编者的话 Letter From the Editor
《境外投资》在 2012 年将展现一个崭新的开始和设计，让读者能更容 易地获得关于中国对外投资的重要信息。我们的版面设计将更简洁、配色 方案将更新颖，我们会努力将更相关、更准确和更及时的资讯，用更清晰 和简洁的方式呈现给读者。 中国对外投资正高速增长，而《境外投资》也加快了成长的步伐，以 适应新趋势的需求。去年，我们在姐妹杂志《中国离岸》中推出了独家特刊， 并广受欢迎。本期《境外投资》的特刊聚焦全球房地产投资的趋势，它将 像迷你杂志一样独立发行，并与我们的定期杂志一起，为读者提供实用的 业内信息。 本期《境外投资》的封面故事探讨了中国在拉丁美洲的对外投资，并特 别关注了自然资源领域。从智利的铜矿到巴西的油田，中国这条亚洲巨龙无 疑成了推动这些地区近期发展的重要因素之一。正如我们的观点文章作者陈 光耀先生指出的那样，中国对外投资的影响和意图已成为全球热议的话题， 而来自国外的质疑和误解常常会阻碍交易审批的顺利进行。 中国对外投资给投资对象国带来的益处和弊端，也是一个热门话题。 我们的特别报道的主题之一就是中国在非洲投资的影响，还探讨了对农业 投资日益增长的需求和支持。 我们希望您喜欢我们的新设计和新版本，祝您在 2012 年事业成功、蒸 蒸日上。
《境外投资》编辑 Juliet Leclerec
主编 Editor: Juliet Leclerec 撰稿人 Contributors: Anas Almasri, Sanchez Chen, Claire van den Heever, Iain Manley, Adam Skuse, Charles Tang, Leo Zhang 美术总监 Art Director: Susan Shen 美术编辑 Art Editor: Tank Hu 研究员 Researcher: Wang Bin 制作总监，亚洲 Production Director, Asia: Gillian Bolsover 销售总监，亚洲 Sales Director, Asia: Matthew Sumner 销售总监，美洲 Sales Director, Americas: Spencer Hall 客户经理，亚洲 Accounts Managers: Matthew Edward Spriegel, Nonnie Warren 发行经理 Circulation Manager: Iris Gao
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The arrival of 2012 marks a new beginning and a new design for Invest In that will make it easier for our readers to access this essential source of information on Chinese outbound investment. Our cleaner design and new color scheme better represents our commitment to delivering relevant, accurate, and timely information in a clear and concise manner. Chinese outbound investment is rising at a rapid rate and Invest In is growing to meet this demand. In the past year, we have introduced our popular exclusive supplement, pioneered in our sister magazine, China Offshore. This issue’s exclusive supplement focuses on real estate investment trends and opportunities across the world. These minimagazines are distributed independently but also give our readers a valuable extra source of industry insider information, packaged within our regular magazine. This issue’s cover story package examines Chinese investments in Latin America, with a particular focus on natural resource investment. From Chilean copper to Brazilian oil, the Asian giant is undoubtedly one of the major factors behind the region’s recent growth. The effects and intentions of major Chinese outbound investments is a hotly debated topic worldwide and foreign skepticism and misunderstanding often undermines the approval of proposed deals, as our opinion contributor Sanchez Chen outlines. The benefits and downsides of Chinese outbound investment on host countries is also a hot topic and the effect of China’s African investments in Africa are the subject of one of our special reports along with an examination of the increasing need and support for agricultural investments. We hope you enjoy our new design and new edition, and wish you a successful and prosperous 2012. Editor, China Offshore Juliet Leclerec
Winter, 2011 INVEST IN
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11
封面故事 COVER STORY
拉丁美洲的“领头羊” LATIN LEADERS
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37 2
Winter, 2011
季刊 QUARTERLY WINTER 2011
www.investin.com.cn
REAL ESTATE An exclusive supplement of Invest In magazine
S01 拥有旧世界的一隅 Owning a piece of the old world
S08 中国人涌向海外岛屿置业 Island Escapes: Exotic Properties on the Rise
S14 筑“巢”引“凤” If you build it, they will come 新闻 news 04 全球概览 World NEWS
封面故事 COVER STORY 11 拉丁美洲的“领头羊” Latin Leaders
您的全球金融产业指南 All the latest news from
18 中国投资者聚焦拉美自然资源 Eye on the Prize: China
across the world
investors set their
06 海外并购的审批风险
natural resources
观点 opinion
sights on Latin America’s
Overseas mergers and acquisitions: regulation and inspection procedures 09 巴西：世界的粮仓
迅速成为该地区的头号投资中心。 Tiny Qatar continues to cement its
strong presence on the global stage
and is rapidly becoming the number one investment center in the region. 特别报道 SPECIAL REPORT 32 农商：一个崭新的全球时代 Agribusiness: A New Global Era
看点 eye on 25 新加坡：与龙共舞
37 中国在非洲巨额投资的代价
Singapore: a growing
The Cost of China’s
attraction
billions in Africa
Brazil: The World’s Breadbasket
28 卡塔尔：国小事业大
会议 CONFERENCE
巴西中国工商总会会长唐凯千讲述投
Qatar Takes Business in The
资巴西的战略重要性
Middle East to The Next
China Overseas
China Chamber of Commerce &
Level
Investment Fair
Industry, speaks about the strategic importance of investing in Brazil.
41 中国对外投资合作洽谈会简介
国土面积狭小的卡塔尔不断地巩固着 它在全球舞台上的重要地位，并正在 Winter, 2011 INVEST IN
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新闻 | NEWS
全球概览 Global update 海外分行 CCB bank purchase 根据官员的评论和记者的报道，中国建设银行正 在与有关方面进行谈判，希望收购一家巴西银行， 并且计划在这个南美最大的经济体中开设分行。 作为全球市值第二大的银行，建行已经在香港、 约翰内斯堡、东京、首尔、新加坡和伦敦设有分 支机构。
中石化进一步扩大 对巴西能源业的投资 Sinopec to Further Expand in Brazilian Energy Sector
China Construction Bank is negotiating the purchase of a Brazilian bank among plans to open a branch in South America’s biggest economy, according to commentary by officials and news reporters. The world’s second-largest lender by market value already has branches in Hong Kong, Johannesburg, Tokyo, Seoul, Singapore and London.
网站支持 MOFCOM website
面对日益增长的对外投资，中国商务部于 10 月 23 日推出了一个网站，旨在为从事对外贸易或海 外投资的企业提供咨询服务。该网站将为那些遭 遇到挫折或者困难的中国企业提供支持，网站的 网址为 http://tradeservice.mofcom.gov.cn，它是 首个这种类型的网站，已经取代了热线电话。
In the face of ever increasing levels of outbound investment, The Chinese Ministry of Commerce launched a website October 23 to provide consulting services to enterprises engaged in foreign trade or overseas investment. The website will provide support to Chinese companies who are experiencing grievances or difficulties in conducting trade overseas. The website, http://tradeservice.mofcom.gov.cn, is the first of its kind and replaces telephone hotlines.
10 亿美元 $1 billion for Russia
负责管理中国主权财富基金的中国投资有限责任 公司（CIC）将投资 10 亿美元于新成立的俄中 投资基金。这项协议于俄罗斯国家总理弗拉基米 尔·普京为期两天的对华访问期间达成，此次访 问于 10 月 12 日（周三）结束。
China Investment Corporation (CIC), the entity managing China’s sovereign wealth fund, is set to invest $1 billion in a new Russia-China Investment Fund. The agreement was reached during Russian Prime Minister Vladimir Putin’s two-day visit to China, which ended on Wednesday October 12.
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Winter, 2011
赴欧投资 Eyes on Europe 中国商务部部长陈德铭先生宣布，他打算在 2012 年带领一个投资代表团赴欧考察。尽管中国在许 多场合下都表示不愿意承诺购买欧洲债券，但它 对购买实体资产却很感兴趣。不过，这项计划仍 然需要得到政府各部门的批准。
China’s Commerce Minister, Mr Chen Deming, announced that he intends to lead an investment mission to Europe in 2012. Despite China’s widely publicised unwillingness to commit to purchasing European debt, there is interest in pursuing physical assets. However, the proposal still needs full government approval.
希腊疲弱的经济为 中国投资者提供了 肥沃的土壤 Greece's ailing economy offers fertile ground for Chinese investors
NEWS | 新闻
中
石化集团已经同意出资 35.4 亿美元收购 葡萄牙石油和天然气巨头 Galp 能源公 司巴西子公司 30％的股份，它同时承诺额外 购买该巴西公司的新股份并且提供股东贷款。 Galp 将持有该子公司 Galp 巴西公司（Petrogal Brazil）剩余 70％的股份，Petrogal 将 从 该 中国投资者手里获得价值为 51.8 亿美元的总 投资。 此项交易是中国公司今年迄今为止最大 的海外收购，它将使得中石化获得该拉美公 司在巴西的四个离岸油田中的股份。Galp 公 司在巴西的投资组合包括卢拉油田 (Lula)10％ 的权益。 中石化集团预计其 2015 年的石油日产量 为 21300 桶，估计石油出产量将于 2024 年 达到顶峰，石油日产量为 112500 桶。而广阔 的卢拉油田（此前称为图皮油田）预计拥有 大约 65 亿桶当量的可采石油储备。 去年，中石化集团出资 71 亿美元收购 西班牙能源供应商 Respol 所拥有巴西资产 40％的股份，另外中化集团出资 31 亿美元从 挪威国家石油公司（Statoil）手里购买了巴西 Peregrino 油田 40％的股份。今年，中国的 能源企业出资至少 160 亿美元竞购海外的石 油和天然气资产，它们的目标是让全球最大 的能源消费经济体能够获得足够的供给。 Galp 能源公司原本计划出售其巴西子公 司至少 20％的股份，从中至少筹资 27 亿美元， 来承担部分的油田开发成本。虽然该交易超 过了公司的最初目标，但是投资者认为中石 化集团对其所获得的股份仍然出资过低。该 交易对 Galp 巴西公司的估值为 125 亿美元， 而高盛的估值接近 157 亿美元。当该交易于 11 月 11 日周五被确认时，Galp 公司投资者 的情绪使得这家葡萄牙公司的股价当日暴跌 了 13％。相反，在交易宣布当日，中石化在 香港上市的子公司中国石油化工股份有限公
司股价上涨了 3.1％。 该交易仍有待中国政府的批准，与此同时， 据说国有的中石化集团又盯上了 Marathon 石 油公司安哥拉业务的股份。安哥拉是非洲第二 大石油生产国，仅次于尼日利亚。
Tupi, is estimated to hold some 6.5 billion barrels
I
consumer economy well supplied. Brazil is Latin
n its latest expansion in Brazil, China’s Sinopec
Group has agreed to acquire a 30 percent share
in major Portuguese oil and gas company Galp
Energia’s Brazilian unit for $3.54 billion. Galp will
retain the remaining 70 percent of the enterprise, called Petrogal Brazil.
T h e C h i n e s e c o m p a ny, a l s o k n o w n a s
China Petrochemical Corp, has pledged an
additional commitment by subscribing to new company shares and assuming shareholder
loans. Accordingly, Petrogal will receive a total investment amount of $5.18 billion from the Chinese investor.
The deal, which represents the biggest
overseas acquisition by a Chinese company so far
this year, will grant Sinopec a stake in the Latin American company’s holdings in four offshore blocks in Brazil. Galp’s Brazilian portfolio includes
a 10 percent share in Lula, the largest crude
discovery in the Western hemisphere since the Cantarell field in Mexico in 1976.
The Brazilian business is involved in a total
of 21 projects within the country and accounts for the majority of its parent company’s proven
reserves. Founded in 1999, Galp Energia is Portugal’s largest oil company.
The Beijing-based group has said it expects to
receive 21,300 barrels of oil equivalent each day
in 2015, and estimates production levels to peak
in 2024 with 112,500 barrels of oil equivalent per day. The vast Lula field, previously known as
This year China’s energy firms have bid at
least $16 billion on oil and gas holdings abroad,
as they aim to keep the world’s largest energy America’s second largest oil producer and has
recently been receiving much of China’s attention in terms of overseas energy deals.
Just last year Sinopec Group splashed $7.1
billion for a 40 percent share of Spanish energy
provider Respol’s Brazilian assets. Also during 2010, Sinochem bought 40 percent of the
Peregrino oil field off Brazil for $3.1 billion from Norwegian group Statoil.
Galp Energia had announced earlier this year
that it planned to raise a minimum of $2.7 billion from the sale of at least 20 percent of its Brazilian
unit to help finance its part of oil field development costs. Although this transaction provides the
company with more than its initial target, investors say Sinopec Group underpaid for its share.
The deal values Petrogal Brazil at $12.5
billion, while Goldman Sachs’ valuation was
closer to $15.7 billion. Galp investors’ sentiment translated into a 13 percent plunge in the Portuguese company’s stock price after the deal was confirmed on Friday, November 11th.
Sinopec’s HK listed daughter company, China
Petroleum & Chemical Corp’s shares rose 3.1 percent on the day of the announcement.
The transaction is still pending Chinese
governmental approval, while state-owned
Sinopec Group is already said to be eyeing a stake in Marathon Oil Corp’s operations in Angola – the
second biggest oil producing country in Africa, after Nigeria.
G
在
持 续 的 经 济 危 机 影 响 下， 为了在未来五年内吸引 370 亿欧元的投资，希腊正加大努力 鼓励来自中国的投资。 近日，一场向中国企业和政 府官员展示希腊投资机遇的研讨 会在北京召开。在这个研讨会上， 来自投资希腊（Invest in Greece） 的 官 员 Angela Michalopoulou 表 示，当前的形势为中国投资者提 供了很多机会，特别是在能源、 基础设施、房地产、电信、博彩 和废弃物管理等领域。
of recoverable oil and equivalents.
Michalopoulou 同 时 还 强 调 了希 腊 政 府 促 进 外 国 投 资 的 新 政 策（ 包 括 削 减 官 僚 障 碍 的 快 速 立 法）， 并 且 表 示 该 国 的 主 要优势之一是其高技能且拥有 价格竞争优势的劳动力。
reece is upping efforts to encourage investment from China in a drive to attract up to 37 billion euros in investments over the next five years. Speaking at a seminar in Beijing aimed at showcasing opportunities in Greece to Chinese businesses and government officials, Angela Michalopoulou of Invest in Greece said the current situation presents many opportunities for Chinese investors, particularly in the areas of energy, infrastructure, real estate and so on. Michalopoulou also highlighted new policies by the Greek government aimed at spurring foreign investment into the country, including a fast-track law aimed at cutting bureaucratic barriers, and said one of the country's key advantages is its high-skilled workforce available at competitive rates. Winter, 2011 INVEST IN
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观点 | Opinion INVEST IN
海外并购的审批风险 Overseas mergers and acquisitions: regulation and inspection procedures
根
据中国海洋石油有限公司（“CNOOC Ltd”）发布的公告，CNOOC Ltd 间接 持 有 50% 权 益 的 Bridas Corporation
于 2010 年 11 月 28 日 与 BP 签 署 交 易 文 件， 以 7,059,250,000 美 元 的 对 价 收 购 BP 持 有 的 Pan American Energy（“PAE”）60% 的 股 权 （“PAE 并 购”），CNOOC Ltd 将 就 此 提 供 超 过 2,470,737,500 美元的资金。其时，PAE 为阿
陈光耀 Sanchez Chen 柯杰律师事务所 KEJIE LAW OFFICE
sanchez.chen@yahoo.com.cn
根廷第二大石油与天然气生产商，拥有世界一流 的油气资产组合，PAE 并购的作成将使 CNOOC Ltd 探明储量与平均日产量大幅提升。 尽管 CNOOC Ltd 对 PAE 并购寄予厚望，但 BP 于 2011 年 11 月 7 日发布公告称，由于未能 就 PAE 并购取得中国境内监管部门以及阿根廷反 垄断部门的批准，Bridas Corporation 向其发出书 面通知，单方终止 PAE 并购。BP 的公告表明， 由于审批受阻，CNOOC Ltd 通过其子公司收购 PAE 的权益的努力宣告失败。鉴于监管部门审批 程序对海外并购交易的影响，本文拟就此进行简 单介绍。 海外并购审批 一般而言，中国企业从事海外并购面临两个层面 的审批，即：(i) 中国境内监管部门就海外并购进 行的审批（“境内审批”）；和 (ii) 东道国对中国 企业在其境内开展的并购交易进行的审批（“东 道国审批”）。
如果您有意为“观点”栏目 撰稿，敬请与《境外投资》 编辑团队联系，我们的电子 邮 件 是 editorial@mxmedia. com.hk.
1. 境内审批
If you are interested in contributing an opinion piece, please contact the Invest In editorial team at editorial@mxmedia.com.hk.
资核准；(iii) 向外汇管理部门办理境外投资外汇登
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Winter, 2011
根据中国境内现行有效的法律、法规，从事海外 并购的中国企业应 (i) 向发展和改革部门办理境外 投资项目核准 / 备案；(ii) 向商务部门办理境外投 记等审批手续；如果相关企业为国有企业，则还 应就海外并购交易履行国有资产监管项下的审批 程序，包括但不限于海外并购报告、重大投资项
B
ridas Corporation, in which the China National Offshore Oil Corporation (CNOOC) indirectly owns a 50 percent stake, signed a deal with BP on November 28, 2010 to acquire a 60 percent stake in Pan American Energy (PAE) from BP. The total value of the deal would be US$7,059,250,000, according to a statement by CNOOC whose proportion of the payment would amount to nearly $2.5 billion US dollars. At that time PAE was the second largest oil and gas producer in Argentina, holding the world’s best portfolio of oil and gas assets. Successful acquisition of PAE would have greatly lifted the oil reserves and the average daily production of CNOOC. Though CNOOC had pinned much hope on the acquisition of PAE, BP said in a statement on November 7, 2011 that the Bridas Corporation had unilaterally stopped the acquisition due to a failure to get approval from China’s regulatory bodies and Argentina’s anti-monopoly regulator. BP’s statement showed that CNOOC’s efforts to acquire a stake in PAE through a subsidiary had failed due to regulatory obstruction. The article will briefly introduce the impact of regulatory inspection procedures on overseas merger and acquisition (M&A). I n s p e c t i o n o f ove r s e a s m e rg e r s a n d acquisitions Generally speaking, Chinese companies will encounter two levels of inspection when conducting overseas mergers and acquisitions: (i) China’s domestic regulatory bodies’ inspection of overseas M&As (domestic
Opinion INVEST IN | 观点
目备案 / 审核，以及资产评估备案 / 核准等 审批程序。 在目前境内审批实践中，腾中重工由于 未能就其提议向通用汽车收购悍马品牌、商 标和商品名称所有权，以及生产悍马汽车所 需专利技术使用权获得中国境内监管部门的 批准，而在 2010 年 2 月 25 日宣布终止交易。 2. 东道国审批 东道国就外国投资者并购其境内企业进行的 监管大致包括以下几种审批： (1) 外国投资审批 在海外并购交易中，东道国监管部门一 般会根据其外国投资法规对外国投资者并购 其境内企业进行审查（“外国投资审批”）。 就外国投资审批，东道国的相关监管部门一 般会关注并购交易对其国家安全（包括但不 限于国防安全、经济安全）造成的消极影 响。比如，如果外国投资者针对美国公司发 起的并购交易涉及国防安全、军事技术等敏 感领域，则需要提交美国外国投资委员会审 查（“CFIUS”）；在以往的案例中，中国 最大的通信设备制造商华为公司多次因为未
inspection), and (ii) the host country’s inspection on Chinese companies M&As activities within the host country (host country inspection).
1. Domestic Inspection According to China’s laws and regulations, Chinese companies attempting overseas mergers and acquisitions should (i) apply for approval from/ file to the overseas investment project to the National Development and Reform Commission for approval, (ii) apply for approval from the commerce department, (iii) follow the inspection procedures including registration with forex regulatory bodies for overseas investment. If the relevant companies are state-owned, they must additionally undergo an inspection by the State-owned Assets Supervision and Administration Commission, including but not limited to preparing an overseas M&A report, approval/filing of significant
四川的腾中重工收购通用汽车悍马品牌的尝试因未通过国内审批而作罢。
Sichuaneese industrial manufacturer Theng Heavy Engineering’s attempts to acquire General Motors Hummer brand were thwarted during the domestic approval inspection.
investment projects, and filing/ registration of asset assessment. Within current domestic inspection practices, Theng Heavy Engineering announced on February 25, 2010 that it would cancel its proposed deal to acquire GM’s Hummer Brand, trademark and ownership of the product name, because it failed to get approval from China’s domestic regulatory bodies.
2.Host Country Inspection Proposed mergers and acquisitions are also subject to stringent inspection in the host country: (1) During overseas mergers and acquisitions, the regulatory bodies of the host country will conduct an inspection on the foreign investors, according to foreign investment regulations, which will generally focus on the deal’s negative impact on the country’s safety (including but not limited to national securities and economic securities). For example in the US, if an overseas investor’s proposed merger or acquisition relates to sensitive areas, such as national securities or military technologies, it will be subject to inspections of Committee on Foreign Investment in the United States (CFIUS). In previous cases, China’s largest telecommunication equipment manufacturer Huawei has been forced to cancel several proposed mergers and acquisitions targeting US telecommunication technology companies after failing to get approval from CFIUS (2) Anti-monopoly inspection An anti-monopoly inspection by the regulatory bodies of the host country can be triggered if an M&A deal proposed by a foreign investor will result in concentration of market players, and give the buyer monopoly status in a certain product or service market . In 2006, China Winter, 2011 INVEST IN
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观点 | Opinion INVEST IN
能通过 CFIUS 的审查，被迫中止多项针对 美国通讯技术公司发起的并购交易。 (2) 反垄断审批 如果外国投资者发起的并购交易导致 经营者集中，使得收购方获得某种商品、 服务市场的垄断地位，则还可能引发东道 国反垄断部门发起的反垄断审查。2006 年， 中集集团提议收购荷兰博格工业公司，由 于该交易将使中集集团拥有全球罐式集装 箱市场超过 50% 的份额，涉嫌“损害客户 和其他竞争对手的利益，妨碍共同市场或 其实质部分的有效竞争”，因此受到欧盟 反垄断机构的调查，迫使中集集团中止最 初提议的并购交易。 (3) 外汇管制审批 在针对不属于外汇自由市场国家和地区 的企业提起并购交易时，外国投资者往往还 面临东道国外汇监管部门的外汇管制审批。 比如，在非洲和拉美，很多国家和地区对跨
International Marine Containers (CIMC) proposal to acquire Netherland’s Burg Industries BV was inspected by European Union’s anti-monopoly institutions as the completion of the deal could lift CIMC’s share of the tank container market to above 50 percent. CMIC was forced to cancel the proposed M&A deal on allegation of “damaging the interests of customers and other competitors, and preventing effective competition on the common market or a substantial part of it”. (3) Forex control inspection A foreign investor will usually have to undertake a currency control inspection by the host country’s forex regulator when the company attempts a merger or acquisition with a company not belonging to a free exchange market. For example, many countries and regions in Africa and Latin America have strict regulation and restriction on cross-border capital flow. A foreign investor needs to sufficiently estimate potential risks from forex control inspections, and the consequent effects on time scale and budgets.
Reaction to inspections on overseas M&A In respect of the complex inspection p ro c e d u re s f o r ove r s e a s m e r g e r s and acquisitions, a Chinese company attempting an overseas M&A should carry out a legal due diligence report of a proposed deal in advance, anticipate the possible inspection procedures (both from the domestic and host country), assess potential problems and the risks of relevant inspection procedures, and adopt proactive, effective and reasonable solutions, such as structuring the deal reasonably to avoid unnecessary inspections, and to carefully drafting contract documents and setting up effective risk management system, so as to facilitate completion of the deal. (This article is for general reference and
does not constitute legal advices, nor is it a substitute for legal advice. It is not intended as a thorough study of the topic matters. If there are any further questions on this article, please contact the author.)
国资本流动有严格的监管和限制，外国投资 者需要充分评估就此面临的外汇管制审批风 险，以及因此导致的时间成本、财务成本。 海外并购审批应对 就海外并购面临的审批程序，拟进行海外并 购交易的中国企业需要在交易之前就拟议交 易开展法律尽职调查，锁定拟议交易可能面 临的审批程序 （包括境内审批和东道国审批） ， 评估相关审批程序可能存在的问题和风险， 并采取积极、有效而合理的应对措施，如 (i) 合理设计交易结构规避不必要的审批程序， (ii) 谨慎拟定交易文件设置有效的审批风险管 理机制，以有效促成并购交易的作成。 （本文仅供一般性参考，不构成法律意见，不能代替法律意 见，也无意对讨论事项进行全面的研究；若就本文有任何进 一步问题，请与作者联系。）
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对法规的透彻理解，是最终完成交易的关键。
A thorough understanding of regulatory requirements is the key to finally signing off on your deal.
Opinion INVEST IN | 观点
巴西：世界的粮仓
Brazil: The World’s Breadbasket 巴西中国工商总会会长唐凯千讲述投资巴西的战略重要性 Charles Tang, chairman of the Brazil-China Chamber of Commerce & Industry, speaks about the strategic importance of investing in Brazil.
巴
西介绍 作为南美洲的巨人，巴西的前景从未如 此光明。广阔的深海岩层下的石油储备
将使得这个国家转型为全球主要的石油出口国之 一。巴西还拥有巨大的矿产资源财富，该国蓬勃 发展的消费市场正在吸引来自中国和世界各地的 主要投资者到那里建立生产工厂。 全球超过 10 亿人正遭受饥饿的威胁，我们 的世界急需粮食。而作为世界的粮仓，巴西在全 球舞台上的重要性将得到不断的提升。巴西是一 个法治的国家，它能够保证财政和政治的稳定。 中国企业为什么应该在巴西进行投资 截至 2009 年年底，中国对巴西的累计总投资仅 为 3.92 亿美元。而 2010 年，投资额猛涨到 200 亿美元。截至 2011 年 5 月，已宣布的投资额已 经超过了 140 亿美元。 从 2008 年以来，在《人民日报》下属《国 际金融报》发表几篇文章中，以及在央视新闻的 谈话节目中，我已经提到了中国必须在巴西进行 投资，这样才能够有机会获得维持经济持续增长 和养活中国人的战略资源。 正确投资的指南 我们巴中工商总会正在协助巴西公司与中国开展 业务，并且帮助中国企业恰当地投资巴西的乘用 车和商用汽车组装厂、矿业资产、农商、石油设 备和服务业。 一些中国公司最近收购了巴西的矿业资产， 但是这些资产远离海岸并且没有铁路运输，因此 无法将矿石出口到中国。另一些公司同样在投资 中花了冤枉钱。这些错误是由于中国企业缺乏对 巴西的了解，并且不愿意寻求专业的咨询服务， 而恰恰是这些服务能够帮助他们避免这些代价高 昂的错误。 采矿行业的机遇 我们商会的网站提供了许多矿藏、矿山和农业用
I
ntroduction to Brazil Future prospects for Brazil, the giant of South America, have never been brighter. The vast deep water pre salt petroleum reserves will transform the country into one of the world’s major oil exporters. Brazil also has a vast wealth of mineral resources and the country’s booming consumer market is attracting major investors from China and the world to establish manufacturing plants in the country. Brazil’s importance in the world scenario will grow as it becomes the breadbasket to a world that needs food and where more than one billion people are hungry. Brazil is also a country governed by the rule of law and offers financial and political stability.
