BEC高级阅读：万科首次进军美国楼市
China’s biggest property developer has made its first foray into the US with a deal for a high-end residential complex in San Francisco.
中国最大的房地产开发商首次进军美国市场，签约参与旧金山一个高档住宅项目。
China Vanke, the leading Chinese developer by sales, will invest in a project launched by Tishman Speyer Properties.
中国销售额最高的房地产开发商万科集团(China Vanke)将投资于铁狮门地产公司(Tishman Speyer Properties)发起的一个项目。
The size of the investment was not disclosed but it was small enough that Vanke announced it on its chairman’s microblog rather than via a stock exchange filing.
双方都没有透露具体投资规模，但其金额应当较小，因为万科是通过其董事长的微博(而非通过向证交所申报)宣布这一投资的。
But the significance of the deal is potentially greater as one of the first steps by a big Chinese developer to build homes in the US. With Beijing placing caps on home purchases in big cities and many smaller cities suffering from overbuilding, Chinese developers are scouring further afield for opportunities.
但这笔交易的潜在意义较大，因为这是中国大型开发商到美国建造住宅的首批项目之一。由于中国政府在大城市实施住房限购，而许多中小城市的新房存量又过多，中国开发商正把目光投向更远的地方，以寻找商机。
“There is no point telling Chinese companies to mind their own domestic business. A good enterprise in the 21st century must be armed with a global vision.” Wang Shi, Vanke chairman, wrote on Weibo, a Chinese microblog site.“
不要一提国际投资就提醒应该在国内如何如何。21世纪优秀的企业一定是有着全球视野并且国际化的。”万科董事会主席王石在新浪微博上写道。
Mr Wang had previously said that Vanke, which has a market value of nearly Rmb130bn ($21bn), wanted to enter foreign countries, especially those with large communities of Chinese who are familiar with its reputation.
王石以前曾表示，市值近1300亿元人民币(合210亿美元)的万科希望登陆海外市场，尤其是那些拥有较大华人社区、熟悉万科声誉的市场。
Vanke’s entry into the US follows that of Xinyuan Real Estate, which paid $54m last year for a plot in New York that is zoned for 200 housing units.
万科进军美国之前，去年鑫苑置业(Xinyuan Real Estate)斥资5400万美元，买下纽约一个规划建造200个住宅单元的地块。
China Development Bank, a government-controlled lender, also entered the US housing market last year when it provided a $1.7bn loan to Lennar Corp, one of the biggest homebuilders in the US, for two developments in San Francisco.
国有控股的中国国家开发银行(China Development Bank)去年也进入美国市场，向美国最大住宅建筑商之一莱纳公司(Lennar Corp)提供了一笔17亿美元的贷款，用于旧金山的两个开发项目。
Vanke will take a 70 per cent stake in the San Francisco project, which is known as 201 Folsom Street, with Tishman Speyer retaining the rest, according to Du Jinsong, a Credit Suisse analyst.
据瑞信(Credit Suisse)分析师杜劲松透露，万科将在名为“富升街201”(201 Folsom Street)的旧金山项目中持有70%股份，铁狮门将保留其余股份。
Vanke still requires Chinese government approval to move its money abroad for the deal.
万科仍须得到中国政府批准，才能将资金汇至海外，完成这笔交易。
“It is still too early to gauge the ultimate impact of Vanke’s international expansion,” Mr Du said. “Nevertheless, given the structural issues of China’s property sector, we view this as a useful experiment by Vanke to find potential long-term growth drivers.”
“要判断万科海外扩张的最终影响，现在还为时过早。”杜劲松表示，“不过，鉴于中国房地产业的种种结构性问题，我们认为，这是万科为找到潜在长期增长点而进行的有益尝试。”
Vanke also announced plans last month to shift part of its stock listing from mainland China to Hong Kong.
万科上月还宣布计划，拟将一部分上市股票从中国内地转至香港交易所。
Along with bringing it a higher valuation, the move will make it easier for Vanke to raise financing for foreign acquisitions.
除了借此得到较高的估值外，此举还将使万科更易于为海外收购进行融资。
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