Invest in 2012 Winter Edition

Winter, 2012 INVEST IN 1

主编 Editor in Chief: John Yang

撰稿人 Contributors: Anas Almasri, Allan Air,

Tendai Musakwa, Iain Manley, Frances Emery,

Baron Laudermilk, Leo Zhang

美术总监 Art Director: Susan Shen

美术编辑 Art Editor: Tank Hu

研究员 Researcher: Naomi Wu

营运总监 Director of Operations: Spencer Hall

制作总监，亚洲 Production Director, Asia: Oliver Davis

销售总监 Sales Director: Matthew Sumner

关键客户经理，美洲 Key Accounts Manager:

Miguel Hernandez, Jackie Boole, Atina Kalustian

客户经理，亚洲 Accounts Managers:

Sammi Lin, Michael Lee, Chris Siu

发行经理 Circulation Manager: Iris Gao

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MX MEDIA GROUP LIMITED

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电子邮件 E-mail: [email protected]

　　《境外投资》2012 年冬季刊在料峭寒冬和辞旧迎新的爆竹中向您呈上最

新的投资信息。由于中国传统上对教育投入的重视，教育作为一种软性投资，

越来越显示出其独特的价值，更多的家庭愿意为教育投入更多资金，这不仅是

为了经济效益，更多的是其回报的长期性和持续性，本期封面故事将就这个话

题展开讨论。

　　随着国内房地产投资前景的日趋黯淡，许多不确定因素让我们再次举目海

外市场，本期的观点文章特别提到了美国加州硅谷的豪宅投资项目，旧金山湾

区的独特地理位置和加州阳光，不见得是投资增值的确保，但一定会让有兴趣

的投资者惊喜不断。本期还就全球各大城市的豪宅投资作了简要介绍，希望对

您的财富增值有所帮助。

　　除了房地产，本期特刊的主打文章就奢侈品投资作了简单介绍，奢侈品基

金在奢侈品投资领域的地位愈发重要，在古玩、艺术品、名酒和豪华汽车成为

名人玩物的同时，把它们作为一种投资，也不失为一个好的选择。

　　另外，本期特别报道还就中国高科技企业的境外扩张，这个最近趋于白热

化的话题展开讨论，并对盛大游戏首席执行官张向东进行专访，让业界成功的

公司分享经验。我们希望您一如既往地支持本杂志，我们也会尽全力在 2013

年为您奉上更精彩的内容。

《境外投资》主编

John Yang

Along with the sound of firecrackers in the chilly winter, symbolizing welcoming of new years, Invest In Winter 2012 offered you the latest investment information. In the traditional Chinese culture, much emphasis is given on education. Similarly education, this issue’s cover story, has shown its unique value and attracted more investments. It is not only the economically beneficial, but also the long-term returns on investment and sustainability makes education different from other investments.

Due to market uncertainty and slowing growth in real estate investment in China, it is reasonable to consider the overseas market. In the Opinion section, we introduced the California luxury real estate program. The special location of Bay area and the sunshine in the west coast is a promising prospect with potentially some astonishing results. We gave a brief introduction to luxury real estate investment in big cities around the world.

Apart from real estate, in the Exclusive Supplement section, we discussed the investment of luxury product and luxury funds. It is a wise choice to invest in antiques, wine, artworks and luxury cars.

The topic of Chinese technology companies’ overseas expansion has triggered extensive discussions. In this special report, in the interview of CEO of Shanda Games, he shared his experience and efforts to achieve success with us. We hope you will continue to support this magazine. We will do our best to offer you more in 2013.

Editor-in-ChiefJohn Yang

编者的话LETTER FROM

THE EDITOR

[email protected]

2 2012, Winter

28 聚焦国际金融中心IFC SPOTLIGHT

The Region’s Leading Financial Center阿拉伯地区领先的金融中心

44

35


新闻 NEWS

04 全球概览 WORLD NEWS

您的全球金融产业指南

All the latest news from across the world

封面故事 COVER STORY

06 投资教育，投资未来

INVEST IN EDUCATION,

INVEST IN THE FUTURE

观点 OPINION

14 谨慎投资海外房产

BEING PRUDENT TO INVEST IN

OVERSEAS PROPERTY

17 我看中国式留学

INVESTING IN CHILD’S

EDUCATION: HARD CHOICE

聚焦国际金融中心 IFC SPOTLIGHT

20 迪拜房地产业重获新生

DUBAI REAL ESTATE SPRINGS

BACK TO LIFE

聚焦自由贸易区 FTZ FOCUS

35 深圳前海自由贸易区

SHENZHEN QIANHAI FTZ

40 全球自由贸易区法律法规更新

GLOBAL FTZS LAW AND

REGULATIONS UPDATE

44 东欧自由贸易区机遇不可小觑

FREE TRADE ZONES IN

EASTERN EUROPE BRINGS

OPPORTUNITIES

48 全球自由贸易区投资信息更新

GLOBAL FTZS INVESTMENT

UPDATE

特别报道 SPECIAL REPORT

52 中国的高科技公司加速海外扩张

季刊 QUARTERLY WINTER 2012

www.investin.com.cn

Luxury InvestmentAn exclusive supplement of Invest In magazine

S01 海外物业投资，明智之选？For Keeps Sake, My Overseas Property

S08 财富基金Treasure Funds

S16 硅谷的豪华房地产——百里挑一的选择

Luxury Properties in Silicon Valley– the Cream of the Crop

TMF Luxembourg - Inside Front Cover

Trident Trust - Page 25

The First Group - Page 27

Swiss ILC Management Services JLT - Page 33

Island Hideaway - Supplement Inside Front Cover

Invest In - Global Citizenship &Residence Summit -

Page S07

Constance - Page S14-S15

Invest In Bespoke Event 2013 - Supplement Inside

Back Cover

Huaxia Immigration - 1

Amoko Group LTD -Inside Back Cover

Lily Beach - Back Cover

ADVERTISER DIRECTORY

CHINESE HIGH-TECH COMPANIES

REV UP “GO GLOBAL” PUSH

DESPITE CHALLENGES

60 盛大的海外扩张秘诀——

专访盛大游戏CEO张向东

THE SECRETS OF SUCCESSFUL

OVERSEAS EXPANSION –

INTERVIEW WITH SHANDA GAMES’

CEO, ZHANG XIANGDONG

4 2012, Winter

新闻 | NEWS

2012 年 9 月 13 日

东盟—中国自由贸易协定被公认为是世界上最成

功的自由贸易协定之一，也正在不断扩大。到

2015 年，东盟—中国自由贸易协定将拥有 4 个新

成员。这四名新成员分别是柬埔寨、老挝、越南

和缅甸——计划于 2015 年前加入协定。

The ASEAN-China free trade agreement, which is considered to be one of the world’s most successful ones, is going to expand. The ASEAN China free trade agreement will include 4 newer members by 2015. The four new members are Cambodia, Laos, Vietnam and Myanmar, which should be completed by 2015.

2012 年 10 月 26 日

香港已经开始对所有非本地投资客和企业买家征收

15％的物业税。此项新的政策于 10 月 26 日宣布，

它是香港在两个月内为遏制房价上涨而采取的第三

套措施，但是 15% 的印花税是第一次针对非本地

投资者征收物业税。

Hong Kong has imposed a 15% property tax on all non-local and corporate buyers in an effort to cool the city’s searing hot property market. The new policy, announced on 26 October, is the third set of measures to curb rising housing prices in two months, but the 15% stamp duty is the first property tax to be aimed at non-local investors.

2012 年 11 月 14 日

墨西哥总统费利佩·卡尔德龙于 2012 年 10 月中旬

签发了由参议院通过的制裁洗钱的新法案。该项法

案生效后，对外国投资者来说，这将是个利好消息，

此举可以确保他们在该国投资的财产得到保护并

且保持该国投资和竞争环境的相对平衡和公正。

In middle October 2012, the Mexican President Felipe Calderon signed a bill which was passed by the Senate that will crack down on the money laundering. This could be good for foreign investors that are keen on making sure that the land they invest in protects their assets and keeps the playing field relatively balanced.

2012 年 12 月 3 日

大连万达集团董事长王健林周一 (12 月 3 日 ) 称，

公司将在未来 10 年向美国投资 100 亿美元，目前

正与美国多家知名酒店品牌商洽谈在华盛顿特区、

纽约和洛杉矶的收购机会。

China’ Dalian Wanda Group, also known as the world’s largest movie theater owner, is speaking with important hotel chains in the United States for purchases, said its Chairman in late November 2012.

When Singapore stopped levying a 7% sales tax on investment-grade precious metals at the

新加坡停止征收贵金属消费税Singapore Stops Levying Sales Tax of Precious MetalsGLOBAL UPDATE

全球概览

UAE offers multiple entry visas to businessmen and property investors

阿联酋为商人和物业投资者提供多次入境签证

阿拉伯联合酋长国政府于 11 月 9

日发布了一份部长级的命令，将

首次允许签发该国的多次入境签

证。多次入境签证将授予商人、房地产投

资者和搭乘邮轮的游客。

自新加坡于十月初废止 7% 的贵金属

投资税后，该国距离取代瑞士成为

世界最大的财富管理中心又更近了

一步。目前，仅有 2% 的全球黄金交易经由

这个弹丸之地进行。由于新加坡已经是成熟

的区域性私人银行中心，普华永道认为，该

国将最快于明年成为处于全球领导地位的财

富管理中心。

　　对于伦敦每日定价一并使用的新加坡基准

也已经有了相关对话。某位来自澳新银行的资

深大宗商品策略师告诉路透社，“伦敦的定价

在亚洲的交易日上会有滞后性，考虑到与位于

中国和印度的亚洲黄金现货市场，制定一个

亚洲黄金定价是明智之举。”

　　新加坡的地理位置以及与上述这两个国

家的长期合作使其处于完美的地位。同时，

中国与印度囊括了超过一半的全球黄金现货

需求，但中国大多数从香港买入，而印度选

择经由迪拜。这两个司法管辖地都没有能与

新加坡相媲美的稳定性与法律监管制度，并

且中国和印度的大量投资者已经在享受新加

坡的其它金融服务。

　　在过去的十年里，中国平均每六分钟就有

产生一名百万富翁（以美元计）。这样空前的

财富暴增为新的资产管理市场打开了利好的大

门，但最近中国的经济却进入了不确定的时期。

上证综合指数已经从 2007 年的最高点暴跌三

分之二左右，是全世界 15 个最大的股票市场里

表现最差的。由于中国政府试图控制其众所周

知的房地产泡沫，房产价格也持续下跌。由

于 2013 年不被看好的预期增长率，投资者已

经将目光投向贵金属来进行财富保障。

　　中国大陆的黄金需求使香港成为全世界

第三大黄金现货市场。今年的第一季度，需

求曾达到历史最高点，但是没有中国新年的

节日消费刺激，第二季度下降了 44 个百分

点；与此同时，白银也倍受欢迎。北京安泰

科的分析师 Shi Heqing 称，今年的金属消

费增长了 6 到 8 个百分点，并且预期在投

资者引导的需求基础上，2013 年会再增长

10 个百分点。

　　目前，新加坡还没有属于他们的黄金精

炼厂。新加坡的黄金从澳大利亚，瑞士，香

港以及日本进口，但是铸造自己的纯金新加

坡狮币。瑞士的精炼商美泰乐正在考虑如何

最好地建立一个加工从澳大利亚和香港获得

的原料的厂房。Scott Morrison，该公司的

首席执行官告诉道琼斯通讯社，“如果采用

新加坡精炼厂，贸易流程需要相应的改变。”

暗示新加坡的获利将会导致其他相邻的贸

易中心付出代价，尤其是最邻近的竞争对

手——香港。

2012 年 12 月 13 日

香港政府最近出台的一系列为房地产市场降温

的政策，在一定程度上造成港岛停车位价格飙

升。今年五月，港岛 Repulse Bay 地区的车位

价格以史无前例的 300 万港元成交，这个价格

是香港有史以来的最高纪录，也让业内人士担

心香港即将出现下一个投资泡沫。

Recent measures to cool Hong Kong’s red hot property market have helped drive an unexpected boom in the market for parking spaces. This May, a parking space in the city’s exclusive Repulse Bay area sold for HK$3 million, the most ever recorded for a single parking space transaction, leading experts to talk about Hong Kong’s next investment bubble.


NEWS | 新闻

back by an enormous 44% in the second quarter. Silver is popular too. According to Shi Heqing, an analyst at Beijing Antaike, consumption of the metal has risen by six to eight percent this year. It is expected to climb by another 10% in 2013, on the back of investor-led demand.