Why Chinese Companies Should Invest in Brazil At the end of 2009, total accumulated Chinese investments into Brazil registered a mere US$ 392 million. In 2010, investment decisions made jumped to 20 billion dollars and by May of 2011, over US$ 14 billion in investments have been announced. I n s eve ra l a r t i c l e s w r i t t e n fo r t h e International Finance News, Peoples Daily, and in talk shows on CCTV News, I have maintained that China must invest in Brazil to be able to have access to the sources of the strategic resources that China needs for its sustained growth and to feed its people.
唐凯千 Charles Tang 巴西中国工商总会会长 世界知名的布罗代尔 （Fernand Braudel） 经 济 学院在巴西圣保罗的成员 巴中工商总会在中国代表 了伯南布哥州和帕拉州 政府 Chairman of the Brazil-China Chamber of C o m m e rc e and Industry Member of the Fernand
Braudel Institute of World Economics in Sao Paulo
Brazil-China Chamber of Commerce and Industry represents the State of Pernambuco and the State Government Pará in China
shanghai@ccibc.com
Proper Investment Guidance Our Brazil China Chamber is assisting Brazilian companies to do business with China and Chinese companies to properly invest in
Winter, 2011 INVEST IN
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观点 | Opinion INVEST IN
地的信息。我们积极地引导在铁矿石、锰、 铜、钾、镍、黄金和钛矿资产上的投资。 目前，我们正协助许多巴西矿场出售它 们的矿业资产。其中的一个铁矿石矿场拥有 接近 6 亿吨的储量，它距港口仅 150 公里， 离铁路也只有 50 公里。该矿场拥有高品位 的表面铁矿石，其纯度接近 70％。因此，这 是对潜在投资者来说是一个极具吸引力的 选择。 投资巴西矿产资源的其他好处包括出售 矿业资产所需支付的特许权使用费率仅为 3％。只要在中央银行信息系统（SISBACEN） 进行登记，巴西的外国投资者同样可以将投 资所得汇出或者将投入资本遣返回国。除了 金融业务税（IOF）以外，利润分配和资本 遣返无需缴纳其他税款。而对外汇汇出来说， 金融业务税率仅为 0.38％。然而，巴西的
圣保罗是巴西最大的城市和经济中心，也是按 GDP 排名全球第十富裕的城市。这里有高 度发达的金融中心，以及强大的生产基地。
Brazil’s largest city Sao Paulo is the country’s economic powerhouse. Ranked as the tenth richest city in the world by GDP, it boasts a highly developed financial center and a strong manufacturing base.
资本利得需要支付 15％的税款。 虽然外国公司被允许直接收购矿业资产 的比例不能超过 49％，然而通过在巴西建 立一家外资公司能够很容易地绕开这个规 定。巴西宪法并不区分外商拥有的巴西公司 和国内投资者拥有的巴西公司。 农商领域 一些中国企业也已经在巴西购买了农业用地 来为中国市场种植大豆。农业用地仍然是相 对便宜的，巴西拥有将近 1.4 亿公顷可以耕 作的闲置土地。目前，巴西在近 8000 万公 顷的土地上进行耕作，并且拥有 2 亿公顷的 牧场。相比之下，中国农业耕地的面积为 1.4 亿公顷。然而从去年年底以来，对面积超过 5000 公顷的农业用地而言，外国人的入股 比例不能超过 49％。 在巴西定居 如果个人对新建或者现有的巴西公司投资不 少于 5 万美元，就有可能被授予永久签证。 巴西政府与中国政府的关系 中国企业考虑投资巴西的另一项重要因素是 两国政府之间亲密友好的关系。两国都是金 砖五国中冉冉升起的新星，在包括联合国、 世界贸易组织和世界银行在内的国际论坛组 织中， 它们往往会相互支持。 作为发展中国家， 两国为不断发展的南南关系做出了贡献。两 国都是 20 国集团的强大伙伴。作为债权国， 它们将在世界金融体系中拥有更大的发言权。
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Brazilian automobile and commercial vehicle assembly factories, mining assets, agribusiness and petroleum equipment. S o m e C h i n e s e c o m p a n i e s h ave recently bought mineral assets in Brazil that are far from the coast with no railway and therefore cannot export their ore to China. Others have also overpaid for their purchases. These errors are made as Chinese enterprises due to their lack of familiarity with Brazil coupled with reluctance to retain professional advisory services that could help them avoid costly mistakes. Mining Opportunities Our Chamber website offers many mineral reserves, mines and agricultural l a n d . We a r e a c t i v e i n g u i d i n g investments into iron ore, manganese, copper, potassium, nickel, gold and titanium mineral assets. Although foreign companies cannot directly buy more than 49 percent of mining assets, this can be circumvented by establishing a foreign owned company in Brazil. The Brazilian Constitution does not distinguish between foreign or domestic owned Brazilian companies.
Agribusiness Business Several Chinese companies have also bought agricultural land in Brazil to plant soybeans for the Chinese market. Agricultural land is still relatively cheap as Brazil has almost 140 million hectares of unused land that can be cultivated on. Presently Brazil plants on almost 80 million hectares of land and has 200 million hectares being used for cattle. However, since the end of last year, foreigners could no longer buy more than 49 percent of agricultural land with more than 5,000 hectares. Brazil China Governmental Relations Another important aspect for Chinese companies to consider Brazil is that relations between the governments of both countries are close and friendly. Both countries are the rising stars of the BRICS nations and usually support each other in the international forums such as the United Nations, WTO, and the World Bank. As developing countries both help build up the growing South – South relations. Both are strong partners in the G20 and as creditor nations, would like to have a greater voice in the world financial system.
封面故事 COVER STORY
Latin Leaders 在
七 月 到 上 海 访 问 期 间， 智 利 的 经 济、 发 展 和 旅 游 部 部 长 Juan Andreas Fontaine 说：“ 智 利 有
潜力作为中国投资拉丁美洲的门户。智利经 济规则透明，有利经商，并有适合新兴企业 发展的成熟促进机制和稳定的政治体制。” 中国和印度这样的新兴经济体大量购买铜的 热潮成就了智利在过去几年的快速增长。 Fontaine 表示，目前，智利正在寻求其国家 财富来源的多样化，而吸引外商投资是重中 之重。 智利的迅速崛起伴随着巴西、墨西哥和 秘鲁等拉丁美洲大国经济的快速增长。经济 学家和 Fontaine 这样的政府官员据此预测
D
uring a visit to Shanghai in July, Juan Andreas Fontaine, Chile's minister of economy, development and tourism, said the country is well positioned to become the gateway for new investment in Latin America from China, as the Chilean economy is business-friendly with its transparent rules, incentives for the maturity of start-ups and political stability. Chile's brisk growth over the past few years has been primarily driven by the buying spree of its copper by emerging
By Leo Zhang
economies like China and India. Now, Chile is looking at diversifying its sources of national wealth, making attraction of foreign investment a top priority, according to Fontaine. Chile’s spectacular rise, alongside the powerhouse of Brazil and other fastgrowing Latin American economies such as Mexico and Peru, has led economists and officials like Fontaine to predict the coming age of "Multilatinas" - a host of Latin American countries or companies that are lifting the region from its stagnant years. Winter, 2011 INVEST IN
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封面故事 COVER STORY
“多美洲国家”时代的到来。在这样的时代 里，一些拉美国家和公司将引领这一地区摆 脱多年的经济停滞。 毫无疑问，中国在拉丁美洲经济的快速 发展中起着越来越重要的作用。仍以智利为 例，中国国家副主席习近平今年访问智利 期 间， 与 智 利 总 统 Sebastian Pinera 签 署 了九项协议，涉及金融、电信、农业和采矿 业。与此同时，两国的双边贸易也蓬勃发 展，去年贸易额达 258 亿美元，同比增长 44.8％。 如今，软实力是一个时髦词，总是挂在 大政治家和学者的嘴边。正如许多观察家认 为的那样，中国在拉美的努力不仅在于获得 自然资源，而且要成为一个真正能与美国霸 权抗衡的外国势力。 其实，从 2008 年开始的全球金融危机 和主权债务问题困扰下的大多数西方国家的 乏力增长已经向中国提供了一个前所未有的 机会，使其得以提升在拉美的影响力。 经济合作与发展组织的负责人在 10 月 说，过去三年中，中国是推动亚洲与拉美在 商业和金融交流多元化的主要动力，这增强 了拉美的抵御经济危机的能力。 在巴拉圭 Asuncion 举行的伊比利亚— 美洲首脑会议上，经济合作与发展组织秘书 长 Angel Gurria，强调了拉美和中国之间保 持更可持续的贸易和投资关系的重要性。 “全球金融危机使（中国和拉美之间的） 关系进入了新的层次，并显著加强了在这两
Undoubtedly, China has been playing an increasingly stronger role in the Latin America’s fast economic expansion. Taking Chile as an example, during Chinese Vice President Xi Jinping's visit to Chile this year, he and Chilean President Sebastian Pinera signed nine agreements, ranging from finance and telecommunications to agriculture and mining. Bilateral trade is also flourishing, with the volume reaching US$25.8 billion last year, an increase of 44.8 percent. Nowadays, soft power is a buzzword that's always on the lips of cosmopolitan politicians and pundits. That’s exactly what many observers believe China is exerting on Latin America in a bid not only to acquire natural resources but also to become a real foreign power in the continent to rival the hegemony of the United States there. Actually, the lingering global financial crisis starting in 2008 and weak growth in most western countries rattled by sovereign debt problems have offered China an unprecedented chance to boost
its presence in Latin America. China has been serving as the main driver within Asian economies’ diversifying commercial and financial exchanges with Latin America in the past three years, making the latter more resilient to the economic crisis, the head of the Organization for Economic Cooperation and Development said in October. Speaking at the Ibero-American Summit held in Asuncion, Paraguay,
拉丁美洲的外商直接投资来源 (2010)
Origin of FDI flow into Latin America (2010)
个地区之间的联系”经合组织秘书长 Gurria 说。
Others 49%
Gurria 指出，拉丁美洲与亚洲巨人的关
USA 17%
系“近年来有很大的改变。”他说，“两个 地区之间的贸易和资金流动从 90 年代以来 逐步增长，已经从 1975 年的区区 2 亿美元
Netherlands 13%
增加到了 2004 年的 400 亿美元。” 他还强调，双边贸易在 2008 年危机之 前的五年间增长显著，这与拉美地区超过 5％的经济增长率步调一致。同时，中国经
China 9%
济经历了两位数的增长，“中国贡献了全世 界 GDP 增长的四分之一”。 在此期间，“（拉美）向美国和欧盟的 出口分别下跌 26％和 29％，向亚洲（的出口） 只减缓了 4％，而向中国的出口甚至增长了 11％ 。”他说。 2010 年， 拉 美 对 中 国 的 出 口 飙 升 了
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Canada 4% UK 4% Spain 4% 来源 : 拉丁美洲暨加勒比海经济委员会，《2010 外商直接投资年鉴》 Source: Economic Commission for Latin America and the Caribbean (ECLAC), Foreign direct investment yearbook 2010
封面故事 COVER STORY
2010 年，中国在墨西哥的投资达 2000 万美元，大大超过了过去几年年均 700 万美元 的投资。
Mexico received more than US 25 million in Chinese investment in 2010, well above the average Chinese investment of 7 million in the country over the past several years. 51％，是拉美的区域间和对外出口总额增 长率的两倍。拉美从中国的进口也增加了 48％，比从美国进口的增长率高 20 个百分 点，也比从欧盟进口的增长率高 15 个百分 点。 Gurria 预言：“如果他们保持这种趋势， 且中国对拉丁美洲产品的需求量的增长能达 到过去 10 年增长速度的一半，中国就可能 在 2014 年取代欧洲成为拉丁美洲的第二大 贸易伙伴。” 然而，谈到双边关系的挑战，Gurria 指 出，中国对原材料的需求的高度集中和双方 的金融联系在近年来并没有像贸易那样强势 增长。 2009 年，中国对外直接投资的 17％投 向了拉丁美洲和加勒比地区。中国在 2010 年成为该地区的第三个大外国投资者，在石 油、天然气和采矿业等采掘业的投资超过 150 亿美元。 “如果加上金融投资，（中国对拉美的 投资）总额将达到 410 亿美元，”他补充说。 2006 年起，中国与拉美贸易经历了每年两 位数的增长，比其他任何地区都快。但中国 与拉美的贸易额仍不及拉美与与美国贸易额 的一半。 值得注意的是，美国在拉丁美洲的投资 一直在下降。根据联合国拉丁美洲暨加勒比
Angel Gurria, General Secretary of the OECD, highlighted the importance of a more sustainable trade and investment relationship between Latin America and China. “It has been the global crisis which brought a new dimension to this relationship (between China and Latin America) and has strengthened the ties between both regions in a definitive way,” Gurria, the OECD’s secretary general, was quoted as saying. Gurria noted that Latin America’s relationship with the Asian giant "has changed greatly in recent years". Trade and financial flows between the two regions had been increasing since the 1990s, from a mere US$200 million in 1975 to US$40 billion in 2004, he said. Gurria also emphasized that bilateral trade jumped significantly during the five years before the crisis of 2008, coinciding with growth rates above five percent in the Latin America region and by double digits in China, "which alone has contributed to a quarter part of world GDP growth. "
During the period, “while (Latin America’s) exports to the United States and the European Union fell 26 percent and 29 percent, respectively, (those) to Asia were down by only four percent, and what is more symptomatic is that exports to China grew even 11 percent," he said. In 2010, Latin American exports to China soared by 51 percent, double the growth rates of total exports, both interregional and outside. Imports from China also increased by 48 percent last year, 15 percentage points higher than the growth rate on shipments from the United States and 20 percentage points higher than that of the European Union. Gurria predicted “if they keep this trend and China's demand for American products grow at only half the pace it has done so far in this decade, China is likely to replace the European Union as the second partner for Latin America's trade in 2014.” However, talking about the challenges of the bilateral relationship, Gurria pointed out the high concentration of China's demand for raw materials, and that financial ties have not grown as strong as those of trade in recent years. In 2009, 17 percent of direct investment from China was destined to Latin America and the Caribbean, and in 2010 China was the third largest foreign investor in this region, with more than US$15 billion invested in their extraction business industry, including oil and gas and mining. “If you add the financial investment, the total would reach US$41 billion,” Gurria added. Chinese trade with Latin America has experienced double digit annual growth since 2006, more than with any other region. But the figure is still less than half of what it trades with the US. What’s noteworthy is that investment by US in Latin America has been Winter, 2011 INVEST IN
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封面故事 COVER STORY
图片来源：智利共和国总统府 Source: Presidencia de la República (Chile)
智利总统 Sebastián Piñera 在北京香格里拉大酒店向中国听众推广智利的投资机会。
Chilean president Sebastián Piñera promoted opportunities for investment in Chile to a Chinese audience at the Beijing Shangri-La hotel.
经济委员会的数据，在 2000 年，美国占在 拉丁美洲的外国直接投资总额的 43％，但 2010 年的比例下降到了 17％。 与此相反，中国在拉美的外国直接投资 额在 2000 年和 2009 年之间几乎没有增加， 却在 2010 年增至 150 亿美元，中国成为拉 美的第三大投资者，占拉丁美洲的外国直接 投资总额的 9％。而同期美国在拉美的外国 直接投资不到 200 亿美元。2011 年上半年， 中国在拉美的外国直接投资已经达到 220 亿美元。 今年以来，中国行将成为拉丁美洲的最 大的外国投资者，中国的投资主要流向了拉 丁美洲各国的能源产业。 这笔钱大部分投向了巴西、阿根廷和秘 鲁的石油和天然气生产。这个数字还不包括 向巴西和委内瑞拉提供的 300 多亿美元石 油债及在委内瑞拉的 400 亿美元债务。 Gurria 秘书长说，南美洲是与中国一体 化贸易的最前沿，在过去十年签署的许多自 由贸易协定已经使得中国占巴西总出口的比 重从 2％上升到 13％，这在智利从 5％上升 23％，并在秘鲁从 6％上升到 15％。 但他指出，在中美洲和墨西哥，“中国 出口占总额不到 2％，这反映了更大的竞争，
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plummeting. In 2000, the US accounted for 43 percent of total foreign direct investment in Latin America, but by 2010 the proportion dropped to 17 percent, according to the United Nation’s Economic Commission for Latin America and the Caribbean. By contract, Chinese FDI in Latin America barely expanded between 2000 and 2009, but in 2010 it became the third biggest with a nine percent share, or US$15 billion, compared to less than US$20 billion from the US. In the first half of 2011 though, Chinese FDI was already US$22 billion. This year, China is already on track to be the top foreign investor in Latin America with the majority of investment going to the energy industries in different countries in Latin America. The lion’s share of this money is directed to oil and gas production in Brazil, Argentina, and Peru. The figure does not include more than US$30 billion in oil-underwritten debts to Brazil
and Venezuela or the US$40 billion committed in Venezuela. Gurria, the OECD Secretary-General, said that South America is at the forefront of trade integration with China, and for the past decade the signing of many free trade agreements has allowed China's weight in total exports structure to rise from two percent to 13 percent in Brazil, five percent to 23 percent in Chile, and from six percent to 15 percent in Peru. But he noted that in most countries of Central America and Mexico itself, "China represents less than 2 percent of total exports. This reflects a greater competition rather than complementarities in the commercial relationship." According to Gurria, "the fact that Latin America and China are two of the main pillars of global economic development dynamism in the coming years is an opportunity for closer relationships." He noted that "the real opportunity is to harness the Chinese motor as an incentive to undertake necessary transformations to Latin American productive tissue." He also stated that "the emerging middle class in China offers a huge market for intermediate capital goods and finished goods in Latin America and the region can and should compete in this burgeoning market." He suggested that each country have its own rhythm in the development of bilateral economic relationship with China; but this should be complemented by regional level dialogue "making the Asian country to match its commercial presence in the continent with an equally important investment presence." He also said that "Chinese international reserves could be mobilized, for example, to support Latin America needs for investments in infrastructure and innovation."
封面故事 COVER STORY
而不是在商业关系的互补性。” Gurria 说，“拉美和中国在未来几年都 将是全球经济发展的主要支柱，双方可以利 用这个机会进行更密切的合作。”他指出， “真正的机会是利用中国的发展来促使拉丁 美洲转变生产结构。” 他还指出，“中国新兴的中产阶级为拉 丁美洲提供了一个巨大的资本货物和成品市 场，这一地区可以而且应该参与这一新兴市 场的竞争。” 他建议，每个国家都有其自己的发展节 奏来参与中国的双边经济关系，但是要有区 域间对话的补充，从而“使中国在这一地区 投资领域的重要性和商业领域保持一致。” 他还表示，“中国的国际储备可以调动起来， 比如说，支持拉丁美洲投资基础设施和创新 的需要。”
In April, 2010, the leaders of China, Brazil, Russia and India held a summit in Brasilia, calling for swift reform of international financial institutions to give developing countries a greater voice, saying their group was vital to achieving a new world order. "Brazil, Russia, India and China have a fundamental role in creating a new international order that is more just, representative and safe," Brazilian President Luiz Inacio Lula da Silva said after holding talks with his counterparts.
The group has been pushing for reforms since the global financial crisis of 2008, arguing the current system is unfairly dominated by advanced economies such as the United States, Japan and Europe. The group said it would resist all trade protectionism and look into boosting commerce with one another in local currencies, bypassing the US dollar. China and Brazil, the largest economies in Asia and Latin America, used the summit to bolster growing ties
中国在拉丁美洲的对外直接投资流量（以百万美元计）
Chinese outward FDI flow into Latin-America (million of USD)
2010 年 4 月，中国、巴西、俄罗斯和 印度领导人在巴西首都巴西利亚举行首脑会 议，呼吁对国际金融机构进行改革，给予发
500
Brazil
展中国家更大的发言权，它们对实现一个新 的世界秩序是至关重要的。 “巴西、俄罗斯、印度和中国都在创建 一个新的国际秩序，它更加公正、更有代表
400
性、更安全”，巴西总统 Luiz Inacio Lula da Silva 会后说。 这一集团自 2008 年的全球金融危机以来一 直在推动改革，他们认为现行的制度受到美
300
国、日本和欧洲等先进经济体的支配，这是 不公平的。该集团表示，它将抵制一切贸易 保护主义，并探讨绕过美元，促进使用当地 货币进行商务活动。
200
中国和巴西这两个亚洲和拉丁美洲最大 Peru
的经济体，利用首脑会议，通过贸易和投资 协定加强日益紧密的双边关系。峰会期间，
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Venezuela
中国国家主席胡锦涛和巴西总统卢拉签署了 为期五年的“行动计划”，以此促进贸易和
Chile Argentina
能源领域的合作。商业活动激增让这两个国 家近年来关系更为紧密。在 2009 年，中国
0
成为巴西最大的贸易伙伴。正在商定的项目 包括一个在里约热内卢州的 Acu 港口投资 50 亿美元炼钢厂，这是中国在拉丁美洲最 大的国家里的最大一笔投资。 《美国的盲点——查韦斯，石油，和美
-100 2003
2004
2005
2006
2007
2008
2009
2010
国的安全》分析了拉丁美洲对美国的国家安 全的影响。该书的合著者 Andres Cala 说， 美国的决策者，尤其是对这个大趋势没有反
来源 :2010 年度中国对外直接投资统计公报 SOURCE: 2010 Statistical Bulletin of China's Outward Foreign Direct Investment
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应的奥巴马当局，需要评估（中国与拉美联 系加强的）影响。 “迄今为止，中国没怎么表露地缘政治 野心，它也基本上没有军事野心，但不可以 天真地认为它永远不会有这方面的企图。这 就像获得了一家公司的控股权，却从不用它 来行使权力”，他在 Energy Tribune 杂志 的一篇文章中写道。 这篇文章还指出，美国国务卿希拉里·克 林顿在接受《时代周刊》采访时强调了美国 对中国崛起的官方政策：“ 如果你认为软实 力是外交和经济实力，他们已经在整个地区 得到了非常有效的传播。他们投资，建设各 国需要的项目，努力建立新关系以取代一些 历史性的敌意或狐疑。” “现在，他们有权这样做。但我们不应 该向他们放弃权利，我们也需要为软实力的 影响而竞争”希拉里说。 Cala 强调中国政府 9 月决定为委内瑞 拉投资巴西炼油厂的计划作担保，以加工超 重原油。 中国国家开发银行同意提供给委内瑞拉 国 家 石 油 公 司 PDVSA 投 资 Abreu e Lima 巴西西北部的炼油厂 40% 股权所需贷款担 保的 75％。这家投资 150 亿美元的炼油厂 原油日产量将达到 23 万桶，大多产自委内 瑞拉。巴西的 Petrobras 将拥有这家公司剩 下的 60％股份。 “从短期来看，这是好事，”他说，“没 有中国的财力支持，巴西炼油厂的未来是不 确定的。这会拖延委内瑞拉的生产，它的瓶 颈在于对 Orinoco Belt 地带出产的超重原油 的炼油能力。” Cala 表示，中国在过去十年已承诺向 委内瑞拉 $400 亿美元建造 4 个项目，其中 包括日产 80 万桶的石油生产项目，日产 12 亿立方英尺的海外天然气提取项目，和委内 瑞拉炼油厂的建设，这家厂每天可处理 20 万桶重油。 Cala 指出，商业关系可能转化为地缘 政治杠杆。“当美国还在关注于限制中国在 亚洲野心，它不应该忘记，美国一些最亲密 的盟友、经济伙伴和未来最主要的石油贡献 者，正是它南边的邻居。”Cala 说，“忽略 这一趋势或反应太慢都可能威胁到美国的安 全，造成昂贵的代价。”
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with trade and investment agreements. During the summit, Chinese President Hu Jintao and Brazilian President Lula signed a five-year "action plan" aimed at boosting trade and energy cooperation. The two nations have grown closer in recent years amid a surge in commerce. In 2009, China became Brazil's top trade partner. The projects agreed upon included a US$5 billion steel mill at the Acu port in Rio de Janeiro state that would be China's biggest investment in Latin America's largest country. Andres Cala, co-author of America’s Blind Spot: Chavez, Oil, and US Security, a book analyzing US national security and how it transits through Latin America, said that US policymakers, especially the Obama administration which has not reacted to this bulldozing trend, need to calculate the implications. “ S o fa r, C h i n a h a s s h o w n l i t t l e geopolitical ambition, and basically no military one, but it would be naive to think it never will. It would like buying controlling stakes in companies and never using it to exert power,” he said in an article on Energy Tribune. The article also pointed out that US Secretary of State Hillary Clinton has highlighted official US policy about Chinese rise during an interview with TIME magazine: “If you think of soft power as being diplomatic power and economic power, they have been very effective in spreading throughout the region, making investments, building things that countries wanted, working to create relationships to displace some of the historic animosity or suspicion.” “Now, they have every right to do that. But I did not and do not believe we should cede that to them, that we need to be also competing for soft power influence,” Clinton said. Cala highlighted the Chinese
government decision in September to underwrite Venezuela’s planned investment in a Brazilian refinery geared to process extra heavy crude. The China Development Bank agreed to provide 75 percent of the loan guarantees that Venezuela’s state oil company PDVSA needs to cover its investments in the Abreu e Lima refinery in northwestern Brazil as owner of a 40 percent stake in the project. The other 60 percent in the US$15 billion refinery that will process 230,000 barrels per day of mostly Venezuelan crude is owned by Brazil’s Petrobras. “For the short term, this is good,” he said. “The future of the Brazilian refinery would be uncertain without Chinese financial muscle and that will only delay production from Venezuela, which has a bottleneck in refining capacity for its extra-heavy crude from the Orinoco Belt.” China has committed some US$40 b i l l i o n t h i s d e c a d e t o d e ve l o p i n g Venezuela’s oil bounty through four d i f fe re n t p ro j e c t s t h a t i nvo lve o i l production of about 800,000 bpd, offshore extraction of 1.2 billion cubic feet per day of natural gas, and the construction of a refinery geared for Venezuela’s heavy oil with a capacity of 200,000 bpd, according to Cala. Cala noted that business ties translate into geopolitical leverage. “So while the US is preoccupied with containing Chinese surging ambitions in the Asia, it should not forget that some of America’s closest allies, economic partners, and certainly the biggest contributors to oil production in the future, are just south of the border,” said Cala. “Overlooking this trend or reacting too late can be a costly mistake to America’s security.”
