土木工程- 建筑 外文翻译 外文文献 英文文献 创业者的转机房地产的盈利时刻.doc

PAGE PAGE 12 Practitioners Corner: An Interesting Time For Real Estate Has there ever been a more interesting time in real estate finance? Happier times, yes, more profitable times, definitely yes .But more interesting? The year leading up to September 2008 saw the creation of real estate finance structures of breathtaking complexity .since than time in the real estate finance industry have been involved mainly in trying to understand what went wrong, and to determine whether the collapse, was in any material way the result of flaws in these complex real estate finance structures .or was it just a function of external economic pressures and the cyclical nature of real estate .while the jury is still out. The answer seems to be that the structures did not cause the real estate recession, but through their opaque nature they may have made the recession worse, both by delaying the recognition of the underling fragility of the market and by making the problems, once recognized, even more difficult to resolve. One thing is sure: many people, whether legislators, regulators, lawyers, accountants, bankers or those who raise and consume real estate capital are now working very hard to address(1) how to resolve distressed real estate capital structures, and (2)how to improve the structures and form of delivery of real estate capital to the market in the future. Change being considered now will affect the real estate markets through the next generation. Following are a few examples. RESTORING AMERICAN FINANCIAL STABILITY ACT As l write this, the US is beginning its final debate of the RESTORING AMERICAN FINANCIAL STABILITY ACT RAFS, and appears to be building momentum for adoption in some form, which would then require reconciliation with the equivalent House version. If adopted in anything like its current form it will cut a broad swath of change across current business. Practices by providers of real estate capital of all shapes and sizes