At the moment, Singapore does not have its own gold refinery. It imports gold bars from Australia, Switzerland, Hong Kong and Japan, but mints its own bullion coin, the Singapore Lion. Swiss refiner Metalor is considering how best to build one, to process raw material that will be diverted from Australian and Hong Kong refineries. Scott Morrison, the company’s Chief Executive, told Dow Jones Newswires that with a Singapore refinery, “there will have to be some change in trade flows,” suggesting that Singapore’s gain may well come at the cost of its neighbouring trade centres, particularly its closest rival, Hong Kong.

Singapore’s location and long-standing links to China and India put it in a perfect position.

新加坡的地理位置以及与中国和印度的长期合作使其处于完美的地位。

The government of the United Arab Emirates (UAE) issued a ministerial decree on November 9 that will allow multiple entry visas to the country for the first time. The multiple entry visas will be available to businessmen, property investors and tourists

aboard cruise ships.The multiple entry business visa introduced allows businesspeople to enter the UAE for as

many times as they wish within a six-month period, although each visit should not exceed 30 days.Similarly, the multiple entry visa the Emirati government now offers those who own property

in the UAE allows the property owner to enter the country as many times as they wish during a six-month period, although there are no restrictions on the length of the stay with this type of visa.

The multiple entry visa that the UAE will offer tourists on board cruise ships allows repeated entry into the country three months of the issuance of the visa, with a maximum stay of 14 days each time.

Previously, only diplomats and UN personnel were allowed multiple entries into the UAE.

　　阿联酋推出的多次入境商务签证将允许

商人们在六个月内期限内随意进入该国境

内，但是每次访问的时间不得超过 30 天。

　　同样，阿联酋政府向房地产购买者提供

的多次入境签证，允许物业所有者在六个月

的时间内不限次数地进入该国，但是这种类

型的签证对逗留的时间没有限制。

　　阿联酋向搭乘邮轮的游客提供的多次入

境签证，允许游客在签证签发后三个月的时

间里多次进入该国，每次最长的停留期限为

14 天。

　　在此之前，只有外交官和联合国工作人

员能够获得阿联酋的多次入境签证。

In China, somebody has become a US dollar millionaire every 6 minutes, on average, for the last decade. An unprecedented explosion of wealth, this has opened up a lucrative new market for asset management, but the country has recently entered a period of relative economic uncertainty. The Shanghai Composite Index has fallen by roughly two thirds from its 2007 high and is the worst performing of the world’s 15 largest stock markets. Property prices are falling too, as China’s government tries to let the air out of a widely acknowledged real estate bubble, and with even weaker growth projected for 2013, investors are looking to precious metals for wealth protection.

Demand for gold on the Chinese mainland has made Hong Kong the world’s third largest market for physical gold. In the first quarter of this year, demand reached record highs, but without Chinese New Year’s seasonal spike it fell

beginning of October, it came a little closer to overtaking Switzerland as the world’s largest wealth management hub. At present, only 2% of the global gold trade passes through the island nation, but Singapore has long been a regional hub for private banking and is tipped by PricewaterhouseCoopers to take wealth management’s pole position as early as next year.

There are already talks of a Singapore-based benchmark, which would run alongside London’s daily fixing. “The early fix from London comes late in the Asian trading day,” a senior commodity strategist at the Australia and New Zealand Banking Group told Reuters. “An Asian gold fix would be sensible given the nexus of the physical market is centred on India and China.”

Singapore’s location and long-standing links to both countries put it in a perfect position. Together, China and India are responsible for more than half of global demand for physical gold, but at the moment China buys mostly from Hong Kong, while India prefers Dubai. Neither jurisdiction enjoys a reputation for stability and rule of law equal to Singapore’s, and wealthy investors from both countries already use the island’s other financial services in large numbers.

6 2012, Winter


Invest in Education, Invest in the Future

By Frances Emery

封面故事COVER STORY

近十年来，中国的经济繁荣已经让全

世界为之侧目。自从经济改革的

车轮开始转动，人们就从不缺少对

这个世界第三大国的描绘之词，这当中，最

为常见的两个词就是“中国”和“投资”。

然而，除却商业巨擎和国有企业，近年来，

越来越多普通中国居民开始投资海外教育，

无形但是同样有价值的项目，使其成为世界

上最大的海外教育投资国。

　　截至去年年底 , 有超过 140 多万的中国

人在海外留学 , 据八月份中国教育部发布的

统计资料显示 , 中国是世界上最大的海外学

生输出国 . 该数据已经连续三年保持 23%

的平均增长率，且未出现放缓趋势。

　　如今，在海外留学的中国人中有 93%

是自己支付学费的。不同收入群体的人们都

持有相同的态度，他们都认为一个海外学历

十分有价值。不出所料的是，中国的高净值

人士在海外留学的投资中占据了绝大多数比

例。同时，由于中国高净值人士数量的持

续稳定增加，可以预测，越来越多的中国学

生将会选择海外的学校。

It has been over a decade since China began to dazzle the rest of the world with its unparalleled economic

boom. There is no shortage of buzzwords when it comes to describing the growth that the world’s third largest country has seen since the wheels of its economic reform process really began spinning, but there are two words which, perhaps, have appeared together more often than any two others: “China” and “investment”. But, beyond corporate giants and state-ow ned companies are mi l l ions of ordinary Chinese who, in recent years, have grown in number to become one of the world’s biggest investors in something less tangible, but at least as valuable: overseas education.

Chinese culture has always held education in the highest regard, and self sacrifice for the sake of educating one’s offspring has been a cultural norm within

投资教育，投资未来


8 2012, Winter


in all levels of society for centuries. Traditional notions of self sacrifice still have their place but, for business-minded Chinese, education is also a straightforward investment: the more they put in, the more they’ll get out.

By the end of last year, more than 1.4 million Chinese were studying abroad, according to statistics released by the Ministry of Education in August, making China the world’s largest source of overseas students. Figures have risen by an average of 23% for three consecutive years – and they aren’t showing any sign of slowing down.

China began funding programs to send people abroad to obtain knowledge and skills at the start of its economic transformation in the late 1970s. While government funded programs still exist, individuals are taking responsibility for foreign tuition themselves and today, approximately 93% of Chinese studying overseas are self-financed. People from a broad range of income groups are all seeing the value of a degree from a foreign university, but unsurprisingly, it is China’s high net worth individuals that make up the largest portion of those investing in overseas educations. And, as China’s number of high net worth individuals continues to climb steadily, it is only logical that Chinese students will make their way to schools and universities abroad in even greater numbers.

A r e c e n t l y p u b l i s h e d r e p o r t , Development of China’s Private Banking 2012, indicated that by the end of 2011, there were more than one mil l ion Chinese who held at least 10 million yuan (US$ 1.6 million) of assets. According to a paper jointly released by country’s China Citic Bank and the Central University of Finance and Economics, of these one million plus high net worth individuals, 23% had made investments of some sort

　　据 2012 中国私人银行发展报告称，截

至 2011 年年底，有超过 100 万的中国人持

有价值至少 1000 万人民币（约合 160 万美

元）的资产。由中央财经大学和中信银行共

同发布的文章指出，23% 的高净值人士都

对下一代的海外教育做出了相应的投资。该

报告同时指出，通过获得国际认可的教育以

及相应的外语能力，对于中国富裕阶层来讲

极为重要，他们将此视为保住其家庭财产的

一条出路。

　　在教育上投入大量资金的中国人越来越

多，他们也同样寄希望于通过这样的投资能

够获得相应的回报。如今，中国人的教育投

资多种多样，小到那些把小孩送去国外小学

学习几年英语，大到那些身价百万的高级管

理人员，或拥有多家公司的商务人士去读取

一个 EMBA 学位。

　　为避免中国国内的高考压力，是大多数

家长选择把下一代送到国外进行高中阶段学

习的主要原因。高考是每个中国学生的学生

生涯顶峰，而且高考同时也因其极其繁重的

学习压力而闻名。高考成绩决定了一个学生

的未来学习之路。简单来说，一考定终身。

事实上，由于名额有限，求学人数和高校实

际招收人数之间的差额越来越大，这无疑加

剧了高考的压力。为了在中国排名前十，

世界排名前五百的高校里求得一席之地，学

生们的竞争压力十分巨大。能够踏入北京大

in order for their offspring to be educated overseas. Obtaining an internationally recognized education – along with the foreign language skills that, it is hoped, will accompany it – was of the utmost importance to affluent Chinese, who see it as a way to grow their fortunes while keeping their wealth within the family, the report indicated.

A m o n g t h e 1 0 0 c o u n t r i e s t h i s demographic chooses to study in, their preferred destinations are the United States, Australia, the United Kingdom and Canada, along with a few other Western countries and Singapore, where bilingual educations in Mandarin and English are attractive to Chinese who do not wish to venture too far from home. Traditionally, it is in these countries that Chinese students hope to obtain qualifications that give them a competitive edge in the job market, increase their earning power and – during the course of their time abroad – allow them to acquire English language competence.

As the number of Chinese investing large sums of money in education increases, so too does the variety of returns that might be expected from such an investment. Today, Chinese investment in education comprises everything from sending one’s child abroad to spend a few years learning English in a primary school , to an Executive Masters of Business Administration (EMBA) for senior managers who are already earning six figures, or business people who may have several companies of their own under their belt.

Once reserved for post graduates in the minds of most Chinese, traditional perceptions about studying abroad are changing. A recent poll for the China Education Xiaokang Index showed that slightly fewer than 40% of Chinese believe that the optimum stage for studying abroad is at undergraduate

来源：人民网Source: People's Daily

中国留学生留学目的地分布Main Destinations of Chinese Overseas Students

美洲America 32.10%

欧洲Europe 27.90%

亚洲Asia

25.20%

大洋洲Oceania 14.20%

其他 Other 14.20%



学，清华大学，复旦大学，南京大学或者上

海交通大学，这五所被泰晤士高等教育列为

中国最好的五所高校，更是难上加难。

　　免去了高考的压力，这些富人的孩子可

以专心学习英语以便通过托福或者雅思考

试。一旦能够拿到进入国外精英学府的门票，

他们就能专心于他们认为更有价值的与中国

的教育系统截然相反的西方教育。正如胡润

财富榜的创始人 Rupert Hoogewerf，指出，

“要想获得成功，除去高考所能测试到的，

其他诸如领导能力，创新能力，沟通技巧等，

也是必要的。那些学校可以很好的帮助学生

获得这些能力。”

　　最新一期的中国教育小康指数表明，大

多数的中国人认为开始投资海外教育的最佳

时期是本科开始阶段。无论是出钱投资教育

的家长，还是在国外学习的学生，都认为

level, while approximately 21% felt that high school age was ideal. Only 17% of those interviewed by Xiaokang, the State-run magazine that conducted the survey, maintained that students should only go overseas to further their studies after obtaining a bachelor’s degree in China. Four% felt that studying abroad at post doctoral level was best. Each of these stages has its own set of perceived benefits and shortcomings,

and it is usually those who are making the associated financial investments – whether it is parents, other family members or the students themselves – who decide at what phase of life an overseas education should begin.

A g ro w i n g n u m b e r o f we a l t hy Chinese parents are buying into the theory of “the earlier the better” when it comes to investing in a foreign education for their children. William Vanbergen, the

截至去年年底 , 有超过 140 多万的中国人在海外留学 , 据八月份中国教育部发布的统计资料显示 , 中国是世界上最大的海外学生输出国。

By the end of last year, more than 1.4 million Chinese were studying abroad, according to statistics released by the Ministry of Education in August, making China the world’s largest source of overseas students.

10 2012, Winter


海外学位能够增加他们的竞争力。某招聘公

司的区域经理 Simon Lance 在接受 BBC 采

访时说，“只凭海外学历本身，就想拿到高

薪是不现实的。但是在整个职业规划中，

如果要去跨国公司，这将是一个很好的起

点。”Lance 强调，中国学生必须在海外留

学过程中积累工作经验，“这对学生来说，

拥有工作经验将会大大增加他们的竞争力，

如果回到中国，他们就不仅仅是拥有一张证

书。”

　　这一点，对于 MBA 学生来说是毋庸置

疑的。比如加州大学伯克利分校的哈斯商学

院，该校会给学生提供在国际咨询方面的工

作机会。部分全日制 MBA 学生将有机会以

小组形式参与到咨询项目中，甚至有可能到

其他国家进行实地考察。

　　文化的交流已经被越来越多的海外教育

机构所认可，而且全球化的观念已经并将在

未来持续获得重视。因此，着重于实战经验

的模式也会越来越多。来自德勤会计事务所

的全球人才管理执行总监 James Wall 在接

founder of a Shanghai-based education consulting company called British Education, told China Daily that it is generally easier for young children to adapt to new environments and foreign cultures than it would be later in life. Language acquisition plays a key role in the decision to educate young children abroad. “The younger they go, the easier (it is) for children to pick up the way of thinking and language,” he said. And picking up the local language – which is almost always English according to polls measuring the popularity of different foreign destinations – along with a western “way of thinking” are top priorities for wealthy parents, who believe these to be advantages that will set their children apart in the future.

