亚洲投资者期待“安全港”

According to research by Zillow, the online US residential property portal, job opportunities and education resources are among the top priorities for Asian investors when choosing a destination for investment, as they believe these are factors supporting long-term yields.

美国在线住宅房地产门户Zillow的研究显示，工作机会和教育资源是亚洲投资者在选择投资目的地时的首要考虑因素，因为他们认为这些因素影响着长期收益率。

Although policy uncertainties remain in US market, demand for real estate assets, particularly residential property, remains because investors mainly secure yields from stable cash flow from rental income, which has been rising steadily in key cities.

尽管美国存在政策上的不确定性，但投资者对房地产资产，尤其是住宅的需求依然存在，因为投资者主要是从租金收入中获得稳定的现金流，并且在一线城市，租金收入一直在稳步上升。

In the UK’s key cities, such as London, mature markets are seeing slowing growth in yields, in a plateau-like situation in which yields remain high and go up slowly for mainstream segments.

在英国的主要城市（如伦敦），成熟市场的收益率增长缓慢，收益率保持高位并缓慢上升的阶段是主流阶段。

In segments which are more capital-driven, there will be more volatility, said Yolande Barnes, head of Savills World Research, a real estate services provider.

作为一个房地产服务提供商，Savills World Research的领导Yolande Barnes说，这个更多靠资本驱动的阶段未来将有更大的波动。

Some cities with infrastructure that is attractive to young technology professionals, such as Tel Aviv and Dublin, are getting increasingly competitive because they attract people to move to there-a change in trends in global urban development, Barnes said.

Barnes说，一些城市（如特拉维夫和都柏林）有着吸引年轻专业技术人员的基础设施建设，吸引他们投身于全球性的城市发展的变化趋势中，从而使得这些城市的房地产越来越具有竞争力。

China’s key cities remain attractive to investors, and their business models have been shifting from mainly "develop-to-let" to "develop-to-lease", with an eye on long-term, stable cash flow, analysts said.

分析师说，中国的主要城市仍对投资者具有吸引力，并且他们的商业模式已经从主要“发展单方面出租”到“发展双向租赁”，这种模式的着眼点更加长远，现金流更加稳定。

Urban renovation projects, such as turning idle factories and hotels into offices, are one of the most popular models among investors who wish to generate stable income when new land supplies are limited.

在新土地供应有限的情况下，投资者希望获得稳定的收入，因此诸如把闲置工厂和酒店改造成办公室的这种城市改造项目是他们最喜欢的模式之一。

"More investors regard real estate assets in key cities as safe haven assets," said a research note from CITIC Securities.

中信证券的一份研究报告称：“更多投资者把一线城市的房地产作为他们的避险资产”。

"Investors are also further diversifying their investments－while they keep investing in mature markets with stable, single digit yields at around 4 and 5 percent, they will also seek new opportunities in emerging markets, such as smaller cities with fast-growing populations."

“投资者也进一步分散投资——一方面继续投资于有着稳定的个位数收益率（大概在百分之4和5）的成熟市场，另一方面还将在新兴市场寻找新的机会，如人口迅速增长的小城市。”