土建学院毕业设计外文翻译中英文版Word文档格式.docx

土建学院毕业设计外文翻译中英文版Word文档格式.docx

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TheyearleadinguptoSeptember2008sawthecreationofrealestatefinancestructuresofbreathtakingcomplexity.sincethantimeintherealestatefinanceindustryhavebeeninvolvedmainlyintryingtounderstandwhatwentwrong,andtodeterminewhetherthecollapse,wasinanymaterialwaytheresultofflawsinthesecomplexrealestatefinancestructures.orwasitjustafunctionofexternaleconomicpressuresandthecyclicalnatureofrealestate.whilethejuryisstillout.Theanswerseemstobethatthestructuresdidnotcausetherealestaterecession,butthroughtheiropaquenaturetheymayhavemadetherecessionworse,bothbydelayingtherecognitionoftheunderlingfragilityofthemarketandbymakingtheproblems,oncerecognized,evenmoredifficulttoresolve.Onethingissure:

manypeople,whetherlegislators,regulators,lawyers,accountants,bankersorthosewhoraiseandconsumerealestatecapitalarenowworkingveryhardtoaddress

（1）howtoresolvedistressedrealestatecapitalstructures,and

（2）howtoimprovethestructuresandformofdeliveryofrealestatecapitaltothemarketinthefuture.Changebeingconsiderednowwillaffecttherealestatemarketsthroughthenextgeneration.Followingareafewexamples.RESTORINGAMERICANFINANCIALSTABILITYACTAslwritethis,theUSisbeginningitsfinaldebateoftheRESTORINGAMERICANFINANCIALSTABILITYACT<

RAFS>

andappearstobebuildingmomentumforadoptioninsomeform,whichwouldthenrequirereconciliationwiththeequivalentHouseversion.Ifadoptedinanythinglikeitscurrentformitwillcutabroadswathofchangeacrosscurrentbusiness.Practicesbyprovidersofrealestatecapitalofallshapesandsizes.itwillgivetheFederalReserveBanknewpowersoverfinancialinstitutionsbutinturnimposemorecongressionaloversightoftheFed.Lawyersrecognizethatoftenthemostcompellinglitigationcasesleadtotheworstprecedent:

judicialover-reachinginthefaceofegregiousfacts.WillthatbethecasewiththeRAFSandtheresultingregulations?

Willwespendthenext20yearsbackingawayfromthereformsadoptedinthisatmosphereofcrisis?

Thiswillallplayoutoverthecomingmonthsandyears,wewillkeepaneyeontheprocessinthiscolumn,andaswithallsubjectscoveredinthiscolumn,wewouldwelcomehearingyourperspectiveonthis.

CALPERSANDPLACEMENTAGENTSMuchoftherealestateinvestmentmomentumovertheyear2005through2007wasfueledbyincreasedassetallocationwithinpublicemployeepensionfounds,attractedbyseeminglyhighreturns.Oneexampleofthiswasa$14billionnetincreaseincommercialrealestateinvestment9bytheCaliforniaPublicEmployeesRetirementSystem（CalPERS）asthemarketboomedin2005and2006.Notonlywasthenetexposureincreased,but,asdetailedina"

RealEstateProgramReview"

datedApril19,2010,bytheRealEstateUnitOftheCalPERSInvestmentOffice,"

newinvestmentdisproportionallymadetohighriskinvestments"

.inaMemorandumaccompanyingtheProgramReviewTheRealEstateConsultanttotheCalPERS,Boardalsonotedawidevarietyoffactorsthatapparentlycontributedtothe48.2percentdeclineinNetAssetsatFairMarketValuefromJune30,2008throughJune30,2009,intheCalPERSrealestateportfolio,asfollows:

（1）Higheramountsofleverage,whichloweredincomereturnsandincreasedexposuretochangesintheassetvalue;

（2）Recoursedebt,whichexposedCalPERStorisksbeyondthespecificassets;

（3）Looserprogramguidelinesgaveinvestmentstrategies;

（4Shiftingcommitmentsfromstabilizedcoreinvestmenttonon-stabilizedopportunisticinvestments,whichnowcomprisemorethan40percentofthecurrentholdingsintheportfolio;

（5）Adramaticincreaseinthenumberofmanagerrelationshipsandcommingledinvestmentvehiclesprovidedlesscontrol,poorergovernanceandhinderedstaff'

sabilitytoresolveproblemsandliquidateasset;

（6）vintageyearconcentrationwithover$27billionofequitycommitmentsmadein2005and2006,inpartdrivenbysuccessfulmarkettimingdispositionsrealizedbycorepartner.InterestinglyneithertheRealEstateProgramReviewnorthePCAMemorandumcitetheundueinfluenceof"

placementagents"

generallythirdpartyconsultantswithdifferingdegreesofprofessionalandcompetence,politicalorboardconnections,andcompensationarrangementswhoundoubtedlycontributedtothe"

increaseinthenumberofmanagerrelationships"

"

looserprogramguidelines,"

and"

largeconcentratedinvestments."