In contrast to the parents of primary school children, necessity is often the

main factor driving parents of older, high school aged offspring. The intense pressure of passing China’s national college entrance exam, called the gaokao, has become one of the most commonly cited reasons for sending students of this age group abroad to complete their secondary education. The exam is the culmination of every Chinese student’s school career, and is known for being extremely grueling. These exam scores alone dictate which Chinese college or university a student may attend. In short, they determine a student’s future. Adding to this pressure is the fact that, because of a shortage of spaces, there is a growing gap between the number of university applicants in China and those who actually gain a place at a tertiary institution. The country’s brightest compete for space in one of the ten universities in China that feature among the world’s top 500, and – among the brightest of these students – for a place at Peking, Tsinghua, Fudan, Nanjing or Shanghai Jiaotong University, the country’s five top-ranking institutions, as measured by The Times Higher Education World University Rankings.

Gaokao-related anxiety among China’s youth is severe enough to have noticeably affected the average age of Chinese students who go abroad to study. As the median age has fallen, so the number of students taking the national college entrance exam has dropped correspondingly. Approximately 9.15 million students from all over China sat the national exam in June this year: 180,000 fewer than in 2011, according to an August article in China Daily, and participants have been decreasing steadily over the past four years. A 2011 study by the China Education Association for International Exchange showed that the number of students in first tier cities

事实上，驱使中国人去投资 EMBA 的，并不是传统意义上的为了职位提升而去学习，更多的是去与富有的受过高等教育的人们建立关系。

It is the appeal of making social connections with wealthy, highly educated fellow classmates – more than traditional study goals such as career advancement – that motivate many Chinese to invest in an EMBA.



who chose not to sit the exam because of intentions to study abroad increased by 20% between 2010 and 2011.

Unsurprisingly, there has been a corresponding increase in the number of Chinese taking one of two English language proficiency exams – TOEFL and IELTS – which are necessary for all foreign students wishing to study in certain western countries, including the UK and USA, both at high school

and university level. In February 2012, a US-based educational testing and assessment organization, Educational Testing Service, declared an increase of 19% in the number of Chinese taking the TOEFL exam in particular, compared to 2011 figures.

Without gaokao to worry about, these children of wealthy parents can focus on acquiring the English skills necessary to pass the TOEFL or IELTS exams. Once they have safely gained access to one of many elite schools abroad, they can begin focusing on aspects of education that are typically more valued within a western – as opposed to a Chinese – education system. As Rupert Hoogewerf, founder of the Hurun Rich List points out: “To get success, other abilities [apart from those tested in the gaokao] are needed, such as leadership, innovation ability, communication skills, etc. And these schools are quite good at building these skills.”

Obtaining a foreign high school-leaving certificate opens other doors, too. Aside from having the necessary score in the gaokao exam, the only other official means through which to gain entrance to a Chinese university is to supply proof of having studied abroad – or, in some cases, at a certified foreign institution within China. Naturally, students who graduate from a high school in the US, for instance, are also more eligible for entrance into a US university or college.

A s t h e l a t e s t C h i n a E d u c a t i o n Xiaokang Index’s findings suggest, the vast majority of Chinese believe that the optimum time to begin investing in an overseas education is when a teenager begins an undergraduate degree. Both the parents making the financial investment and the students who are sent abroad tend to see a foreign degree as a way of gaining a competitive edge – through the

受华尔街日报采访时称，他会把是否有国际

商务经验当做他为德勤员工的继续深造来选

择高校的第一要素。在为部分员工选择高级

工商管理项目的时候，杜克大学福库商学院

的一个项目引起了他的注意。该项目总共历

时 16 个月，期间会在 6 个不同的国家授课。

此次采访时，他同时表示，德勤将很快把国

际化经验列为其合伙人的一项必要条件。

　　高级工商管理硕士 (EMBA) 与普通的工

商管理硕士（MBA）是不同的。EMBA 的

目标是企业的高管和经理。这些课程都是非

商学院Business School

学费（人民币） Tuition(RMB)

长江商学院Cheung Kong Graduate School of Business 688,000

中欧国际工商学院China Europe International Business School 538,000

上海交通大学安泰经济与管理学院Antai College of Economics & Management,Shanghai Jiao Tong University 538,000

上海高级金融学院Shanghai Advanced Institute of Finance 558,000

复旦大学 - 台湾大学Fudan University - Taiwan University 520,000

复旦大学 - 华盛顿大学Fudan University - Washington University 540,000

2012 年中国主要商学院 EMBA 项目学费一览表Tuition Fees of Top EMBA Courses in China in 2012

来源：搜狐教育Source: Sohu Education

12 2012, Winter


全日制的，以便他们能够边工作边进行学

习。一项由福布斯杂志于 2010 年发布的有

关中国 EMBA 项目的调查显示，75% 的学

生在企业里是中高级管理人员，大约 17%

拥有自己的公司，另有超过 8% 的政府机构

人员。然后，在中国以外的 EMBA 学生群

体组成却略有不同，他们的学生组成与世界

上其他地方的商学院基本相似，事实上，驱

使中国人去投资 EMBA 的，并不是传统意

义上的为了职位提升而去学习，更多的是去

于富有的受过高等教育的人们建立关系。

　　对于那些愿意投入大量资金的人来说，

想要在美国或者英国找到能够扩充他们人际

关系，并与来自世界各地的高官们一起学习

的知名商学院并不难。但是由于国际商务的

增长需求，中国也已经有了自己的高端商学

院。并且，学费也与海外的商学院一样，高

不可攀。

　　位于上海和广州的长江商学院，其两

年制 EMBA 学费为 65 万 8 千元人民币（约

合 10.5 万美元）。今年的 10 月份，亚利桑

那州立大学的商学院与上海交通大学上海高

级金融学院合办的最新项目，在费用上超过

了之前所有的中国国内商学院。这项三年的

项目总共需要花费 80 万人民币（约合 12.8

万美元）。完成该项目之后，学生可获得全

球财务管理的商业博士学位。在三年的学习

生涯结束之后，这些愿意为自己的教育进行

这笔投资的学员，在毕业之时，所获得的绝

对不止是一个学位。

qualification itself and its accompanying skills, not least of all English – thereby giving them increased earning power upon graduating. While this does hold true in plenty of instances, as more and more Chinese obtain overseas degrees, it is becoming essential to enhance the value of these qualifications with relevant work experience abroad.

Regional director of a specialist recruitment company, Simon Lance, told the BBC: “If the expectation is that the (foreign) qualification itself will automatically guarantee a high-paying job, then the answer is no. But as part of a long-term career plan with a multinational company then it is a very good starting point.” Lance emphasized the importance of Chinese students gaining work experience during their time abroad, saying: “That would give them a much better competitive advantage when they return to China as opposed to just having the qualification itself”.

This may be particularly true within the MBA arena, judging by the efforts of institutions to provide students with opportunities to work on international consulting projects, as the University of California-Berkeley’s Haas School of Business does. A portion of the full time MBA class partakes in a program in which small teams work on consulting projects around the world, some of which are undertaken during several weeks abroad.

This growing emphasis on hands-on experience is being accompanied by a broader focus on cultural exchange by international universities and institutions that understand the value that a global outlook has – and will increasingly have in the future. Global managing director of talent solutions at Deloitte Touche Tohmatsu, James Wall, told the Wall Street Journal that global business

experience is one his first considerations when he decides which international institutions to send Deloitte’s employees to for further studies. It was this aspect of a program offered by Duke University's Fuqua School of Business that got his attention while investigating executive MBA programs (EMBAs) for a handful of staff members. The particular program he considered entailed taking courses in six countries over a period of 16 months. At the time of his interview, he told the Wall Street Journal that global experience would soon be a requirement for partners at the firm.

An Executive MBA (EMBA) differs f r o m a n o r d i n a r y M B A i n t h a t i t specifically targets corporate executives



and managers. The courses are offered part time to enable students to continue with their existing line of work while studying. A survey of EMBA programs at Chinese business schools conducted by Forbes Magazine in 2010 revealed that 75% of students held positions in middle and upper management, almost 17% owned businesses and over 8% were government officials. While the composition of EMBA students studying in business schools outside of China may differ slightly, their general calibre is likely to be similar at prestigious business schools anywhere in the world. Indeed, it is the appeal of making social connections with wealthy, highly educated fellow classmates – more than traditional study goals such as career advancement – that motivate many Chinese to invest in an EMBA.

For those willing to invest large sums of money, there is no shortage of esteemed business schools in the US and the UK in which educated Chinese can expand their networks, while studying alongside foreign executives from all

The United States currently attract more students from China than from any other country. In addition to exposure to new cultures, English language skills and an internationally recognised qualification, for top Chinese students, a US degree often brings far greater returns on their investment. A proposed immigration bill that advocates extending the scope of green card issuance to include science and engineering graduates would automatically grant foreign students the right to live and work in the US, if passed. Retaining select graduates within the US increases potential for what is often dubbed “brain gain”. Already, almost 92% of Chinese students with doctorates in science choose to stay in the US after completing their studies, according to a local government study. According to a recent report in Science Magazine, the majority of Chinese doctorate students studying in the United States gained their undergraduate degrees from Tsinghua and Peking University, two of the country’s top three universities.

美国近年来从中国招收的学生比从其他国家招收

到的学生越来越多。很多中国学生认为在美国

教育上投资能够得到更多的回报，除了能够使他们

体验到新的文化，也能获得英语技能和国际认可的

资质。

　　一项新的移民法案旨在扩大绿卡的发放量，如果

通过，将使得工程类和自然科学类的海外研究生毕业

生能够在美国获得合法的工作和生活权利。留住这些

毕业生，即所谓人才引进。据一份由当地政府发布的

调查报告，目前，已经有 92% 的有博士学位的中国

学生选择在学业结束之后留在美国。近期科学杂志的

一份报告称，在美国获得博士学位的中国学生主体，

都来自清华大学和北京大学，是中国最好的三所大

学之二。

over the world. But, as the demand for international business qualifications grows globally, China has become home to several prestigious business schools of its own. And, as with their foreign counterparts, tuition usually amounts to what many would consider a significant financial investment.

The Cheung Kong Graduate School of Business, which has locations in Shanghai and Guangzhou, offers two year EMBA programs at a cost of 658,000 yuan (US$ 105,000). In October this year, Arizona State University’s business school and Shanghai’s Advanced Institute of Finance jointly launched an exclusive new program with a fee structure that surpasses all other Chinese business schools. The three year program will cost 800,000 yuan (US$128,000), after which students will gain a Doctorate of Business Administration in Global Financial Management. After spending three years rubbing shoulders with a class of students who are willing to invest a small fortune in their education, it can safely be assumed that a diploma is not all they’ll get.

美国教育：美好未来的敲门砖 Education in the US, the Stepping Stone to a Brighter Future美国教育：

14 2012, Winter

观点 | OPINION INVEST IN

良好的生活环境、健全的法律制度、稳定的

有序的房地产市场和土地永久性归属等多

重诱惑，使得国内有眼光的投资者纷纷在

欧美国家置办房产。据统计，温哥华、多伦多、伦

敦、西班牙及新加坡等已经成为境外购房的热门区

域，中国大陆购房者占当地境外投资者的比例约为

20%~40%。那么，该如何有计划的购置一套房产呢？

选择合适的房产

投资者首先应根据居住经验来判断住宅的投资潜

力，同时根据经济情况和周边设施做详细分析。以

美国为例，各个州的房产差异还是很大的。因此，

了解你要投资的市场，并量力而行显然十分重要。

你可以先规划目的区域，辐射状寻找相关的房产作

为调研目标，主要调查周边的居住人群层次、交通

状况、生活环境和商业升值潜力等。

正确办理投资手续

选好大概要投资的区域，就要深入了解该区域的物

权法律和相关政策了。在英、美、澳、加这些欧美

法系国家，大部分不动产所有权及其利益受托伦斯

登记制度管辖。托伦斯登记制度规定先由产权人对

其产权状况作详细说明，再向法院申请注册，然后

举行听证，法院根据听证结果作出结论，核实后向

登记机关指示不动产物权的登记，并填发证明文件。

它的特点是：政府不强制对不动产进行登记，登不

登记是当事人的自由，但是登记具有公信力。第

一次登记时登记机关会发给不动产所有权人产权证

书，该产权证书为确定权利的凭证，一旦登记再有

物权变动，必须进行登记备案，未经登记备案不产

生法律效力。所以如果你见过一份有着悠久历史的

不动产产权证书，你会发现证书里会记载各个时期

该不动产所有的物权变动，比如它可能在 1845 年

做过抵押，在 1963 年出售给一个荷兰人等。当然

Good living environment, a sound legal system, an orderly property market and permanent land ownership form

multiple temptations that prompt discerning domestic investors to purchase property in the United States and Europe. According to statistics, Vancouver, Toronto, London, Spain and Singapore have become popular destinations for overseas buyers, 20% to 40% of whom come from the Chinese mainland. Well, how to map out a plan to purchase a property?

