MS 摩根斯坦利：房地产 研究 03.05

Property－Global Statistical Summary

March 5, 2007 　38页　　英文

Only a few short years ago, the idea of considering real estate
as a global sector would have surprised even the most
progressive thinkers. Today a convergence of business
models, similarly tax-advantaged corporate structures, and
converging real estate and property stock valuations has
facilitated the early stages of much greater global and cross
border activity, from one-off asset purchases to corporate
consolidation. Despite the fact that markets like the UK and
Hong Kong have had established public property sectors for
decades now, the speed of this global evolution is still quite
shocking, especially considering the US public real estate
companies (which now represent roughly 32% of the global
market cap) really only went national in the 1990s as the REIT
and CMBS structures expanded. Now, with hard assets and
real cash flows experiencing nearly unprecedented valuation
expansion, national entities appear poised to go truly global
for the first time. ‘GLocal’ real estate in the 2000s - globally
owned, locally operated.