The upswing in the U.S. property market is attracting Chinese developers and investment firms, and they are dipping their toes into new cities.Grand China Fund盛世神州基金还参与投资了亚特兰大的一个住宅项目。美国楼市上扬，中国开发商和投资公司纷纷前往淘金，而且这些公司开始涉足新的城市。

　　While Chinese institutional investors are still drawn to their traditional favorites of New York, Los Angeles and San Francisco, many are now also headed to cities such as Houston, Boston and Seattle as they seek geographic diversity as well as bigger lot sizes.相关报道咨询机构仲量联行（Jones Lang LaSalle）负责亚太房地产跨境交易的梅多斯（Alistair Meadows）说，中国投资者目前仍盯着纽约和旧金山的资产，但同时他们对华盛顿特区、波士顿、休斯敦、西雅图和芝加哥等城市的兴趣也有所增大。梅多斯说，西雅图和休斯敦这样的城市目前受科技和能源业推动，就业增长强劲，因此这些城市提供更高收益率的核心写字楼投资开始显示出吸引力。

　　These other cities--lesser known to some Chinese firms--now appear to offer fresh opportunities as energy or technology drives their economies and local Chinese communities expand.中国国内经济增速放缓以及金融业风险增大促使投资者开始放眼海外。数据追踪商Dealogic表示，今年到目前为止，美国成了最受中国企业欢迎的房地产投资目的地，其次分别是香港、英国、澳门和新加坡。

　　In the second quarter of this year, Beijing-based real-estate investment firm Grand China Fund took an 80% stake in a 286-unit residential rental complex in Houston. That followed a 2012 investment in a 170-unit residential project in Atlanta, with another local partner. The firm put a total of about $15 million into the two projects, which are valued at more than $50 million. For both projects, it said it was attracted by the prospect of higher yields amid the lower prices compared with property in California and New York.房地产咨询人士说，中国的房地产投资者——无论是主权财富基金和保险商等大企业，还是基金管理公司等小机构，现在均被美国房地产市场所吸引，因为美国经济在复苏，市场流动性充裕，收益稳定。美国的出租型房产租期一般比中国同类房产的租期要长，因此不易受到扰乱或波动性影响。

　　Gaw Capital Partners, a Hong Kong-based private-equity firm, is planning to raise $500 million for a real-estate fund that will invest in U.S. commercial property in the fourth quarter, targeting investors from Asia and North America. The fund manager said it will look at assets in &aposinnovation centers&apos such as Portland, Ore., and Austin, Texas.盛世神州基金董事长张民耕承认，休斯顿和亚特兰大通常不是中国投资者在美投资时首先想到的地方，他认为成本是一个重大的吸引力。他说，这些地区的部分项目价格仍较高峰时期低20%左右，而这些城市的经济增长前景向好。

　　China Vanke Co. （000002.SZ）， the country&aposs largest property developer by market capitalization, is interested in investing in Boston, partly because of its sizable Chinese community, said the firm&aposs president, Yu Liang, at a news briing in Hong Kong last month, without providing further details. Vanke had already jointly invested in a 655-unit high-end condominium in San Francisco with U.S. developer Tishman Speyer earlier this year.张民耕说，我们的投资者包括律师、出口商、商人、会计师，他们在美国有收入，希望我们在美国开展新的活动以实现多元化。他们在寻求看得见摸得着的安全资产。盛世神州基金管理着总额为人民币40亿元（6.53亿美元）的人民币基金，投资于中国房地产，还有一个6,000万美元的美元基金投资于美国。

　　Chinese investors still are eyeing assets in New York and San Francisco, &aposbut we are also witnessing increased interest in cities like Washington, D.C., Boston, Houston, Seattle and Chicago,&apos said Alistair Meadows, who oversees cross-border Asian-Pacific real-estate transactions at consultancy Jones Lang LaSalle. &aposCities like Seattle and Houston are enjoying strong job growth driven by the technology and energy sectors. As a consequence, core office investments in these cities offering higher yields are proving attractive.&aposTishman Speyer万科今年早些时候投资了旧金山一个高端住宅项目。中国投资者对于休斯顿已经更为熟悉。中国石油化工集团公司（China Petrochemical Corp., 简称：中石化集团）在那里有业务，同时曾在休斯顿火箭队（Houston Rockets）效力的前中国篮球明星姚明也帮助该市在中国投资者中赢得了知名度。