Choosing the Right PropertyInvestors should first determine the investment potential of the residential projects based on their living experience, and at the same time conduct detailed analysis of the economic situation and the surrounding facilities. Take the United States as an example. The difference between real estate projects in various states is still very large. Therefore, understanding the market you want to invest in and acting within your capability are obviously important. You can first select a region and target property projects within it, mainly tracking surrounding d e m o g ra p hy, t ra f f i c c o n d i t i o n s , l iv i n g environment and potential of appreciation of the property value.

Handling the Investment Procedures CorrectlyAfter selecting the region you want to invest in, it is necessary to get a deep understanding of property right laws and related policies in the area. In common-law countries like UK,

谨慎投资海外房产Being Prudent to Invest

in Overseas Property

曾智红 John Tsang

上海汉路律师事务所

DLFLAWYER

合伙人

Executive Partner

曾智红律师是国内首屈一

指的公司诉讼法专家。在成

为汉路律师事务所的合伙

人之前，曾在史密夫国际律

师事务所和盛德律师所担

任四年的国际贸易律师。

John is a highly regarded China corporate law specialist. Before establishing the firm as the executive partner, he had practiced in Herbert Smith and Sidley Austin for more than four years as an international transaction lawyer.


OPINION INVEST IN | 观点

如果你购买了该不动产，你的名字也会出现

在这份“家谱”上。

　　在欧美国家购置的房产的手续并不复

杂，这些国家一般也不会有类似中国的“限

购令”，但正如前面提到的一处不动产涉及

的法律关系可能会比较复杂，所以，投资境

外房产最好还是找一家有此类业务律师事务

所。随着近几年中国投资者的暴涨，从事相

关法律服务的律所也越来越多，所以，找一

个好的律师，剩下的就是准备投资资金吧。

筹备足够的资金

根据国家外汇管理局 2007 年 1 月 5 日制定

发布的《个人外汇管理办法实施细则》规定，

境内个人年度购汇总额由以前的 2 万美元大

幅提高到 5 万美元。显然 5 万美金并不能满

足海外房产投资的要求，一些惯用的规避途

径包括：资金量少的话，可按照每人 5 万美

元的额度一笔笔地汇；金额多的话可以和国

外外贸公司协商好，直接兑换外贸公司的外

汇，这也催生出一批专门替人转汇的“黄牛”。

此外，你还可以通过贷款解决你的问题，对

US, Australia and Canada, ownership of most properties and their interests are governed by the Torrens system, which stipulates that the owner of the property must describe the ownership in detail before making an application to the court for registration. Then the court would hold a hearing to draw a conclusion and ask the registration authority to register the property after verification and issue the related certificate. The system is characterized by that the government does not enforce the registration of real estate, while the owner has the freedom to choose whether to make a registration. But the registration has its credibility. Upon the first registration, the authority would offer an ownership certificate to the owner. The certificate determines the ownership of the property. Once the ownership is changed, it must be registered. A change without registration

shall not produce legal effects. Therefore, if you happen to see a property certificate with a long history, you will find the certificate records all the changes in property rights in each period. For example, i t may have been used a collateral in 1845 and sold to a Dutch in 1963 and so on. Of course, if you buy the real estate, your name will also appear in this “genealogy.”

T h e p ro c e d u re s to p u rc h a s e a property are not complicated in the U n i t e d S t a t e s a n d E u ro p e . T h e s e countries generally don’t have policies similar to China's "purchase restrictions." But as mentioned earlier, a property may involve complicated legal relationship. So it’s better to tap a law firm with such business when investing in overseas real estate. With the boom of Chinese investors in recent years, there is a growing number of law firms engaged in providing related legal services. Therefore, what you should do is to find a good lawyer and prepare the funds for investment.

Raising sufficient fundsAccording to the Detailed Rules for I m p l e m e n t i n g t h e M e a s u r e s f o r t h e Ad m i n i s t ra t i o n o n I n d iv i d u a l Foreign Exchange issued by the State

北美地区不管是美国还是加拿大，本身养房成本就比较高。有业内人士建议，买一套房再租出去，租金所得的收入除了用于缴纳税款，还能补贴孩子的生活费。

In North America, whether it’s the United States or Canada, the cost of keeping a house is relatively high. Industry insiders suggest that you should buy a house and then rent it out with the rental to be used to pay the tax and fees as well as cover part of children’s living costs.

16 2012, Winter


比中国，欧美国家对贷款的要求普遍偏低，

以澳大利亚为例，由于澳洲房屋空置率低、

房价、地价以及租金价格的稳定为金融机构

提供了很好的信贷机制。金融机构鉴于稳定

的市场以及房产良好的发展前景，在贷款环

节基本予以放行。值得注意的是由于美国受

次贷危机之苦，目前在美国，非公民买任何

房产都不能申请贷款，只有是公民取得了税

号才能贷款。金融危机后，美国的房价大打

折扣。强大的经济实力也给美国房地产提供

了坚实的后盾，教育、就业、文化各种优势

资源的汇集，让美国房产依然不乏吸引力。

不要让投资成为“烫手山芋”

通常来讲，做境外房产投资要综合各因素考

虑，既要考虑起始投资额，同时也要考虑持

有成本，各个国家的税费差异还是比较大的，

在澳大利亚会有市政费、排污费、物业管理

费等，北美地区不管是美国还是加拿大，本身

养房成本比较高，每年高达房价的1.8%-3.5%。

有业内人士建议，买一套房再租出去，租金所

得的收入除了用于缴纳税款，还能补贴孩子的

生活费。而以后等到孩子学成回国，房子再

出售，带回境内做创业启动资金。当然这一

切都在你合理筹划的前提下，任何投资都有风

险，特别是看似美好的海外房产投资，不要让

你的房产成为让人又爱又恨的“烫手山芋”。

Administration of Foreign Exchange on January 5, 2007, the annual foreign-exchange purchase limit for domestic individuals was raised significantly from the previous US$ 20,000 to US$ 50,000. Obviously, US$50,000 can not meet the need in terms of overseas real estate investments. Some of the frequently-used approaches include transferring the funds of US$50,000 per person to overseas individual by individual if the total amount is small; or negotiating with an overseas trade company to directly exchange foreign currencies with it. This has also resulted in the emergence of a group of “scalpers” who specializes in exchanging and transferring money for others.

In addition, you can also solve your problem by means of loans. Compared with China, Europe and the United States have generally low requirements on loans. Take Australia as an example. As Australia's housing vacancy rate is low, the stable house prices, land prices and rental prices provide a good credit mechanism for financial institutions. Due to the stable market and good prospect

of real estate development, financial institutions grant most of the loans after reviewing the applications. What’s worth noting is that as the US is plagued by the subprime mortgage crisis, currently non-citizens are banned from applying for a mortgage when buying a property. Only citizens paying tax are eligible for loans. After the financial crisis, US housing prices have been greatly discounted. Economic strength provides a solid backing to the US real estate market. The combination of various advantages in education, employment, and cultural resources makes the US real estate still attractive.

Don’t let the investment become a "hot potato"When you make investment in overseas real estate, you should consider all kinds of factors, which not only include the initial investment, but also involve the cost of maintaining the ownership. There are big differences among countries in taxation. In Australia, there are municipal charges, sewage charges and property management fees. In North America, whether it’s the United States or Canada, the cost of keeping a house is relatively high, accounting for 1.8% to 3.5% of the house price per year. Industry insiders suggest that you should buy a house and then rent it out with the rental to be used to pay the tax and fees as well as cover part of children’s living costs. As the children come back to the homeland after their study, you can sell the house and bring the money back to start up your own business. Of course, all of this is based on your rational planning and any investment involves risks, especially the overseas real estate investment which seems to have a rosy prospect. Don’t let your property become a "hot potato" people both love and hate.



我投身中国的教育管理和课程扩展业界已

逾十年之久，我可以很肯定地说，中国

人对教育的观念在这十年间转变发展了

很多。

　　一般情况下，中国人把教育看做一个纯粹的数

字游戏。如果你在上面投入的钱够多，产生的效

益也越丰厚（如果有常青藤学员颁发的证书的话，

更是锦上添花的选择）。虽然某种程度上来说这个

认知没错，但就总体来看，孩子的教育需求远远不

止这些。

　　首要考虑的问题是：你的孩子多大年纪？未来

五年里我希望他们在哪里生活？我希望他们达到

什么样的目标？我的孩子心智和情感方面是否足

够成熟？我打算为这个目标投入多少金钱？

　　针对这些问题作深入思考，或许你就能对孩子

的未来有一个更清晰直观的认识。如果他们年龄还

很小，还没有准备好离开父母身边在外独自求学，

那么他们就不能在地球另一端的寄宿制学校里过

得很好。同样地，如果他们还没有聪慧到足够应付

国内顶尖学校的压力的话，这么做只会让他们失去

安全感并打击他们的自信心。这就是为什么你要思

考什么才是“最适合”他们的教育选择。

　　我曾经在国内的地方学校、国际学校和为孩子

海外留学作咨询的服务机构任职，对于这些问题，

我是一向心明如镜的。

　　众所周知，中国的地方公办学校的教学质量

参差不齐。如果你能把孩子送进好的学校，那么

他们的学科成绩会非常出众。但是，除了功课外，

地方学校对孩子其它方面的发展帮助微乎其微，中

国教育界对学术上的标准答案更为看重，并不需要

孩子融汇更多的策略思路。我的想法是，地方学校

对获得书本知识固然非常重要，但我们还能有更好

的选择。

　　中国的国际学校遍地开花，一般来说在国内的

各大主要城市都能找到。像上海、北京这样的国际

大都市都有十来所国际学校供我们选择。但是在

选择前请额外注意各所学校所提供的不同课程（美

式、英式、加拿大式等）并关注到底这些学校有多

Having spent over ten years teaching, managing, and developing educational programs for a multitude of different

needs in China, it is fair to say that I have seen a lot of developments in the educational needs of people here.

Traditionally, Chinese people will look at education as a simple numbers game. If you invest x amount in y institution you will get z results (and hopefully a nice certificate from an Ivy League school somewhere down the road). Whilst this is true to a degree it fails to grasp the true depth and breadth of your children’s educational needs.

The main questions you need to think about are: How old is my child? Where do I want them to live for the next five years? What do I want them to achieve? Are they emotionally and academically strong enough to achieve those goals? How much do I want to invest to make this happen?

By thinking through these questions honestly and objectively you will start to pull together a map of the best fit for your child. If they are still quite young and don’t have the emotional strength to be away from their family for most of the time, year after year, they may not yet be ready for a boarding school on the other side of the world.

Similarly, if they are not academically gifted then paying people to get them into one of the top local schools in China may just leave them feeling insecure and actually damage their ability to develop. This is why you have to think of the best ‘fit’ for your child.

However, having worked in local schools, international schools, and consulting for families wanting to place their children in

Paul Murphy

Paul Murphy is an experienced education consultant with a background in international education, corporate training, and customized private tuition.

Paul Murphy 是国际教育

行业、公司培训领域的资

深专家。

我看中国式留学Investing in Child’s Education: Hard choice

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 [email protected]

I f you are interested in contributing an opinion piece, please contact the Invest In editorial team at [email protected]

18 2012, Winter


schools and colleges overseas I can be pretty confident where my own preferences would lie.

As we all know, local schools in China range in quality considerably. If you can get your child into a good school and support their academic needs they will likely be very strong academically. However, local schools provide very little other than ability to pass exams, hence the traditional strength in China for science based subjects which have a clear answer and do not require too much critical thinking. My thoughts would be that a local school is fine for junior/primary school education but look closely at your options beyond that.

International schools in China are now prevalent and you can normally find one in most major cities these days. Metropolis’ like Shanghai and Beijing now have as many as ten major international schools to choose from.

If you are looking at an international school be very aware of the different curriculum they offer (US, UK, Canada, etc.) and actually how ‘international’ they are. Some schools will say they offer international education but actually are not really very international at all.