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中国投资者聚焦拉美自然资源
Eye on the Prize: China investors set their sights on Latin America’s natural resources By Leo Zhang
中
国对全球能源资源的兴趣在近年 显著增加，全球经济放缓为这个亚 洲巨人进行收购带来一个千载难
逢的机会。 抢购风潮在拉丁美洲尤其盛行。拉丁美 洲快速增长的经济使其与中国的商业和政治 关系更为紧密，中国的消费能力在全球经济 风暴中仍然蓬勃发展。 亚洲最大的炼油公司中石化在去年 11 月表示同意购买 GALP Energia SGPS SA 巴西分公司 30％的股份。这是在一年之内 中石化在拉丁美洲最大的经济体内投资的第 二个海上油田。 总部设在北京的中国石化集团计划在 Galp 公司的巴西子公司投资共 52 亿美元，
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C
hinese interests in global energy resources have been increasing significantly in recent years as a worldwide economic slowdown offered the Asian giant a golden chance for making purchases. T h e b uy i n g s p re e i s e s p e c i a l ly booming in Latin America, where fastgrowing economies are having stronger business and political ties with China, a country still with big spending power amid the global economic turmoil. China Petrochemical Corp, Asia’s largest refiner, said in November that it agreed to purchase a 30 percent stake in
Galp Energia SGPS SA’s Brazilian unit. It would be the Chinese company’s second investment in offshore oil fields in Latin America’s largest economy within a year. Sinopec Group, as the Beijing-based refiner is better known, said it plans to invest a total of US$5.2 billion in Galp’s Brazilian subsidiary. That includes a subscription for newly-issued shares and a shareholder loan. Brazil is Latin America’s secondbiggest oil producer. Galp’s Brazilian portfolios include a stake in the largest oil discovery in the western hemisphere since 1976. Sinopec last year agreed to
封面故事 COVER STORY
包括认购新发行股份及股东贷款。 巴西是拉美第二大石油生产国。 Galp 公司在巴西的投资组合包括一个 1976 年以 来在西半球最大的油田的股份。中国石化去 年同意向西班牙 Repsol YPF SA 的巴西分 公司注资 71 亿美元。 今年到目前为止，中国的能源公司在海 外投标了 160 亿美元以上的石油和天然气资 产，以增加储备和提高这个世界第二大经济 体的增长能力。 中国作为世界上最大的能源消费国，正 受益于挥之不去的全球金融危机。这场危机 迫使海外能源巨头出售资产来筹集运营资 金。Galp 今年早些时候表示，它将尝试通 过出售其在巴西的部分资产筹集 20 亿欧元 （约合 27 亿美元）。 “作为一个具有巨大石油储量的国家， 巴西可能成为石油出口大国，中国希望在其 中分一大杯羹”，Purvin ＆ Gertz 公司新加 坡的高级首席顾问 Victor Shum 在接受彭博 社采访时表示。 “中石化希望整合足够的上游资产来平 衡其炼油与销售业务。当然，收购资金不是 问题。”
inject US$7.1 billion in the Brazilian unit of Spain’s Repsol YPF SA. So far this year, China’s energy companies have made bids worth more than US$16 billion for oil and gas assets abroad as part of efforts to increase its reserves and power the growth of the world’s second-largest economy. China, the world’s biggest energy consumer, is benefiting from a lingering global financial crisis, which is making overseas energy giants sell assets to raise funds for operations. Galp said earlier this year that it would seek to collect 2 billion euros ($2.7 billion) through the sale of part of its Brazilian unit. “Brazil is emerging as a country with big reserves and deposits and could be a large exporter of oil, and China wants a large piece of that,” said Victor Shum, a senior principal at Purvin & Gertz Inc, a consultant in Singapore, in an interview
with Bloomberg News. “Sinopec wants to be more integrated with enough upstream assets to balance their refining and marketing businesses. Of course, money for acquisitions isn’t a problem.” Galp owns stakes in four offshore blocks in the Santos Basin, including t h e L u l a f i n d . B ra z i l ’ s L u l a f i e l d , formerly known as Tupi, is the largest crude discovery in the Americas since Mexico’s Cantarell field in 1976. It holds an estimated 6.5 billion barrels of recoverable oil and equivalents. Galp initially hoped to sell a quarter of the unit, and later increased the stake on offer to as much as 40 percent. Chief Executive Officer Manuel Ferreira de Oliveira said investors could help finance the development of oilfields off the Brazilian coast. “The US$5.2 billion cash-in we will
Galp 公 司 在 桑 托 斯 海 盆（Santos Basin）拥有 4 个海上区块，包括卢拉油田 （Lula）。巴西的卢拉的油田曾被称为图比 油田（Tupi），是自 1976 年墨西哥的坎塔 雷尔油田（Cantarell field）以来美洲最大的 原油发现。预计它有 65 亿桶的石油可采量。 Galp 公司最初希望出售四分之一的资 产，后来又提高到 40％股权。该公司的首 席执行官 Manuel Ferreira de Oliveira 表示， 投资者可以为巴西海上油田的发展提供融资 支持。 “ 将 从 中 国 石 化 得 到 的 52 亿 美 元 现金对我们在巴西的战略是至关重要 的，”Manuel Ferreira de Oliveira 在 给 彭 博新闻的电子邮件中说，“这将为我们在桑 托斯盆地重要的投资阶段提供一个稳固的资 本基础。这项交易对我们目前在巴西现有的 资产估值为 125 亿美元，这对公司及我们的 股东具有里程碑般的意义。” 此前有媒体报道称，中石化在考虑购买 BG 集团在巴西的资产之后，重新开始与葡 萄牙最大的石油公司 Galp 集团重新开始对
今年到目前为止，中国的能源公司已经出价超过 160 亿美元竞购海外的石油和天然气 资产。
So far this year, China’s energy companies have made bids worth more than US$16 billion for oil and gas assets abroad.
巴西资产进行谈判。Galp 公司还是 Petroleo
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封面故事 COVER STORY
Brasileiro SA 的 合 作 伙 伴。 这 家 公 司 位 于 Cernambi，估计拥有 18 亿桶原油储量。 媒 体 报 道 指 出， 国 有 企 业 Petroleo
一艘浮式生产储油轮（FPSO）在停泊在巴西的近海，巴西是拉丁美洲第二大石油生产国。
A floating, production, satorage and offloading (FPSO) platform floats off the coast of Brazil, Latin America’s second largest producer of oil.
Brasileiro 也在寻求与亚洲投资者就开发巴 西油田开展合作，巴西油田的石油产量在南 美仅次于委内瑞拉。 看到在巴西的“迅猛”进展后，Galp 公司已提高其 2020 年的产量目标，预计到 那时将每天生产 30 亿桶原油。 中石化与 Galp 公司的交易额超过了中 国投资公司十月宣布的向 GDF SUEZSA 的 石油和天然气的生产和勘探子公司进行的 23 亿欧元（31 亿美元）投资。 中石化表示，它希望在海外的油田每天 获得 21300 桶石油，并预计在 2024 年达到 峰值 112500 桶的产量。 Mirae 资产证券有限公司在香港区域能 源研究部负责人 Gordon Kwan 告诉彭博社 记者：“中国石化集团正在全球寻找上游资 产，并会继续投资数十亿美元进行海外收购。 最终，当这些资产开始盈利后，母公司会将 这些资产注入上市公司。” 在过去两年中，中国的石油巨头，包括 中石化、中海油和中化集团，已相继在拉丁 美洲收购资源资产。 中 石 化 去 年 收 购 Repsol 巴 西 分 公 司 40％的股权是自从公司在 2009 年以 83 亿 加 元（81 亿 美 元） 收 购 Addax Petroleum Corp 以获得伊拉克的库尔德地区和西非的
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Winter, 2011
get from Sinopec is paramount for our strategy in Brazil,” Manuel Ferreira de Oliveira said in an e-mail to Bloomberg News. “It will give us a rock-solid capital base as we enter a decisive investment period at the Santos basin. This operation values our existing Brazilian assets at US$12.5 billion and is really a landmark for the company and for our shareholders.” Earlier media reports said Sinopec returned to talks with Galp, Portugal’s b i g g e s t o i l c o m p a ny, a f te r b r i e f ly considering a stake in the Brazilian assets of BG Group Plc. Galp is also a partner with Petroleo Brasileiro SA at Cernambi, which holds 1.8 billion barrels of estimated reserves. Media reports noted that stateowned Petroleo Brasileiro is also seeking investors from Asia to develop fields in Brazil, whose oil production only trails Venezuela in South America. Galp has lifted its 2020 output target
after seeing “exceptional” progress in Brazil and expects working interest production of more than 300,000 barrels of oil equivalent a day by the end of this decade. Sinopec’s deal with Galp surpasses China Investment Corp’s 2.3 billion-euro investment in GDF Suez SA’s oil and gas production and exploration subsidiary announced in October. The Chinese oil conglomerate has said it expects to obtain 21,300 barrels of oil equivalent a day of oil from its share in overseas fields, with peak output expected in 2024 at 112,500 barrels per day. “Sinopec Group has been looking at upstream assets globally and will continue to invest billions and billions in overseas acquisitions,” Gordon Kwan, Mirae Asset Securities Ltd’s head of regional energy research in Hong Kong, told Bloomberg News. “Ultimately, the parent will inject those assets into the listed company when those assets
封面故事 COVER STORY
石油储备之后中国的最大的海外石油交易。 该协议将有助于 Repsol 巴西分公司 ( 西班 牙最大的石油公司的子公司 ) 开发在 2007 年发现的盐层下油田，它是世界上最大的石 油蕴藏区。业内人士分析认为，广大的盐层 下可蕴藏 500 亿桶原油。 同样在去年，中石化在阿根廷的石油 和天然气行业首次进行投资，当时它同意 以 24.5 亿 美 元 购 买 美 国 公 司 Occidental Petroleum Corp 在阿根廷的分公司。 中石化将收购的油田去年每天产油量超 过 51,000 桶原油当量，这相当于中国每天 原油进口量的 1％。这些油田已探明和可能 的储量为 3.93 亿桶。 2010 年， 中 国 中 化 集 团 从 挪 威 的 Statoil 集团用 31 亿美元购买巴西海上油田 Peregrino 40 ％ 的 股 份。Statoil ASA 拥 有 Peregrino 油田其余 60％的股份。油田位于 巴西海岸 85 公里外的 Campos 海盆。 该协议是中国第四大石油公司和最大的 化学品贸易商中化集团最大的海外收购项 目。“该项目将显著扩大该公司的石油勘探 业务，巩固公司作为全球领先的石化企业的 地位” ，中化公司总裁韩根生去年说。 然而，并非所有中国企业在拉美的收购 交易都能顺利获得通过。11 月，BP 提出价 值 71 亿美元的交易，该交易将其在某阿根 廷的石油生产商的部分股份卖给合资方—— 中国的第三大石油公司中国海洋石油总公
become profitable.” In the past two years, Chinese oil giants, including Sinopec, CNOOC Ltd and Sinochem Group, have been playing catch-up to acquire resource assets in Latin America. Sinopec’s purchase of a 40 percent stake in Repsol’s Brazilian unit last year was China’s biggest overseas oil deal since the refiner bought Addax Petroleum Corp for C$8.3 billion (US$8.1 billion) in 2009 to acquire reserves in Iraq’s Kurdistan and West Africa. The deal would help Repsol Brasil, a unit of Spain's largest oil company, develop costly subsalt deposits that were discovered in 2007 and comprise one of the world's biggest petroleum frontiers. Industry insiders believe the vast subsalt area may hold 50 billion barrels of crude. Also last year, Sinopec made its first investment in the oil and gas industry in Argentina, when it agreed to buy the Argentinean unit of US firm Occidental Petroleum Corp for US$2.45 billion. The fields Sinopec would buy produced more than 51,000 barrels of oil
equivalent a day last year, or about one percent of China's daily crude imports. These have proven and probable reserves of 393 million barrels. During 2010, Sinochem bought 40 percent of the Peregrino oil field off Brazil for US$3.1 billion from Norwegian group Statoil. Norway-based Statoil ASA owns the remaining 60 percent of the Peregrino field, 85 kilometers offshore Brazil in the Campos basin. The deal was the largest overseas takeover of Sinochem, China's fourthlargest oil company and the biggest chemicals trader. "The project will significantly expand the company's oil exploration business and consolidate the company's position as a global leader in the petrochemical industry," said Han Gensheng, president of Sinochem Corp. However, not all deals pursued by Chinese companies in Latin America went through smoothly. Also in November, BP's proposed US$7.1 billion deal to sell a stake in an Argentine oil producer to a joint venture partly owned by CNOOC, China's third-largest oil firm, collapsed
司。这一交易在阿根廷总统命令石油公司回 收未来的出口收入后不了了之。 BP 已 同 意 将 Pan American Energy 60% 的 股 份 出 售 给 Bridas Energy 控 股 有 限公司和中国海油共同拥有一个合资公司 Bridas。 BP 的出售计划是它在墨西哥湾漏油事 故后为支撑其资产负债表而承诺剥离高达 450 美元的油田的一部分。 Bridas 股 份 由 中 海 油 和 亿 万 富 翁 Bulgheroni 家族平分。公司在 11 月 5 日宣布， 交易由于“法律上的原因”取消。两周以前， 获得连任的阿根廷总统 Cristina Fernandez de Kirchner 下令能源和矿业公司回收未来 的出口收入以减缓资本从南美洲的第二大经 济体加速外逃。 分析家认为，收购的失败会让中海油很 难在短期内达到生产目标，并可能会迫使它 寻求更多的海外并购交易。
作为世界上最大的自然资源消费国，中国正期待拉丁美洲能满足它日益增长的需求。
As the world’s largest consumer of natural resources, China is looking towards Latin America to fulfill its growing needs.
Winter, 2011 INVEST IN
21
中国：1994 － 2010 年拉丁美洲和加勒比地区烃类投资项目 ( 以百万美元计 ) 项目投资公司
项目所在国
年份
估计投资额 ( 以百万美元计 )
进入模式
备注
46
授权
生产中；Talara 油田的 6/7 号地块
授权
与 PDVSA 联合开采；项目投资未知
/
授权
与 PDVSA 联合开采
授权
由于监管的变化， 中石油于 2010 年退出该项目
并购
生产中；Plus Petrol Norte45% 的股权
80
授权
生产中；Madre de Dios 第 111 和 113 号地块
877
石油采掘 中石油
秘鲁
中石油
委内瑞拉玻利瓦尔共和国
中石油
委内瑞拉玻利瓦尔共和国
中石油
厄瓜多尔
中石油
秘鲁
中石油 (55%) 和 中石化 (45%) 中石化
哥伦比亚
中化集团
哥伦比亚
中石化
巴西
中化集团
巴西
中石化
阿根廷
中海油
阿根廷
中海油
中石油
1998
>240
2003
199
1998
2004
200
2006
800
并购
生产中；收购 Orimex50% 的股权
并购
生产中；收购 Emerald Energy (UK)100% 的股权
2010
7111
并购
Repsol Brazil40% 的股权
并购
Statoil Brasil40% 的股权； 有待中国和巴西政府批准
2005
秘鲁
2009
2010
3070
2010
2450
并购
Occidental Argentina100% 股权， 此股权属于美国公司 Oxy
并购
阿根廷国家石油公司 Bridas50% 的股权
阿根廷
2010
3500
并购
Pan American Energy100% 的股权，由英国石油 公司和 Bridas 共同拥有，交易并尚未执行
Costa Rica
2009
新建投资
项目已宣布，但未开工
新建投资
项目已宣布，但未开工
2010
Cuba
中石油
1994
2010
3100 炼油
700 /
中国：1992 － 2010 年拉丁美洲和加勒比地区主要矿业投资 ( 以百万美元计 ) 公司
业务领域
进入年份
完成的投资额
宣布的投资额
状态
100
生产中；已宣布扩建计划
秘鲁 首钢
铁矿
中国铝业
铜矿
紫金矿业 (45%), 铜陵有色 (35%) 和厦门建发 (20%)
铜矿
五矿集团 (60%) 和 江西铜业 (40%)
铜矿
南金兆
铁矿
武汉钢铁
铁矿
中国华东矿产勘查开发管理局
铁矿
博赛矿业
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Winter, 2011
铝土矿
1992
253
2007
830
2008
543
2007 2009 2010
2010 2008
2200
正在进行环境影响评估；预计 2013 年开始生产
2500
正在进行环境影响评估；预计 2014 年开始生产
190
1440
100
1500
开采阶段
5000
正在开采铁矿石；已宣布建设钢铁厂； 尚未公布开工日期
1200
已宣布；需要确认
/
生产中
巴西
400 /
圭亚那
1100
正在进行可行性研究；尚未确定生产日期
来源 :《2010 年度中国对外直接投资统计公报》
China: Main Investments in hydrocarbons in Latin America and the Caribbean,1994-2010(millions of dollars) Investment projects by company
Country
Year
Estimated investment (millions of dollars)
Mode of entry
Notes
46
Licence
In production;block 6/7 of Talara oilfield
/
Licence
In joint production with PDVSA
Extraction CNPC
Peru
Venezuela (Bolivarian Republic of)
CNPC
1994
1998
>240
2003
199
In joint production with PDVSA, amounts invested unknow
Licence
CNPC
Venezuela (Bolivarian Republic of)
1998
CNPC
Peru
2004
200
Mergers and acquisitions
In production; 45% of Plus Petrol Norte
2006
800
Mergers and acquisitions
In production;acquired 50% of Orimex
Mergers and acquisitions
40% of Repsol Brazil
CNPC
Ecuador
CNPC (55%) and Sinopec (45%) Sinopec
Peru
2005
Colombia
Sinochem
Colombia
2009
Sinochem
Brazil
2010
Sinopec
Sinopec CNOOC
Brazil
80
2010
Argentina
Argentina
877
Mergers and acquisitions
3070
Mergers and acquisitions
40% of Statoil Brasil, pending approval by the Chinese and Brazilian governments
Mergers and acquisitions
50% of Bridas,national oil company
3100
CNOOC
Argentina
2010
3500
CNPC
Costa Rica
2009
700
CNPC
Cuba
2010
In production, acquired 100% of Emerald Energy(UK)
Mergers and acquisitions
2450
2010
In production; blocks 111 and 113 in Madre de Dios
Licence
7111
2010
Withdrew in 2010 owing to the regulatory changes
Licence
Refining
/
100% of Occidental Argentina, which belonged to Oxy, a United States company
Mergers and acquisitions
100% of Pan American Energy, owned by BP,jointly with Bridas, not yet carried out
Greenfield investment
Announced,not yet carried out
Greenfield investment
Announced,not yet carried out
China: Principal mining investments in Latin America and the Caribbean,1992-2010(millions of dollars) Company Shougang
Line of business Year of entry
100
In operation, exppansion announced
1440
Feasibility study under way, no production date
Brazil
1500
Exploration phase
400
5000
Extraction of iron ore under way, iron and steel plant announced, no operational start date In operation
Peru
253
Copper
2007
190
Minmetals (60%) and Jiangxi(40%)
Copper
Wuhan Steel
Status
1992
Copper
Nanjingzhao
Investment announced
Iron
Chinalco
Zijin(45%), Tongling(35%) and Xiamen(20%)
Investments completed
2007
2008
Iron
2009
Iron
2010
830
2200
543
2500
100
ECE
Iron
2010
/
Guyana
1200
Bosai Minerals
Bauxite
2008
1100
/
SOURCE: 2010 Statistical Bulletin of China's Outward Foreign Direct Investment
Environmental impact study under way, production to begin in 2013
Environmental impact study under way, production to begin in 2014
Announced, to be confirmed
Winter, 2011 INVEST IN
23
封面故事 COVER STORY
摄影 Photo by Remko Tanis
随着本国能源消耗不断增加，中国石油巨头中石化表示它计划向 Galp 巴西公司投资 52 亿美元。
With ever increasing home energy consumption, Chinese giant Sinopec says it plans to invest US$5.2 billion in Galp Energia SGPS SA’s Brazilian unit. 但他们也指出，取消交易的决定对投资 者而言是一个积极迹象，因为中海油表明它 会优先考虑经济效益，而不是不惜一切代价 完成交易。 “我相信，中海油将继续寻求在拉丁美 洲的收购，因为它需要拥有自己的深海油田 来维持经济增长”，东方证券的一位交易员 Henry Xu 说：“不过，和其他中国企业一样， 它可能受到一些地方当局的干预和压力。” 除了石油生产企业，中国的矿产企业也积极 寻求拉丁美洲的交易。此前有媒体报道指出， 中国最大的金属贸易公司出资的五矿资源有 限公司，将 Mirabela Nickel 公司作为收购 目标，希望获得价值 70 亿美元的镍、铝土 矿和氧化铝合同。 Mirabela 控 制 着 巴 西 的 Santa Rita 镍 矿。五矿资源在老挝和澳大利亚生产锌、铜、 铅和金。Mirabela 对五矿来说是个有吸引力 的目标，因为它的 Santa Rita 硫化镍矿可以 生 产 30 年。Wood Mackenzie 说， 该 矿 有 23 年的储量与扩大的潜力，来生产 2014 年 后将供不应求的硫化镍精矿。 五矿也许还会争取收购 Alumina 有限公 司，它拥有总部位于纽约的美国最大的铝生 产商——Alcoa World Alumina & Chemical 合资公司 40% 的股权。该公司的网站显示， 它旗下有澳大利亚的两个铝土矿、三家氧化 铝精炼厂以及位于南美和几内亚的矿山。
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Winter, 2011
after Argentina's president ordered oil firms to repatriate future export revenue. BP had agreed to sell a 60 percent s t a ke i n Pa n A m e r i c a n E n e r g y t o Argentina-based Bridas Corp, a venture jointly owned by Bridas Energy Holdings Ltd of Argentina and China's CNOOC. The proposed sale by BP was part of its pledge to divest as much as US$45 billion of fields after the Gulf of Mexico spill last year to shore up its balance sheet. Bridas, equally owned by Cnooc and the billionaire Bulgheroni family, announced on November 5 that the deal was canceled for “legal reasons.” The decision comes less than two weeks after Argentina’s President Cristina Fernandez de Kirchner, re-elected on October 23, ordered energy and mining companies to repatriate future export revenue in a bid to slow accelerating capital flight from South America’s second-biggest economy. Analysts believed that the failure could make it hard for CNOOC to meet its production targets in the short term and may force it to seek more M&A transactions overseas. But they also noted that quitting the
deal is a positive sign for investors as CNOOC shows it is prioritizing economics over completing deals at all costs. “I believe that CNOOC will continue to seek acquisitions in Latin America as it needs to own big fields in deep water to sustain growth,” said Henry Xu, a trader with China’s Orient Securities Co. “However, like other Chinese companies, it could also meet some intervention and pressures of local authorities.” Apart form oil producers, Chinese miners are also actively pursing deals in Latin America. Earlier media reports noted that Minmetals Resources Ltd, backed by China’s biggest metals trader, is transforming companies including Mirabela Nickel Ltd into takeover targets as it eyes US$7 billion of nickel, bauxite and alumina deals. Mirabela controls the Santa Rita nickel mine in Brazil. Minmetals Re s o u rc e s p ro d u c e s z i n c , c o p p e r, lead and gold from mines in Laos and Australia. The Chinese company needs acquisitions to extend the life of its mines and boost valuations, according to Credit Suisse Group AG. Mirabela would be an appealing target for Minmetals because its Santa Rita nickel sulfide mine could be productive for 30 years, according to James Bruce, who helps manage US$3.5 billion at Perpetual in Sydney, in a Bloomberg interview. The mine has a 23year reserve life with expansion potential, producing nickel sulfide concentrate that will be in short supply after 2014, according to Wood Mackenzie. Minmetals may also look to acquire Alumina Ltd, which owns 40 percent of the Alcoa World Alumina & Chemical venture with New York-based Alcoa Inc, the largest US aluminum producer. Its assets include two bauxite mines and three alumina refineries in Australia as well as mines in South America and Guinea, according to the company’s website.
REAL ESTATE
季刊 QUARTERLY WINTER 2011
www.investin.com.cn
为了吸引中国的买家， 开发商安排了豪华的旅行， 并大方地提供奢侈的礼品。 Developers arrange extravagant tours, lavish gifts to attract Chinese buyers. 在东南亚其他地方受到欢迎的同时，新加坡和香港仍然很吃香。 Singapore and Hong Kong remain popular, as other South East Asian destinations rise. Winter, 2011 INVEST IN 001
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exclusive SUPPLEMENT | 独家特刊
拥有旧世界的一隅
Owning a piece of the old world By Iain Manley
今
年二月，一批专门负责中国大陆地 产销售的房地产经纪人参加了加 拿 大 白 石 镇（White Rock） 的 直
升机游览活动。白石镇的人口为 18755，它 是温哥华附近一个并不起眼的海边小镇，但 是这些房地产经纪人却受到了行业领袖般的 待遇。来自国家电视新闻网的记者也赶到了 这里，争相报道中国人在兔年里的置业行动。 这些经纪人在直升机螺旋桨的轰鸣声中滔滔 不绝地谈论着白石镇的学校、永久地拥有这 些土地以及他们所看到一幢新建住宅楼的海 边景色，这座住宅的名字叫做 Avra。 直升机之旅是一个聪明的宣传噱头，目 的是为了推广炒作。但是，它不仅仅是一场 秀。中国的买家正在向加拿大的房地产业投 入大量的资金，尤其是在温哥华和多伦多， 它们分别是该国第三大和最大的城市。负责 推 广 Avra 大 楼 的 The Key 公 司 总 裁 Cam Good 透露，今年他所有买家中有 58％是中 国人。Good 还掌握其他更令人印象深刻的 数据。在《温哥华太阳报》4 月发表的一篇 评论文章中，他透露 The Key 公司在过去 3 个月中出售的超过 700 套公寓中有 60% 的购买者是中国大陆人。在温哥华以南的 Richmond（Good 称其为房地产的“麦加”），
位于不列颠哥伦比亚省 Semiahmoo 湾的这个毫无生气的小镇最近迎来了一批参观该地沿海 的开发项目的潜在的中国买家。
The sleepy town on British Columbia’s Semiahmoo Bay recently shipped in a group of potential Chinese property buyers to visit its new seafront development.
I
n February this year, a group of realtors who specialize in selling to mainland China were taken on a helicopter tour of White Rock, Canada. White Rock, population 18,755, is a modest, seaside town near Vancouver, but the realtors were treated like captains of industry. Reporters from national television networks were there, reporting breathlessly on Chinese buying in the Year of the Rabbit, while the realtors gushed, above the thunder of rotor blades, about White Rock’s schools, owning land forever, and the seafront views of a new residential tower they were being taken to see, called Avra. The helicopter tour was a clever publicity stunt, calculated to drum up hype, but it was more than just a show. Chinese buyers are pouring
m o n e y i n t o C a n a d i a n re a l e s t a t e , especially in Vancouver and Toronto, the country’s third largest and largest cities respectively. Cam Good, President of The Key, which was hired to market the Avra tower, says that 58 percent of all his buyers this year have been Chinese. Good has other, even more impressive numbers. In an op-ed published by the Vancouver Sun in April, he wrote that sixty percent of over 700 condos The Key had sold in Toronto over the past three months were bought by mainland Chinese. In Richmond, just south of Vancouver, which Good called a real estate “mecca”, 98 percent of the of homes sold by The Key were to “buyers who are Chinese.” T h e s to r y i s m u c h t h e s a m e i n other parts of the developed, English2011 REAL ESTATE
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The Key 公司出售的住宅中有 98% 的“买 家为中国人”。 其他发达的英语国家也都有着相同的情 况。美国全国房地产经纪人协会的统计数 据显示，在过去的两年里，中国买家已经 占外国人购买美国房产总数的 9%。在伦敦 东区新近发展起来的金丝雀码头和港区， 外国人购买的地产中有 40% 出售给了中国 买家。截至今年 5 月，英国最大住房建筑 商 Barratt Developments 在伦敦的住宅项目 中有 42% 出售给了中国买家。澳大利亚于 2009 年向外国投资者开放市场，允许持有 临时签证的游客在无需获得政府批准的情况 下就能购买当地的房屋。但是由于价格上涨 了近 14％并且当地人开始抗议，政府不得 不于去年终止了这一项目。 在过去五年的大多数时间里，中国一直 处于一个消费热潮中。该国的制造商购买原 材料，推高了包括石油、铜和氯在内一切商 品的价格。该国的公司在全球范围内掀起了 收购热潮，不仅购买了诸如沃尔沃的全球品 牌，而且收购包括采矿和旅游在内的每个行 业中鲜为人知的企业。该国的富裕人士也在 不断地购买商品。他们喜欢昂贵的轿车和品 牌时装，但是也偏爱地产这种更为明智的投 资，最近他们开始购买海外的二手住宅。多
speaking world. According to America’s N a t i o n a l A s s o c i a t i o n o f Re a l t o r s , Chinese buyers have accounted for nine percent of all US homes purchased by foreigners over the past two years. In Canary Wharf and Docklands, up-andcoming neighborhoods in London’s East End, 40 percent of property sold to foreigners went to Chinese buyers. By May of this year, the UK’s largest homebuilder, Barratt Developments, had sold 42 percent of its residential units in London to Chinese buyers. Australia, which opened the floodgates to foreign investors in 2009, by allowing visitors with temporary visas to buy homes without obtaining government approval, had to hastily close them last year, after prices increased by almost 14 percent and locals protested. For most of the past five years, China has been on a spending spree. Its manufacturers are buying, pushing up prices on everything from oil to copper and chlorine. Its companies are buying, picking up global brands like Volvo and
国内高企的房价让中国的买家渐渐认为国外的房地产不仅价格适宜，还附带有额外的好处。
Rising housing prices at home mean that Chinese buyers are increasingly finding foreign real estate at comparable prices, and with extra benefits.
