要旨

中国経済が世界で最も急速な成長を遂げ、通貨「人民元」を用いた貿易決済、金融、投資の取引高が過去数年間で大幅な伸びをみせていることに疑いの余地はない。安全な金融メッセージングサービスのグローバル・プロバイダーである国際銀行間通信協会（SWIFT）の最新の調査によると、全世界での人民元建て決済は過去2 年間で3 倍近くの金額に増加している。2014 年9 月時点で、人民元は決済利用通貨の世界ランキング上位20 で7 位に位置しており、今後は香港、中国をはじめ、その他のオフショアセンターにおける人民元利用の増加により、5 年以内に準備通貨となるに十分な成熟を遂げると予想される。拡大する決済取引高に対応し、また人民元建ての新商品やサービスの将来的な発展を支えるにあたり、深圳市の前海はクロスボーダーな人民元建て資金の循環を加速させ、その国際化の促進に独自の役割を果たすだろう。前海がもたらすチャンスと課題を探るべく、コリアーズは本レポートで、香港や中国（上海）自由貿易試験区（SHFTZ）などのその他の要因、および新たに発表された15％の法人税とその対象受益者などの最新の開発政策との関係を通して、前海の位置づけについて語っていく。競争は避けられないが、中央政府の後ろ盾のある優遇措置や政策を有する点から、コリアーズは「特区」として位置づけられる前海が珠江デルタ地域内外に課題よりも多くのチャンスをもたらすと考えている。

중국 첸하이의 부상: 기회인가 도전인가?

개괄

중국이 세계에서 가장 빠른 경제성장을 이룬 사실은 누구도 부인하지 못하며, 지난 몇 년 동안 RMB(렌민비)가 지난 몇 년 동안 무역대금결제,금융조달 및 투자에 활용된 규모가 크게 확장해온 것도 사실이다. 전세계적으로 안전한 금융 메세지서비스를 제공하는 SWIFT(국제은행간 자금결제통신망)에 따르며, 전세계 RMB 결제는 지난 2년동안 거의 3배가 증가했다고 한다. 2014년 9월 현재, RMB는 세계 최대 20위까지의 결제 화폐 순위에서 7위를 차지하였다. 앞으로는 홍콩 및 기타 역외센터에서의 활용 증가에 따라, 향후 5년 내에는 준비통화가 될 수 있을 만큼 성장할 것으로 예측된다.

늘어나는 결제규모에 맞추고, RMB를 주로 사용하는 신상품 및 서비스의 향후 개발을 지원하기 위하여, 심천의 첸하이는 RMB 기금의 역외 유통을 가속화하기 위해 RMB 국제화를 촉진하는 특수역할을 수행할 것이다.

첸하이가 제기하는 기회와 도전을 알아보기 위하여, Colliers는 홍콩와 비교한 첸하이의 포지셔닝과 SHFTZ(상하이자유무역지대)와 같은 기타 요인들을 설명하고, 새로 발표된 15% 법인세 및 수혜대상과 같은 최근정책동향에 대해 알아보겠다.

경쟁은 항상 불가피한 것이기는 하지만, 첸하이는 중앙정보의 인센티브와 정책을 받고 있고 그러한 특성으로 인하여, "특별구역"으로서의 입지를 갖추고 있으며, 따러서 주강삼각지 지역 내외에서 도전보다는 기회를 더 많이 제공할 것이라고 Colliers는 보고 있다.

전체 리포트 다운로드를 원하시면 로그인하신후 다운로드 하시기 바라겠습니다.

Liberty Place is an amalgamation of several sites, with frontages on to both
Castlereagh and Pitt Streets. It comprises an office tower of 43 levels, designed
by FJMT. ANZ and Freehills are the major corporate tenants. The project has
been awarded the highest possible sustainability Design Ratings, and won
several awards.

This is the second annual review of best practice reporting published between PwC and ANREV.

2014 has very much been a year of change, with the INREV Guidelines substantially redesigned in terms of both content and user interface, incorporating much of the feedback provided by Asia Pacific managers during last year’s review.

The report aims to provide fund managers and investors with insights into the trends in investor reporting practices in Asia Pacific and to enable benchmarking of current reporting practices across different geographic regions and fund strategies.

In this study we reviewed the investor reporting of 38 non-listed real estate funds and compared them to the detailed requirements of the New INREV Guidelines. Private feedback interviews were held with 23 of the 25 participating fund managers, as well as discussions with several investors active in the region to seek their perspectives on where reporting practices should be headed.

We would like to extend our sincere thanks to all who shared their valuable time and expertise during this project. We trust that all participants received useful feedback from the exercise which will assist them in their ongoing investor relations. 

This document is for members only. Please login if you do not see the downloads below. 

CONTACT

For further information, please contact Amélie Delaunay at [email protected]

EXECUTIVE SUMMARY

There is no doubt China has the world’s fastest-growing economy and its currency (RMB) has grown significantly over the past years in terms of the volume utilised for trade settlement, finance and investment. According to the latest survey compiled by the Society of Worldwide Interbank Financial Telecommunications (SWIFT), a global provider of secure financial messaging services, RMB payments worldwide have almost tripled in value over the past two years. As of September 2014, the RMB was ranked seventh in the top 20 global payments currencies. Looking forward, due to the increasing usage in Hong Kong, China and other offshore centers, it is predicted to be mature enough to become a reserve currency within the next five years.

In order to cater for expanding settlement volumes, and support the future development of new products and services denominated in RMB, Qianhai in Shenzhen will play a unique role in fostering RMB internationalisation by accelerating the circulation of RMB funds across the border.

In an effort to explore the opportunities and challenges Qianhai poses, Colliers will comment on the positioning of Qianhai in relation to Hong Kong and other factors, such as the Shanghai Free-Trade Zone (SHFTZ), and the latest development policies, such as the newly announced 15% corporate tax and its subject beneficiaries.

Competition is inevitable but characterised by the Central Government supported incentives and policies, Colliers believe the position of Qianhai as a “special zone”, will provide more opportunities rather than challenges in and beyond the Pearl River Delta region.

このほど運用が開始されたINREVガイドライン2014は18ヶ月間に渡り、300社以上の業界関係者によるコンサルテーションやインプットに基づき、幅広い層の非上場不動産ビークルをカバーしています。ガイドラインはマーケットの変化に対応すべく、より使いやすく、容易にアクセス出来るよう作成されています。

旧版と比較し、コーポーレートガバナンス、流動性、報告の項目を中心に更新しています。業界の新たなガイドラインとして、透明性及びパフォーマンス分析の質が向上し、機関投資家の選択肢を増やす手助けになることでしょう。

INREVガイドライン2014は下記により構成されています。

• 7つのモデュール（項目）：コーポレートガバナンス、報告、不動産評価、INREV NAV、手数料・費用測定基準、流動性、INREVデータデリバリー
• 7つのツール：コンプライアンスチェックリスト、コーポレートガバナンスの自己評価ツール、ファンド・オブ・ファンズのマネージャーとマルチマネージャー向けデューデリジェンスの質問表、標準的な非開示契約、債務及びデリバティブ開示注釈書、標準データデリバリーシート
• 7つの事例：コンプライアンス・デシジョンツリー、INREVガイドラインの採用レベルの報告書、サステイナビリティ報告の推奨、キャピタルコールおよびディストリビューション、INREV NAVの計算、手数料・費用測定基準の計算および表示方法、私募目論見書の構成

以後必要に応じてモデュール（項目）、ツール、事例の追加をしていきます。

連絡先

ガイドラインのお問い合わせはAmélie Delaunay ([email protected])、もしくは林文香([email protected])までご連絡ください。