商业地产与住宅地产的不同（The difference between commercial real estate and residential real estate）.docVIP

商业地产与住宅地产的不同（The difference between commercial real estate and residential real estate） Zhang Liangjun: commercial real estate, the rules of the game and residential different The recent restrictions, promoting the commercial real estate market investment demand. But how big is the investment in commercial real estate? What factors dominate the price trend of commercial real estate? First financial daily financial recent interview with China Cushman Wakefield managing director Mr. Zhang Liangjun. Financial: some hedge fund manager America some bearish view on China commercial real estate market, because Chinese commercial real estate in the construction area, the vacancy rate is relatively high. What do you think of this problem? Zhang Liangjun: I think thats normal, because there is a big difference between an emerging market and a mature one. In mature markets abroad, it is difficult to absorb the pace of construction and new supply as China does. For example, in some mature markets abroad, commercial real estate basically no new supply, and usually 10~15 or even 20 years of lease, so the market trading volume is very small. But perhaps only 3 years, 2 years or less in the China market lease, so many companies every 2 to 3 years will face a new move, and most of the company China are in a growth stage, will demand growth in this case, so there will be a lot of time in China market construction the project. As for the vacancy rate is only a temporary phenomenon. In Beijing, for example, at the beginning of this year, Beijing commercial real estate vacancy rate of about 20%, but now has returned to 15% or even lower levels. In a mature market, in New York, for example, when the supply and demand balance, the vacancy rate will be 5% ~ 10%. But in the Chinese market, even if the supply and demand balance, the vacancy rate will be in the 10% - 15% level. If the vacancy rate exceeds 15%, it may belong to a buyers market. If less than 10%, it is the sellers market in ch