Let me start by--the way-- the kind of institution that you probably know relatively little about -or commercial real estate.
首先我要,讲一种,你们不太熟悉的金融机构,或者叫商业地产
Then I want to talk about mortgages, which is the way that we finance both commercial and owner-occupied real estate.
然后再讲一下抵押贷款,它可以为,商业地产和自住房产提供融资
I'm going to start out by talking about commercial real estate and the kind of vehicles that we use to invest in commercial real estate.
接着我会讲一下商业地产,以及投资于商业地产的,一类金融机构
Commercial real estate--that means real estate owned not by individual households but by businesses.
商业地产,适用于商业用途而不是个人居住
That's what I wanted to say about commercial real estate.
以上就是我想介绍的有关商业地产的内容
There's also commercial real estate, which is smaller than owner-occupied homes, but we own that indirectly too, as a people, through the stocks that we own and through the institutions we participate in.
除此之外还有商业地产市场,它比自有住房市场要小,但人们也可以间接持有商业房产,人们可以通过持有股份,及参加一些机构的方式来持有商业地产
You don't see advertisements for participation in commercial real estate like this because the government would be on their backs if they did it.
你不会看到,投资商业地产DPP的广告,因为如果这样,政府会陷入困境
Whenever possible, an ownership vehicle for commercial real estate will have the form of a DPP.
只要有可能,那就用DPP的形式来设立,商业地产的所有权代理机构
Since it's available only to accredited investors, you can't be advertising because everyone would see it; that's why the financing of a lot of this real estate is something of a mystery, because they can't talk openly about it.
由于DPP仅仅面向可信投资者,如果做广告的话,便人尽皆知,这就是为什么很多商业地产的金融活动,那么神秘,原因就是,人们不能公开谈论它
These DPPs go back a long time but there began to be complaints about them because people said, well why is it, because I'm not an accredited investor, I can't get into real estate like these other people do?
PP由来已久,但现在人们开始抱怨,他们说,我不是可信投资者,为什么仅凭此门槛,而不让我像别人一样投资商业地产呢
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