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：房地產(chǎn)的盈利時刻-管理系統(tǒng)-文庫吧在線文庫
【正文】 INANCIAL 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 of leverage, which lowered ine returns and increased exposure to changes in the asset value。s ability to resolve problems and liquidate asset。 with particular focus on whether there are credible audited financial statements。s asset。對現(xiàn)在的 改革 加以考慮將影響房地產(chǎn)資金市場直到下一代。 加州公共雇員退休基金和中介公司 由于財產(chǎn)分配力度和公共雇員退休基金的提高，許多有商業(yè)性的房地產(chǎn)投資勢頭從 2020 年到 2020 年也得到了提高?，F(xiàn)在一直沿用的是 1743 會議法案，它還沒有制定成法律，它將會把中介公司定義為加利弗利亞洲政治改革措施中應(yīng)運而生的說客。 難道這就意味著日益增長的公共雇員退休基金也會一樣關(guān)注全球投資基金追求的集中，穩(wěn)定的財富了。美國金融業(yè)監(jiān)管機構(gòu)提醒經(jīng)濟自營商，他們必須形成他們自己獨立的對發(fā)行人和出售物的調(diào)查研究，以及并不是簡單的依靠發(fā)現(xiàn)發(fā)行者或者他們的律師提供信息，更不是依靠獨立的律師，自營商雇傭的勤奮的員工以及 “ 聯(lián)合企業(yè)的經(jīng)理 ” ， 11 “ 節(jié)約的經(jīng)紀(jì)人 ” 等提供信息。 。在 ABS 提案中，證券交易管理委員列舉了重大的提議條例： 最近的財政危機說明：在擔(dān)保市場中，投資者和其他合作者沒有有利的條件去完全理解 擔(dān)保中存在的潛在的風(fēng)險，以及沒有正確和恰當(dāng)?shù)娜Υ龘?dān)保，財政危機使問題得以揭露，對于我們的管理價格規(guī)范，售賣和關(guān)于資產(chǎn)擔(dān)保證券的報道，我們提出了重大的修訂，這些建議的目的是為了增加對投資者的保護和促進(jìn)更有效率的資產(chǎn)擔(dān)保證券市場。 譯文來源于《房地產(chǎn)經(jīng)濟》 。說它是重要的或許還是保守的陳述， ABS 提案包括大概 200 張?zhí)岚敢?guī)章，另外還有 365頁注釋，措施的縮版部分還有 27 頁。 。明顯的是這是 非常 普遍的，留下肥沃的土壤用 來播種。正與 PCA 備忘錄中描寫的一樣：加州公共雇員退休基金在過去的 28 年的經(jīng)歷表明房地產(chǎn)策略首先要關(guān)注的是在核心風(fēng)險類型文件中的直接投資相對與更激進(jìn)的機會投資提供了更多吸引力的風(fēng)險。但是加利弗利亞洲立委會確實對潛在的危機做了記錄。難道這將會是 RAFS 案例和控制的結(jié)果嗎？難道我們要花費下一個 20 年去遠(yuǎn)離在充滿危機氛圍中所采納的變革？這將會在不久的幾個月（對于成文法）和幾年（對于 法令）全部上演。答案看 起來是 房地產(chǎn) 結(jié)構(gòu)沒有導(dǎo)致房地產(chǎn)的蕭條，但是從 房地產(chǎn) 不透明的環(huán)境來看， 房地產(chǎn)的結(jié)構(gòu) 可能使蕭條更加的嚴(yán)重， 表現(xiàn)的形式是 延遲認(rèn)識市場潛在的脆弱性和讓曾經(jīng)公認(rèn)的難題更難解決 。s business plan, including critical assumption。 (4) The claims being made。 (4 Shifting mitments from stabilized core investment to nonstabilized opportunistic investments, which now prise more than 40 percent of the current holdings in the portfolio。 (3) Looser program guideli
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