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A slowdown in China's real-estate market and tightening credit has cast plenty of downbeat sentiment toward the country's property developers. But financial investors and firms--foreign and domestic alike--continue to buy up stakes both in residential and commercial properties.
中国房地产市场的放缓以及信贷趋紧令房地产开发商愁眉不展。不过财务投资者和机构（无论是来自国内还是国外）仍在大举买进住宅和商业房地产股份。
Investors remain bullish on a high-growth economy that still bests many other regions of the world. In particular, they appear willing to bet on large property names that aren't burdened by heavy debt loads, and businesses that piggyback off the brick-and-mortar needs of China's booming e-commerce industry.
投资者仍看好中国经济。中国经济的增速仍比全球其他许多地区要高。他们似乎特别愿意押注没有背负巨额负债的大型房企以及为中国蓬勃发展的电子商务公司提供实体设施的行业。
In fact, mergers and acquisitions of Chinese real-estate firms hit $22.2 billion year-to-date, the highest on record, according to Dealogic. At the same time last year, such deals in the real-estate sector reached $6.8 billion.
据Dealogic的数据，今年迄今中国房地产行业的并购活动规模达222亿美元，创纪录新高。上年同期为68亿美元。
Meanwhile, Chinese housing prices are growing at a slower pace, plagued by oversupply, particularly in second- and third-tier cities, say analysts. Housing inventories rose in March compared with February in 43 cities tracked by the China Real Estate Index System, which includes Beijing, Shanghai Guangzhou and Qingdao.
相关报道中国楼市增长放缓 市场各方忧心忡忡中国房地产开发商状况吓坏债市投资者有关中国楼市供应过剩的问与答中国住房市场风光不再中国楼市恐难现昔日繁荣分析师们称，受供应过剩影响，中国房价涨势放缓，尤其是二、三线城市。中国房地产指数系统(China Real Estate Index System)公布的数据显示，3月份住房存量较2月份增加。该指数追踪北京、上海、广州、青岛等43个城市的楼市。
But investment in the sector continues. Attractive plays include low-debt blue chips, say investors.
但对房地产行业的投资仍在继续。投资者称，吸引他们的房企包括低负债的蓝筹公司。
Big property firms like China Vanke Co. Ltd., the country's largest property developer, have low debt-to-equity ratios that put them in a better position than smaller peers to weather a broader economic slowdown and credit tightening, says Leo Yuncheng Gao, a portfolio manager at Singapore-based APS Asset Management.
总部位于新加坡的APS Asset Management的投资组合经理Leo Yuncheng Gao说，像万科企业股份有限公司(China Vanke Co.)这样的大型房企债务股本比较低，所以相比中小房企，它们更经得起经济增长放缓以及信贷吃紧的冲击。万科是中国最大的房地产开发商。
In recent weeks, APS doubled down on its stake China Vanke and continues to hold Poly Real Estate Group Co. Ltd., China's fifth-largest property firm by sales. Mainland shares of both developers are up more than 17% from their lows this year.
最近几周APS加倍增持万科股票，而且继续持有以销售额计中国第五大地产公司保利地产(Poly Real Estate Group Co. Ltd.)的股票。上述两只中资地产股已较年内低点回升了17%以上。
Cheap valuations are one reason for such buying, says Mr. Gao. Price-to-earnings multiples of property firms trading on the mainland stock market have been declining since 2007, according to Chinese data provider Wind Info, falling to an average of less than 12 times earnings in the last quarter of 2013, from a record 97.9 times in the third quarter of 2007.
Leo Yuncheng Gao说，地产股估值低是促成APS这类买盘的原因之一。据中国信息提供商Wind资讯(Wind Info)，自2007年以来大陆股市地产股的市盈率一直在下滑，平均市盈率由2007年第三季度创纪录的97.9倍降至2013年第四季度的不足12倍。
The long-term trend toward urbanization will 'continue to drive demand for prized mainland assets,' says Tony Hsu, portfolio manager at hedge fund Dalton Investments, which holds 'a number of' Hong Kong-listed property developers that 'trade at a significant discount to net asset value.'
对冲基金Dalton Investments的投资组合经理Tony Hsu说，城市化的长期趋势将继续推动对高价中国大陆资产的需求。这家对冲基金持有多家香港上市的地产开发商股票，这些股票的价格都较其每股资产净值有很大折让。
Warehouse properties also continue to prove attractive investments, as operators have benefited from the needs of e-commerce companies to get the products they sell to customers' homes.