The main obstacle for many local Chinese looking to send their children to international schools is the requirements of local education bureaus that only foreign citizens (include HK/MC/TW) can enroll their children there. Many Chinese will get around this problem by getting permanent residence (PR) for another country through investments in property or businesses there. However, be warned as government education departments change their requirements from time to time and will restrict access for some countries PRs as they have seen a sudden surge in use of these for enrollment.

Similarly, many people have HK IDs

but generally only HK PRs actually count. This can often lead to frustration for families who thought they had all the documents in place.

The other issue I have seen with international schools is actually the value you gain. This is not to say that international schools are poor quality, most of them have very good standards of education. The issue lies in the fact that they have a captured market and most fees are paid by large MNCs or wealthy individuals.

This means that they can drive up prices beyond the comparative value their education provides. As such, I see international schools as either a great option for the children of foreign executives who are only in China for a few years or as a stepping stone for the children of wealthy Chinese who are planning to send them abroad in the near future.

That leads me to the last major area which is overseas education. Traditionally, the UK is recognized as the strongest country for high/secondary school education, whilst the USA strongest for tertiary education. This is generally still true though a gross generalization. Many countries have fantastic secondary and tertiary e d u c a t i o n t h o u g h yo u h ave to be careful when selecting the school or college.

In China there are a lot of study abroad agencies who wil l happi ly promote schools across the world that look good on paper but are actually terrible in reality. Therefore, do you research and use a recommended vendor. The extra money spent on a good consultant will save you a lot of pain down the road.

The advantage of a public school education in the UK is not only the

“国际”。有些学校声称提供国际化的教育

但事实有时候并非如此。

　　中国公民把他们的子女送入国际学校就

学的最大障碍是中国教育局对国际学校的限

制——他们只允许外国公民（包括香港、澳

门和台湾）入学。许多中国人对付这个限制

的办法是通过购买外国物业的途径获取外国

永久居留权（PR）。

　　但是，别忘记中国政府的政策变动非常

频繁，未来也很有可能针对越来越多的持有

外国绿卡的中国人入学国际学校进行进一步

限制。同样地，很多人拥有香港的永久居留

许可，但事实上只有香港护照才管用。这对

那些一心想入学国际学校的家长来说未尝不

是一种麻烦。

　　我接触到的关于国际学校的另一个问题

是他们的真正价值该如何衡量。这并不是说

国际学校的质量不高，事实上大多数的国际

学校的教学水平非常好。问题在于他们的完

全市场化经营策略，大部分的学费都由跨国

公司的驻华机构和富有家庭支付。因此，我

认为国际学校较适合于那些短期居留中国的

外国公司的高级管理人员或那些计划将来把

孩子送出国留学打基础的富有家庭。

　　这就让我们想到了最后一种选择，那就

是海外留学。传统上说，英国是初中和高中

教育最发达的国家，美国是大学教育的首选

强国。这个事实在全球范围内是得到广泛认

可的。许多国家的高中和大学教育都很出色，

但我们在选择时需要格外小心。中国有众多

的海外留学中介机构，每家机构都不遗余力

地宣传他们代理的学校，其中很多学校看似

精彩事实上却不敢恭维。所以，你要事先做

足功课，并选择正规的代理机构。花在合格

的咨询公司的钱会为你省却不少未知的麻烦。

　　英国的公立学校不光在学术方面占有，

更多时候让求学和社交不分离，注重能力的

培养的个性的发展。国外的很多顶尖大学不

光关注成绩单上的分数，应试者的个性才能

和能力才是他们注重的对象。传统的英国公

立大学的哲学是建立在“塑造明天的领袖”

上的，这不仅仅是一个口号，而是众多学子

真正能体会获得的东西——自信的建立、口

才的培养和出色的领导力。

　　除了世界上其它主要发达国家的诸多名

校外，美国是高等教育的规则制定者。美国



academic standards and reputation when applying to universities but also the social side which will provide your child with much more than just the ability to pass exams. To gain entrance to many top universities these days the competition for places is so fierce that people have to show that they are more than just academically gifted. The traditional UK public school philosophy of ‘making tomorrow’s leaders’ real ly is very true and young men and women who have been through this system quickly stand out in both business and social environments through their confidence, eloquence, and presence.

Despite some great universities in almost every major country in the world, the USA still has to be the standard bearer of tertiary education. The financing that most US colleges have available allows them to attract the best and brightest from around the world as well as invest in infrastructure that most others can only dream of. This means that they will continue to lead the world in this segment of the education market. Saying that , do not assume that simply by paying enough money you can simply buy your child’s way into one of these establishments.

Many colleges look for programs that have a balance of nationalities and specialties, which tends to work against Chinese nationals who obviously all come

from the same linguistic and cultural background, but also tend to have the same skills (good at exams, math strong, play the piano).

Ultimately, if I were a Chinese parent my ideal route would be:

1. Primary school in a good local school. Don’t send your kids away at a young age. You may be busy or think you are helping them but they actually need a strong family environment at a young age to develop.

2. International school for 2-3 years at upper primary level (optional). This will help them transition from a local education system to an international one and build their English skills, but still in the more familiar environment of China.

3. Secondary school overseas. I would choose UK, but whether UK, US, Switzerland, etc. a good school will help your child to continue their strong academic growth but give them all the other skills sets they will need beyond this as an adult . It will make them truly comfortable in an international environment.

4. College/University overseas. Sure, if your child can get into Tsinghua o r P e k i n g U n i v e r s i t i e s f o r t h e i r undergraduate studies then they should go for it , but I would not want my children to go through the hell of the ‘gaokao’. I always think diversity is good for a person so if my child went to the UK for secondary education I would prefer the USA for tertiary.

Beyond that, when you get into post-graduate education (PhD, MBA, etc.) the key is really to know what you are hoping to get out of it and the college itself. Forget about the country or even how famous that university is generally, just look into whether it is one of the global leaders in the field you want to study. If not, keep looking…

的高等院校提供的助学贷款项目吸引了来自

全球的顶尖学术人才，也成就了很多人的海

外留学梦想。这意味着美国将继续引领全球

教育市场。这并不是说只要出钱就让你的孩

子上名校。美国的许多名校学科的学生很多

来自世界各地，也各有专长，这和来自中国

这个语言文化相同的国家的学生不太一样。

因此学习环境也不尽相同。

　　最后，作为中国的学生家长，我们的理

想留学路径应该是：

　　1. 在当地的公办学校上完小学。不要把

年幼的孩子立即送往海外。虽然你很忙或认

为这样对孩子比较好，但孩子这时候需要一

个完整的家庭和成长环境。

　　2. 在国际学校上 2~3 年的小学（可选）。

这会让他们从一个完全本地化的教育环境中

平稳过渡到国际化的环境，并可锻炼英语能

力，但仍应该在熟悉的国内环境中。

　　3. 在海外上初中。我会选择英国，但无

论英国、美国还是瑞士，好的学校会让你的

孩子获得重要的学术教育并培养独立的生活

能力。让他们对真正的国际化教育环境逐渐

适应起来。

　　4. 在海外读大学、学院。当然，如果你

的孩子能顺利进入清华北大读本科的话，不

失为一个好的选择。但我并不希望我的孩子

经历地狱般的“高考”。我一直认为全面发

展更应得到提倡，因此我会选择海外留学来

培养我的孩子。

　　除此之外，如果你自己有机会进一步进

修博士、工商管理硕士等学位，最重要的是

知道你希望从中学到什么，以及对进修学校

的全棉了解。不要太关注这所学校所在的国

家甚至它的知名度，只要看它是不是在相关行

业有权威地位即可。如果不是，则需三思而行。

20 2012, Winter

聚焦国际金融中心IFC SPOTLIGHT

20 , Winter 2012 Winter20

金融中心IFC SPOTLIGHT



国际IFC SPOTLIGHT聚焦国际IFC SPOTLIGHT聚焦聚焦国际金融中心IFC SPOTLIGHT

沙漠覆盖的土地逐渐变成熙熙攘攘

的大都市，迪拜无疑正在为这个

国度的经济发展谱写新一章引人

入胜的故事情节——尤其是在房地产业。

从 20 世纪 90 年代到 21 世纪初，迪拜将自

身转型为世界上最具吸引力的城市之一。经

历了 2008 年前的 6 年“繁荣时期”，有报

道说该酋长国大约拥有全球四分之一的起重

机。今天，这里更有数座世界著名的现代建

筑作品，比如世界上最高的建筑“迪拜塔”

以及“朱美拉棕榈岛”。来自世界各地的名

人、运动员和贵宾都在排队购买这里的豪华

别墅和海景公寓。

　　然而不幸的是，这样的繁荣并没有持续

下去。与大多数房地产市场一样，迪拜在金

融危机期间遭受到了沉重的打击。这个房地

产市场所有的魅力和光芒都瞬间无影无踪，

一切突然急转直下——在 2008 年和 2009

年之间，阿拉伯联合酋长国的国内生产总值

下降了 12％，迪拜几乎有一半的拟建设项

目被搁置或取消，导致了数十亿美元的损失。

在这个城市里，一些地区房地产价格的跌幅

高达骇人听闻的 60％。

The desert land turned buzzing metropolis is writing yet another chapter in its fascinating story of

development, especially in real estate. From the 1990s to the early 2000s, Dubai transformed itself into one of the most attractive cities in the world. During the six “boom years” up to 2008, the Emirate was said to have around a quarter of the world’s cranes. Today it is home to several famous modern-day architectural masterpieces such as the world’s tallest building Burj Khalifa, and the Palm Jumeirah Island. Celebrities, athletes and VIPs from all over the world were lining up to purchase their luxury villas and beach condos.

Unfortunately, it wasn’t meant to last. As with most real estate markets during the financial crisis, Dubai was hit hard. All the glamor and glitter of its ever-rising property market came to an utter freeze, and suddenly it all went spiraling

down. The United Arab Emirates suffered a 12% decline in GDP between 2008 and 2009, and almost half of the planned construction projects in Dubai were either shelved or canceled triggering billions of dollars in losses. Some areas in the city suffered a frightening 60% slump in realty prices.

On the Road to RecoveryIn recent months several reports from real estate brokerages and consultancies based in Dubai have suggested that market recovery, although a long uphill climb is now commencing. This view is largely founded on higher levels of property prices in certain areas of the Emirate as well as relatively higher investor confidence in the stability of the market. The Real Estate Investment Promotion and Management Center, part of Dubai government’s Land Department, has also echoed this air of optimism

迪拜房地产业重获新生Dubai Real Estate Springs Back to Life

By Anas Almasri

Winter, 2012 INVEST IN 21WinterWinter, 2012 , 2012 INVEST ININVEST ININVEST IN 2121


in its latest analysis on foreign direct investment in the sector. It reported in August 2012 that foreign investors splashed AED 22 billion ($5.9 billion) to purchase 12,875 real estate assets including buildings, lands, apartments and residential villas during the first six months of the year. Indians took pole position in terms of number of investors, while Pakistani investors were ranked second, followed by British, Iranian and Russian investors for third, fourth and fifth positions. The Center witnessed a 21% surge year on year and totaled over

AED 63 billion ($17 billion). Recent off-plan stock by Emaar and Nakheel were reportedly entirely sold out on the same day they were offered in the market.

