房地產(chǎn)相關(guān)畢業(yè)論文外文翻譯--創(chuàng)業(yè)者的轉(zhuǎn)機(jī)：房地產(chǎn)的盈利時(shí)刻-管理系統(tǒng)(已修改)
2025-06-01 02:11 本頁(yè)面
【正文】 1 Practitioner39。s 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 2020 saw the creation of real estate finance structures of breathtaking plexity .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 plex 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 .it will give the Federal Reserve Bank new powers over financial institutions but in turn impose more congressional over sight of the Fed. 2 Lawyers recognize that often the most pelling litigation cases lead to the worst precedent: judicial overreaching in the face of egregious facts. Will that be the case with the RAFS and the resulting regulations? Will we spend the next 20 years backing away from the reforms adopted in this atmosphere of crisis? This will all play out over the ing months and years, we will keep an eye on the process in this column, and as with all subjects covered in this column, we would wele hearing your perspective on this. CALPERS AND PLACEMENT AGENTS Much of the real estate investment momentum over the year 2020 through 2020 was fueled by increased asset allocation within public employee pension founds, attracted by seemingly high returns. One example of this was a $14 billion increase in mercial real estate investment 9by the California Public Employees Retirement System (CalPERS) as the market boomed in 2020 and only was the exposure increased, but, as detailed in a Real Estate Program Review, dated April 19,2020,by the Real Estate Unit Of the CalPERS Investment Office, new investment disproportionally made to high risk investments .in a Memorandum acpanying the Program Review The Real Estate Consultant to the CalPERS, Board also noted a wide variety of factors that apparently contributed to the percent decline in Net Assets at Fair Market Value from June 30,2020 through June 30,2020, in the CalPERS real estate portfolio, as follows: (1) Higher amounts
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