f8\u7121\u975e\u5e0c\u671b\u5176\u4ed6\u6295\u8cc7\u8005\u6703\u56e0\u6b64\u8ddf\u9032\uff0c\u800c\u5c07\u50f9\u683c\u62ac\u9ad8\u3002<\/span><\/span><\/p>\n

\u4e0d\u904e\uff0c\u53e4\u67f4\u723e\u5fb7\u9084\u662f\u8b66\u544a\u8aaa\uff1a\u300c\u7531\u65bc\u5e02\u5834\u7f3a\u4e4f\u76e3\u7ba1\u6a5f\u5236\uff0c\u800c\u4e14\u900f\u660e\u5ea6\u4e0d\u8db3\uff0c\u9019\u4e9b\u570b\u5bb6\u5c0d\u6295\u8cc7\u8005\u69cb\u6210\u5de8\u5927\u6311\u6230\uff0c\u53ea\u6709\u90a3\u4e9b\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u6700\u9ad8\u7684\u6295\u8cc7\u8005\u624d\u61c9\u6d89\u8db3\u6b64\u985e\u5e02\u5834\u3002\u300d<\/span><\/p>\n

<\/span>\u5229\u7a7a\u56e0\u5b50\u3000\u7f8e\u570b\u5347\u606f\u5c07\u6291\u5236\u6295\u8cc7<\/span><\/b><\/p>\n

<\/span>\u5373\u4f7f\u662f\u5728\u6210\u719f\u7a69\u5b9a\u7684\u7d93\u6fdf\u74b0\u5883\uff0c\u6295\u8cc7\u65b0\u578b\u4e0d\u52d5\u7522\u5546\u54c1\u4ecd\u7136\u53ef\u80fd\u9762\u81e8\u8a31\u591a\u554f\u984c\uff0c\u64c1\u6709\u548c\u7ba1\u7406\u4e00\u68df\u8fa6\u516c\u5927\u6a13\u6216\u4e00\u5ea7\u8cfc\u7269\u4e2d\u5fc3\uff0c\u5176\u8907\u96dc\u7a0b\u5ea6\u5f80\u5f80\u8d85\u4e4e\u8a31\u591a\u6295\u8cc7\u4eba\u7684\u60f3\u50cf\uff0c\u66f4\u4e0d\u7528\u8aaa\u662f\u7d93\u71df\u751f\u610f<\/span>\u2500\u2500<\/span>\u7121\u8ad6\u662f\u8d85\u7d1a\u5e02\u5834\u3001\u5b89\u990a\u4e2d\u5fc3\u6216\u9152\u5427\uff0c\u5176\u4e2d\u6709\u592a\u591a\u7684\u7d30\u7bc0\u96a8\u6642\u90fd\u6709\u53ef\u80fd\u6703\u51fa\u5dee\u932f\u3002\u6b64\u5916\uff0c\u7121\u8ad6\u662f\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u6216\u65b0\u8208\u7522\u54c1\uff0c\u623f\u5730\u7522\u6295\u8cc7\u4eba\u90fd\u9762\u81e8\u8457\u4e00\u9805\u65b0\u7684\u98a8\u96aa\uff0c\u90a3\u5c31\u662f\u9010\u6f38\u8d70\u9ad8\u7684\u5229\u7387\u3002\u7f8e\u570b\u806f\u90a6\u6e96\u5099\u7406\u4e8b\u6703\u4e09\u6708\u4e8c\u5341\u516b\u65e5\u5ba3\u5e03\u5229\u7387\u8abf\u5347\u4e00\u78bc<\/span> <\/span>\uff0c\u6210\u70ba\u56db\uff0e\u4e03\u4e94\uff05\uff0c\u9054\u5230\u4e8c<\/span>\u25cb\u25cb<\/span>\u4e00\u6625\u5929\u4ee5\u4f86\u6700\u9ad8\u7684\u6c34\u6e96\u3002\u9019\u662f\u806f\u6e96\u6703\u81ea\u5f9e\u4e8c<\/span>\u25cb\u25cb<\/span>\u56db\u5e74\u516d\u6708\u958b\u59cb\u53cd\u901a\u8ca8\u81a8\u8139\u8def\u7dda\u4ee5\u4f86\u7b2c\u5341\u4e94\u5ea6\u5347\u606f\u3002<\/span><\/span><\/p>\n