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lesser known businesses in every sector, from mining to tourism. Its rich are buying too. They like expensive cars and designer clothes, but are also partial to the more sensible pleasures of property, and have recently acquired a taste for second homes overseas. Explanations for the trend are manifold, but the uptick this year has been driven largely by changes in the real estate environment at home. When Lehman Brothers collapsed and the bottom fell out of the world’s financial system in 2008, China insulated itself by injecting a 400 trillion yuan stimulus package into its economy. The already hot property market reached boiling point. Between 2005 and 2009, average house prices in the country tripled, with year-on-year increases of as much as 70 percent in some cities, giving the government good reason to worry that a bubble had formed. At the end of last year, it hit the brakes, hard, by raising mortgage requirements and tax rates on second homes, and by limiting how many residential properties in one city an individual could own. The regulatory tightening, which was aimed at speculators rather than first-time buyers, has worked: in October month-on-month prices fell for the first time in two years. Analysts expect them to keep falling, at least until the government is satisfied that prices have reached “reasonable” levels and starts tinkering with its policies once again. If Premier Wen Jiabao is to be believed, that is unlikely to happen anytime soon. In a speech earlier this month, he said, “I want to especially emphasize that there will not be even the slightest faltering in the property market curbs.” C h i n a’ s w e a l t hy a s w e l l a s i t s emerging middle classes, who are also worried that the air might soon start hissing out of the country’s property market, are looking for other places to invest their money. Homes in first-tier
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种原因导致这种现象产生，但是今年的上扬 主要是中国本土房地产市场的变化所致。 当雷曼兄弟破产并且引发 2008 年世界 金融危机时，中国推出了 400 万亿的经济 刺激计划，使其免受金融危机的严重影响。
一名女士在一列从郊区开往伦敦市中心的地区性火车上阅读雅思（国际英语语言测试系统） 的教科书。为了获得接受海外教育的机会，许多人选择在西方世界置业。
A woman studies an IELTS (International English Language Testing System) textbook on a regional train heading towards Central London from the suburbs. Overseas educational opportunities drive many western property purchases.
而当时已经相当火爆的楼市借此达到了沸 点。在 2005 至 2009 年间，中国的平均房 价翻了三倍，一些城市的房价年升幅高达 70％，这让政府有充分的理由担心泡沫已然 形成。去年年底，政府开始严厉地收紧政策， 提高了第二套住房抵押贷款的要求和税率， 并且限制了个人在同一个城市所能购买住宅 的数量。监管的收紧是针对炒家而不是首次 购房者的，这些政策起到了效果：10 月的 房价实现了两年来的首次环比下跌。分析人 士预计房价将继续下跌，至少要等到政府认 为价格已经达到“合理”的水平，并且再次 开始修补相关政策。如果我们可以相信温家 宝总理的话，那么政策的放松不太可能在短 期内出现。本月早些时候，温总理在一次讲 话中说道：“我想特别强调，房地产调控政 策不会有丝毫的放松。” 中国的富裕人士和新兴的中产阶级担心 本国的房地产泡沫很快就会破裂，他们开始 寻找其他可以投资的地方。上海和北京这样 的一线城市的房价用中国的标准来看是非常 昂贵的，即便以其他任何地区的标准来看亦 是如此。因此，那些发达国家最宜居城市的 住宅突然看起来不仅实惠，而且成为了对冲 大陆地产市场波动的明智方式。Cam Good 透露，对冲是加拿大吸引力的重要组成部分。 投资者似乎信心满满地认为，那些遭受 重创的国家（如美国和英国）已经度过了经 济衰退最糟糕的时期，这让现在成为购买的 好时机。总部位于伦敦的中介机构 Beaney Pearce 一直在与源源不断的远东买家打交 道，该公司的主管 Nicholas Pierce 大约在 五年前首次接触到来自大陆的买家，但他说： “在过去的几年里，英镑相对于其他主要货 币的弱势无疑加快了这样的趋势。”他表示， 目前的观点“看起来是虽然房产价值的高速 增长可能不会一直延续下去，但是英镑也不 会一直停留在历史最低水平，因此投资者也 可能从英镑升值中获益。”Pierce 同样认为， 中国目前的情况也起到了一定的作用。他说： “投资者目前认为伦敦是一个波动较小的投 资市场。” 风险分散化只是海外房地产投资吸引力
cities like Shanghai and Beijing are now not just expensive by Chinese standards, but expensive by standards anywhere, and apartments in the developed world’s most livable cities suddenly look not just affordable, but like a sensible way to hedge against fluctuations on the mainland. According to Cam Good, hedging is an important part of Canada’s allure. “Canada is one of the safest places economically right now. Unlike the US and Europe, Canada has survived the global economic downturn relatively well.” Investors also seem confident that hard-hit countries, like the US and the UK, have already weathered the worst part of the downturn, making now a good time to buy. Nicholas Pierce, director of the London-based agency Beaney Pearce, which has worked with successive waves of buyers from the Far East, first noticed increased interest from mainland buyers approximately five years ago, but says
that “the weakness of the pound against most other currencies has undoubtedly quickened the pace over the last couple of years.” The view, he says, “seems to be that whilst the tremendous rate of growth in values may not continue ad infinitum, the currency can’t remain at these historically low levels and so they are likely to make money on the currency as well.” Pierce also feels that the current conditions in China have played a part. “Investors,” he says “now look towards London as a less volatile market in which to invest.” Diversification is only one part of what makes overseas real estate appealing. A house in the developed world can come with a raft of social benefits, not least access to higher standards of education. The realtors that deal with Chinese buyers come back to education again and again, because it is priority number one for clients who worry about their children’s future. “The 2011 REAL ESTATE
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的一方面。发达国家的住宅还能够带来许多 社会福利，其中包括接受更高水准教育的权 利。与中国买家打交道的房地产经纪人不 断地强调教育的重要性，因为对那些担心子 女未来的客户来说，这是头等重要的事情。 Cam Good 说：“加拿大之所以如此受欢迎， 是因为我们拥有一个出色的教育体系。”然 而至少在高等教育领域，伦敦可以宣称拥有 全球最高的水平。这个城市拥有四所全球排 名前 100 的大学，去年大约有 10 万名中国 公民在英国的大学就读。当他们的子女出国 读书时，中国人通常会选择购买一套公寓， 而不是把钱浪费在租房上，而名校附近的住 宅往往是最受欢迎的。 国内的污染、食品安全和薄弱的医疗条 件也是促使中国公民购买海外房地产的原 因。对于大多数投资者来说，房地产只是一 个起点。这些人最终希望移民，把中国护照 换成全新的发达国家的身份证明，这将在很 大程度上解决令人头疼的旅行签证问题。中 国银行和胡润百富（中国最有影响力的的 富豪榜）最近的一项调查显示，在拥有超 过一千万人民币资产的中国人中，有 46％ 的人表示，他们正在考虑移居国外，其中 14％的人已经采取了行动。 Cam Good 表 示：“ 加 拿 大 的 移 民 政 策绝对是鼓励投资的。加拿大的投资者计划 要求投资额达到 80 万加元，个人净资产达 到 160 万加元。投资可以包括房地产。” Good 表示，加拿大同样签发十年期的访问 签证，允许祖父母探望孙辈，在不加重移民 和医疗体系负担的情况下，允许中国人进入 加拿大。美国也可能会推出类似的法律，来 刺激疲软的楼市。该国正在审查一项主要针 对中国大陆买家的法律草案，将允许投资达 到或者超过 50 万美元的人拥有五年期的多 次入境签证。 虽然中国的富裕人士在过去的二十年里 从中国共产党带来的史无前例的经济发展中 受益，但是他们在没有其他选择的情况下不 得不购买发达国家的房地产。Cam Good 说： “许多人都害怕政府的变化和潜在的财富再 分配。他们有一个独特的购买动机：为他们 的钱寻求避风港。” 自从 2009 年建立 The Key 公司以来， Good 就一直明确地将目标对准了中国的投 资者，因此他非常了解这些人的需求。他的 公司已经在北京和香港开设了办事处，并且
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reality of why Canada is so popular is we have a great education system – one that is renowned around the world,” says Cam Good. But in tertiary education at least, London can claim to hold the most appeal. The city has four of the world’s top 100 universities and around 100,000 Chinese nationals were enrolled at British universities last year. Chinese that can afford to often buy an apartment when their children study abroad, instead of wasting money on rent, and a location close to a well-known school is often a deal clincher. Pollution, food safety and the sorry state of healthcare at home rank high a m o n g t h e o t h e r re a s o n s C h i n e s e nationals want to buy overseas. For a large percentage of these investors, property is just a starting point . Eventually they want to emigrate, rep l a c in g their Chinese passports with bright new documents from the developed world, which go a long way to easing the headaches of travel. In a recent survey conducted by the Bank of China and Hurun Report, which publishes China’s most influential rich list, 46 percent of Chinese with assets worth more than ten million renminbi said they were considering moving abroad and 14
通过物业投资获取国籍和永久居留权的计 划同样吸引了许多来自中国的房地产买家。
Citizenship and permanent residency programs through property investment also encourage many Chinese real estate buyers.
percent had already started the process. “Canada’s immigration policy has absolutely encouraged investment,” says Cam Good. “Canada’s Investor Program requires an investment of CA$800,000 and a personal net worth of CA$1.6 million. The investment can be in real estate.” Canada has also created a tenyear visitor visa, which Good says will allow grandparents to visit grandchildren and give mainland Chinese access to Canada without taxing the immigration or medical systems. The US might introduce similar legislation to give a boost to its ailing property market. It is in the process of reviewing a draft law, targeted at mainland buyers, which will allow people who invest $500,000 or more to obtain a five year multiple entry visa. Although they have made their money during the two decades of unprecedented growth orchestrated by the Chinese Communist Party, China’s rich also buy developed-world property as a bolthole of last resort. “Many are afraid of government change and a potential redistribution of wealth,” says Cam Good. “They have a unique motivation to buy: to seek a safe haven for their money.” Good can speak so knowledgably about Chinese investors because he has been explicitly targeting them since he established The Key in 2009. His company has opened offices in Beijing and Hong Kong and plans to open another 18 in other Chinese cities, starting with Shenzhen early next year. “Doing business in China is about building relationships,” says Good. “By being physically on the ground we have built solid relationships with government and businesses that make things for us a lot easier. Also, it helps having a physical presence when wives and mothers are in Canada shopping for property and we can offer husbands video conferencing and access to our expert reps who have
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华的海鲜晚宴、乌节路的购物热 潮、甚至还包括榴莲泡芙（一种用 亚洲臭水果制成的奶油糕点）——
这听起来可能很奇特，但是这些元素都在帮 助新加坡出售房地产项目。对于那些正在考 虑购买新加坡房产的中国人来说，这些富 裕的象征可能最终会成为谚语中“顶端的 樱桃”（意为锦上添花的事物），帮助他们 签下购房协议，成为外国地产项目骄傲的业 主（或许这是他们首次拥有的海外地产）。
中国人涌向 海外岛屿置业 Island Escapes: Exotic Properties on the Rise
精明的中介机构和开发商在新加坡设有 办事处，除了安排看房之旅以外，它们还针 对中国市场加入新的光彩元素，把看房变成 了半私人的旅行。潜在客户被安排住在五 星级的酒店里，由司机载着他们去参观即将 购买的房产。那些为购买房产支付首期款项 的客户将有可能不必支付酒店账单和机票费 用。由于中国投资者通常希望在购买住宅前 先去参观一下，这种款待往往能够起到不小 的作用。那些了解什么因素对中国市场具有 吸引力的公司（毫无疑问，这些公司往往是 中国人自己开的）已经开始采取创造性的方 法来销售房屋，而不再因循传统。对在看房 之旅中最先签约的一些买家，公司将提供包 括免费往返机票在内的激励措施。旅途中的 房产项目演示也不再像过去那样沉闷，原先 的演示仅仅是为了让客户签下贷款协议，因 此选择的地点乏善可陈，反而容易让客户感 到反感。为了抓住这个市场，现在的演示通 常是在五星级酒店里举行，这会让潜在的客 户感到很特别。公司也开始通过将这些地产 项目的演示活动标榜为“财富增长研讨会”， 来鼓励潜在的中国买家出席。到目前为止， 这种做法看起来很有效。 在 2011 年的前两个季度，中国内地人 购买新加坡私人住宅物业的数量要多于任何 其他外国人，并且首次超过印尼人、马来西 亚人和印度人，这些人从传统上来说一直是 新加坡最大的外来购房者。当然中国人对购 买新加坡住宅的兴趣不仅仅是为了吃海鲜那 么简单，中介机构给予他们悉心呵护的红地 毯待遇，让他们觉得自己得到了应有的尊敬， 从而把那些潜在的不确定投资者变成了买 家。在一场国际房产展览会上，一名 30 多岁、 从事金融业的大陆人在一些展台前驻足，他 原希望询问澳大利亚房产的情况，但是最终 他把兴趣转移到了新加坡。
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By Claire van den Heever
L
avish seafood dinners, shopping sprees on Orchard Road, and even Durian puffs – choux pastry with a filling made from Asia’s smelliest fruit: peculiar as it may sound, they all help to seal the deal on property purchases in Singapore. For Chinese nationals who are considering buying property in Singapore, these dashes of opulence may end up being the proverbial cherry on the top, the deal clinchers that turn them into the proud owners of – perhaps their
first – foreign property. Savvy agencies and developers with offices in Singapore are targeting the Chinese market by adding new luster to property viewing sessions, turning them into semi-private tours where potential clients stay in five star hotels and are chauffeured around the city to view their future purchases. Clients who make down payments on property may have their hotel bill and even their airfare covered, and given Chinese investors’ preference
泰国对中国的地产投资者来说是一个日见重要的目的地，这主要是由于短期出租所带来的机 遇。一些投资项目甚至对租金收益做出了保证。
Thailand is an up and coming location for Chinese real estate investors, primarily due to the opportunities for vacation rentals. Some investments even come with rental guarantees.
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Jacky Zhang 先生在接受《海峡时报》 的采访时说： “在这些中介机构口中，看房 之旅听起来就像是一次高档的度假：我和妻 子将住在新加坡的一家五星级服务公寓里， 有司机开宝马载着我们四处参观公寓，最后 找到我们心仪的住所。”新加坡的房地产集 团、地产咨询机构、新加坡银行和中国的咨 询机构都向此次展览会派出了代表，都非常 渴望与他交谈。Zhang 先生说：“从新加坡 的租金回报到抵押贷款，他们给了我许多建 议和非常具有吸引力的费率和利率。”他很 快就决定以一种全新的方式来审视新加坡这 个岛国。那天吸引他的不仅仅是优惠的费率 和数字，而且还有看房之旅的种种诱人之处。 他说：“我也希望得到 VIP 一般的待遇。” 那些已经在新加坡置业的人认为这个国 家拥有稳定的经济，因此即便面临全球经济 衰退的威胁，房地产仍然是一项不错的投资 选择。根据一份私人行业报告，今年第一季 度，新加坡的对外房地产市场拥有一个良好 的开端，中国人购买了 527 套住宅物业，而 第二季度中国人购房数量更是达到了创纪录 的 640 套。事实上，今年第一和第二季度 在所有外国人和新加坡永久居民购买的住宅 中，有超过四分之一（26％）为中国公民所购。 这些购房者主宰了新加坡的大众市场，占每 套售价 50 万至 150 万新加坡元的住宅销量 的 63％（这相当于 38 万美元至 110 万美元）。 在市中心和黄金地段，这些中国买家拥有售 价 500 万新加坡元（380 万美元）以上物业 中的 32％，这看起来仍然有上升的趋势。 无论是那些有足够资金购买第二套住房的 人，还是总人数超过 100 万的百万富翁，还 是数量不断增长的亿万富翁，中国的新富们 购买新加坡地产主要有两个原因，并且它们 也绝非是相互排斥的。首先是纯粹的投资， 这是富裕人士寻求资产多样化的一种方式， 他们同样希望从中获得投资收益；第二个常 见的原因就是移民，置业往往被认为是移民 过程中的第一步。伴随着移民过程的投资本 身就是财富多样化的一种形式，投资者从来 不会把所有鸡蛋都放在一个篮子里。 许多中国人最近别无选择，他们只能选 择中国以外的地方进行投资，因为中国政府 在今年早些时候对 40 几个城市实行了购买 住房的限制措施。这些措施旨在为楼市降温， 防止市场期待的泡沫产生，它们包括实行更 严格的抵押贷款要求，以及将二套房购买者
for seeing a property before buying it, this is a gesture that may hold more than a little sway. Companies who understand what appeals to a Chinese market – who are, unsurprisingly, often Chinese themselves – have begun creatively deviating from standard approaches to property sales and offering incentives such as free return flights for the first few people who sign up for these property viewing sessions. The accompanying presentations are no longer the dull events of the past, held in lackluster venues that do little apart from allow the depression of taking out a mortgage to set in. Cashing in on this market is more likely to mean hosting five star affairs that aim to make potential clients feel special. Companies have also begun encouraging prospective Chinese buyers to attend presentations about available properties by marketing them as worthwhile “wealth enhancing seminars”. And, so far, it seems to be working. Mainland Chinese bought more private residential property in Singapore during the first two quarters of 2011 than any other group of foreigners, for the first time overtaking Indonesians, Malaysians and Indians, traditionally the country’s largest foreign buyers of property. The Chinese’s appetite for homes in Singapore goes beyond eating seafood, of course, though agents who give China’s well-heeled the red carpet treatment they feel they deserve have been lauded for converting less-thancertain prospective investors into buyers. After stopping at a few booths at an international property fair, one Chinese thirty-something from the finance sector who had come to inquire about property in Australia ended up leaving, instead, with his eye on Singapore. Mr. Jacky Zhang told The Straits Times, “These agents made it sound like a first-class holiday: my wife and I would stay at a five-star serviced residence in
Singapore, be chauffeured around in a BMW to view condos and then shop to our hearts’ content.” Singapore-owned real estate groups, property consultants, Singaporean banks and Chinese consultancies all had representatives at the fair who were eager to talk to him. “They offered me advice and attractive rates on everything from Singapore’s rental yield to mortgages,” said Mr. Zhang, and soon he had begun to see the island city-state in a new light. What he took away that day may have had as much to do with rates and figures as the alluring manner in which the prospect had been packaged. “I’d like to be treated like a VIP too,” he declared. Those who have already bought into the market see Singapore as a country with a stable economy where property is still a good investment. Singapore’s foreign property market was off to a good start from the first quarter of this year, with Chinese nationals buying 527 residential properties, followed by a record-setting 640 in the second quarter, according to a private sector report. In fact, of all purchases made by foreigners and permanent residents of Singapore, just over a quarter (26 percent) were made by Chinese nationals during the first and second quarters of this year. These buyers dominate Singapore’s mass market, accounting for 63 percent of property units priced between 500,000 and 1.5 million Singaporean dollars – in the region of US$380,000 and US$1.1 million. In central and prime districts, they own 32 percent of properties priced above 5 million Singaporean dollars (US$3.8 million) – and the trend appears to be on the rise. China’s nouveau riche – from those with enough funds to buy a second property, to the country’s more-thana-million millionaires and burgeoning number of billionaires – buy in Singapore for two main reasons, which are by no 2011 REAL ESTATE
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的最低首付比例上调至 40％以上。政府同 样限制居民可以拥有住房的数量，并且在上 海和重庆等主要城市引入了新的房产税。就 外来投资而言，新加坡一直是一个具有吸引 力的目的地，它能够为投资者提供一种强势 的货币、稳定的经济、富有弹性的楼市以及 免于征收资本利得税。新加坡已经是中国投 资者在全球范围内的第四大投资目的地，仅 次于美国、加拿大和香港。因此，在那里置 业对那些不能在中国国内进行地产投资的大 陆人来说是合理的选择。 国际物业顾问公司仲量联行东南亚研究 主管蔡杨亮博士说：“在新加坡的中国买家 数量上升正值中国国内采取紧缩政策之际。” 尽管今年第一季度中国人在新加坡购买住宅 的数量出现了空前的增长，只要中国政府继 续保持有利于中国富裕人士海外投资的财政 和货币政策，蔡博士认为中国人对物业的需 求将继续维持在良性的水平。 中国人选择新加坡毫不令人意外，因为 这个市场正在蓬勃发展。同比数据显示， 2011 年第一季度新加坡一些地区的转售物 业估值增长率为 2％至 2.5％，优质住宅估 值实现小幅增长，租金也同样实现了增长， 特别是黄金地段的大型四居室套房。仲量联 行的报告显示，在 2011 年第一季度，即便 是政府给市场降温的措施也无法阻止私有住 宅价格的攀升。 偏爱理想社区的四居室是出于在新加坡 置业的另一个重要原因：移民。目前，新加 坡是中国百万富翁心目中的第三大移民目的 地，仅次于美国和加拿大。仲量联行住宅物 业部主管 Jacqueline Wong 女士非常了解这 个市场。她解释道：“外籍人士偏好较大的 四居室公寓，需要面积至少有 2800 平方英 尺。” 谈到这种趋势，她表示：“更为小 型的住宅对他们来说并不是特别有吸引力， 因为大多数中高层管理人员的家庭偏爱四居 室的宽敞住宅，需要配备娱乐区域。” 那些希望移民海外的中国人通常憧憬更 为美好的未来生活。新加坡的经济稳定和高 品质的双语教育体系往往是家庭在决定移民 之前心目中最重要的考量因素。事实上，从 新加坡飞到北京只需要六个小时，而那里的 人几乎都能说普通话，这些因素也起着重要 的作用。上个月，中国银行和胡润百富公布 的一项最新研究显示，许多中国人不满在国 内的生活，因而希望移民海外。在 18 个城
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means mutually exclusive. The first is pure investment: a means for the wealthy to diversify their assets and, hopefully, gain financial returns. The other common reason is emigration, and buying a property is often considered the first step. Many Chinese have recently had no choice but to look beyond China, where restrictions on buying property were introduced in some 40 cities earlier this year. The measures, intended to cool the property market and prevent the bubble that many have been expecting, included imposing stricter mortgage requirements and raising minimum down payments to 40 percent or higher for those purchasing a second home. There have also been limits placed on the number of houses that people can own and new property taxes have been introduced in major cities like Shanghai and Chongqing. Singapore, which has always been an appealing destination for investment by foreigners, offers investors the advantages of a strong currency, a stable economy, a resilient property market, and an absence of capital gains tax. Singapore is already the fourth most popular location in the world for Chinese to invest, after the US, Hong Kong and Canada, so buying property there is a logical next step for mainlanders who would be penalized for doing so in China. “The surge in Chinese buyers in Singapore coincided with the policy tightening in China,” said Dr. Chua Yang Liang, head of research for the Southeast Asian division of international property consultants, Jones Lang LaSalle. While the first quarter of this year saw unprecedented growth in terms of the number of Chinese buying residential p ro p e r t y i n S i n ga p o re , s o l o n g a s Beijing’s fiscal and monetary policies remain conducive to overseas investment by wealthier Chinese nationals, he said, the demand for property from China will
continue at a healthy level. It is unsurprising that they should choose Singapore; its market is booming. Year on year figures show that the first quarter of 2011 saw increases in resale capital values of between 2 and 2.5 percent in some regions of Singapore, marginal increases in the values of prime properties, as well as increases in rental values, most notably for larger four bedroom units in prime districts.Even government efforts to cool the market could not stop prices for private homes from climbing during the first quarter of 2011, Jones Lang LaSalle reported. The preference for large four bedroom units in desirable neighborhoods is down to their other major reason for buying in Singapore: emigration. Singapore is now the third most popular destination for Chinese millionaires to emigrate, after the United States and Canada. Jones Lang LaSalle’s head of the residential property division, Ms Jacqueline Wong, knows this market well. “The preference of the expatriate community is for larger four bedroom apartments of at least 2,800 square feet,” she explained. “The smaller size units are not particularly attractive as the majority of middle and upper management families relocating prefer spacious four bedroom units that come with entertainment areas." Chinese who wish to emigrate are usually motivated by the prospect of a better life abroad. Singapore’s economic stability and high quality bilingual education system tend to be foremost in family’s minds when making the decision to move there. The fact that Singapore is just a six hour flight away from Beijing and Mandarin is spoken almost everywhere plays a major role too. A recent study, published last month by the Bank of China and Hurun Report, reveals that many Chinese people’s desire to emigrate stems from dissatisfaction with
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市 980 名接受调查的对象中，许多人把通货 膨胀、投资海外所遭遇的困难以及对国内资 产安全的忧虑作为移民国外的主要原因。另 一个引起抱怨的重要原因是中国大型城市的 生活质量看起来只有恶化的可能，污染已经
新加坡以小户型的住宅而出名，而在那里的中国买家却倾向于购买新建的豪华公寓，要求有 更大的空间和相关的配套设施。
Chinese buyers in Singapore, a city-state with notoriously small apartment sizes, tend to favor newly built, luxury apartment complexes with more square footage and associated amenities.
