Let me start by--the way-- the kind of institution that you probably know relatively little about -or commercial real estate.
首先我要,讲一种,你们不太熟悉的金融机构,或者叫商业地产
The owners of commercial, real estate of...
商用地产的持有者……
Then I want to talk about mortgages, which is the way that we finance both commercial and owner-occupied real estate.
然后再讲一下抵押贷款,它可以为,商业地产和自住房产提供融资
What is the acreage of the estate of a man called Alektruon?
一个叫阿莱克特朗的人,有多少英亩的地产
Sociologically unlike the philosopher is a person of some inherited wealth chiefly landed property but whose way of life will be urban.
亚里士多德清楚地指明,不像哲学家,前者继承了一定程度的财富,主要是地产,但其生活模式。
You said,if we invest in real estate The question is how we've dealt with decline in housing prices.
您提到过,耶鲁也有地产投资,提问是,我们是怎样应对房价下跌的
I'm going to start out by talking about commercial real estate and the kind of vehicles that we use to invest in commercial real estate.
接着我会讲一下商业地产,以及投资于商业地产的,一类金融机构
Commercial real estate--that means real estate owned not by individual households but by businesses.
商业地产,适用于商业用途而不是个人居住
The London boom of the late 1980s is really something--look at that.
伦敦20世纪80年代末,地产业欣欣向荣,看这里
Well, it's no surprise; this is what a housing bubble does.
不必惊讶,地产泡沫是始作俑者
This is a fault that real estate brokers can make.
地产经纪人容易犯这样的错误
We have an international boom. Why is that?
这可是个全球性地产繁荣,为什么
You don't see advertisements for participation in commercial real estate like this because the government would be on their backs if they did it.
你不会看到,投资商业地产DPP的广告,因为如果这样,政府会陷入困境
Whenever possible, an ownership vehicle for commercial real estate will have the form of a DPP.
只要有可能,那就用DPP的形式来设立,商业地产的所有权代理机构
I don't know what to--and then it kind of waffled around in London and then it shot up even higher.
不知道怎么回事,接着伦敦地产陷入低潮,接着又暴涨至更高点
You can see that in all these countries real estate prices didn't show much trend until recently and now they all have real estate booms.
由图表中可见,这三个国家的,地产价格一直没有明显趋势,只是近年来才出现繁荣
That's what I wanted to say about commercial real estate.
以上就是我想介绍的有关商业地产的内容
There's also commercial real estate, which is smaller than owner-occupied homes, but we own that indirectly too, as a people, through the stocks that we own and through the institutions we participate in.
除此之外还有商业地产市场,它比自有住房市场要小,但人们也可以间接持有商业房产,人们可以通过持有股份,及参加一些机构的方式来持有商业地产
I looked up CEO of Coldwell Banker, this is a real estate broker's firm.
我查了一些关于Coldwell,Banker,CEO的资料,这是一个地产经纪公司。
Since it's available only to accredited investors, you can't be advertising because everyone would see it; that's why the financing of a lot of this real estate is something of a mystery, because they can't talk openly about it.
由于DPP仅仅面向可信投资者,如果做广告的话,便人尽皆知,这就是为什么很多商业地产的金融活动,那么神秘,原因就是,人们不能公开谈论它
These DPPs go back a long time but there began to be complaints about them because people said, well why is it, because I'm not an accredited investor, I can't get into real estate like these other people do?
PP由来已久,但现在人们开始抱怨,他们说,我不是可信投资者,为什么仅凭此门槛,而不让我像别人一样投资商业地产呢
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