\u5347\u606f\u8072\u660e\u4e2d\u4e26\u4e14\u6697\u793a\uff0c\u7531\u65bc\u7d93\u6fdf\u6301\u7e8c\u8d70\u71b1\uff0c\u672a\u4f86\u53ef\u80fd\u9084\u6703\u518d\u5347\u606f\u5169\u6b21\uff0c\u4e5f\u5c31\u662f\u7f8e\u570b\u7684\u5229\u7387\u6c34\u6e96\u5728\u77ed\u671f\u5167\u5c07\u9054\u5230\u81f3\u5c11\u4e94\uff0e\u4e8c\u4e94\uff05\u7684\u6c34\u6e96\u3002\u82f1\u570b\u7684\u5229\u7387\u76ee\u524d\u5247\u662f\u7dad\u6301\u5728\u56db\uff0e\u4e94<\/span>\u25cb<\/span>\uff05\uff0c\u5206\u6790\u5e2b\u666e\u904d\u8a8d\u70ba\uff0c\u77ed\u671f\u5167\u4e26\u6c92\u6709\u4e0b\u964d\u7684\u53ef\u80fd\u3002<\/span><\/span><\/p>\n

\u7f8e\u570b\u4e0d\u65b7\u4e0a\u5347\u7684\u5229\u7387\uff0c\u662f\u5426\u6703\u5c0d\u5176\u4ed6\u570b\u5bb6\u7684\u91d1\u878d\u9ad4\u7cfb\u9020\u6210\u5f71\u97ff\uff0c\u76ee\u524d\u5c1a\u8a00\u4e4b\u904e\u65e9\uff0c\u4e0d\u904e\u6709\u9452\u65bc\u9019\u4e00\u6ce2\u5168\u7403\u623f\u5730\u7522\u71b1\u6f6e\u548c\u5148\u524d\u7684\u4f4e\u5229\u7387\u6c34\u6e96\u6709\u5bc6\u5207\u7684\u95dc\u9023\uff0c\u5229\u7387\u6c34\u6e96\u53cd\u8f49\u4e0a\u63da\u52e2\u5fc5\u6703\u5c0d\u623f\u5730\u7522\u6295\u8cc7\u7522\u751f\u6291\u5236\u4f5c\u7528\u3002<\/span><\/p>\n

<\/span>\u4f46\u5373\u4fbf\u6709\u7a2e\u7a2e\u7684\u6311\u6230\u548c\u98a8\u96aa\uff0c\u76ee\u524d\uff0c\u4ecd\u7136\u770b\u4e0d\u51fa\u6295\u8cc7\u4eba\u5c0d\u65bc\u65b0\u8208\u623f\u5730\u7522\u5e02\u5834\u548c\u5546\u54c1\u7684\u6295\u8cc7\u8173\u6b65\u6709\u653e\u6162\u7684\u8de1\u8c61\u3002\u6216\u8a31\u662f\u56e0\u70ba\u623f\u5730\u7522\u5e02\u5834\u672c\u4f86\u5c31\u662f\u5192\u96aa\u5bb6\u7684\u6a02\u5712\uff0c\u5404\u5f0f\u5404\u6a23\u7684\u98a8\u96aa\u53cd\u800c\u8b93\u6210\u529f\u7684\u679c\u5be6\u6ecb\u5473\u66f4\u52a0\u7684\u751c\u7f8e\u3002<\/span><\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

2006\u5e74\u5168\u7403\u623f\u5730\u7522\u95dc\u9375\u5831\u544a\uff1a\u65b0\u8208\u5e02\u5834\u9a5a\u8c54\u8d77\u6f32 \u672c\u7bc7\u6587\u7ae0\u6458\u81ea\uff1a\u5546\u696d\u9031\u520a\u7b2c 962 \u671f\u4f5c\u8005\uff1a\u8cc0\u6842\u82ac \u5168\u7403\u623f\u5730\u7522\u5e02 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