上升到了非常危险的水平，而社会服务（如 医疗保健）仍然不足。制度化的腐败创造了 一个不诚信和漠视一切的文化环境，这种风 气已经蔓延到了医院和学校，在那里贿赂医 生和老师已经成为了常态。在过去三年中， 不时发生的食品安全丑闻对许多中国人来说 是压垮骆驼的最后一捆稻草。 这项联合研究发现，在资产超过 1000 万人民币（约合 157 万美元）的中国人中， 有多达 46％的人正在考虑移居国外，另外 有 14％的人已经开始移民。几乎有三分之 一的受访者表示，他们已经在国外进行投资， 这在许多情况下能够帮助他们移居海外。由 于担心政局不稳，追求财富多样化（比如购 买海外物业）在中国越来越普遍。高净值人 士最害怕的是历史的重演以及财富再分配的 展开。在这种最坏的情况下，唯一能够保护 他们的是国际化的投资。 但是，获得新加坡居留权（甚至包括国 籍）从来不是件简单的事情。对于那些缺乏 资金的人来说，新加坡这个岛国从来都不是 一个选项。如果希望获得永久居留权，一个 家庭必须投资 500 万新加坡元（约合 380 万美元）。对于那些希望通过移民获得该国 国籍却没有百万资金用来投资的人来说， 加勒比地区的两个小岛——圣基茨和尼维 斯——拥有多种投资移民项目，能够满足他 们的需求。 成为圣基茨和尼维斯护照的持有者对中 国公民来说非常具有吸引力，这是因为它能 为全球旅行带来便利。该国是一个独立的英 联邦王国，就像澳大利亚一样。该国的公民 去往英国、爱尔兰、加拿大和所有欧盟国家 都享有和澳大利亚人一样的免签证待遇。中 国护照的持有者受到其他国家和本国的旅行 限制，这使得圣基茨和尼维斯公民权所带来 的免签待遇变得非常具有诱惑力。尽管从其 他方面来看，这个国家不太可能成为移民的 首选。成本是一个关键的推动力，而申请人 获得国籍的速度也是另一个因素：申请人最 短只需要 5 个月就能够获得护照。 购 买 政 府 批 准 的 售 价 在 40 万 美 元 到 100 万美元之间的房地产是获得圣基茨和尼
life in China. Of the 980 people surveyed in 18 Chinese cities, many cited inflation, the difficulty of investing overseas and concerns over the security of their assets in China as reasons to move abroad. Another key complaint is the quality of life in China’s largest cities, which only seems to be deteriorating, as pollution rises to dangerous levels and social services such as health care remain inadequate. Institutionalized corruption has created a culture of dishonesty and negligence that extends to hospitals and schools, where bribing doctors and teachers has become the norm. The food safety scandals that have been routinely uncovered during the past three years are, for many Chinese, the final straw. As many as 46 per cent of Chinese with assets worth more than RMB10 million (US$1.57 million) are considering moving abroad, the study found. Another 14 percent have begun the process. Almost a third of the respondents said they already have investments abroad, in
many cases to enable them to emigrate. Methods of wealth diversification such as buying property abroad are increasingly common in China. But gaining Singaporean citizenship, or even residency, has never been straightforward, and for people with limited funds the island city-state is simply not an option: in order to obtain permanent residence, a family must invest 5 million Singaporean dollars (US$3.8 million). For would-be émigrés who seek the security of citizenship in the country they move to, but do not have millions to spend, the tiny two island nation of St Kitts and Nevis in the Caribbean offers various citizenship by investment programs that cater to exactly that demographic. Becoming the holder of a St Kitts and Nevis passport appeals to Chinese nationals because of the ease of worldwide travel that it affords. The country is an independent Commonwealth Realm – like Australia – 2011 REAL ESTATE
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维斯公民权的方法之一，但是只有一小部分 人（估计在 10％左右）选择采取这种方式。 专业从事移民和第二国籍的 Elma Global 公 司的咨询顾问 Oleg Lemeshko 解释说：“圣 基茨和尼维斯房产的价值是被高估了的。” 更实惠的选择是向政府批准的项目一次性捐 赠 20 万至 25 万美元。这种方式同样能够 快速而简单地获得公民权，因此它更受欢 迎，大约占申请人的 90％。中国公民所面 临的最困难的抉择是他们是否愿意放弃出生 地的国籍，因为中国是不承认双重国籍的。 幸运的是，圣基茨和尼维斯的新公民不必面 对这个两难的情况。与新加坡不同，圣基茨 和尼维斯允许双重国籍，这使得中国公民可 以选择是否向中国政府报告他们所获得的新 护照。Lemeshko 先生解释说：“我们的目 标是建议他们遵守相关的法律，但是客户有 最终的决定权。” 其他国家也有着类似的公民权项目，其 中包括加勒比岛国多米尼加。但是，它在旅 行方面所提供的好处并不及圣基茨和尼维 斯。印度洋的离岸中心毛里求斯也推出了类 似的计划，允许那些投资住宅物业的人获得 居留权。但是，除非这些地方能够提供其他 有竞争力的优惠条件，圣基茨和尼维斯看起 来在非西方国家中仍然拥有对中国投资者最 具吸引力的国籍项目之一。 在离加勒比和印度洋几千公里以外的地 方，中国人正在另一个热带岛屿上购买房 产。他们的兴趣并不是获得国籍或者在那里 居住，而是希望打入全球最火的度假胜地的 房地产市场之一，它就是泰国的普吉岛。 在新加坡和香港工作的中国人、印度人 和中东人正在这个市场中崛起，而直到最 近它一直是由西方买家主导的。 在 2008 年 的金融危机后，普吉岛的许多大型别墅项目 被迫暂时停工，这是由于西方的开发商需要 资金来拯救本土的投资项目。从那时起，开 发商不得不开始适应亚洲买家的需求。与西 方买家不同的是，来自亚洲的买家希望寻找 面积更小的别墅单元，关心承受能力胜过地 理位置。一个曾经搁浅的别墅项目最近将四 到五个居室的单元重新改建成一至两个居室 的单元进行销售。这种远离海滩的中档价位 公寓能够提供相应的租赁担保计划，来吸 引以投资为目的的购房者。 房地产咨询公 司莱坊泰国的研究和估值助理主管 Risinee Sarikaputra 女士表示：“最畅销的是售价
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and its citizens enjoy the same visa-free travel to the UK, Ireland, Canada and all EU countries. Chinese passport holders have travel restrictions imposed on them by other countries as well as their own, making the virtually visa-free travel that St Kitts and Nevis citizenship provides an extremely attractive prospect, though in other respects, it is unlikely to be their first choice of country to emigrate to. Cost is also a key motivator; the speed with which applicants receive citizenship is another: passports may be obtained in as little as five months. Buying government-approved real estate for between US$400,000 and US$1 million is one way to become a citizen of St Kitts and Nevis, but only a small proportion of people tend to take that route. “Property in St Kitts and Nevis is overvalued,” explains Mr Oleg Lemeshko, a consultant for immigration and second citizenship specialist, Elma Global. The more affordable option is to make a once
off donation of between US$200,000 and US$250,000 to a government approved project. This equally quick and easy process also leads to citizenship, which makes it more popular, accounting for approximately 90 percent of applicants. The most difficult decision Chinese nationals face is whether they are willing to give up the nationality they were born with; China does not recognize dual citizenship. Fortunately, this is not a dilemma that new St Kitts and Nevis citizens have to face. Unlike Singapore, St Kitts and Nevis does allow dual citizenship, leaving it up to Chinese nationals to report – or not to report – their newly acquired passport. “Our goal is to advise them accurately regarding legislation, but the final decision is up the client,” Mr Lemeshko explained. O ther countries have similar citizenship programs, including the Caribbean island nation, Dominica, but it does not offer the same travel benefits
虽然香港的公寓面积很小且非常昂贵，许多投资者把购买那里的房产仅仅作为一项“海外” 存款，这是他们将资金从大陆转移出去的一种方式。
While apartments in Hong Kong are small and very expensive, many investors use their real estate purchases simply as “overseas” deposits, a means to move their money off the mainland.
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低于 1500 万泰铢（48 万美元）的单元。大 多数购房者是以投资为目的进行购买（房屋） 的，现在是一个买方市场。” 作为一个离岸中心但并非海岛，迪拜城 也吸引了越来越多来自中国的兴趣。2009 年，中国政府决定将阿拉伯联合酋长国列入 其被批准的旅游目的地名单上，这引起了来 自中国新富们的兴趣。2010 年初，阿联酋 房地产价格的暴跌吸引了成群结队的投资者 来到迪拜。如今，在所有购买迪拜别墅的外 国人中，中国人购买的数量排名第六。 在中国大陆人的眼中，香港也许是最不 具异国情调的岛屿。毕竟，它是中国的一部 分。但是只要它继续作为一个独立的司法管 辖区，这个城市的房产市场仍然将是全球最 为火热的市场之一。随着中国大陆的楼市出 现降温，富裕的大陆人开始涌向香港，那里 的房价依然持续攀升。香港政府已经采取措 施来给楼市降温，一些政策与今年早些时候 大陆当局采取的相类似。但是，来自大陆的 买家在购买第二套房屋（第三、第四套房屋） 时并没有受到限制，因此大陆买家占香港“外 来”购房者的绝大部分。 在过去的两年里，香港的住宅物业价格 已经惊人地上涨了 50％，使其成为世界上 购房最昂贵的地方之一。但是对来自中国大 陆的高净值人士来说，这是一个越来越有吸 引力的投资选择。来自内地对豪宅的需求已 经推动苏富比和佳士得的高端房地产部门在 香港设立了办事处。然而即便大陆人渴望在 理想的社区购买住宅，他们也不太可能亲自 住在那里。对于超级富裕的人群来说，将资 金转移出中国大陆（因为“中国”是一个 独立的司法管辖区）要比搬去那里居住更 为重要。苏富比房地产部门的董事总经理 Samson Law 解释说：“这些购房者从来没 有将房屋转手，他们也很少将其出租。他们 并不渴望回报。他们宁愿让这些房子空着。 他们只是希望将一部分钱放在香港。” 对那些一心希望移民并且为此感到焦虑 的人来说，以及对那些有足够的资本在香港 置业的人来说，香港也许是离他们家乡最近、 也可能是离他们心灵最近的岛屿，这能够给 他们带来两全其美的选择。
as St Kitts and Nevis. The Indian Ocean offshore centre of Mauritius has also launched schemes that allow those who invest in residential property to acquire residency. But until they can offer competitive benefits, St Kitts and Nevis seems likely to remain one of the most popular non-Western countries with a citizenship program . Several thousand miles away, Chinese are buying homes on another tropical island. Their interest is not to acquire citizenship or to live there, but to tap into the property market in one of the most popular holiday destinations in the world: Phuket, Thailand. Chinese nationals working in Singapore and Hong Kong, along with Indians and Middle Easterners, are emerging in a market that was, until recently, dominated by Western buyers. After the 2008 financial crisis, many projects for large villas in Phuket were suspended as Western developers required funds to rescue their investments at home. Since then, developers have had to adapt to the needs of Asian buyers. Unlike their Western counterparts, these buyers look for smaller units and care less about location than affordability. An off-plan villa project that offered four to five bedroom units was recently resized to be sold as one and two bedroom units. These kinds of mid-priced condominiums, set away from the beach, offer rental guarantee programs to attract investment buyers. “The best sellers are units priced below 15 million baht (US$480,000)”, Ms Risinee Sarikaputra, associate director for research and valuation Knight Frank Thailand, said. “Most buyers take [the units] with an investment purpose. It’s a buyer’s market now.” In the eyes of mainland Chinese, Hong Kong is, perhaps, the least exotic of islands – after all, it is part of China. But as long as it continues to operate
as a separate jurisdiction, property in the city-state will likely remain some of the most desirable in the world. As mainland China’s own property market cools, its wealthy flock to Hong Kong where prices continue to go through the roof. Hong Kong’s government has taken its own measures to cool the market – some similar to those introduced on the mainland earlier this year – but the restrictions that apply to the purchase of second (and third, and fourth) homes do not apply to buyers from the mainland, who make up the vast majority of socalled “foreign” buyers in Hong Kong. Hong Kong’s residential property prices have risen by a staggering 50 percent in the past two years, making it the world’s most expensive place to buy an apartment. But for high net individuals from mainland China, it is an increasingly attractive option. The demand from the mainland for luxury property has been strong enough to prompt the high-end real estate divisions of Sotheby’s and Christie’s to open offices in Hong Kong, but while there is a preference for homes in desirable neighbourhoods, mainland investors are unlikely to actually reside in them. Getting their money out of China – insofar as “China” is a separate jurisdiction – is far more important to the super rich than moving there. “These buyers never flip the property and they seldom lease them out,” explained Samson Law, managing director of Sotheby’s real estate division. “They’re not aiming for yield. They’d rather just leave them empty. They just want to park some of their money in Hong Kong.” For all their plans to emigrate, and the anxiety that goes with it, for Chinese who can afford to make the costly purchase of a property in Hong Kong, it may be the island that is closest to their homes – and, perhaps, closest to their hearts – that offers them the best of both worlds. 2011 REAL ESTATE
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加坡和香港就像姐妹俩。这两个 岛屿都是英国在亚洲扩张的产物， 都拥有来自中国南部的移民，以
及在中国贸易路线上的商家、放贷人和劳 工。在二十世纪下半叶的去殖民化过程中， 它们一起成长为现代的金融中心，就像姐 妹一样进行着友好的竞争。它们共同繁荣， 为居民们（大多数居住在岛屿的海岸）提 供了亚洲最高的生活水准。从 2006 年以来， 他们有了另一个共同点：邻近的经济特区 （SEZs）。
筑“巢” 引“凤” If you build it, they will come
香港的邻居率先迈出了一步。作为中国 第一个经济特区，深圳特区成立于 1980 年，
By Iain Manley
成为邓小平倡导的市场化改革的排头兵。 马来西亚看到了深圳的巨大成功，并且决 定借用这样的想法。马来西亚的依斯干达 (Iskandar Malaysia) 与新加坡相隔一公里长 的围堤，它就是一个明确希望复制中国经 济特区的项目。它的目标是在柔佛复制珠 江三角洲地区的经济活力。但是到今年年 初，也就是项目启动近五年后，仍然有人 质疑依斯干达是否能取得成功。该项目的 初衷是为了将马来西亚重塑为外国直接投 资的目的地，但是它并没有引起很大的兴 趣。即使是新加坡人也对此半信半疑，尽 管这很明显是他们家门口的一个充满活力 的大陆贸易枢纽。然而，事情在 4 月出现 了转机，当时总部位于中国河北省的房地 产企业卓达集团同意投资 5.58 亿美元在当 地开发两个商住混合项目。开发项目的第 一期为纯住宅，计划于明年开始建造。该 地产项目靠近依斯干达的教育城（Educity）， 纽卡斯尔大学（Newcastle University）正 在那里建设其第一个海外校园。卓达公司 希望连接柔佛 - 新加坡的长堤能够吸引新 加坡人，就像深圳吸引香港人一样。卓达 公司同样也希望吸引来自中国的买家，因 为越来越多的中国人正在投资海外的物业。 马 来 西 亚 政 府 已 经 取 消 对 外 国 人 购 买价值超过 50 万马来西亚林吉特 （大约 155000 美元）的住宅物业的限制，并且启 动了 “马来西亚：我的第二家园”计划， 给予花费超过 40 万林吉特的购房人士 10 年期的签证和其他福利。邻近的新加坡已 经是最受中国百万富翁欢迎的第三大移民 目的地。今年上半年，中国公民是该岛住 宅地产最大的外国买家，占到整个海外市 场的四分之一。卓达集团是第一家在依斯
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ingapore and Hong Kong are as much like sisters as two places can be. The two islands were born out of British expansion in Asia and populated by immigrants from southern China along with the merchants, money lenders and manual laborers that set up along the Empire’s trade routes. They grew up together, in the process of decolonization that marked the second half of the twentieth century, and invented themselves as modern financial centers like sisters might – in friendly competition. They have prospered together, offering residents – who often flit between both islands’ shores – among the highest standards of living in Asia, and since 2006, they have had one more thing in common: special economic zones (SEZs) as close neighbors. Hong Kong’s neighbor arrived first. Shenzhen, China’s first SEZ, was set up in 1980, to spearhead Deng Xiaoping’s market oriented reforms. Malaysia has watched its runaway success and decided to borrow the idea. Iskandar Malaysia, separated from Singapore by a kilometer-long causeway, is a project explicitly modeled on China’s SEZs. Its goal is to replicate the economic dynamism of the Pearl River Delta region in Johor, but at the start of this
year, almost five years after its inception, Iskandar’s viability was still in doubt. The project, which was supposed to reinvent Malaysia as a destination for foreign direct investment, had attracted little interest. Even the Singaporeans were dubious, despite the obvious allure of a vibrant continental trade hub on their doorstep. That started to change in April, when Zhuoda, a Chinese real estate company based in Hebei, agreed to invest US$558 million in two mixed residential and commercial developments. Work on the first phase, which will be residential only, is scheduled to start next year, on land close to Iskandar’s Educity, where Newcastle University is building its first overseas campus, and the JohorSingapore causeway, which Zhuoda hopes will attract commuters from Singapore, just as Shenzhen has attracted commuters from Hong Kong. Zhuoda might also hope to attract buyers from China, who are investing in overseas properties in growing numbers. The Malaysian government has lifted restrictions on the purchase of residential property worth more t h a n 5 0 0 , 0 0 0 M a l ays i a n r i n g g i t – roughly US$155,000 – by foreigners
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干达进行投资的中国公司，它正准备从这种 趋势中获益，特别是考虑到公司能够利用自 己在中国大陆的网络来进行销售。该公司是 马来西亚市场的先行者，但是它并不孤单： 中国房地产企业在国内的利润开始枯竭，这 迫使他们不得不好好地研究如何投资海外市 场。 中国的个人投资者正在抢购世界各地的 房地产。他们中的大多数人最青睐发达经济 体，尤其美国和加拿大，这是由于这些所谓 的“第二家园”能够给予他们教育和医疗方 面的资源。购买住宅物业同样是对冲本土市 场波动的有效方法，在很少有人能够充分信 任法律制度的国家中，它能够保护资产不受 法律争议。最为重要的是，中国一线城市住 宅物业价格的指数级上升已经使得北京和上 海的房价几乎与纽约和伦敦一样昂贵。最近 一次房价的大跳跃是从 2008 年政府推出一 揽子经济刺激计划开始的，这些措施是为了 缓解当时金融危机所带来的影响。但是今年 4 月，大致在卓达集团签约依斯干达项目的 同时，中国政府开始调整宏观政策，希望为 这个被一些分析人士称为“全球最热的房地 产市场”降降温。 政府的政策调整同时针对需求和供给， 提高了贷款的要求和税率，使得购买二套房 的成本更高，进而推出政策限制个人拥有住 宅地产的数量。与此同时，政府取消了给 予建筑公司的激励政策，只对廉价房进行扶 持，希望借此能够提升不断下滑的销售额， 并且安抚那些过去和现在都渴望保障房的年 轻人。中国政府希望房价能够下跌到它认为 “合理”的水平。实际上，价格也的确出现 了小幅回落。根据中国最大的房地产门户网 站搜房网提供的数据，10 月由政府监控的 70 个大中城市的房价相比 9 月下跌 0.23％。 政府还没有对“合理”的下跌做出量化的解 释，但是温家宝总理在本月初的一次讲话中 表示：“我想特别强调，房地产调整政策不 会有丝毫的放松。” 对于那些大量投资房地产的中国投资者 来说，这是个坏消息。但是对于建筑施工企 业和房地产经纪人来说，它显得更为糟糕。 库存已经开始积压，包括万科和恒大在内的 全国最大的开发商纷纷开始降价。在上海， 中国海外集团对团购买家给予了 30％的折 扣，并且引发了现有业主的抗议。在过去
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and initiated the “Malaysia, My Second Home” program, which gives home buyers who spend more than 400,000 ringgit a ten year visa, among other perks. Nearby Singapore is already the third most popular destination for China’s millionaire émigrés and Chinese nationals were the top foreign buyers of residential property on the island in the first half of this year, accounting for a quarter of the entire overseas market. Individual Chinese investors are snapping up real estate across the world. Most favor developed economies, particularly the US and Canada, because of the access to education and healthcare that a second home allows. Residential property is also a sound way to hedge against market volatility at home and to protect assets against legal wrangles in a country where few people fully trust the legal system. On top of this, the exponential rise of residential property prices in China’s first tier cities has made homes in Beijing and Shanghai almost as expensive as homes in New York and London. The last big jump in prices started after the government introduced a stimulus package at the end of 2008, to combat the effects of the financial crisis, but in April, at roughly the same time as Zhuoda were signing on to Iskandar, Beijing adjusted its policies in a bid to cool what some analysts were calling the world’s hottest property market. The government’s adjustments targeted demand and supply s i m u l t a n e o u s ly. I t m a d e b uy i n g a second home more expensive, by raising mortgage requirements and tax rates, and went as far as limiting how many residential properties one person could own. At the same time, it chipped away at the incentives for construction companies to put up anything but low cost housing, which it expected to compensate for declining sales as well as appease the
country’s young people, who were – and still are – clamoring for affordable homes. Beijing wanted prices to fall to a level it considered “reasonable” and fall they did, by a fraction. In October, prices were 0.23 lower than in September in the 70 cities monitored by the government, according to the country’s largest real estate portal, SouFun.com. The government has not quantified its idea of a “reasonable” correction, but in a speech earlier this month, Premier Wen Jiabao said, “I want to especially emphasize that there will not be even the slightest faltering in the property market curbs.” For Chinese investors, who pour money into property, this is bad news, but for construction companies and realtors, it is much worse. Inventory has started to build up and the nation’s largest developers, including Vanke and Evergrande, have cut prices. In Shanghai, China Overseas offered a 30 percent discount on group sales that sparked a protest by existing homeowners. Four thousand small real estate agencies in the city have closed down over the past three months, along with about 500 in Beijing. According to a recent Credit Suisse report, China’s property market will continue to “worsen amid continued tightening.” The author of the report, Jinsong Du, says that “most developers are not cutting property prices, but delaying or reducing the size of project launches instead. With the weakening market sentiment and delayed supply, we expect housing transaction volume to further decline in the next few months, which should further affect housing market sentiment.” Until the government relaxes its policies, the future looks bleak for Chinese developers. The answer might well be to diversify in much the same way as Chinese investors: by going overseas. Chinese construction companies have
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的 3 个月中，这个城市中已经有 4000 家小 型的房地产中介公司关门，而北京大约也有 500 家中介公司歇业。根据瑞士信贷最近发 布的一份报告，中国的房地产市场将继续“在
建筑公司正在海外运用它们的技能，来满足中国人对海外房地产不断增长的需求。
Construction companies are taking their skills overseas to meet the growing Chinese demand for overseas real estate.
持续的收紧下恶化”。该报告的作者杜劲松 表示：“大多数开发商没有降价，只是延迟 销售或者减少项目开盘的规模。随着市场情 绪的减弱和供应的延迟，我们预期在未来的 几个月中房屋交易量会进一步下降，这将进 而影响住房市场的情绪。” 除非政府放宽其政策，中国开发商的前 景看起来非常暗淡。这个问题的答案很可能 是开发商与中国投资者采取相类似的方式进 行多样化：进入海外市场。在发展中世界里， 中国的建筑公司已经建成了公路、体育场馆 和铁路。在纽约，中国建筑工程总公司成立 了全资子公司——中建美国有限公司。该公 司的总裁袁宁在接受《纽约时报》的采访时 表示：他的公司“在过去 20 到 30 年的时 间里获得了许多经验。中国的经济正在蓬勃 发展，我们的公司也已经完成了大量的建设 项目。我们可以把自己的专业知识带到当地 市场中去，这是件好事情。” 中建美国有 限公司正在纽约建设桥梁、火车站和地铁的 延伸段，但是并没有涉及住宅物业。袁宁的 观点是：除了对基础设施进行了巨额投资以 外，中国从 1985 年开始已经建设了足够的 住房，帮助该国 17％的人口（约 2.21 亿人） 从农村迁徙到城市。上海拥有超过 100 米的 住宅高楼就多于世界上任何一个城市。但是， 人们对许多楼宇的质量有着严重的忧虑。虽 然上海通常被认为拥有较高的建筑标准，但 是 2009 年一幢在建楼宇轰然倒地。然而， 即便如此，中国建造商仍然有许多外国同行 值得借鉴的东西。 目前，开发商只是在市场中小试牛刀， 选择那些拥有成熟华人社区或者与中国拥有 强大政治联系的地方。在澳大利亚的阿德莱 德（Adelaide），来自山东的亿万富翁徐诚 惠正在一个重新翻建的居民区内建造一幢 15 层的住宅楼。对于徐先生和他的烟台园 城企业集团股份有限公司来说，这是一场安 全的赌局：大约有 13 万中国学生在澳大利 亚就读，而这个阿德莱德项目勿庸置疑地是 针对这些学生的，一楼设有餐厅和咖啡厅， 并且拥有通往市内大学的电车。在国外置业 的中国投资者通常会优先考虑教育问题，因
already built roads, stadiums and railways in the developing world. In New York, the China State Construction Engineering Corporation has set up a wholly owned subsidiary, China Construction America. Its president, Ning Yuan, recently told the New York Times his company “has a lot of experience in the past 20 to 30 years in China. The economy in China is booming, and a lot of the construction projects have been done by our company. It’s good for the local market that we can bring our expertise.” China Construction America is building bridges, a railway station and an extension to New York’s subway system, not residential property, but Ning Yuan’s point stands: on top of its enormous investment in infrastructure, China has built enough homes since 1985 to accommodate the migration of 17 percent of its population – 221 million people – from rural to urban areas. Shanghai alone has more high-rise residential buildings over 100 meters tall than any city in the world.
For the moment, developers are entering the market tentatively, in places with established Chinese communities or strong political links to China. In Adelaide, Australia, the Shandong billionaire Cheng Huixu is building a fifteen story apartment building in a neighborhood marked for urban renewal. For Cheng and his company, Yantai Yuanchang Enterprises, it is a safe bet: there are roughly 130,000 Chinese students enrolled at universities in Australia and the Adelaide project is, unsurprisingly, aimed at students, with a restaurant and café on the ground floor and a tram link to the city’s university. Chinese investors who buy abroad normally prioritize access to education, because they plan to send their children to high school or university overseas. New legislation in Australia also prevents foreign buyers from purchasing anything but newly constructed properties. According to a local newspaper, Cheng also plans to build a 300-apartment building near the 2011 REAL ESTATE
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独家特刊 | exclusive SUPPLEMENT
保加利亚的物业投资
Bulgarian Property Investment 问：通过物业投资是否能够获得永久居留权？如果是这样的话，有没有额 外的要求？ 答：永久居留权和长期签证是置业人士的选择。一般的计划是获得 D 类签证， 也就是保加利亚签发的 3 个月单次入境签证。当他们到达这里后，他们再 申请将此签证延长到 1 年多次入境签证。之后，他们可以继续延长该签证。 然而，即便他们在保加利亚拥有物业，也不能够保证他们就能获得签证， 这完全取决于特定的人。 问：外国投资者在这里置业有什么额外的好处？ 答：除了以物业所有权为基础申请签证以外，对物业买家来说没有特别的 好处，。然而，即便你在保加利亚拥有房产，你也不会自动获得签证。你 需要申请并且得到批准。对保加利亚重要的投资者来说，有一个获得长期 签证的项目。但是，前提是他们需要在保加利亚至少投资 50 万欧元，才能 享受这种好处。 问：房地产行业的前景如何？ 答：保加利亚的房地产市场已经受到了经济危机的严重冲击。在过去的 3 年里，物业价格已经下跌 40％至 50％，一些地区和细分市场的跌幅更大。 因此，我们现在可以说价格是非常有吸引力的，这是任何其他欧洲国家都 无法比拟的。从中期和长期来看，前景是乐观的。而在短期内我们不能肯定， 因为欧洲的经济前景在 2012 年和 2013 年都不太好，而经济增长和外来投 资会影响物业市场。当经济开始复苏时，我们将看到销售的稳步增长和价 格的积极增长。由于市场已经在底部徘徊了大约一年，这是一个购买保加 利亚地产的好时机。供给充足且价格优惠，购房者有足够的时间进行选择。 问：有着什么样的税收政策？ 答：税收制度是非常有利的，保加利亚的税率在欧洲是最低的之一。个人 所得税率统一为 10％。企业税率为统一的 10％，而股息税率为 5％。因此， 如果买家出售了其名下的一套公寓并且从中获利，他需要就购买价格和销 售价格之间的差额支付 10％的税款。如果该物业由保加利亚的公司所拥有， 那么该公司出售物业所获得的利润也需要支付 10％的税款。但是，在计算 税基时，公司的所有相关支出将被从利润中扣除。 因私人原因在一年内仅 出售一套公寓的，可以享受免缴所得税的待遇，前提是业主在出售前已经 拥有该物业三年以上。
Q: Is it possible to obtain permanent residency by property investment? If so, what are the additional requirements? A: Permanent residency and long-term visas are options for property buyers. The regular scheme is to obtain visa D, which is a 3-month single entry visa for Bulgaria and when they arrive here, they apply for extension of this visa into a 1-year multiple entry visa. After that they continue to extend the visa. However, there are no guarantees that one will be granted a visa if they have a property in Bulgaria - it all depends on the particular person.