In an interview with Invest In, Helen Tatham, Head of Residential at Knight Frank was quick to note that although the reports were correct there were some “variations in different sectors and areas” in the Emirate. She singled out the villa market as the best performing type of real estate recording a 20% increase in value since February, with prices per m2 ranging between $2,600 and $7,300

踏上复苏之路

在最近几个月里，几个总部设在迪拜的房地

产经纪及顾问公司发布报告认为，虽然有很

长的路要走，但市场现在已经开始复苏。得

出这种观点的主要理由是迪拜某些地区房地

产价格出现上涨以及投资者对市场稳定度的

信心相对较高。作为迪拜政府土地管理部门

的一部分，房地产投资促进和管理中心在最

近发布的房地产市场外商直接投资分析报告

中也表示出了乐观的情绪。

　　根据 2012 年 8 月发布的报告，在今年

前 6 个月的时间里，外国投资者花费了 220

亿阿联酋迪拉姆（约合 59 亿美元）购买了

12875 项房地产资产，其中包括建筑物、

土地、公寓、住宅和别墅。就投资者数量而

言，印度人排名第一，而巴基斯坦投资者排

名第二，英国、伊朗和俄罗斯的投资者分列

第三、第四和第五位。该中心的新闻稿还显

示，2012 年上半年房地产市场所有交易的

总价值（外国和本地）较去年同期激增了

21％，总额超过了 630 亿阿联酋迪拉姆（约

合 170 亿美元）。据报道，最近 Emaar 和

Nakheel 全部的房地产预售库存在上市的第

22 2012, Winter


22 , Winter 2012 Winter22




国际IFC SPOTLIGHT聚焦国际IFC SPOTLIGHT聚焦聚焦国际金融中心IFC SPOTLIGHT

一天就被抢购一空。

　　在接受《境外投资》的记者采访时，莱

坊住宅部主管 Helen Tatham 首先指出，虽

然这些报告是正确的，但是迪拜房地产市场

的“不同领域和地区有着不同的表现。”她

特别提到别墅市场是表现最好的房地产市

场，从 2012 年 2 月以来价格上涨了 20%，

每平方米建筑面积的单价在 2600 至 7300

美元之间。她补充说：“引入注意的地区包

括朱美拉棕榈岛（Palm Jumeirah）、阿拉

伯农场和酋长山，这些都是非常受外籍人士

欢迎的地区。公寓的价格已经表现得比较温

和，实现了平均 4% 的增长，而市中心、朱

美拉棕榈岛（Palm Jumeirah）和迪拜码头

的涨幅高达近 10％。”

　　Tatham 指出，目前迪拜大部分地区的

公寓价格介于每平米 2600 至 4400 美元之

间，而那些黄金地段的公寓价格在每平米

4400 至 7300 美元之间。她还透露称，随

着越来越多的外籍人士成为迪拜的居民，

2011 年剩余的房屋供给也被消化。她强调，

位置和品质是影响房地产价格变化的决定性

因素。

　　谈及迪拜房地产市场的未来，她表示：

“我不认为我们会回到像 2008 年那样令人

惊心动魄的价格跌幅。这显然是一件好事

情，说明市场正在成熟。在短期内，我们应

该能够看到市场将继续逐渐加强。但是随着

新项目的交付，鉴于预计的供应量，在人口

稠密地区的供应过剩问题可能会压低价格。

从长远来看，主要地区的市场将继续蓬勃地

发展。”

　　谈到中国在迪拜房地产市场复苏中可能

发挥的作用，Tatham 认为，虽然目前就在

迪拜购买物业而言，中国投资者的直接影响

力不大，但是我们可以明显地感受到越来越

多的中国游客正在前往迪拜。她说：“这会

对国内零售行业产生影响，并且使得酒店数

量增加。这将最终推动土地价格的上涨，因

此它必然有积极的作用，也许在未来我们会

看到更多的中国买家。中国是一个强盛的国

家，我敢肯定，如果他们开始在迪拜进行更

多的投资，这将产生非常积极的影响。”

复苏背后的原因

任何市场复苏的强度和程度取决于其背后

的原因。除了迪拜房地产市场的供需差距

based on Built-up Area. Adding “The areas to note are Palm Jumeirah, Arabian Ranches and Emirates Hills which are extremely popular with resident expats. Apartment prices have behaved more moderately seeing an average of 4% rise with areas such as Downtown, Palm Jumeirah and Dubai Marina experiencing the highest rises of nearly 10%“. The cost of an apartment in Dubai currently ranges between $2,600 and $4,400 per m2 for mainstream areas, whilst those in prime locations are going for $4,400 to $7,300 per m2, according to Tatham. She also pointed out that, as more expatriates become Dubai residents, the remaining property supply from 2011 was being taken up. Stressing that location and qu a l i t y were t he def in in g fa ctors influencing price changes in properties.

“In the short term we should see the market continue to strengthen gradually but as new projects hand over, given the volume that is forecast, an issue of oversupply in the densely populated areas may push down prices. The prime areas will continue to prosper in the longer term”. Discussing the possible role China could play in the market’s recovery, Tatham maintained that a l though Chinese investors had little direct impact in terms of buying property in the Emirate at the moment, the growing number of Chinese tourists visiting Dubai was notable. “This has an effect on domestic reta i l leading to more hotels and ultimately land prices increasing so it will have a positive effect and maybe we will see more Chinese buyers in time. China is a powerful nation and I’m sure if they were to start investing more in Dubai it would have a very positive effect.”

Reasons behind the UpswingIn addition to the narrowing gap between supply and demand in Dubai’s property market, reality prices are being driven

by several additional factors. Invest In spoke to Craig Plumb, Head of Research for Middle East and North Africa region at Jones Lang LaSalle about the factors causing this upward trend in Dubai’s real estate market. After reconfirming that the current market recovery is still partial and primarily dependent on subsector and location, he mentioned Dubai’s improved macroeconomic environment as one of several causes for the current property revival. Citing newly published data from Dubai Stats Office “showing real GDP grew by 4.1% in the first 6 months of 2012 – the highest level since 2008”.

Healthier access to financing and reduction in debt are also important factors; “Banks are now more willing to lend to the real estate market, especially for mortgages. Many of the Dubai entities that experienced problems with debt repayments in 2009/2010 have now restructured their debts and have started to make repayments. More importantly t h ey h ave a l s o s t a r te d to re l e a s e payments to contractors.” Other reasons mentioned by Plumb include Dubai’s increased focus on “infrastructure improvements – in terms of both physical infrastructure (metro, new airport terminal, bridges, roads, etc.) and softer infrastructure (hospitals, schools, etc.)” As well as the Emirate’s ability to attract investments from other countries in the region, specifically as a result of the Arab Spring and increased economic sanctions on the Iranian economy.

Risks of a RelapseThe bursting of Dubai’s real estate bubble during the financial crisis, one of the world’s worst at the time, is still vividly fresh in the minds of investors leading some to question the current market indicators. The International Monetary Fund (IMF) recently estimated that



正在收窄之外，房地产价格还收到一些额外

因素的推动。例如，该市一直强调旅游业和

商业环境的发展，这为房地产市场带来了极

大的好处。《境外投资》采访了仲量联行中

东和北非地区研究部主管 Craig Plumb，请

他谈谈驱使迪拜房地产市场出现上升趋势的

因素。他首先重申，目前的市场复苏仍是局

部的，主要依赖于房地产类型和地理位置。

Craig 认为迪拜宏观经济环境的改善是导致

房地产业复苏的几个原因之一。他引用了

迪拜统计办公室最新发布的数据显示：“在

2012 年的前 6 个月，阿联酋实际国内生产

总值增长了 4.1％，这是 2008 年以来的最

高水平。”

　　更为健康的融资渠道和债务的减少也是

重要的因素。他说：“银行现在更愿意贷款

给房地产市场，尤其是抵押贷款。许多在

2009 和 2010 年遇到债务偿还问题的迪拜

公司现在已经开始重组它们的债务，并且开

始偿还贷款。更重要的是，他们同样开始向

承包商付款。”Plumb 提到的其他因素包括

迪拜更重视“基础设施的改善”——不仅包

括实体基础设施（机场新航站楼、地铁、桥

梁、道路等），还包括较为软性的基础设施

（医院、学校等）。另一个因素是迪拜吸引

该地区其他国家投资的能力，特别归因于“阿

拉伯之春”运动的结果和对伊朗更加严厉的

经济制裁。

复发的风险

在全球最为严重的金融危机期间，迪拜房地

产泡沫的破裂让投资者依然记忆犹新，这使

得一些人对目前的市场指标提出了质疑。根

据国际货币基金组织（IMF）的最新估计，

迪拜政府相关实体需要在 2013 年拿出 94

亿美元偿还到期的债券和银团贷款，更令人

担忧的是，它们在 2014 年需要为此拿出将

近 310 亿美元。 IMF 认为，对这些大笔债

务进行再融资是一项“挑战”。

　　谈到迪拜房地产市场新一轮下跌的风

险，Plumb 承认，“现在的确有危险，新的

热情会导致重复 2008 和 2009 年的问题，

即房地产市场的供过于求和过多的债务。”

不过，他认为，“市场已经从上次的经济衰

退中汲取了教训”，他不相信历史会重演。

他补充说，现在宣布的很多项目其实是五、

六年前公布的旧计划，而这些计划只是后来

government related entities in Dubai will need to come up with $9.4 billion in 2013 as repayments towards their maturing bonds and syndicated loans and, more worryingly, close to $31 billion in 2014. The IMF calls refinancing these large amounts “a challenge”. Commenting on the risks of a new slump in the Emirate’s real estate sector, Plumb acknowledged that there is “a real danger that renewed enthusiasm will result in a repeat of the same problems as in 2008/2009, namely oversupply of real estate and excessive debt”. He maintained, however, that “the market has learnt the lessons from the last downturn” and does not believe history will repeat itself. Adding that many of the projects being announced now are in fact older plans revealed five or six years ago and later put on hold.

Contrary to the unreliable nature of

speculative investing that formed the basis of Dubai’s real estate collapse in the past, he is positive that developers today will only go ahead with their plans after receiving major pre-commitments from tenants. “There is now a greater focus on a coordinated approach with government backed developers working together and not in competition to each other” he added. Caution from all market players is another reason to be optimistic; “Banks remain cautious and will not lend to the real estate sector to the same extent as previously with tighter controls on lending now in place from the Central bank of the UAE. Investors are also more cautious, with only limited demand for off plan sales.” Furthermore, he highlighted the Emirate’s recent Urban Planning Framework as being strongly tipped to increase governmental control

迪拜最新的项目将掀起房地产和旅游等行业的风暴，并将在此过程中打破一到两项世界纪录。新的大规模开发项目计划建造 5 个不同的主题公园、约 100 家酒店和世界上最大的购物商场。

Dubai’s latest project is set to take the real estate and tourism sectors by storm and break a world record or two in the process. The new massive development is planned to host fi ve different theme parks, around 100 hotels and the world’s largest shopping mall.

图片

Photo by A

lex Avancini

24 2012, Winter24 , Winter 2012 Winter24


遭到了搁置而已。

　　过去，迪拜房地产的崩盘归因于投机投

资的不确定性。而他认为如今恰恰相反，房

地产开发商只会在获得主要租户的事先承诺

后才会实施它们的开发计划。他补充说：”现

在，大家更加注重与有政府背景的开发商采

取协作的策略，而不是相互竞争。”所有市

场参与者的谨慎态度是市场被看好的另一个

原因，”银行保持谨慎，不会向过去那样借

钱给房地产行业，而阿联酋央行目前对贷款

施行了更严格的控制。投资者也变得更加谨

慎，对预售地产的需求也有限。”此外，

他还强调，酋长国最近推出的城市规划框

架将增加政府对房地产市场的过度发展的

控制权。

投资机会

迪拜最新的项目将掀起房地产和旅游等行业

的风暴，并将在此过程中打破了一到两项世

界纪录，而其中的一项已经由酋长国本身所

拥有。新的大规模开发项目计划建造 5 个

不同的主题公园、约 100 家酒店和世界上

最大的购物商场。目前，全球最大的购物、

休闲和娱乐目的地是迪拜购物中心（Dubai

Mall），今年接待游客 6200 万人次。计划

建造的“世界广场”将超过其本土的竞争者，

每年估计有接待 8000 万人次的能力，这里

的主题公园预计将比伦敦的海德公园（Hyde

Park）大 30％。

　　新的城市名为“穆罕默德·本·拉希德

城市”，得名于迪拜的酋长，它同样将包括

环球影城家庭娱乐中心以及拟建的宝莱坞主

题公园，旨在吸引印度旅客。该计划将为

迪拜本就充足的房地产供给增加新的住宅区

域，特别按照能源消费水平和废物处理方面

的“绿色建筑”标准进行建设。这个项目的

预计建造费用约为 27 亿美元。到目前为止，

迪拜并没有宣布任何建设期限，但是承担该

项目的两家公司 —— Emaar 地产和迪拜控

股（Dubai Holding） —— 希望在 2014 年

年底完成第一阶段的建设。

　　酋长国旅游、零售和房地产业的领导者

都赞扬这个项目是迪拜在寻求加强其作为区

域和全球商业枢纽地位的过程中的下一个大

飞跃。谢赫·穆罕默德·本·拉希德说：“迪

拜现有的设施需要扩大规模，以符合这个城

市在未来的勃勃雄心。”他解释说，阿联酋

over excessive property expansion.

Investment OpportunitiesDubai’s latest project is set to take the real estate and tourism sectors by storm and break a world record or two in the process, one of which is already held by the Emirate itself. The new massive development is planned to host five different theme parks, around 100 hotels and the world’s largest shopping mall. With 62 million visitors this year, the current largest shopping, leisure and entertainment destination worldwide is the Dubai Mall. The planned “Mall of the World” will surpass its local contender with a capacity of an estimated 80 million visitors a year while its great park is projected to be 30 % larger than London’s Hyde Park. The new city, named

“Mohamed bin Rashid city” after Dubai’s ruler, will also include a Universal Studios family entertainment center as well as a proposed Bollywood Theme Park aimed at attracting Indian visitors. The plan will add new residential areas to Dubai’s already ample housing supply, specially built according to “green construction” standards with regards to energy consumption levels and waste treatment. The estimated cost of this development is reportedly around $2.7 billion. No construction deadlines have been announced so far, but the two companies undertaking the project – Emaar Properties and Dubai Holding – have set their sights on finishing the first phase by end of 2014.