仓储地产也继续受到投资者追捧，电子商务公司爲了将所售产品发送到顾客家中，对仓库设施有巨大需求，这令仓库运营商受益。
Last week, private-equity firm RRJ Capital and a unit of Singapore state investor Temasek Holdings agreed to invest $250 million in one of China's largest warehouse developers, Shanghai Yupei Group.
上周，私募股权投资公司RRJ Capital和新加坡国有投资公司淡马锡控股(Temasek Holdings Pte. Ltd.)的子公司同意向中国最大的仓储物业开发商之一上海宇培集团(Shanghai Yupei Group)投资2.5亿美元。
In February, a group of Chinese investors, including Bank of China Group Investment Ltd. and private-equity firm Hopu Funds, invested $2.5 billion in Singapore's Global Logistic Properties, including on its mainland unit.
2月份时，包括中银集团投资有限公司(Bank of China Group Investment Ltd.)和私募股权投资公司厚 基金(Hopu Funds)在内的中资财团对新加坡的普洛斯(Global Logistic Properties)（包括其中国子公司）投资25亿美元。
A deal by a major Chinese e-commerce player to establish a brick-and-mortar presence likewise is spurring predictions that similar deals will follow.
一家中国大型电子商务公司入股实体零售业的交易同样也引发了外界对其他公司将达成类似交易的预期。
Earlier this month, Chinese Internet giant Alibaba Group Holding Ltd. plowed $692 million into shares of Intime Retail (Group) Co., a local department-store operator listed in Hong Kong. The deal is expected to help Alibaba apply its online services, including mobile-payment processing and advertising, in a physical shopping space.
本月早些时候，中国互联网巨头阿里巴巴集团(Alibaba Group Holding Ltd.)斥资6.92亿美元入股在香港上市的中国百货商店运营商银泰百货（集团）有限公司(Intime Retail (Group) Co., 简称：银泰百货)。预计该交易将帮助阿里巴巴将包括移动支付处理系统和广告在内的在线服务应用于实体零售店。
More recently, on April 9, Gaw Capital Partners bought a mixed-use development in Beijing's Sanlitun shopping area for $928 million. The private-equity firm bought Pacific Century Place from a property unit run by Richard Li, the son of Hong Kong tycoon Li Ka-shing, who has carried out a number of real-estate disposals on the mainland starting last year.
4月9日，基汇资本(Gaw Capital Partners)斥资9.28亿美元购入了北京三里屯购物中心一处多用途物业。这家私募股权投资公司从香港大亨李嘉诚之子李泽楷(Richard Li)运营的一家房地产子公司手中收购了北京盈科中心(Pacific Century Place)的权益。李嘉诚从去年开始处置了其在大陆的一批房地产。
Investors do appear more cautious on smaller property developers, which analysts say may be more prone to the kind of funding problems that hurt Zhejiang Xingrun Real Estate Co. Xingrun, whose projects are largely in the eastern city of Fenghua. The firm had trouble selling apartments to pay down debt, putting it on the brink of bankruptcy.
投资者对中小房地产开发商的态度确实变得更加谨慎。分析师表示，中小房地产开发商更容易出现重创浙江兴润置业投资有限公司(Zhejiang Xingrun Real Estate Co., 简称：兴润置业)的融资问题。兴润置业的项目大多集中在东部城市奉化。该公司难以卖出房子、偿付债务，导致其处于破产边缘。
Still, smaller, well-run property developers have attracted some interest.
不过，经营情况良好的中小房地产开发商还是吸引了投资者的一些兴趣。
Private-equity firm Forum Partners, for example, says it is continuing to bet on small to medium-size property developers, because such firms can't get loans from banks as easily as large developers. This gives private capital a chance. 'We've seen ups and downs in the past...downturns happen every six, nine months and then things pick up again,' says Gregory Wells, the firm's Asia head. The story of growth for China's economy, cities and disposable income 'hasn't changed,' he adds.
比如私募股权投资公司Forum Partners表示，该公司继续押注中小开发商。这是因为中小房地产开发商无法像大型开发商那样轻松获得银行贷款，这就给私人资本提供了投资机会。该公司亚洲业务负责人韦尔斯(Gregory Wells)表示，过去他们看到过不少起伏，每六个月或者九个月就会出现一次低迷，之后形势又再次好转。他补充道，有关中国经济、城市和可支配收入增长的前景并未改变。