Q: Are there any additional benefits for foreign investors who own property? A: There are no particular benefits for property buyers, apart from the possibility to use the property ownership as a basis for visa application. However, the visa is not granted automatically, provided that you have a property in Bulgaria. You need to apply and be approved. There is a regime for prime investors in Bulgaria, which receive long-term visas but they need to invest more than 500 000 Euros in Bulgaria in order to get this benefit.
Q: What is the outlook for the real estate industry? A: The real estate market in Bulgaria has been seriously hit by the economic crisis and the prices of properties have fallen with 40-50 percent, in some areas and segments even more for the past 3 years. So, now we can say there are very attractive prices, without competition in any other European country. The outlook is positive if we look in the medium and long-term. In the short run we cannot say for sure as the economic perspectives for Europe are not very good for 2012 and 2013 and the economic growth and attraction of foreign investments influence the property market. When the economy starts to recover, we will see a steady increase in sales and a positive price growth. As the market is at the bottom for about a year now, it is a good time to buy properties in Bulgaria. There is a rich supply, great prices and the buyers have the time to choose. Q: What is the tax policy? A: The tax system is very favorable and the tax rates in Bulgaria are among the lowest in Europe. Personal income tax is 10 percent flat rate. Corporate tax is 10% flat rate also and the dividends tax is 5 percent. So, if a buyer, who has an apartment bought on their name sells the apartment with a profit, they need to pay 10 percent on the difference between the purchase and the sales price. If the property is owned by a Bulgarian company, a 10 percent tax is also paid on the company profit from a sale of a property, however, with the companies all the expenditures are also subtracted from the profit to estimate the tax basis. There is a tax free income for private persons for 1 sale of an apartment per year. This apartment must have been held for more than 3 years before the sale. Source: Bulgarian Properties Ltd
英国的物业投资
UK Property Investment 问：通过物业投资是否能够获得永久居留权？如果是这样的话，有没有额 外的要求？ 政府会向作为投资者的个人授予永久居留权，前提是他： （一）已经连续 5 年在英国的这个居所中居住； （二）在整个 5 年期间，符合第 227 条的要求（包括 75 万英镑的投资要求）， 并且将继续符合这样的要求； （三）按照规则的第 33BA 条，拥有足够的英语知识以及在英国生活的常识， 除非他在提出申请时未满 18 岁或者超过 65 岁。 （四）根据《1974 年罪犯自新法令》，没有相关的犯罪记录 问：外国投资者在这里置业有什么额外的好处？ 答：如果他们只购买一项物业并且居住在那里，他们在出售物业时可以不 用支付资本利得税。 问：房地产行业的前景如何？ 答：对欧元区的担忧已经降低了买家的信心，但是供给仍然存在不足，买 家的数量仍然多于卖家。 问：有着什么样的税收政策？ ( 个人所得、资本利得、股息 ) 答：投资者需要就他们各自的具体情况寻求税务建议，但是他们将和其他 人一样进行缴税。
S20 REAL ESTATE 2011
Q: Is it possible to obtain permanent residency by property investment? If so, what are the additional requirements? Indefinite leave to remain may be granted, on application, to a person admitted as an investor provided he: (i) has spent a continuous period of 5 years in the United Kingdom in this capacity; and (ii) has met the requirements of paragraph 227 throughout the 5 year period including the requirement as to the investment of £750,000 and continues to do so; and (iii) has sufficient knowledge of the English language and sufficient knowledge about life in the United Kingdom in accordance with paragraph 33BA of these Rules, unless he is under the age of 18 or aged 65 or over at the time he makes his application. (iv) does not have one or more unspent convictions within the meaning of the Rehabilitation of Offenders Act 1974. Q: Are there any additional benefits for foreign investors who own property? A: If they buy only one property and live in it they can sell it and pay no Capital Gains Tax
Q: What is the outlook for the real estate industry? A: The worries about the Eurozone have caused a softening in buyer confidence but there remains a lack of supply and there are still more buyers than sellers. Q: What is the tax policy? (personal income, capital gains, dividends) A: An investor would need to take tax advice based on their individual circumstances but they will have to pay tax along with everyone else.
Source: Engel & Voelkers
The information presented here is intended to serve as a reference only and should not replace professional advice. 以上信息仅供参考，不能替代专业人士的建议。
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An exclusive supplement of
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Winter, 2011
看点 SINGAPORE Eye On
新加坡：与龙共舞
Singapore: a growing attraction By Adam Skuse
虽
然新加坡像香港一样，通常被认为 是中国企业寻求增加海外投资的 天然平台，但是它对中国人的吸引
力正在变得越来越大。由于近期市场预测新 加坡的经济形势将变得越发严峻，这个城邦 国家更加希望依靠中国的力量来抵御美国和 欧洲经济危机所带来的影响。 在出口出现不景气后，新加坡贸易和工 业部于 11 月表示，预计 2012 年的经济增 长率将下降到 1％和 3％之间，相比 2011 年 5％的经济增长有所放缓。就业问题会使 形势进一步恶化，新加坡制造商联合会认为 收紧的法规使得雇用外国工人的成本增加是 一个值得担忧的问题。 新加坡缺乏资源，经济发展依赖其作为 全球贸易中间人的角色，因此这个国家一直 特别容易受到世界经济衰退的影响。 然而，新加坡有依靠中国增加的经济活
D
espite its proximity to Hong Kong, often seen as the natural launchpad for Chinese firms looking to increase their overseas investments, Singapore is increasingly attracting Chinese interest. Fo l l o w i n g a s l u m p i n e x p o r t s , Singapore's Trade and Industry Ministry s a i d i n N o ve m b e r t h a t i t e x p e c t s economic growth for 2012 to drop to between one percent and three percent, down from five percent for 2011. The situation could be compounded by employment issues, with the Singapore Manufacturer's Federation identifying the increased costs of hiring foreign
workers due to tightened regulations as a concern. As an entrepot island lacking in resources and dependent on its role as a middleman of world trade, the country has always been particularly exposed to downturns in the world economy. However, a precedent for increased Chinese activity helping Singapore weather such troubles has already been set. It is thanks in part to China's stimulus plan in response to the 2008 financial crisis that Singapore bounced back so quickly from the economic well it suddenly found itself in. In the first quarter of 2008,
动来应对此类的麻烦先例。2008 年金融危 机中，中国推出的经济刺激计划是新加坡能 快速地摆脱经济疲弱的部分原因。 根据 Trading Economics 提供的数据， 2008 年 第 一 季 度 新 加 坡 的 国 内 生 产 总 值 同比增长 17.6％，而第二季度却骤降至负 12.5％，并且 2009 年第二季度以前都保持 负增长，直到该季度才实现了 19.5％的正 增长。 在此期间，中国在新加坡的外商直接投 资持续增长。2005 年，中国对新加坡的投 资仅为 9.1 亿美元，此后几乎平均每年翻一 番，在 2009 年达到了 93.5 亿美元。 东方的承诺 根据官方的统计数据，截至八月底有超过 3000 家中国企业在新加坡进行了注册，而 由中国银行和胡润百富最近的一项调查显 示，新加坡是中国高净值人士在亚洲的首选 移民目的地。
最近的一份报告显示，这个人口稠密、高度发达的岛屿是中国高净值人士的头号移民 目的地。
The densely populated, highly developed island is the number one immigration target for Chinese high net worth individuals, according to a recent report.
花旗银行新加坡分行于 2010 年成立了
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看点 Eye On SINGAPORE
中国在新加坡的对外直接投资 , 2000-2009（年末存量）
Chinese Foreign Direct Investment in Singapore, 2000-2009(stock as at year-end)
中国大陆 China(mainland) 香港 Hong Kong
2000
2001
2002
2003
2006
2007
2008
2009
876.8
955.1
956.8
359.7
910.0
1689.5
2314.1
4423.7
9354.6
6170.9
5587.5
4731.0
3905.8
3196.8
4701.5
6317.5
6454.9
11495.4
15414.3
中国业务部，来应对这一需求。截至 2011 年 8 月，该中国业务部的收入实现了同比翻 番，来自中国客户的存款增长了 33％。 2011 年初，总部位于美国的商业环境 风险评估公司发布了《获利机会推荐报告》， 在对营运风险、政治风险和外汇风险的综合 考量下，新加坡与瑞士并列排名第一。而在 世界银行 2012 年十月公布的《全球营商环 境报告：在更为透明的世界中营商》中，基 于 2010 年六月至 2011 年三月的法规，新 加坡连续第六年在总体营商便利度上排名第 一，而香港排名第二。 花旗银行新加坡分行主管 Michael Zink 告诉《华尔街日报》说： “在为中国公司提 供评级、股权融资和首次公开募股上，香 港做得非常不错，为其赢得了一席之地。 但是如果你看看新加坡，注意它是如何进 行竞争的，你会发现它不仅在和香港竞争。 你会听到： ‘我们是如何与伦敦和纽约进行 竞争的。’亚洲的许多金融中心也希望经营 同类型的业务。” 黄金门户 对于那些希望拓展海外业务并且从美国和欧 洲的疲弱经济中转移业务重点的中国公司来 说，新加坡为它们提供了一个通往资源丰 富、快速发展的东盟经济体以及其他地区的 门户。 作为东盟成员国，新加坡与所有其他成 员国拥有自由贸易协定。它同样能够从东盟 与印度的税务条约中受益。 在 11 月于巴厘岛举行的东盟会议上， 新加坡总理李显龙和中国总理温家宝进行了 会谈，他们肯定了新加坡和中国之间良好的 双边关系，并且承诺在更大程度上参与东盟
Winter, 2011
2005
890.9
来源：新加坡统计局，《2009 年新加坡外国产权投资报告》 Source: Department of statistics Singapore, Foreign Equity investment in Singapore 2009
26
2004
Singapore's GDP grew 17.6 percent yearon-year, according to data from Trading Economics. This plummeted to minus 12.5 percent in the following quarter, and remained negative through to the second quarter of 2009, when it rebounded to 19.5 percent. Over this period, China's foreign direct investment to Singapore continued to grow relentlessly. Standing at $910 million in 2005, it almost doubled on average year-on-year to reach $9.35 billion in 2009. Eastern promise According to official statistics, there were over 3,000 Chinese businesses registered in Singapore as of the end of August, while a recent survey by the Bank of China and Hurun Report said Singapore was the number one emigration target in Asia among high-net worth Chinese looking to relocate. An influx of Chinese business interest prompted Citi's Singapore branch to set up a China desk in 2010 to cope with demand. By August 2011, the desk's revenues had doubled year-on-year, with deposits from Chinese clients up 33 percent. W h i l e H o n g Ko n g h a s o b v i o u s appeal to Chinese mainland companies, Singapore retains the edge in a number of areas. At the beginning of 2011, Singapore tied first place with Switzerland in the Profit Opportunity Recommendation
（百万美元 Million Dollars）
index published by US-based Business Environment Risk Intelligence, based on operations risk, political risk and foreign exchange risk. In the World Bank's Doing Business 2012: Doing Business in a More Transparent World report, released in October and based on regulations measured from June 2010 through May 2011, Singapore ranked top in terms of overall ease of doing business for the sixth year running, while Hong Kong was second.
Golden gate For Chinese firms looking to expand their overseas operations and shift their focus from the ailing economies of the US and Europe, Singapore offers a gateway to the resource-rich growth economies of the ASEAN, and beyond. As an ASEAN member, Singapore has free trade access to all member states. It also benefits from the ASEAN tax treaty with India, which is more far-reaching than the double taxation agreement China has. Singapore Prime Minister Lee Hsien Loong and Chinese Premier Wen Jiabao met at the latest ASEAN conference in Bali in November, where they affirmed the excellent state of Singapore-China relations Loong also urged the ASEAN to explore involving the private sector more. This access is sweetened by the revised tax treaty agreed between Singapore and China in 2007. Highlights
看点 SINGAPORE Eye On
的活动。李显龙还敦促东盟更好地将私营行 业融入地区性的项目中去。 新加坡与中国于 2007 年重新修订了税 务协定，两国关系因此得以加强。其中的亮 点包括将中国企业向新加坡居民企业支付红 利的预提税率从 7％减少到 5％，其前提是 红利所得公司至少拥有中国企业 25％的股 本。在所有其他情况下，红利的预提所得税
新加坡为它们提供了一个通往资源 丰富、快速发展的东盟经济体以及其他 地区的门户。 Singapore offers a gateway to the resource-rich growth economies of the ASEAN, and beyond.
率从 12％下调至 10％。 此外，新加坡经济发展局有计划改变战 略行业的重要税务安排，来加强新加坡作为 区域性枢纽的吸引力。这些措施将包括银行 支付的所有利息免缴预提税，根据海事行业 的激励措施给予航运公司新的税收优惠，对 生物医学领域的进口临床试验材料减免货物 和服务税。 新 加 坡 政 府 部 门 于 11 月 宣 布 正 花 费 2300 万美元开发一项综合性的系统，旨在 巩固和简化申请营业执照的过程。该系统将 于 2013 年推出，其批准营业执照的数量将 是目前“在线商业执照服务”的三倍，允许 企业向不同的机构申请多个许可证，并且可 以管理和跟踪所有的申请信息。 合理的结构 新加坡同样已经启动了一些雄心勃勃的基础 设施项目，这将进一步提升它对中国投资者
Structurally sound Singapore has also embarked on a number of ambitious infrastructure projects that will increas its attractiveness to Chinese investment. As part of a drive to boost its shipping industry, work is underway on the $570-million phase one of the Sembcorp Marine integrated shipyard facility, due for completion in 2013. Singapore also is jumping on the renminbi train, positioning itself to be a major center for yuan internationalization. The Monetary Authority of Singapore also set up a S$30 billion currency swap facility with the People’s Bank of China in 2010 to boost bilateral trade. As the yuan program develops, it will further facilitate the operations of Chinese companies operating in Singapore, giving them more flexibility in their cash-flows and trade settlements.
摄影 Photo by William Chu
的吸引力。作为提升航运业的措施之一，新
include withholding tax on dividends paid by a Chinese company to a Singapore resident being cut from seven percent to five percent, provided that the recipient is a company that holds at least 25 percent of the capital of the Chinese company. For all other cases, the withholding tax on dividends was cut from 12 to 10 percent. In addition, the Singapore Economic Development Board has said there are plans for key tax changes in strategic sectors to enhance Singapore's attractiveness as a regional hub. These w i l l i n c l u d e a n e xe m p t i o n fo r a l l interest payments made by banks from withholding tax, new tax benefits for
shipping companies under a maritime sector initiative, and goods and services tax relief in the biomedical sector for imported clinical trial materials.
加坡的胜科海事综合性船舶设施价值为 5.7 亿美元的第一期工程正在建造过程中，预计 将于 2013 年完工。 与此同时，位于 Banyan Basin 海底的 大型挖掘项目正在进行中，建成后的石化仓 储设施将能够存储 900 万桶石油。这个项目 的花费为 4.5 亿美元，预计将于 2014 年竣工。 此外，新加坡正得益于人民币的改革， 随着中国政府雄心勃勃地推动人民币在跨境 商贸中的地位，新加坡希望在人民币国际化 的过程中成为主要的中心。新加坡副总理兼 财政部长 Tharman Shanmugaratnam 曾表 示新加坡“在这一方面能够成为一个提供帮 助的金融中心。” 新加坡金融管理局同样于 2010 年与中 国人民银行签署了价值为 300 亿新元的货币 掉期协定，以促进双边贸易。 人民币国际化项目的发展将进一步促进 中国企业在新加坡的业务经营，在现金流和 贸易结算方面给予它们更大的灵活性。
就总船舶吨位而言，新加坡港是全球最繁忙的港口，它也是世界上最繁忙的集装箱港口。
The port of Singapore is the busiest in the world in terms of total shipping tonnage and is also the world’s busiest container port.
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看点 Eye On QATAR
卡塔尔：国小事业大
Qatar Takes Business in The Middle East to The Next Level 无论是在政治、金融、媒体还是体育领域，国土面积狭小的卡塔尔不断地巩固着它在全球舞台上 的重要地位，并正在迅速成为该地区的头号投资中心。 Whether in politics, finance, media or sports, tiny Qatar continues to cement its strong presence on the global stage and is rapidly becoming the number one investment center in the region. By Anas Almasri
对
图片来源：世界经济论坛 Photo courtesy: World Economic Forum
外界来说，卡塔尔的名字往往是与 大量的自然资源或者对中东冲突 双方进行政治斡旋联系在一起的。
然而，这个小国在国际政治和金融舞台上所 扮演的角色远比其疆域要大得多。 这个阿拉伯国家在过去十年中有六年 实现了两位数的经济增长，是 2010 年全球 经济增长最快的国家，当年国内生产总值 (GDP) 的增长速度接近 16％。相比去年许 多发达国家极度缓慢甚至负增长的经济增 长，这样的成绩特别耀眼。根据国际货币基 金组织（IMF）的估计，该国的 GDP 增速 预计在 2011 年会达到 20％。2010 年卡塔 尔按购买力平价计算的人均国内生产总值达 到惊人的 179000 美元，使其成为全球最富 有的国家（根据中央情报局世界各国概况）。 从 19 世纪中叶以来，卡塔尔一直是实 行君主专制的国家，它位于狭小的卡塔尔半 岛，靠近中东地区较大的阿拉伯半岛海岸。 卡塔尔唯一陆地接壤的国家是南部的沙特阿 拉伯，它其余的领土则被波斯湾水域环绕着。 少量的人口（大多数是外国人）和强大的政 府支持使卡塔尔拥有全球最低的失业率，仅 为 0.5％。卡塔尔也是阿拉伯世界在人类发 展评分中获得第二高分的国家，仅次于阿拉 伯联合酋长国。 卡塔尔经济的重塑 卡塔尔的经济是由工业推动的，石油和天 然气的出口占其国内生产总值的一半以上 （2010 年 GDP 约为 1500 亿美元左右）。 能源出口占到了出口收入的 85％和政府收
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Winter, 2011
中国海洋石油总公司董事长傅成玉对中国能源需求的预测也许能够解释该公司为什么要大 力投资卡塔尔的海上油气勘探业务。
China National Offshore Oil Corporation Chairman Fu Chengyu predictions for the nation’s growing need for energy might explain the company’s large investment in offshore gas exploration in Qatar.
T
o the outside world, Qatar’s name is often associated with either significant natural resources or political mediating efforts between conflicting sides in the Middle East. This small country, however, has a much larger role in the global political and financial community than its land area
might initially suggest. The Arab country has recorded double-digit economic growth during six of the past ten years, and was ranked the fastest growing economy in the world in 2010, with a GDP growth rate close to 16 percent. That ranking is especially noteworthy when compared
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入的 70％。20 世纪 80 年代和 90 年代中期， 由于油价的波动，卡塔尔的经济面临衰退， 这充分地暴露了它对石油工业的过度依赖。 此外，如果保持目前的生产水平，卡塔尔的 石油储备预计很快就会枯竭。 认识到这一点后，政府开始将重点转向 天然气行业的发展。卡塔尔拥有全球第三大 已探明的天然气储备，总储备量超过 25 万 亿立方米，占全球天然气总储备的 14％。 全球对液化天然气（LNG）的需求持续上 升将确保卡塔尔经济的稳定增长。国际货币 基金组织预计卡塔尔的液化天然气产能将在 2011 年达到年产 7700 万吨的峰值，而该 国 2008 年的产能仅为 3000 万吨。 卡塔尔从先前石油领域的挫败中吸取了 教训，正最大限度地提高天然气行业的潜力， 同时创造对其他经济领域的“涓滴”效应。 能源行业获得的主要能力和竞争优势将被转 移到其他行业。比如，在卡塔尔主要的工业 和城市项目中，有很多都建在大型石油和天 然气精炼厂及港口附近。 卡塔尔政府已经实施多个经济多元化的 项目，来增加非天然气的项目中本地和外国 投资，强调发展卡塔尔非能源行业的重要性。 目前政府的一个首要任务是扩大服务业，特 别是在金融和旅游等领域。政府也引导大量 的投资发展大型的基建项目，包括交通和供 水系统，以及社会基本福利（如医疗和教育 服务）。卡塔尔的重要行业还包括化肥生产、 钢铁、水泥和商船维修。
to the extremely low – or even negative – growth numbers many of the developed countries registered last year. Its GDP growth is expected to reach 20 percent in 2011, according to International Monetary Fund (IMF) estimates. Qatar’s 2010 GDP per capita at PPP stood at a stunning $179,000 ranking it the richest country in the world, ahead of Liechtenstein and Luxembourg.
Qatar’s reshaped economy The Qatari economy is an industry driven one, with oil and gas exports accounting for more than half of its total GDP (which was around $150 billion in 2010). Energy exports also represent some 85 percent of export earnings and 70 percent of government revenues. The economic downturn it faced during the 1980s and mid 1990s with fluctuating oil prices, truly exposed Qatar’s overreliance on the oil industry. Additionally, several reports indicate that Qatar’s oil is expected to run dry soon, if current production levels are maintained. Building on that realization, the government has turned its focus to the development of its gas sector. The
卡塔尔天然气和石油储量
蓬勃的金融中心
Gas and Oil reserves of Qatar
卡塔尔的金融业是充满活力的，正在快速地 增长。据报道，该国的金融部门估计仅在 2010 年就创造了 5200 个新岗位，截至去 年年底金融服务行业雇员的总人数已经超过 了 20000 人。及时的政府干预和强有力的
world’s third largest proven gas reserves, exceeding 25 trillion cubic meters, are sitting under its 11,500 sq. km land. Those supplies are 14 percent of the total global gas reserves, and will ensure stable economic growth for the country, as worldwide demand for liquefied natural gas (LNG) continues to rise. Its LNG capacity, as estimated by the IMF, will reach a peak of 77 million tons per year in 2011, compared to only 30 million in 2008, signaling the benefits of these development projects. Learning from its earlier setback with oil, Qatar is maximizing the potential of its natural gas industry while creating a “trickle-down” effect to other segments of the economy. Through this initiative, primary competencies and competitive advantages gained in the energy industry will be transferred to other industries. Au t h o r i t i e s h ave i m p l e m e n t e d several economic diversification plans to increase local and foreign investments in non-gas related projects and recent economic policies have emphasized the importance of developing Qatar’s non– energy sectors.
1960
原油日产量（平均，1000 桶） Daily Crude oil production(average,1000 b)
1970
1980
1990
2000
2010
支持确保了卡塔尔能够抵御全球金融危机，
Qatar
174.6
362.4
471.4
405.6
648.2
733.4
使其银行和金融机构保持健康。
OPEC
8273
22534.5
25279.9
21481.6
27600.8
29183
卡塔尔中央银行（QCB）通过监测商业 银行体系和制定相关的货币政策来监管银行
天然气销售性生产产量（百万标准立方米） Marketed production of natural gas(Million standard cu m)
业。QCB 一直努力确保金融体系的整体稳定， 成功地降低了银行对不良贷款和风险资产的 头寸。为了支持银行的发展，卡塔尔政府于
2006
2007
2008
2009
2010
2009 年进行了两轮注资。
Qatar
50700
63200
76981
89300
96335
为建立一个主权基准收益率曲线，政府
OPEC
446615
467771
495461
544917
585274
当局于 2009 年宣布发行几种类型的债券， 这为海外投资开辟了新的渠道，并促进了国
来源：《2010/2011 年度统计公报》（石油输出国家组织） Source: Annual Statistical Bulletin 2010/2011 Edition (OPEC)
Winter, 2011 INVEST IN
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看点 Eye On QATAR
有企业和商业银行发行债券。今年早些时 候，国际货币基金组织发布报告称，卡塔尔 主权实体和商业机构的“外部借款”规模从 2008 年 到 2010 年 翻 了 一 番， 达 到 了 700 亿美元。报告还显示，该国的“主权和受担 保的外债”主要是长期的。卡塔尔在可预见 的未来不会面临任何再融资的问题。 在最新的全球金融中心指数（GFCI） 排名中，卡塔尔成为中东地区排名最高的金 融中心，其全球排名为第 30 位。此前迪拜 酋长国在金融服务方面一直是该地区排名第 一的。该指数同时揭示了卡塔尔金融业最强 的领域：再保险、自保保险和资产管理服务。 2022 国际足联世界杯 “期待惊喜”是卡塔尔申办委员会的口号， 该委员正努力为举办这项盛大的足球赛事做 着准备。国际足联世界杯预计将吸引大约 50 万名游客和足球爱好者来到卡塔尔，这 相当于该国目前人口的三分之一。这也将是 中东国家第一次举办世界杯。这项赛事预计 将在未来的 10 年里对卡塔尔的经济产生重 大的影响，初步估计该国将耗资约 650 亿美 元筹备这个庞大的体育赛事。在中标之前， 卡塔尔政府曾宣布计划花费高达 1000 亿美 元进行基础设施建设，把其作为令人印象深 刻的“全国 2030 年远景规划”的一部分， 以完成国家的现代化。获得世界杯的举办权 将加快许多项目的进度。 据称，卡塔尔政府计划提供总投资中的 400 亿美元，其余的经费将由卡塔尔石油在 内的国有企业提供。卡塔尔当局已经宣布将 启动 200 个项目，涉及运输、旅游、医疗保健、 教育和住房等不同领域。已经启动或者即将 启动的项目包括价值 250 亿美元的地铁和铁 路网络建设、价值 200 亿美元的道路新建和 扩建计划、以及价值为 100 亿美元的多哈 国际机场新建项目。此外，政府将花费 40 亿美元建造体育场馆和体育设施。在这些大 型项目的支持下，卡塔尔的银行将从对融资 和金融业务的需求增长中大大受益。许多欧 洲公司已经赢得了卡塔尔的一些建设开发项 目，但是众多招标仍然尚未完成，有报道说 一些中国企业正在参与漫长的竞标。总之， 2022 年世界杯有望大幅提高卡塔尔吸引外 商直接投资的数量。
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Winter, 2011
A buoyant financial center Qatar’s financial sector is vibrant and growing rapidly. An increasing number of employees are taking on financial services jobs every year. The country reportedly created an estimated 5,200 new jobs in the finance sector in 2010 alone, taking the total number of jobs employed by the financial services industry to over 20,000 at the end of last year. Timely governmental interventions and strong support ensured that Qatar was well positioned to weather the global financial crisis, and that its banks and financial institutions remained healthy. Qatar Central Bank (QCB) supervises the banking industry by monitoring the commercial banking system and formulating relevant monetary policies. Q C B , t h r o u g h i t s n e w ly l a u n c h e d Financial Stability Unit, has been instrumental in guaranteeing the stability of the financial system as a whole. Its efforts have reduced banking exposure to bad loans and risky assets, through such measures as keeping bank credit growth in check, limiting banks’ involvement in proprietary equity investments and the financing of real estate projects, constraining their foreign currency exposure levels and banning banks from providing financing for securities trading purposes. The authorities opened up new channels for overseas inward investments when they announced the issuance of several types of bonds in 2009 with the aim of creating a sovereign benchmark yield curve. The move was intended to facilitate bond issuances by state-owned companies and commercial banks, and it did just that. Earlier this year, the IMF reported that “external borrowings” of both sovereign entities and business corporations in Qatar doubled to $70 billion from 2008 to 2010. The report also showed that the country’s “sovereign
and guaranteed external debt” is mainly long term and that it was unlikely that Qatar would face any refinancing problems in the foreseeable future. In the latest Global Financial Centers Index (GFCI) ranking, Qatar just overtook Dubai as the highest ranked financial center in the Middle East, and ranked 30th globally. The Emirate of Dubai has been constantly ranked number one in the region with respect to financial services since the twice-a-year index was launched back in 2007, sponsored by Qatar Financial Center Authority.