Industry leaders in tourism, retail and real estate operating in the Emirate have all hailed the project as the next big leap for Dubai in its quest to strengthen its position as a regional and global business hub. Sheikh Mohammed bin Rashid said “the current facilities available in Dubai need to be scaled up in line with the future ambitions for the city”. Explaining that the UAE was aspiring to become “the capital of entrepreneurship, arts, culture and family tourism for over 2 billion people” by 2030. Additional projects recently being re-launched by the local government and property developers include a waterway within the city’s business district and, to the dismay of Indian officials, a $1 billion replica of the Taj Mahal. Construction developments of such an immense scale will undoubtedly attract a host of global businesses to the Emirate including international investors, re a l e s t a t e d e ve l o p e r s , p ro p e r t y managers, retail companies, banks, and entertainment establishments.

W i t h t h e a b s e n c e o f d e t a i l e d f i n a n c i n g s c h e m e s f o r a l l t h e s e impressive construction plans up till now, where the Emirate will acquire the

任何市场复苏的强度和程度取决于其背后的原因。除了迪拜房地产市场的供需差距正在收窄之外，房地产价格还受到一些额外因素的推动。

The strength and extent of a recovery in any market is only as solid as the reasons behind it. In addition to the narrowing gap between supply and demand in Dubai’s property market, reality prices are being driven by several additional factors.

图片

Photo by A

lex Avancini



necessary capital is yet to be seen. Unlike its oil rich neighbor Abu Dhabi, Dubai has little natural resources and its own funds are already strained. Global and regional banks might be somewhat reluctant to jump in at this early stage of the market’s recovery for fear of another debt disaster. This leaves international private investors with a strong hand in terms of negotiations with the Dubai government and major local developers. Jones Lang LaSalle’s Craig Plumb believes Chinese investors are becoming increasingly important for the Emirate, and identifies three distinct groups. “Individual families are investing in residential units for their own use. Construction companies, such as China State Construction and Engineering Company (CSCEC), and other Chinese contractors have become major

developers”, he said on the first two categories. The last group on his radar was state-backed investors, evidenced by the growing cooperation between the Chinese and Emirati governments resulting in increased investments from the world second largest economy to the local real estate sector. “The best example of this is the joint UAE – Chinese plan for a new China Retail Mart in Dubai”, he said.

Investor PerksInvestment perks are essential for any jurisdiction targeting foreign investors. The possibility of obtaining a residency visa through property purchase is one of the chief benefits foreigners look for when deciding to invest in any real estate market. This subject was extremely vague

希望在 2030 年前成为“拥有超过 20 亿人、

集合创业精神、艺术、文化及家庭旅游的首

都。”当地政府和房地产开发商最近重新启

动的其他项目包括该城市商业区内的一条水

路以及价值 10 亿美元的泰姬陵复制品（这

一点让印度官员感到沮丧）。规模如此巨大

的建设项目无疑将吸引全球企业来到酋长

国，其中包括国际投资者、房地产开发商、

物业管理公司、零售公司、银行和娱乐服务

供应商。

　　由于直到现在对所有这些令人印象深刻

的建设项目缺乏具体的融资计划，我们仍然

无法知道迪拜将从哪里获得这些必要的资

金。与石油资源丰富的邻国阿布扎比不同，

迪拜几乎没有天然资源，其自有资金已经比

较紧张。全球和区域性的银行可能不太愿意

在这个市场复苏的早期阶段介入，担心会出

现新一轮的债务灾难。这使得国际私人投资

者在与迪拜政府和当地主要开发商进行谈判

时具有更大的筹码。



　　仲量联行的 Craig Plumb 认为，中国投

资者对这个酋长国来说正变得越来越重要，

他提到了三种不同的群体。谈及前两类，他

说：“个人家庭投资正在投资住宅，供他们

自己使用。建筑公司，比如中国国家建设和

工程公司（CSCEC），和其他中国承包商

已经成为主要的开发商。”他所关注的最后

一组是有国家支持的投资者，最好的例子是

中国和阿联酋政府之间日益加深的合作，这

让世界第二大经济体加强了对当地房地产市

场的投资。他说：“最好的例子是，阿联酋

与中国联合计划在迪拜建设一座新的中国零

售市场。”

投资者能够获得的好处

投资好处对那些针对外国投资者的司法管辖

区来说是必不可少的。在决定投资任何一个

房地产市场时，通过购买物业获得居住签

证是外国人希望获得的主要好处之一。在

2009年中期的部长级决定阐明这种情况前，

这个问题在迪拜一直是非常模糊的。有的开

发商承诺购房者在购买某些住宅项目时能够

获得三年期的居住许可，并且会在他们向有

关当局提出申请时提供资助。

　　由于对投资者推广计划缺乏一个明确且

全面的监管，虽然一些申请人和开发商承诺

的一样获得了三年的居住签证，但是其他人

只获得一年的签证，有些人甚至被直接拒发

签证。这种不确定性迫使当局针对每一个希

望获得迪拜居住许可的房产投资者发布了要

求、权利和义务方面的解释。该签证的时间

被固定为六个月且可以延期，它只适用于购

买价值 100 万阿联酋迪拉姆（约合 272000

美元）以及以上的房产的申请人，并且购买

的物业产必须位于一些预先核准的房地产项

目中。

　　此外，只有已落成物业的业主才有资格

提出申请，那些投资地块和预售房屋的人都

没有资格。也许是为了增加投资者对迪拜房

地产的兴趣，最近有报道称业主的居住签证

期限现在被再次延长至三年。虽然这本身是

一个很好的举措，投资者可能会对在居住期

限方面的法规变化而感到有点担心，特别是

如果这项规则是被用来（根据房地产市场的

情况）作为引导需求和价格朝一定的方向变

动的一种工具时。

in Dubai prior to a Ministerial Decision clarifying the situation in mid-2009. Some developers promised buyers a three-year residency upon buying into a certain residential project, and subsequently sponsored them when they applied with the relevant authorities. The absence of a clear comprehensive regulation on such an investor promotional program resulted in some applicants being granted the three years residency visa as promised, while others only received a one year visa and some were outright rejected. This uncertainty led the authorities to issue an explanation of the requirements, rights and obligations for every property investor wishing to obtain a residency in the Emirate. The duration of the said visa was fixed at a renewable period of six months and only accessible to applicants

投资好处对那些针对外国投资者的司法管辖区来说是必不可少的。在决定投资任何一个房地产市场时，通过购买物业获得居住签证是外国人希望获得的主要好处之一。

Investment perks are essential for any jurisdiction targeting foreign investors. The possibility of obtaining a residency visa through property purchase is one of the chief benefi ts foreigners look for when deciding to invest in any real estate market.

purchasing property valued at AED 1 million (around $272,000) or higher and in select preapproved real estate projects. Additionally, only owners of completed properties were eligible to apply, those investing in plots and off-plan properties were not considered qualified. In a move that is probably aimed at increasing investor appetite for real estate in Dubai, it has been recently reported that residency visas for property owners were now extended to three years once again. Although a good move in its own right, investors might become a little wary of such a changing regulation with regards to duration of residencies. Especially if the rule is being used as a tool to steer demand and prices in a certain direction, depending on the status of the property market.

图片

Photo by S

tephen Chang



friendly tax system and a high degree of regulatory independence.

Since its inception in 2004 the free zone has steadily established itself as an essential part of Dubai’s investment hotspot image. DIFC reported a seven percent increase in total value added by its sub-economy (GDP equivalent) from 2010 to 2011, reaching an impressive $3.13 billion – a lot more than many countries around the world can claim. According to the IMF, that represents 1 .4% of the whole country ’s non-hydrocarbon GDP. One of the Center’s main strengths, and indeed that of Dubai itself, is its ideal location that allows it to truly act as platform linking Western and Eastern financial markets together.

T h e g e o g ra p h i c a l d i s t r i b u t i o n o f r e g i s t e r e d c o m p a n i e s i n D I F C demonstrates its global integration role. European and North American businesses accounted for 37 and 17 percent respectively, while those from

迪拜阿拉伯地区领先的金融中心Dubaithe Region’s Leading Financial Center

By Anas Almasri



The fact that the Emirate has no natural resources worth mentioning makes its success

story even more admirable. Dubai built its current reputation for being an international business hub mostly out of thin air, and lots of sand. Aside from its glamorous iconic buildings, the Emirate is now renowned for its financial services sector, transit connections, trade facilities and its touristic destinations. The United Arab Emirates continues to be the dominant player with regards to Foreign Direct Investments (FDI) in the Middle East with Dubai serving as the key destination for overseas investments in the country.

Over the first six months of the year, it registered $4.5 billion in FDI according to official figures issued by the Department of Economic Development. That represents a seven percent rise when compared to the first half of 2011, a clear sign that investor confidence in the Emirate’s economy is gradually returning. Financial & business services, real estate, leisure & entertainment, chemicals, food & tobacco, healthcare and metals were among Dubai’s top recipient sectors of FDI. Additionally, overseas investments appeared to be more attracted to larger projects in 2012 than they previously were.

Dubai’s Business AttractionCommonly referred to as “the fastest growing financial hub in the world”, the Dubai International Financial Center (DIFC) provides global businesses with the opportunity to access new economies and expand their potential investment options. It does so through its advanced infrastructure, an exceptionally business-

阿拉伯联合酋长国没有可以值得一提

的天然资源，这使得它的成功故事

更加令人钦佩的。尽管只有稀薄的

空气和大量的沙子，迪拜已经把自己打造成

了知名的国际商业中心。除了富有魅力的标

志性建筑以外，迪拜酋长国以金融服务业、

交通转运、贸易工具和旅游目的地而闻名于

世。就外商直接投资（FDI）而言，阿拉伯

联合酋长国仍然在中东地区占据主导地位，

而迪拜则是该国吸引海外投资的主要目的地。

　　今年前六个月，根据迪拜经济发展部发

布的官方数字，迪拜吸引的外商直接投资达

到了 45 亿美元。这相比 2011 年上半年实现

了 7％的增长。这是一个明显的迹象，表明

投资者对迪拜酋长国经济的信心正在逐步恢

复。金融与商业服务、房地产、休闲娱乐、

化工、食品及烟草、医疗保健和金属是迪拜

吸收外商直接投资的主要行业。此外，2012

年海外投资被更多地吸引到了规模更大的项

目中来。

迪拜的商业吸引力

迪拜国际金融中心（DIFC）通常被称为“世

界上增长最快的金融中心”，它能够为全球

企业提供新的经济体和扩大其潜在投资选项

的机会。这一切归因于先进的基础设施、特

别利于营商的税收制度和高度独立的监管。

　　自从 2004 年成立以来，这个自由贸易

区已经逐步将自己打造成迪拜投资热点形象

的重要组成部分。从 2010 年到 2011 年，

DIFC 的经济总增加值（相当于 GDP）增长

了 7％，达到了令人印象深刻的 31.3 亿美元 ,

这要高于世界上许多国家的 GDP。根据国际

货币基金组织（IMF）的统计，该自由贸易

区占整个国家非烃国内生产总值的 1.4％。

该中心的主要优势之一（事实上也迪拜本身

的优势），是其理想的地理位置，这使得它

能够真正地成为连接西方和东方金融市场的

平台。

　　在 DIFC 注册的公司的地理分布显示了

全球经济一体化起到的作用。欧洲和北美的

企业分别占 37％和 17％，而来自中东和亚

洲的企业分别占 26％和 11％，其余 9％来自



世界其他地区。DIFC 将自身推广为一个国际

金融社区，涵盖的各子行业包括银行、保险、

财富管理、资本市场、金融服务和零售，它

同样是企业总部的首选地点。截至 2012 年

9 月，DIFC 的注册公司总数为 899 家，在该

中心工作的员工有 13000 名。

　　在最新的全球金融中心指数（GFCI，

2012 年 9 月）的排名中，迪拜是中东和非洲

地区排名最靠前的金融中心。该指数说明迪

拜酋长国获得了进步，相比六个月前的排名

上了 7 个位置，目前在全球范围内排在第 22

位。在该地区，与其最为接近的竞争者是排

在第 35 位的卡塔尔和第 38 位的阿布扎比。

GFCI 每年发布两次关于全球金融中心的排

名，在过去 5 年中，除了有一次例外，其他

时候迪拜都是该大区的最佳金融服务中心。

该指数根据全球投资界专业人士的问答和评

级，对 77 个世界顶级金融中心的竞争力进

行排名。在该报告覆盖的26个新兴经济体中，

the Middle East and Asia totaled 26 and 11 percent respectively with 9 percent from the rest of the world. DIFC promotes itself as an international financial community covering various sub-sectors including banking, insurance, wealth management, capital markets, financial services, retail and also serving as a preferred location for corporate headquarters. As of September 2012, DIFC’s total registered companies were 899 with 13,000 employees working in the Center.