　　Slower domestic economic growth in China as well as rising risks in the country&aposs financial sector are prompting investors to look abroad. The U.S. has become the most popular real-estate market to invest in so far this year for Chinese firms, followed by Hong Kong, the U.K., Macau and Singapore, according to data tracker Dealogic.张民耕说，除了纽约和芝加哥外，他正在迈阿密、奥兰多、达拉斯和 地亚哥寻找更多的房地产项目。

　　Chinese property investors--from big players like sovereign-wealth funds and insurers to smaller ones such as local fund managers--are attracted to the U.S. market in general because of the economic recovery, ample market liquidity, and the stability of returns, real-estate consultants say. Rental properties in the U.S. typically have longer leases compared with China&aposs, and hence are less prone to disruptions or volatility.他说，虽然美国的投资回报不如我们在中国大陆的项目，但也不错了。我们喜欢靠近大学、医院和军事基地的住宅项目。他拒绝透露美国投资项目的回报率。

　　Acknowledging that Houston and Atlanta aren&apost usually the first places Chinese investors think of when investing in the U.S., Zhang Mingeng, board chairman at Beijing&aposs Grand China Fund, cites costs as a key attraction. He said prices of some projects in these areas are still down around 20% from their peaks, and that growth prospects in these cities are positive.资产管理人士说，不急于将所有鸡蛋放在一个篮子里的投资者寻求多元化，不光是在资产类别上，还有地域方面的多元化。

　　&aposOur investors, which include lawyers, exporters, merchants, accountants, have U.S. incomes and want us to branch into the U.S. for diversification,&apos Mr. Zhang said. &aposThey are looking for safe assets that they can see and touch.&apos Grand China Fund manages yuan-denominated funds totaling four billion yuan （$653 million） investing in Chinese real estate, and a $60 million dollar-denominated fund investing in the U.S.基汇资本主席吴继炜（Goodwin Gaw）说，亚洲的大型机构投资者，包括中国投资者，都在寻求安全、更高的稳定性以及多样化的货币及回报敞口。基汇资本还向亚洲机构投资者提供境外投资咨询服务。

　　Houston, in particular, has become more familiar to Chinese investors. China Petrochemical Corp., known as Sinopec, has operations there, and the city gained recognition with Chinese investors with the help of former Chinese basketball star Yao Ming, who played for the Houston Rockets.当然，在美外国投资仍然只占整体市场的一小部分。仲量联行数据显示，2012年纽约房地产市场总投资额为250亿美元，其中约15%来自外国投资者，而2012年投资于伦敦的240亿美元有75%来自海外。

　　Mr. Zhang said he is looking for more real-estate projects in Miami, Orlando, Dallas and San Diego, in addition to New York and Chicago.并非所有中国投资者都在向新的方向拓展。美国的沿海城市仍然吸引着大量中国投资者，今年达成的交易如绿地集团（Greenland Holdings Group）斥资10亿美元投资洛杉矶市中心一个多用途项目，还有Soho中国（Soho China Ltd.）首席执行长张欣个人投资纽约通用汽车大楼（General Motors building）的股权，该交易在中国吸引了大量媒体关注。

　　&aposWhile the returns from the U.S. are not as high as what we get in our mainland China projects, they are good enough,&apos he said, declining to reveal the investment yield of his U.S. projects. &aposWe like residential projects near universities, hospitals and military bases.&apos北京房地产开发商和投资者、万通控股（Vantone Holdings Co.）董事长冯仑说，他坚持在纽约投资。万通在纽约世界贸易中心一号大楼（One World Trade Center）租赁了2万平方米的空间，并投资了纽约的两个合资住宅项目。

　　Asset managers said investors who aren&apost eager to place all their eggs in one basket are looking for diversity, not just in asset classes, but also in their geographic footprint.冯仑说，我们将把重点放在纽约市，最好是曼哈顿，以确保我们当前的运营成功，然后才扩展到其他城市

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