However,theCalifornialegislaturedidtakenoteofthepotentialfoeabuse.OnOctober11,2009,Governor,SchwarzeneggersignedintolawAssemblyBillNo.1584regulatingtheroleofplacementagentsandrequiringdisclosureofcontributionsorgiftstostateandlocalretirementboardmembers.ThisnowhasbeenfollowedbyAssemblyBillNo.1743,notyetenactedintolaw,whichwoulddefineplacementagentsaslobbyistsintoaccordancewithCalifornia'

spoliticalreformact.Thiswouldimposestrictcontrols<

asopposedtosimplydisclosure>

overgiftsandcontributions,andwouldprohibitcompensationcontingentonanyinvestmentdecision.ThelatterprovisionproducedinitialstrongoppositionfromtheBlackstoneGroup,fromwhichitsubsequentlybackedoff.Thebillstillfacesignificantoppositionfromtradeassociation,which,notsurprisingly,prefertheregulatoryapproachofcompletedisclosureasopposedtooutrightprohibition.Allofthisisastorythatwillcontinuetounfold,withNewYorkbeinganotherstatelookingcloselyattheissue,butwhiletheissueoftheaccessisimportant,theissueofallocationandinvestmentstrategyareevenmorecritical.AsPCAconcludesinitsMemorandum:

CalPERS'

experienceduringthepast28yearssuggeststhatarealestatestrategyfocusedprimarilyondirectinvestmentincore-risktypepropertieshasprovidedamoreattractiveriskadjustedreturnthanthemoreaggressiveopportunisticstrategy.PCAfindssignificantmeritintheoverallcontextoftheCalPERSinvestmentprograminpursuingalessaggressivestrategy.Withmorecontrols,thanwasinplacebetween2002and2006.Willthismeanthatpublicpensionfundsincreasinglywillfocusonthesamecore,stableassetsthatarebeingpursuedbyglobalinvestmentfund?

Perhaps,butintherealestateprogramreviewthestaffnotesthatatcurrentvaluestheCalPERSactualrealestateinvestmentportfolioisat6.8percentoftotalassesversusthetargetallocationof10percentand"

thedislocationintherealestatemarketwillpresentinvestmentopportunities,whichisgoodnewsfortherealestatecapitalmarket.

FIARAANDPRIVATEPLACEMENTAsnotedabove,congressisconsideringaddingadditionalstructurestotheprivateplacementmarket.whileitisunclearhowmanyofthosestructureswillsurvivethelegislativeprocess,theFinancialIndustryRegulatoryAuthority（FINRA）,actingasthewatchdogofthesecuritiesbroker-dealersandsecuritiesregisteredrepresentativeswhosellprivateplacementsof,amongotherassets,realestateandoilandgas,haspublishednewregulatoryguidanceastothe"

obligationofbroker-dealerstoconductReasonableInvestigationsinRegulationDOffering"

.Privateplacement,orso-calledRegulationDorRegulation506offeringssoldthroughthesecuritiesbroker-dealerschannel,havealongandconstructivehistoryofraisingcapitalforsmallandmid-sizedbusiness,includingrealestateandoilandgascompanies.inthe"

background"

sectionofRN10-22,FINRAcitesanestimateof$609billionofsuchsecuritiesonthemarketin2008.FINRAcitesanestimateof$609billionofsuchsecuritiesonthemarketin2008.However,FINRAremindsitsmemberbroker-dealermusthavemadea"

reasonableinvestigation"

beforedeterminingthatasecurityis"

suitable"

forinvestorgenerallyandtothespecificinvestorstowhomitisbeingsold.[RN10-22]obviouslythisisallverygeneral,leavingfertilegroundforinterpretation.perhapsmoretothepointonapracticallevel,FINRAremindsbroker-dealersthattheymayconducttheirownindependentinvestigationoftheissuerandtheoffering,andnotsimplyrelyoninformationprovidedbyanindependentcounselorduediligencefirmhiredbythebroker-dealers,orthe"

syndicatemanager"

the"

managing"

broker-dealer,thebroker-dealerindependentinvestigationhastoincludeareasonableinvestigation"

ataminimum"

intothefollowingissuers:

（1）Theissueranditsmanagement;

（2）Thebusinessprospectsoftheissuer;

（3）Theassetsheldbyortobeacquiredbytheissuer;

（4）Theclaimsbeingmade;

and（5）Theintendeduseofproceedsoftheoffering[RN10-22]FINRAalsoaddaddsacautionarynoteontwoparticularareasofconcern:

（1）whenthebroker-dealerisanaffiliateoftheissuerand

（2）whenthebroker-dealerandnowtheissuerpreparetheprivateplacementmemorandum.[RN10-22]Italsoremindsbroker-dealerstolookfor"

redflags"

financialstatementsthat,althoughpurportedlyauditedbyanaccountant,containnumerousindicationsthatthefinancialstatementsareinaccurate.Beyondthesegeneralprinciples,afterareminderofsupervisoryanddocumentationresponsibilities,FINRAclosedthenoticewithhelpfullistofspecificareasbroker-dealersshouldincludeintheirinvestigation,including:

1.Astothe"

issuersandmanagement"

:

a.Historicalfinancialstatements;

withparticularfocusonwhethertherearecredibleauditedfinancialstatements;

b.Inquiringabouttheactivitiesandcashneedsofaffiliates;

c.Contactingcustomersand