2022 FIFA World Cup “Expect Amazing” was the slogan of the Qatar Bid committee, which entered into the race to host the prestigious football tournament. The FIFA World Cup is expected to draw roughly half a million visitors and football lovers to Qatar, which is a third of its current population, and it will be the first time the event is held in a Middle Eastern country. The FIFA competition is anticipated to have a major impact on Qatar’s economy during the next decade, as initial estimations suggest that some $65 billion will be spent to prepare the country for such a huge sporting event. Before winning the bid, the government had previously announced its plans to spend up to $100 billion on infrastructure projects as part of its impressive “National Vision 2030” to modernize the country. Landing the
卡塔尔成为中东地区排名最高的金 融中心。 Qatar just overtook Dubai as the highest ranked financial center in the Middle East.
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raise the Foreign Direct Investment flow into the country.
像中东地区的其他经济体一样，卡塔尔丰富的自然资源推动了金融业的发展，同时又保留 着传统的文化。
Like other Middle Eastern economies, Qatar combines massive naturalresource fueled financial development with traditional culture. 中卡投资 由于卡塔尔拥有丰富的资源，特别是液化天 然气（LNG），而中国需要能源来维持经 济的增长，这也难怪两国一直致力于发展牢 固的双边关系。最近两国签署的协定有利于 增强两国政府和企业之间的合作，特别是在 公用事业和基础设施领域。华为、中国水电 和其他大约 30 家中国企业正在卡塔尔开展 业务。根据中国驻卡塔尔使馆的资料，截至 2010 年底，这些企业已经获得了价值超过 30 亿美元的合同。 过去的两年中，中国和卡塔尔达成了与 能源相关的两大交易，它们都以油气勘探为 重点。中国第三大石油公司中海油集团与卡 塔尔石油公司达成了一项长达 25 年的协议， 在这个阿拉伯湾国家进行海上天然气勘探， 包括在五年内钻探三口天然气井。去年，中 国石油天然气集团公司（CNPC）联手壳牌 公司与卡塔尔石油公司签署了为期 30 年的 勘探和生产协议，覆盖卡塔尔内陆和海上超 过 8000 平方公里的油气田。 2011 年，同样是这三家公司（中石油、 壳牌和卡塔尔石油）建立了价值为 100 亿美 元的石油化工合资企业，而这次却是在中国 的土地上。这个项目是两国签署巨额供应协 议的后续，也是卡塔尔石油和壳牌公司在中 国第一个坚实的立足点。
World Cup event will now accelerate the completion of many of these projects. The government is said to be planning to cover $40 billion from the total required investments, with the rest supplied by state entities like Qatar Petroleum. Qatari authorities have declared the launch of 200 projects in different areas only as an initial phase, including major projects in transportation, tourism, healthcare, education and housing sectors. Projects in the pipeline or already started include a $25 billion metro and rail network, a $20 billion sum to build and expand roads and a $10 billion investment on the new Doha International Airport. An additional $4 billion has been set for the construction of stadiums and sport facilities. A number of European companies have already secured bids for some of the construction developments in Qatar, but many bids are still open and several major Chinese construction groups are reportedly involved in the bidding marathon. Overall, the 2022 World cup is expected to considerably
Sino-Qatari investments With Qatar’s ample resources, especially in LNG, and China’s ever-hungry economy for energy to fuel its continuous growth, it is no wonder that the two countries have been working towards strong bilateral relations. Recent agreements have facilitated enhanced cooperation between governments and corporations on both ends, especially in the utility and infrastructure sectors. Huawei, SinoHydro and some 30 other Chinese entities are doing business in Qatar; according to the Chinese embassy in Doha, they had gained contracts worth over $3 billion up till the end of 2010. During the past two years, two major energy-related deals were signed between China and Qatar. China’s CNOOC, the nation’s third largest oil company, had signed a 25-year agreement with Q a t a r Pe t ro l e u m fo r o f f s h o re g a s exploration in the Arabian Gulf state. That deal included the drilling of three wells in five years. CNOOC’s chairman, Fu Chengyu, forecasted China’s need for Liquefied Natural Gas to hit 40 million to 60 million tons a year by 2020. Last year, China National Petroleum Corp (CNPC) and Shell, inked a 30-year exploration and production agreement with Qatar Petroleum that covers over 8,000 sq. km, located on both land and sea in Qatar. Conversely, 2011 witnessed the launch of a $10 billion petrochemical joint venture between the same parties on Chinese soil. The proposed refinery is to be built in Zhejiang province, where local authorities have also signed the framework deal. The project follows a giant supply agreement between both governments, and is the first solid foothold for Qatar and Shell in China. Winter, 2011 INVEST IN
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农商：一个崭新的全球时代
Agribusiness: A New Global Era
全球的农业正在见证这样一次转变：从地方和个人的努力转变到全球化、更加强调合作的形态。 各国政府和企业都已经纷纷采取相应的行动。 The agricultural industry is witnessing a shift from local and individual efforts, to global and more collaborative initiatives. Governments and companies alike are taking note.
By Anas Almasri
在
竞争日益严峻的商业世界里，越来 越多的企业正享受着相互协作所带 来的好处。无论是拓展新市场、收
购急需的资源还是获取最新的技术，很显然 各个企业必须共同努力，才能实现可持续的 增长。各国政府也已经认识到合作的重要性， 特别是在对经济稳步发展至关重要的某些 领域。 对于任何一个国家来说，除了能源以外， 农业也许是最重要的行业之一。一个国家要 确保居民在可承受的价格范围内可持续地获 得足量不同种类的食品，这是一项巨大的挑 战。 这个问题在所谓的新兴市场中尤为明显， 这些国家的人口增长要比发达国家快得多， 但是收入水平却普遍较低。
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Winter, 2011
I
n an increasingly tough and competitive business world, more and more companies are realizing the benefits of collaborating with each other. Whether they seek to expand into new markets, acquire much needed resources or obtain the latest technologies, it is becoming clear that businesses must work together to achieve both sustainability and growth. Governments have also recognized the importance of that cooperative aspect, more so in certain fields that are critical to the well being of their economies. Agriculture, perhaps alongside
energy, is one of the most vital such sectors for any nation. Ensuring a country’s people have constant access to sufficient amounts of the different types of food products at affordable prices is a great challenge. That is especially true of the so-called emerging markets, where population growth is much higher than that of other developed states, with generally lower income levels. The agricultural production cycle, or “agribusiness”, has recently embarked on a transformation towards a globally interconnected system where food processing companies can farm lands on
特别报道 SPecial report
农产品生产行业（或者叫做“农商”） 最近开始向一个全球互联的系统进行转型。 在这个系统下，农业食品加工企业能够在一 个完全不同的大陆进行耕种，使用另一个国 家生产的种子，处理初级产品再将它们出口 回自己的市场（或者其他国家），从而供消 费者购买。各国政府已经开始密切监察对这 种大规模农业运营的需求，这往往涉及到大 量的海外投资。在许多情况下，政府通过提 供融资方案、出台地方性政策和签署跨境协 议来提供广泛的支持。 国际农业投资和跨国公司 随着全球总人口达到 70 亿，各国对粮食的 需求正在持续上升，而由于一些主要粮食消 费国的城市化进程正在造成耕地的流失，粮 食的供应变得日益紧张。中国和印度占全球 粮食消费市场的比重很高，但是这两个国家 已经开始面临农产品生产的限制，这导致它 们必须去其他地方寻找肥沃的土地。中国已 经获得了刚果民主共和国 280 万公顷土地的 开发权（这要超过一个半北京市的大小）， 这里将成为全球最大的生产生物燃料的棕榈 种植园。 为了满足国内需求和挖掘出口的潜力， 一些地理面积较小的国家也一直在活跃地租 赁外国土地用于耕作。这种趋势反映了世界
a totally different continent, using seeds produced in another country, process the initial products then export them back to their market, or to other countries, for distribution to consumers. Governments have closely monitored the rising need for such wide scale operations, which often involves vast amounts of overseas investments, and have in many cases provided extensive support through financing options, the introduction of local policies and the signing of crossborder agreements. Internationalagri–investment and TNCs As the world’s total population reaches s eve n b i l l i o n , d e m a n d fo r fo o d i s continuing to rise while supply is becoming increasingly constrained with a few major food-consuming countries loosing arable land to make way for modern urbanization plans. China and India represent a significant portion
of the world’s consuming markets and both countries are starting to face such agricultural production limitations, leading them to look elsewhere for fertile land. In what would be the world’s largest palm-oil plantation for biofuel, China has secured the rights to 2.8 million hectares of land in the Democratic Republic of Congo (that’s more than one and a half times the size of Beijing Municipality) Some geographically smaller countries have also been active in leasing foreign lands for farming purposes, with an eye on both domestic needs a n d ove r s e a s ex p o r t i n g p o te n t i a l . Such a trend demonstrates the growing global understanding of the ongoing development and potential in agribusiness. In Sudan alone, South Korea and the United Arab Emirates signed deals to grow wheat on 690,000 and 400,000 hectares respectively in 2009. On a corporate level, the stronger overseas investment and M&A activity in the agricultural sector is due to several
各国正越来越清晰地意识到农商的发展和潜 力。仅就苏丹而言，韩国和阿拉伯联合酋长 国在 2009 年与其签署协议，分别种植 69 万 和 40 万公顷小麦。 从企业层面来说，农业领域日益加强的 海外投资和并购活动主要得益于以下几个因 素：全球范围内日益激烈的竞争正在导致企 业利润的减少和风险的加大；投资方通常拥 有丰富的行业经验，希望提升整个农业价值 链并且获取更多的资源；目标企业能够从生 产技术的提高以及研发设施的改进中受益， 并且有机会获得更多的资金。 跨国公司 (TNCs) 已成为农业价值链两 端主要的参与者，其中包括上游（供应商） 和下游（加工、零售和贸易公司）产业。跨 国公司已经在 110 个国家签署了广泛的农业 耕作协议，其中大多数是发展中国家。 2008 年，瑞士食品加工商雀巢公司建立了一个全 球性的合同农业耕作网络，覆盖大约 80 个 发展中国家和转型经济体的超过 60 万个农 场。签约的农场主要位于非洲、亚洲和拉丁
中国公司中兴国际已经获准在刚果（金）建立一座面积为 280 万公顷的油棕榈种植园。
Chinese firm ZTE International has secured rights to create a 2.8 million hectare palm oil plantation in the Democratic Republic of the Congo.
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美洲，它们目前为许多跨国企业直接供应不 同类型的农业产品。
随着城市人口的快速增长以及耕地数量的减少，中国正越来越多地寻求国外资源来满 足粮食需求。
增长和潜在的风险
With urban population rising rapidly and arable land decreasing, China is increasingly looking abroad to feed growing needs.
目前，农业占全球投资的比重越来越大，投 资者看到了未来发展的潜力，这主要归因于 以下几点。从需求方面来说，根据联合国粮 农组织（FAO）的估计，全球人口为惊人的 68 亿。该组织还预测这个数字到 2050 年将 上升 31％，达到 91 亿。随着人口的城市化 趋势越来越明显，整体收入水平正在提高， 而食物消费模式也在发生变化。由于收入的 增加，人们倾向于消费更多的乳制品和肉制 品，因此对这些产品的需求可能会上升。 在供给方面，农业资源不断减少，这正 对需求和供给间的平衡造成更大的压力。许 多国家城市区域的延伸正在减少耕地面积和 占用更多的水资源， 从而限制农产品的生产。 联合国粮农组织预计，到 2050 年全球人口 中将有 70％居住在城市化的区域内。 然而，投资者和企业在农业的运作方面 确实面临一些挫折。粮食作物易受到天气和 环境变化的冲击，无论是全球气候变暖、自 然灾害还是战争。虽然这可能导致某些商品 的价格出现普遍上涨，但是它也会对企业产 量和盈利水平造成严重的影响，这取决于企 业的类型和其在农业价值链中的位置。 2010 年英国广播公司就全球变暖对水稻产量的影 响进行了报道，引用了主要来自美国研究人 士的观点。报道指出：“科学家发现，在过 去超过 25 年的时间里，随着夜间气温上升，
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factors. Increased competition on a global scale is resulting in less profits and higher risks for companies. The investing side usually holds extensive industry experience, and aims to expand across the agricultural value chain and gain more resources. The targeted company benefits from enhanced production te c h n o l o g i e s a s we l l a s i m p rove d research and developmentfacilities, all the while gaining access to greater capital. Transnational Corporations (TNCs) have become major players on the agricultural stage on both ends of the value chain, upstream (suppliers) and downstream (processing, retailing and trading companies). TNCs are engaged in wide scale contract farming initiatives spread across 110 countries, mostly developing ones. In 2008, the Swiss food processor Nestlé had a global contract-farming network that included more than 600,000 farms in some 80 developing and in-transition
economies. Contracted farms are usually based in Africa, Asia or Latin America, and are now direct suppliers of various agricultural commodities for many of these corporations.
Growth and potential risks There are several reasons why agriculture is taking a larger chunk of global investment nowadays as investors foresee future growth. On the demand side, the world’s population stands at a staggering 6.8 billion as estimated by the Food and Agriculture Organization of the United Nations (FAO). The organization also predicts a 34 percent rise in that number to 9.1 billion by 2050.As that p o p u l a t i o n b e c o m e s m o re u r b a n , overall income levels are rising and food consumption patterns are changing. As earnings rise, people tend to consume more dairy and meat products so demand for those items is likely to increase for example. On the supply side, agricultural
特别报道 SPecial report
一些地区的产量下降了 10-20％”。由于夜 晚变得更加暖和，水稻的产量出现了下降。 该研究覆盖了全球主要稻米生产国的 227 个 农场，其中包括泰国、越南、印度和中国。 在经济困难时期，较低的消费者购买力 对一些特定的农产品带来了另一种不确定 性。个人口味和饮食习惯的改变同样在重塑 这个行业。人们越来越意识到饮食健康和营 养食品所带来的好处，他们的饮食计划会随 之发生改变，因此对一些产品的需求也会发 生变化。 投资者和越来越多的企业并没有回避与 农商投资相关的风险，相反它们看起来更专 注于投资该行业的上游领域。相比那些在全 球范围内为农产品生产商提供原材料（比如 化肥）的企业来说，在特定土地上生产农作 物的企业要承担更多对环境因素的担忧。 中国的农业重点 中国拥有全球总人口的五分之一。对该国的 统治者来说，满足人民的粮食需求自古以来 就是一项挑战。如今，耕作和农业生产的进 步无疑减轻了问题的严重性。然而，面对如 此庞大的居民数量，中国政府不仅始终要清 楚地了解农产品生产和消费水平，而且要注 重食品安全问题和彻底地了解市场的情况。 随着中国制造业的成熟，中国的官员已 经表示将对国内和国外的农业发展给予更大 的帮助。中国政府已经推出了多项帮助农产 品企业拓展业务的措施。目前，政府为企业 提供资金补贴和宽松的信贷结构，尤其是在 企业的扩展计划涉及收购或者租赁其他国家 的土地的情况下。由于耕地的流失，中国国 内粮食和食用油的产量正在接近饱和状态。 得益于政府的支持与国内需求的快速增长，
resources are diminishing putting even more pressure on the demand/supply balance.The expanding metropolitan areas in many countries are restricting production by reducing farmable land and using up water supplies. The FAO estimates that 70 percent of the world’s population will reside in urbanized areas by the year 2050. Investors and companies, however, do face potential setbacks when choosing to operate in the agriculture industry. Food crops are vulnerable to weather changes and environmental shocks, whether linked to global warming, natural disasters or wars. And although this could lead to a general hike in the prices of certain commodities, it could also have severe effects on production levels and profitability of a business, depending on its type and position in the agricultural value chain.A 2010 BBC report on the effects of global warming on rice yields describes the findings of a mainly US based group of researchers. “Scientists found that over the last 25 years, the growth in yields has fallen by 10-20% in some locations, as nighttime temperatures have risen” the report stated. As nights get warmer, rice yields are dropping. The study covered 227 farms across six of the largest rice producing countries including Thailand,
中国的农产品公司正在开发利用国外的农业 资源。今年 2 月，一份由联合国大会发布的 报告显示，从 1997 年以来，由于“城市化、 森林和草原的补种项目以及自然灾害造成的 损失”，中国失去了 820 万公顷的耕地。 中国在农业领域的投资才刚刚起步。 2010 年 在 这 个 领 域 的 对 外 直 接 投 资 相 比 2009 年上升了约 56％，但是它占当年中国 对外投资总量的比例仍然不到 1％。除了拥 有良好的本土市场环境以外，世界范围内的 粮食短缺正促使中国的农商企业进行更多的 海外投资。国有的重庆粮食集团计划出资超 过 25 亿人民币收购巴西的土地，用于大豆
中国自给自足的政策要求该国至少 95％的农产品在国内种植。
China’s self-sufficiency policy calls for at least 95 percent of its grains to be produced domestically.
Vietnam, India and China. Lower consumer purchasing power in tough economic times is another source of uncertainty for some types of a g ricu l t u re p rodu ct s. Cha n g in g personal tastes and eating habits are also reshaping the industry. As people become increasingly aware of the benefits of eating healthy and nutritious foods, their diet plans change and with it the demand for certain products. Instead of shying away from the risks associated with agribusiness i nve s t m e n t s , i nve s t o r s a s we l l a s expanding companies seem to be focusing on investing in the upstream end of the sector. Corporations that produce crops on a specific land are subject to more environmental worries than those who provide hundreds or thousands of them spread all over the world with raw materials, such as fertilizers. China’s agriculture focus China has one fifth of the world’s total population and feeding its people has been a challenge to its rulers throughout history. Today, advancements in farming and agriculture production have undoubtedly reduced the scale of this problem. Nonetheless, with such a large number of inhabitants, the Chinese government has to be constantly aware of grain production and consumption levels in addition to other foods security issues and know its market inside out. As China’s manufacturing sector matures, Chinese officials have started signaling increased support to the agriculture industry, both at home and abroad. The government has launched a number of initiatives aimed at encouraging agricultural businesses to expand. It now offers them subsidies and relaxed financing structures, especially if the expansion involves the purchase or lease of land in other countries. Taking advantage of this governmental Winter, 2011 INVEST IN
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种植。这个刚公布的项目只是宏大计划的一 部分，该公司打算斥资 34 亿美元在海外建 立油籽和大米的生产基地，目标国家包括加 拿大和澳大利亚（油菜籽）、马来西亚（油 棕榈）和柬埔寨（大米）。私人拥有的中国 棕榈油贸易和进口企业天津聚龙集团已经宣 布计划投资 20 亿美元，将海外的种植面积 扩大到 20 万公顷。作为此项战略的一部分， 该公司刚刚出资 2 亿美元在印度尼西亚购买 了 2 万公顷的土地，用于油棕榈的种植。 农商展望 考虑到近期农业的快速发展和其日益全球化 的趋势，以及全球食品市场的现状，农商整 体而言将在未来的几年里继续吸引大量的投 资。作为全球最大的大豆和棕榈油进口国， 中国希望将粮食自给率保持在 95％以上， 该国在全球农业投资领域的参与度预计也将 变得更高。我们可以清晰地看到中国企业对 寻求海外商品供应、加强研发实力和收购肥 沃土地的需求。作为一个市场、生产国和投 资者，中国正在全球农业领域扮演着更为重 要的角色。 虽然并购活动和跨国投资在更有效地分 配资源和促进全球农业发展方面具有十分重 要的意义，但是仍然有许多人批评这种全球 化的运作方式，并对发展中国家单一小规模 农场主的未来表示出了忧虑。
政府补贴 Government Subsidies
support, and further driven by a rapid rise in domestic demand,Chinese agricultural companies are tapping overseas resources, as local production of grain and edible oil nears full capacity due to the loss of farming land. A report conducted by the General Assembly of the United Nations in February revealed that since 1997, China has lost 8.2 million hectares of arable land due to “urbanization, forest and grassland replanting programs, and damage caused by natural disasters.” Chinese investment in the agriculture sector is just beginning. Outbound Direct Investment in the field rose by almost 56 percent from 2009 to 2010, but it was still at less than one percent of China’s total outbound investments for that year. In addition to favorable market conditionsat home, the worldwide food shortage has prompted greater Chinese agribusiness investments abroad. Stateowned Chongqing Grain Group is set to pay more than RMB 2.5 billion to acquire Brazilian land for soybean cultivation. The company’s latest announcement is part of its much larger plan, estimated
中国最近对外向农业投资的补贴和鼓励政策 2011 年 2 月 18 日 - 农业部与中国国家开发银行签署了一项谅解备忘录，以支持农业领域的 “走出去”战略。2010 年年底，中国国家开发银行对海外农业投资的贷款余额为 4.2 亿美元。 2011 年 4 月 29 日 - 商务部和财政部刊登公告，鼓励国内外经济技术合作。根据这份文件， 农业（包括林业和渔业）的“走出去”战略将获得“重点支持”，潜在的补贴额将高达 3000 万元人民币。
Recent Chinese subsidies and encouragement for outbound agriculture investment 18 February 2011 – The Ministry of Agriculture signed a Memorandum of Understanding with the China Development Bank to support “going out” in the agriculture area. At the end of 2010, China Development Bank’s loan balance of overseas agricultural investment totaled 420million USD.
29 April 2011 – The Ministry of Commerce and Ministry of Finance published a notice to encourage economic & technology cooperation abroad, according to this document, agriculture (including forestry and fishery) “going abroad” will gain “key support,” with potential subsidies of up to 30 million RMB
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at $3.4 billion, to set up overseas bases for oilseed and rice production. Targeted countries include Canada and Australia (rapeseed), Malaysia (palm oil) and Cambodia (rice).Privately owned Chinese palm oil trading and importing business, Tianjin-based Julong Group, has also announced plans to invest up to $2 billion to expand its plantation area abroad to 200,000 hectares.As part of that strategy it has just secured the purchase of 20,000 hectares to plant oil palm in Indonesia for $200 million.
Agribusiness outlook Given the recent rapid growth of the agricultural sector and its increasingly global structure, as well as the state of worldwide food markets, agribusiness as a whole seems set to continue attracting plenty of investments for years to come. China, the world's largest importer of soybeans and palm oil, is aiming to maintain a grain self-sufficiency rate above 95 percent and its involvement in worldwide agricultural investment activity is highly expected to increase. Chinese companies’ quest to secure overseas supplies of commodities, strengthen R&D and acquire fertile lands is well underway and China is now deepening its role as a market, a producer and an investor for the agricultural industry. While M&A activities and cross border investments are of great significance to allocating resources more efficiently and promoting the development of global agriculture, many critics of this new globalized style of operations have voiced concerns over the future of the simple, small-scale farmers in developing countries.
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中国在非洲巨额投资的代价
The Cost of China’s billions in Africa By Claire van den Heever
在非洲的投资既是受到严厉批判的 对象，也是被誉为能够确保未来成
功的故事。截至去年年底，非洲与中国之间 的双边贸易额达到了 1269 亿美元，这使中 国成为了非洲最大的贸易伙伴。中国在非洲 大陆所扮演的角色被认为是不可缺少的，中 国不干预其他国家政治事务的政策也是令人 钦佩的。但是，中国同样也被指责是非洲的 殖民者，有些人担忧中国不仅仅希望从非洲 的自然资源中获益。正如非洲以外的其他国 家一样， 非洲国家对中国的态度也是复杂的。 中国涉足非洲各国的性质各不相同，因此当 地人的反应也有所不一。 在最近的几个月里，赞比亚对中国企业 的阻力比其他任何地方都要大。这个东非国 家拥有极为丰富的铜、镍和钴矿资源，并且 在过去几年里吸引了大量来自中国的投资。 2000 年，中赞双边贸易额仅为 1 亿美元，而 去年却增长到了 28 亿美元。一些对中国的 激进评论者认为，其中大部分资金并不是投 资，而是包装良好的让步贷款。中国在矿山 上的投资经常以获得矿藏的开发权利为形式。 作为交换条件，中国政府对这些项目提供低 息贷款。就赞比亚的情况而言，中国政府为 基础设施项目提供了贷款，而中国公司则担 任项目的承包商。因此，外界一直批评中国 没有带来可观的就业机会，因为当地人大多 受雇担任非熟练工人，而本来可以给予当地 人的技术工种通常由中国人来完成。 在最近召开的一次中非合作会议上，大 约有 200 名来自 40 个非洲国家的官员和企 业家出席，中方代表借此机会反驳了一些对 中国的质疑，如针对创造就业、保护环境和 劳动侵犯的指责。中方做出了若干承诺，宣 布将会在非洲承担更多的责任，并且明确了 熟悉当地劳工和环境法规的重要性。Insight 控股集团的董事 Li Jianhua 先生宣布，该公
C
hinese investment in Africa, a chapter in China’s epic growth s to r y, i s t h e t a rg e t o f h a r s h criticism almost as often as it is lauded as the success story of the future. Bilateral trade between Africa and China reached US$126.9 billion by the end of last year, making China Africa’s largest trading partner. China’s role on the continent has been called indispensable and its policy of non-intervention in other countries’ political affairs, admirable. It has also been accused of being a colonial power in Africa, concerned with little more than profiting from the continent’s natural resources. Just as feelings toward China are mixed outside Africa, they are mixed within Africa, where the nature of Chinese involvement varies, as do local sentiments. Zambia has shown more resistance to Chinese ventures than anywhere else in recent months. The East African country, which is extremely rich in copper, nickel and cobalt, has experienced an enormous surge in Chinese investment over the past few years, with trade growing from just US$100 million in 2000 to US$2.8 billion last year. Much of the money, some of China’s fiercer critics argue, is not investment at all, but a well-structured program of concessional loans. Chinese investment in mines often takes the form of concessional rights to the minerals, in exchange for which Beijing offers lowinterest loans. In the case of Zambia, the loans are made for infrastructural projects which are worked on by Chinese
摄影 Photo by J. D. Ruschke
作
为中国史诗般增长的新篇章，中国
中非合作论坛由中国外交部组织，迄 今为止已经举办了四届峰会，分别是 2000 年在北京、2003 年在埃塞俄比亚、2006 年在北京（见上图）和 2009 年在埃及。 在 2009 年的峰会上，中国宣布向非洲提 供价值为 100 亿美元的低息贷款，同时宣 布它将为其在非洲建立的医院和疟疾预防 控制中心提供医疗设备，并且为那里的医 生和护士提供培训。
The Forum on China-Africa Cooperation organized by the Chinese Ministry of Foreign Affairs has held four summits to 2000 in Beijing, 2003 in Ethiopia, 2006 in Beijing (pictured above) and 2009 in Egypt. A $10 billion low-cost loan was announced during the 2009 summit and China also announced it would provide medical equipment, and train doctors and nurses for the hospitals and malaria prevention centers built by China in Africa.
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司计划投资肯尼亚和坦桑尼亚，在那里发展 旅游业。 Li 先生表示：“旅游业不会破坏环 境，而且将促进当地经济的发展。”他还说， 在未来三年时间里，公司将在这两个相邻的 国家创造超过 10000 个就业机会。 不幸的是，这样的承诺往往是轻率的。 创造就业机会的努力可能只是空头支票。在 某些情况下，投资者过分自信也是难辞其咎 的。Li 先生打算投资东非的旅游业（特别 是考虑到这项计划宣布的时机）与其他脆弱 的计划有着相类似的本质，那就是希望从这 块尚未开垦的非洲土地上快速地赚取利润。 Insight 控股集团在非洲旅游业中所拥有的经 验是令人生疑的，而事实上拥有非洲最热门 野生动物园的肯尼亚早已度过了旅游业的开 发阶段，这使得该项目听起来更让人怀疑。 但是，这也许是中国为了履行其在非洲承担 更多责任的承诺所做出的举动之一。 今年早些时候，Insight 控股集团参与了 一个在坦桑尼亚贫困地区建造小学的项目。 该公司为这个项目捐款 1 亿人民币 , 这是令
赞比亚的经济发展历来依靠铜矿开采，该国在最近几年获得了大量来自中国的投资。
Zambia, whose economy has historically been dependent on copper mining, has experienced huge levels of Chinese investment in recent years.
人欣慰的第一步。对非洲的援助一直是充满 争议的问题，也难怪有些人依然对 Insight 控 股集团的社会贡献以及投资计划持保留态度。 过去几个世纪里，在发展中国家的投资 一直被宣称为利他主义，中国参与非洲的投 资也不例外。在本月早些时候举行的中非论 坛上，中国帮助非洲国家提高粮食产量的承 诺得到了一些人的拥护，其中包括坦桑尼亚 前总理 Friedrich Sumaye，他说：“中国在 非洲做的事情是教非洲人民如何钓鱼，而不 是给他们鱼。如此一来，我们一生都有鱼吃 了。”这种不经证实的陈词滥调只会让这些 政治家听上去就像是被培训过一样。 中国外交部副部长吕国增最近宣布， “中国企业在非洲创造了 35 万个就业机会。 中国已经提供了 20000 笔奖学金并且培训了 35 万技术人员。中国还资助了 100 个清洁能 源项目。”他接着强调中国对非洲的援助是 没有附加政治条件的，但是许多赞比亚人会 不同意这个看法。 赞比亚最近的总统选举引发了有关中国 人在该国的影响力到底有多大的讨论。执政 党的竞选活动规模庞大，这让人怀疑是否背 后拥有中国人的资助，因为该党现任领袖 Rupiah Banda 一直坚定不移地支持中国在 赞比亚的投资。Banda 先生输给了反对党的
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contractors. As a result, China has been criticized for its failure to bring about meaningful job creation, because locals are often employed as unskilled laborers, and skilled jobs that could be given to locals are given to Chinese instead. At a recent conference on ChinaAfrica cooperation, which approximately 200 officials and entrepreneurs from 40 African countries attended, Chinese representatives took the opportunity to refute some of the allegations made against China on issues including job creation, environmental conservation and labor violations. Several pledges were made to take more responsibility in Africa, and the importance of being aware of local labor and environmental regulations was noted. Mr Li Jianhua, board director of a company called the Insight Holding Group, announced the company’s plans to invest in Kenya and Tanzania to develop tourism. “Tourism won’t hurt the environment but will boost the local economy,” Mr Li said,
adding that over 10,000 jobs would be created in the two neighboring countries within three years. Unfortunately, such pledges are made flippantly all too often. Efforts towards job creation may be nothing more than empty promises, and in some cases, an excess of confidence on the investor’s part is to blame. Mr Li’s intention to invest in east Africa’s tourism industry – particularly in the context of the backpatting session during which it was announced – resembles other tenuous plans to make a quick buck in virgin African territory. The Insight Holdings Group’s experience in East African tourism is dubious, and the fact that Kenya has a tourism industry that is already far ahead of the development stage makes the project sound even shakier. But this may well prove one of several recent commitments to take more responsibility in Africa that is upheld. Earlier this year, the Insight Holdings Group was involved in seeing through
特别报道 SPecial report
Michael Sata，后者以反对中国的言论而出 名。Sata 先生的胜利可以归因于他计划终止 Banda 先生所推出的对投资者友好的法律和 其他政策，这些政策让中国在过去的几年里 在几乎没有限制的情况下获取赞比亚的资源 （特别是铜矿）。 中国政府非洲事务代表刘贵今认为，中 国在非洲的投资是“必不可少”的。由于获 得中国投资的几个撒哈拉以南的非洲国家都 拥有极低的失业率，因此对这种说法很难进 行反驳。但是，中国员工虐待当地劳工的事 件变得在媒体上司空见惯，其中最著名的案 例是 2010 年 10 月中国经理射伤 11 名抗议 恶劣工作条件的赞比亚劳工。目前的问题是 非洲吸引中国的投资到底值不值得。 美国国家经济研究局上个月发布的《中 国外商直接投资对非洲危机前增长的贡献报 告》研究了来自中国的外商直接投资对 13 个 撒哈拉以南非洲经济体国内生产总值（GDP） 增长的影响， 这些国家包括安哥拉、 博茨瓦纳、 刚果民主共和国（金）、埃塞俄比亚、加纳、 肯尼亚、马达加斯加、尼日尔、尼日利亚、 南非、苏丹、坦桑尼亚和赞比亚。该报告的 调查显示，在 2008 年金融危机前的三年时 间里，这些国家的 GDP 增长率平均为 6％左 右，比此前 10 年的平均数字要高出两个百 分点。在这三年里，来自中国的外商直接投 资大幅地增长，某些情况下甚至占到了同期 一个国家吸引外商投资总量的 10％。该报告 揭示了来自中国的外商直接投资对这些国家 GDP 的增长到底有着多大的影响。有趣的是， 赞比亚的数字是最高的。在 2003 至 2009 年 期间，来自中国的投资占赞比亚 GDP 增长 的 1.9％。该报告的发现对赞比亚对中国的 态度会有什么样的影响？如果 Sata 先生的政 策变化使得 GDP 增速放缓，这对赞比亚又 有怎样的影响？这些事情将很快水落石出。 人们可能会认为中国对南非的经济增长 有着重大的影响：中国目前是该国最大的贸 易伙伴。但是研究显示，中国只贡献了区区 0.1％。如此微小的好处让人们严重怀疑南 非执政党南非非洲人国民大会（ANC）为什 么要讨好中国，并且与中国政府保持良好的 关系。 中国也许是南非的第一大贸易伙伴，但 是双边贸易是严重不平衡的。南非相对中国 拥有巨大的贸易逆差，该国通常进口成品而
a project to build primary schools in underprivileged areas of Tanzania. The company donated RMB100 million to the cause. While a company’s tendency to be charitable does not necessarily have anything to do with their sense of corporate responsibility, it is a reassuring first step. Investment in developing countries has been mixed up with declarations of altruism for centuries, and Chinese engagements in Africa are no exception. Promises to help African countries raise their food output, also made at the ChinaAfrica forum earlier this month, were espoused with comments such as the one made by the former prime minister of Tanzania, Friedrich Sumaye: “What China does in Africa is teach African people how to fish, rather than to give them fish. Then we have fish all our life.” Hackneyed, unsubstantiated remarks such as this do little more than make politicians sound as if they’ve been coached – or worse, won over by the sweeteners that China may have sent their way. Vice Foreign Minister Lu Guozheng re c e n t ly a n n ou n ced t ha t “ Chin ese enterprises have created 350,000 jobs in Africa. China has provided 20,000 s c h o l a r s h i p s a n d t ra i n e d 3 5 0 , 0 0 0 technical staff. China has also aided 100 clean energy projects.” He went on to emphasize that Chinese aid to Africa has no political strings attached, but plenty of Zambians would argue otherwise. Zambia’s recent presidential election sparked questions about just how far Chinese influence in the country extends. The sheer scale of the ruling party’s electoral campaign raised suspicions that Chinese money was funding it, because its leader, the incumbent Rupiah Banda, showed unwavering support of Chinese interest in Zambia. The campaign, which included Banda-branded lollipops that were, almost certainly, produced in China,
was not enough to win the majority over. Mr Banda lost to the opposition party’s Michael Sata, whose anti-Chinese rhetoric has been well publicized. Mr Sata’s victory can also be attributed to his plans to end to investor-friendly legislation and other policies introduced by Mr Banda that have allowed China to tear through Zambia’s resources with too little restraint over the last few years. Liu Guijin, a representative of the Chinese government on African Affairs, calls Chinese investment in Africa “indispensable”. As unemployment levels remain desperately low in several of the Sub-Saharan countries where China’s investment is focused, it is difficult to disagree. But as cases of labor abuses by Chinese staff become more and more commonplace in the media – most famously, the October 2010 case in which Chinese managers shot eleven Zambian miners who protested poor working conditions – questions are being raised about how worthwhile Chinese investment in Africa really is. A new working paper from the United States’ National Bureau of Economic Research, The Contribution of Chinese FDI to Africa's Pre Crisis Growth Surge, reveals the findings of a study into exactly that. The paper, released last month, investigates the implication of Chinese FDI flows on the GDP growth of thirteen S u b -S a h a r a n e c o n o m i e s : A n g o l a , Botswana, the Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Kenya, Madagascar, Niger, Nigeria, South Africa, Sudan, Tanzania and Zambia. It begins by observing that during the three years before the 2008 financial crisis, GDP growth in these countries was at an average of approximately six percent – two percentage points higher than the average in the ten years before. This three year period coincided with significant inflows of Chinese FDI, in some cases Winter, 2011 INVEST IN
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特别报道 SPecial report
摄影 Photo by MMJ
赞比亚铜矿的健康和人权状况最近受到了批评。
Health and Human rights standards at copper mines in Zambia have been subject to recent criticism. 出口矿产资源。有积极的迹象表明，中国与 南非之间的关系将变得更加平衡。中国与非 洲的贸易总额预计将从 2010 年的 1250 亿美 元上升到 2011 年创纪录的 1550 亿美元。南 非标准银行集团最新发布的一份报告将南非 看作是“2011 年中非商业关系的引擎”。该 国将继续在今后几年的中非关系中发挥不可 估量的作用。 中国和南非的双边关系已经非常紧密， 但是双方需要扩大商业合作才能让伙伴关系 变得更加互惠互利。与赞比亚相比，南非是 一个更为多元化的经济体，在一系列领域为 中国提供了投资机遇，其中包括制造业、金 融和电信行业。该国同样拥有矿产资源。 该报告解释说，南非发展的关键在于确 保与中国之间的关系植根于它与非洲其他国 家的企业间联系。包括肯尼亚、埃及、安哥 拉、尼日利亚和南非在内的区域性大国必须 加强合作才能促进非洲的发展。标准银行的 Jeremy Stevens 写道：“ 展望未来，我们敦 促南非利用与中国之间不断发展的关系，准 确地将该国的能力与南非国内和区域性优先 事项匹配起来。”因为就撒哈拉以南非洲地 区外商直接投资和 GDP 之间的关系来看， 资金流入并不总能带来巨大的利益。
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accounting for as much as ten percent of a country’s total inward FDI during those years. The paper reveals to what extent Chinese inward FDI affected these countries’ GDP growth. Interestingly, Zambia’s figures were among the highest, with Chinese investment accounting for 1.9 percent of GDP growth between 2003 and 2009. Whether the findings have any effect on the country’s attitude to China, and what the effect will be if GDP growth drops in response to Mr Sata’s policy changes, will come to light soon enough. Other figures are less significant. In South Africa, one might imagine China’s effect on growth to be significant; China’s is now the country’s biggest trading partner. But according to the study, China only contributed a paltry 0.1 percent. Su ch min or benefits raise serious questions about the ingratiating behavior South Africa’s ruling party, the African National Congress (ANC), displays in its relationship with Beijing. Recently, South Africa voted at the UN along the same lines as China on several contentious
issues, including refusing to recognize Palestine as a State, denying the Dalai Lama entry into the country for the second time in two years, and siding with Beijing against NATO strikes on Libya. China might be South Africa’s number one trading partner, but the balance of trade is severely unequal. The country runs a huge trade deficit to China and generally imports finished products while exporting mineral resources. There are positive indications that China’s relationship with South Africa is set to become more balanced. China’s trade with Africa is on course to increase from a total of US$125 billion in 2010 to a record US$155 billion by the end of 2011. South Africa, which was described in a newly released report by Standard Bank group as “the engine for SinoAfrica commercial ties in 2011”, is likely to continue to play an invaluable role in Sino-African relations in years to come. China and South Africa’s bilateral ties are already strong, but extended commercial cooperation is necessary to make the partnership more mutually b e n e f i c i a l . S o u t h A f r i c a h a s a fa r more sop hist ica ted econ omy t ha n Zambia’s, and offers China investment opportunities in a range of sectors. The key for South Africa, the report explains, is ensuring its partnership with China is rooted in its corporate ties in the rest of Africa. Cooperation between regional leaders needs to be emphasized in order to strengthen Africa’s development. “Looking ahead,” writes Standard Bank’s Jeremy Stevens, “we urge South Africa to capitalize on China’s growing engagements in a manner that accurately matches the country’s capabilities to South Africa’s domestic and regional priorities.” Because, as the correlation between FDI and GDP in Sub-Saharan Africa shows, money f l ow i n g in does not always lead to significant gains.
会议 CONFERENCEs
中国对外投资合作洽谈会简介
China Overseas Investment Fair
2
011 年 11 月 8 日至 9 日，在北京的中国国际贸易中心举行的第 三届中国对外投资合作洽谈会上人头攒动，来自 112 个国家和
地区的政府官员、投资机构代表、企业家等与中国近千家企业进行 了交流和洽谈。 本届“外洽会”的展示洽谈区近五千平方米，主办方安排了一 场主论坛，六场专题论坛，以及 23 场不同国家和地区的投资说明会。 会上亮相的 600 多个海外重大招商项目引资额超过 500 多亿美元， 涉及能源、资源、基础设施、农业、制造业、现代服务业和高新技 术等多个行业。 “外洽会”是中国“走出去”战略的举措之一，经中华人民共 和国国家发展和改革委员会批准，中国海外发展和规划协会协同国 家开发银行从 2009 年开始主办“外洽会”。首届“外洽会”上， 原中国国务院副总理曾培炎、国家开发银行董事长陈元、国家发改 委副主任张晓强和前美国驻华大使洪博培等政商要人云集。 近年来，中国对外投资发展迅猛。官方数据显示，2011 年前三 季度中国对外直接投资流量为 445.7 亿美元，其中非金融类对外直 接投资流量为 408 亿美元。中国产业海外发展和规划协会常务副会 长兼秘书长范春永在第三届“外洽会”的致辞中乐观地预测：“（中 国对外直接投资流量）2013 年可望达到 1000 亿美元……海外投资 和吸收外资的比重可望在 2015 年前后升至 1:1”。 得益于其强大的官方背景及中国对外投资迅速发展， “外洽会” 的未来值得期待。
O
n November 8 and 9, 2011, the third China Overseas Investment Fair was held at the China World Trade Center in Beijing, attracting a big crowd to participate in the event. Government officials, representatives of investment institutions and entrepreneurs from 112 countries and regions communicated and held talks with nearly 1,000 Chinese enterprises. This year's "Overseas Investment Fair" had an area of nearly 5,000 square meters for discussions and exhibitions. Organizers
arranged one main forum, six themed forums and 23 investment briefings for different countries and regions. More than 600 major overseas projects exhibited on the fair attracting capital of above US$50 billion and covering industries such as energy, resources, infrastructure, agriculture, manufacturing, modern services and new technologies. The "Overseas Investment Fair" is one of the aspects of China's "going out" strategy. Starting from 2009 China Industry Overseas Development and Planning Association teamed up with the China Development Bank to hold the China Overseas Investment Fair. Participants to the first "overseas investment fair" included Zeng Peiyan, former Chinese Vice Premier, Chen Yuan, chairman of China Development Bank, Zhang Xiaoqiang, deputy director of the National Development and Reform Commission and Jon Huntsman, former U.S. Ambassador to China as well as other business and political leaders. In the recent years, China's outbound investment has been growing rapidly. Official data showed that China's outbound direct investment flows reached US$44.57 billion in the first three quarters of 2011, among which non-financial outbound direct investment hit US$40.8 billion. Fan Yongchun, vice chairman and Secretary-general of the China Industry Overseas Development and Planning Association said optimistically during a welcoming speech at the third China Overseas Investment Fair that "(China's outbound investment flows) are expected to reach US$100 billion in 2013......Outbound investment against inbound investment will likely rise to 1:1 around 2015." Thanks to its strong official background and rapid development of China's outbound investment, the future of the "Overseas Investment Fair" is promising. Winter, 2011 INVEST IN
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境外投资指南 Invest in hand book
Afganistan Investment Support Agency www.aisa.org.af Tel:+ 930 20 210 3404 invest@asia.org.af
Botswana Export Development and Investment Authority (BEDIA) Tel: +267 318 1931 mosweup@bedia.bw
The Luxembourg Fund Labelling Agency(LuxFLAG) www.luxflag.lu Tel: +352 22 30 26-1 info@luxflag.org
Grenada Industrial Development Corporation (GIDC) www.grenadaworld.com Tel:+ 473 444 1035 invest@grenadaidc.com
Antiguia and Barbuda Industrial Development Board (IDB) www.antigua-barbuda.com Tel:+ 020 7258 0070
Invest Bulgaria Agency (BFIA) www.investbg.government.bg Tel: +359 2 985 5500 iba@investbg.government.bg
Cyprus Investment Promotion Agency (CIPA) www.cipa.org.cy Tel: +357 22 441133 info@cipa.org.cy
Guyana Office for Investment (GO-INVEST) Tel: +592 225 0658, 227 0653/4 www.goinvest.gov.gy
Armenian Development Agency (ADA) www.ada.am Tel: +374 10 57 01 70 info@ada.am
Cayman Islands Investment Bureau www.investcayman.gov.ky Tel:+ 345 945 0943 investment@dci.gov.ky
China Overseas Investment Fair (COIF) http://www.coifair.org Tel: +86-10-59799908
InvestHK www.investhk.gov.hk Tel: +852 3107 1001 SGalpin@investhk.gov.hk
Azerbaijan Export and Investment Promotion Foundation (AZPROMO) www.azpromo.org Tel:+994 12 598 0147, 598 0148 office@azpromo.org
ProExport Colombia www.proexport.com.co Tel: +571 5600 100 informacion@proexport.com.co
Bahrain Economic Development Board www.bahrainedb.com Tel: +973 17 589 969 invest@bahrainedb.com Invest Barbados www.investbarbados.org Tel: +86 21 6133 1873 cboyce@investbarbados.org Belize Trade and Investment Development Services (BELTRAIDE) www.belizeinvest.org.bz Tel: 501 822 3737 beltraide@belizeinvest.org.bz Fiducenter S.A www.fiducenter.lu Tel : +352 22 55 05 fiducenter@fiducenter.lu
Trade and Investment Promotion Agency/ Croatia Tel: +385 1 4866 000 Luxembourg European Investment Bank(EIB) www.eib.org Tel: (+352) 43 79 1 investor.relations@eib.org Luxembourg for Finance www.lff.lu Tel: + 352 27 20 21 1 lff@lff.lu Luxembourg National Tourist Office www.ont.lu Tel: (+352) 42 82 82 10 info@visitluxembourg.lu Luxembourg Stock Exchange www.bourse.lu Tel : (352) 47 79 36 – 1 info@bourse.lu
Foreign Investment Promotion Agency (FIPA)/Tunisia www.investintunisia.tn CzechInvest www.czechinvest.org Tel: +420 296 342 500 fdi@czechinvest.org General Authority for Investment & Free Zones, Egypt www.gafinet.org Tel: +202 240 55 452 investorcare@gafinet.org
Winter, 2011
Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) www.investiniran.ir Tel: +9821 33967043 33967770 b.alishiri@investiniran.ir Jordan Investment Board (JIB) www.jordaninvestment.com Tel: +9626 5608400/9 info@jib.com.jo
Ethiopian Investment Agency (EIA) www.ethioinvestment.org Tel: +251 11 551 00 33 / 553 94 74 ethiopian.invest@ethionet.et
Kenya Investment Authority www.investmentkenya.com Tel: +254 20 2221401 4 info@investmentkenya.com
Minsitry of Trade and Industry/ Faroe Islands www.vmr.fo Tel: +298 306600 vmr@vmr.fo
Korea Trade-Investment Promotion Agency (KOTRA) www.investkorea.org Tel: 82 2 3460 7511 sentier8@kotra.or.kr
Fiji Islands Trade & Investment Board (FITIB) www.ftib.org.fj Tel: +679 331 5988 info@ftib.org.fj
Investment and Development Agency of Latvia (LIAA) www.liaa.gov.lv Tel: +371 67039499 jautajumi@liaa.gov.lv
Délégation pour la Promotion des Investissements, Tahiti Invest www.tahiti-invest.com Tel: +689 47 22 20 heiarii@tahiti-invest.com
Investment Development Authority of Lebanon (IDAL) www.idal.com.lb Tel: + 961 (1) 983306/7/8 invest@idal.com.lb
Invest in Germany www.gtai.com Tel: +49 30/200 099 0 invest@gtai.com
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Statec Luxembourg www.statistiques.public.lu Tel: (+352) 247-84219 info@statistiques.public.lu
Libyan Foreign Investment Board (LFIB) Tel: +218 21 3345010 20 info@investinlibya.ly
境外投资指南 Invest in hand book
Lithuanian Development Agency (LDA) www.businesslithuania.com Tel: +370 5 262 7438 info@investlithuania.com Kulim Technology Park Corp. Berhad/Malasya www.khtp.com.my Tel: +604 403 2420 promotion@khtp.com.my General Delegation of Private Investment Promotion/ Mauritania www.investinmauritania.gov.mr Tel: +00 222 525 07 55 /524 87 17 dgpip@investissement.gov.mr Commission de Surveillance du Secteur Financier(CSSF) www.cssf.lu/en Tel :(352) 26 25 1 – 1 contact@cssf.lu Chambre De Commerce Luxembourg www.cc.lu Tel: 42 39 39 – 1 chamcom@cc.lu Islamic Financial Services Board(IFSB) www.ifsb.org Tel:+60391951400 ifsb_sec@ifsb.org ProNicaragua www.pronicaragua.org Tel: +505 2270 6400 info@pronicaragua.org.ni Australia Foreign Investment Review Board www.firb.gov.au Tel:+61 2 6263 3795 firbenquiries@treasury.gov.au Palestinian Investment Promotion Agency /PIPA Tel: +970 2 2988791/2 info@pipa.gov.ps
Environment and Resource Management www.derm.qld.gov.au info@derm.qld.gov.au
Durban Investment Promotion Agency www.dipa.co.za Tel: +27 31 336 2540 info@dipa.co.za
Invest in Azores Agency (APIA) www.investinazores.com Tel: +351 296 308 800 apia@investinazores.com
Invest North West/South Africa Tel: +270 14 594 2570 inw@inw.org.za
Romanian Center for Export and Foreign Investment Promotion www.traderom.ro Tel: +40 21 318 50 50 office@traderom.ro
Tanzania Tanzania Investment Centre www.tic.co.tz Tel: (+255)-22-2116328 – 32 information@tic.co.tz
North-West Development and Investment Promotion Agency/ Russian Federation www.investa.spb.ru Tel: +7 812 622 14 87 info@investa.spb.ru
Eteck/ Trinidad and Tobago www.eteck.co.tt Tel: +868 675 1989 info@eteck.co.tt
National Development Corporation/ Saint Lucia www.investstlucia.com Tel: +758 452 3614 / 758 452 3615 info@investlucia.com Investment Promotion and Major Works Agency (APIX)/ Senegal www.investinsenegal.com Tel: +221 849 05 55 contact@apix.sn Seychelles International Business Authority (SIBA) www.siba.net Sierra Leone Investment & Export Promotion Agency (SLIEPA) http://www.sliepa.org/ info@sliepa.org Slovak Investment and Trade Development Agency (SARIO) www.sario.sk Tel: +421 2 58 260 100, 101 sario@sario.sk
Investment Support and Promotion Agency/Turquia www.invest.gov.tr Tel: +90 312 413 89 00 info@invest.gov.tr Lativa Investment and Development Agency of Latvia www.liaa.gov.lv Tel: +371 67039400 liaa@liaa.gov.lv Çukurova Development Agency/ Turquia www.cka.org.tr Tel: +90 322 363 00 39 40 info@cka.org.tr Uganda Investment Authority (UIA) Tel: +256 414 301000 info@ugandainvest.com InvestUkraine (Ukrainian Center for Foreign Investment Promotion) Tel: +380 44 537 7313 info@investukraine.org UK Trade & Investment www.ukti.gov.uk Tel: +44 020 7215 8000
Invest in America www.investamerica.gov Tel: +202 482 5199 aaron.brickman@trade.gov General Investment Authority (GIA/Yemen www.giay.org Tel: +00967 1 262962/3 invest@investinyemen.gov.ye Corporate Service Providers EMCS International Services LTD www.emcsinternational.com Tel: +356 2133 6472 emcsi@emcs.com.mt Immigration & Relocation Anchor Corporate Services www.anchor.com.mt Tel: +356 212 3239 info@anchor.com.mt Accounting RSM Malta www.rsmmalta.com.mt Tel: +356 2149 3133 info@rsmmalta.com.mt Investment Promotion Agency Malta Malta Enterprise www.maltaenterprise.com Tel: +356 2542 0000 info@maltaenterprise.com Lithuania Invest Lithuania www.ukmin.lt Tel:(+370 5) 262 7438 info@investlithuania.com Malta Law Firms Tanti – Dougall & Associates www.tdlegal.com Tel: +356 2122 7900 mtd@tdlegal.com Estonia The Estonian Investment and Trade Agency www.investinestonia.com Tel: +372 6 279 700 invest@eas.ee
Winter, 2011 INVEST IN
43
CONSTANCE
44
Winter, 2011