In the latest Global Financial Centers Index (GFCI September 2012) ranking, Dubai was the highest ranked financial center in the Middle East and Africa. The Index illustrated the positive gains obtained by the Emirate, leaping 7 positions since the previous edition six months prior and ranking 22nd globally. Its closest regional contenders were Qatar ranked at 35th and Abu Dhabi at 38th. With the exception of one edition, Dubai has been consistently ranked as the best financial services center in its wider

迪拜国际金融中心与中国上海浦东新区金融服务局于2011年在上海签署了谅解备忘录，显示了对加强双边关系的持续关注。

DIFC signed a Memorandum of Understanding (MoU) with the Chinese Pudong Financial Services Bureau in Shanghai in 2011, displaying a continuous focus on strengthening bilateral relations.

图片

Photo by R

osanne Wong



迪拜和多哈被评为上升速度最快的两个金融

中心。GFCI 同样询问受访者在未来的几年

时间里他们的公司最可能在哪个金融中心开

设下一间办公室，迪拜是排名第五的目的地。

外国基金法规更新

　　DIFC 基本上采用独立的立法体系，类

似英国普通法，并且坚持自己的民事和商事

法律系统。这包括监管该中心所有金融和附

加支持服务的法规，这里拥有独立的监管机

构——迪拜金融服务管理局。能够塑造自己

的监管环境让 DIFC 可以为在那里注册的企

业提供有吸引力的结构指导和商业激励。独

立监管机构的存在对基金发起人来说显得至

关重要，它也一直是该中心和迪拜酋长国基

金业最为吸引人的特点之一。8 月 26 日，阿

联酋发布了一份新的投资基金监管规定，在

市场上获得了不同的反应。新规则的亮点包

括将对投资基金的官方监管权从阿联酋中央

银行转移到了证券及商品管理局（SCA），

后者实际上已经开始负责监管投资基金日常

的运营。过去，外资基金通常在未获取阿联

酋央行批准的情况下选择性地向经验丰富的

投资者进行推销，这种举动曾经在阿联酋是

被默许的，但是现在它需要获得 SCA 的授权。

　　新的规定同样要求在该国发售的外国基

金通过经授权的代理人进行销售，并且拟为

阿联酋国内基金的成立和分销建立一个框架。

一些业内专家对在获得 SAC 批准的过程中所

遭受的层层官僚进行了批评，并且指责基金

经理因为额外的限制无法平等地对待成熟的

投资和零售投资者。其他人对最近发布的指

导方针表示出了支持，这特别归因于他们的

目标是确保提供更高水平的投资者保护。

　　在接受《境外投资》记者采访时，Al

Tamimi & Co 的执行合伙人 Husam Hourani

强调说：该行业和DIFC“基本上像往常一样。”

该公司在 DIFC 拥有一间办公室。他提到，

在规则更新之前，DIFC 在证券监管方面没

有获得任何特殊待遇。他补充说：“虽然大

家可能希望新的法规能够给予 DIFC 一定形

式的相互认可或者拆分，但是新的法规缺乏

这样的元素其实也没有改变什么。”此外，

他还指出，一些观察家甚至认为，中心缺乏

这样的优先地位是一个积极的迹象，因为如

果获得优惠待遇，这会使得 DIFC 依赖于一

个未来在理论上会失去的地位。

region since the twice-a-year GFCI was launched 5 years ago. The Index ranks 77 of the world’s top financial centers based on competitiveness via responses to surveys and ratings primarily answered by investment professionals worldwide. Dubai and Doha were rated as the two fastest rising centers out of around 26 emerging economies studied in the report. The GFCI also asked respondents which centers they believed were most likely to feature as the next office location for their organizations over the next few years, Dubai was rated 5th most expected destination.

Foreign Funds Regulatory UpdateThe DIFC essentially operates within an independent legislative system, similar to the English Common Law, as it adheres to its own set of civil and commercial laws. This includes separate regulations governing all financial and secondary supportive services provided in the Center through an independent regulator, the Dubai Financial Services Authority.

The ability to shape its own regulatory environment provides DIFC with the power to offer attractive structural guidelines and operational incentives t o i t s re g i s t e re d c o m p a n i e s . T h e existence of an independent Authority is crucial for fund promoters and has been regularly referred to as one of the Center’s most attractive characteristics with regards to the fund industry in the Emirate. On August 26th the UAE issued a new investment fund regulation that has resulted in a mixture of different reactions in the market. Highlights of the new rules include the official shifting of regulatory supervision for investment funds from the UAE Central Bank to the Securities and Commodities Authority (SCA), which in practice has already been in charge of overseeing investment funds on a day-to-day basis. Discreet marketing o f fo re i g n f u n d s to s o p h i s t i c a te d investors without prior approval from the Central Bank, a previously generally tolerated practice in the UAE, might now require the SCA’s authorization.

来源：Long FinanceSource: Long Finance

DIFC 2012 年世界金融中心排名 ( 根据全球金融中心指数评分 )DIFC World Ranking in 2012(By GFCI Score)

1 222200

400

600

800

100

0

300

500

700

3 4 5 6 7 8 9 10

伦敦London

香港Hong Kong

纽约New York

新加坡Singapore

苏黎士Zurich

首尔Seoul

东京Tokyo

芝加哥Chicago

日内瓦Geneva

多伦多Toronto

迪拜Dubai



　　谈及新规则下外资基金的地位，他说：“针

对费零售外资基金，此前宽容的市场准则将

在跨境或反向询价的领域中得以延续。”新

法规在推广零售外资基金方面缺乏相应的豁

免起初让一些基金经理感到担心。但是他指

出，此前在央行的管理下，这些基金也没有

获得特殊的待遇。Hourani 接着强调了 SCA

在各种场合下都表明了其维护阿联酋外资基

金行业现状的意图。鉴于新规定只适用于阿

联酋“境内”的活动，对跨境活动和反向询

价来说，情况将会与往常一样 - SCA 最近证

实了这种说法（SCA 最近甚至口头确认，邀

请外国发起人来阿联酋和与相应的外资基金

见面并不是违规的行为。）

　　SCA 同样给予了其他方面的确认。例如，

利用基金平台也将被视为反向询问，前提是

平台本身符合所有相关法规。此外，不该被

遗忘的是条例本身拥有一些例外的情况。

（例如，可以向全权委托投资组合管理人进

行推销）。

The new regulation also requires foreign funds marketed in the country to be offered through a licensed agent as well as proposing a framework for the establishment and distribution of UAE domestic funds. Some industry experts have criticized the added layer of bureaucracy in obtaining the SAC’s approval and the extra constraint for fund managers to effectively treat well-informed investors in the same manner they would retail clients. Others have voiced their support to the recent guidelines, specifically since they aim to ensure a higher level of investor protection.

In an interview with Invest In, Husam Hourani Managing Partner at Al Tamimi & Co, stressed that “it is essentially business as usual” in the industry and

DIFC, where one of the company’s offices is based. He mentioned that prior to the updated rules; DIFC was not granted any special treatment in terms of its securities regulation. Adding “while it may have been hoped that the new Regulations would provide some form of mutual recognition or carve-out for the DIFC, the lack of this in the new regulations does not in fact change anything on the ground”. Furthermore, he stated that some observers even consider the lack of such preferred status for the Center as a positive sign, because it would have resulted in the DIFC being dependent on a standing that it could theoretically lose in the future.

“The former tolerated market practice in respect of non-retail foreign funds is essentially free to continue as before on a cross-border or reverse enquiry basis” he said, commenting on the status of foreign funds under the new regulation. The absence of exemptions with respect to promoting non-retail foreign funds in the new law initially worried some fund managers, but he pointed out that there was no special treatment for these funds previously when they were regulated by the Central Bank. Hourani then highlighted how the SCA had provided several proofs of its intent to preserve the current practices in the UAE’s foreign fund industry; “Given the new Regulations only apply to activities “in” the UAE, for cross-border activities and reverse enquiries it is business as usual – a position which the SCA has recently confirmed (even to the extent that the SCA has recently verbally confirmed that an invitation to a foreign promoter to come to the UAE and meet regarding foreign funds will not be caught).

The SCA has also provided other confirmations, for example, that use of fund platforms will also be treated as reverse solicitation as long as the

迪拜国际金融中心（DIFC）通常被称为“世界上增长最快的金融中心”，它能够为全球企业提供新的经济体和扩大其潜在投资选项的机会。这一切归因于先进的基础设施、特别利于营商的税收制度和高度独立的监管。

Commonly referred to as “the fastest growing fi nancial hub in the world”, the Dubai International Financial Center (DIFC) provides global businesses with the opportunity to access new economies and expand their potential investment options.


聚焦国际金融中心IFC SPOTLIGHTILC 集团成立于 1999 年，

专业帮助个人和企业从阿拉伯联合酋长国（UAE）所提供的各种优势服务中获益。阿联酋是连接欧洲、中东、非洲和亚洲的理想

枢纽。它是世界上最安全的国家之一，与中国、美国和欧洲保持着长期持久的良好关系，并且是中东地区唯一免于遭受阿拉伯世界动荡的避风港。阿联酋拥有超过 30 个自由区和两个离岸金融中心，它们有许多优点，包括免税、无外汇管制、能够自由地遣返资本和利润、享有永久业权的物业以及便于获得居住许可证的政策，这些优点吸引了许多中国人来到这个国家。

在阿联酋建立公司有三种不同的方式：与当地合作伙伴一起建立公司、在自由贸易区建立公司或者建立离岸公司。

要在自由贸易区外建立一家公司，您需要找到一个当地的合作伙伴，它必须拥有公司至少 51％的股本，但是它在现实中通常不参与公司的业务运营。外国人可以最高拥有 49％的股份。在通常情况下，双方会签署补充协议，来重新规定双方之间的条款。

在各个自由区内可以建立完全由外国人拥有的公司，在这种情况下不需要当地合作伙伴。在自由贸易区内建立公司更为容易和快捷，其成本在通常情况下也会低于与当地合作伙伴建立合资企业。这种类型的公司同样能够提供获得阿联酋工作和居住许可的机会。在这个国家，您享有免税的待遇。

第三种类型的公司是阿联酋的离岸公司，它们不容许在阿联酋境内开展任何业务活动，也无法获得任何签证 / 居住许可。但是，它们可以在阿联酋拥有银行帐

The ILC Group which was started in 1999 assists individuals and companies which would like to benefit of the

various advantages the United Arab Emirates (UAE) offers. The UAE is the ideal hub connecting Europe, the Middle East, Africa and Asia. It is one of the safest countries in the world that has had a long-lasting good relationship with China, the USA, Europe and is the only safe haven in the Middle East exempted

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户，并且被允许在阿联酋的一些特定地区拥有房产。

ILC 能够提供法律服务，并且能够就建立本地在岸、自由贸易区和离岸公司提供专业建议，这些公司可以被用来开展业务、持股、进行公司构架或者达到免税的目的。ILC 是阿联酋离岸公司的注册代理人。他们的专业人士能够说 10 多种不同语言，其中也包括中文。

from the Arab turmoil. There are more than 30 free zones and two offshore centers in the UAE which has many advantages such as no tax, no foreign currency control, freedom to repatriate capital and profits, freehold property, easy residence permit which attracts many Chinese to this country.

There are three different ways of establishing a company in the United Arab Emirates: either together with a local partner, in a free zone or an offshore company.

To set up a company outside of the free zones, a local partner is needed; who must own at least 51 % of the share capital but in reality is usually not much involved in the business. The foreigner can own up to 49% of the company. It is common to have a side agreement which redefines the conditions between the parties.

In the various free zones it is possible to establish companies which are fully owned by foreigners and where no local partner is required. A company in a free zone is easier and faster to establish and normally less costly than a company with a local partner. Such companies provide also the opportunity of getting work and residence permits in the UAE, in a country where not tax is imposed.

The third types of company are UAE offshore companies they are not allowed to have any business activities within the UAE and it is not possible to obtain any visas / residence permits. However, they may own bank accounts in the UAE and are allowed to own property in selected areas of the UAE.

ILC provides legal services and offers expertise to establish local onshore, free zone and offshore companies for purpose of business, shareholding, company structuring or the benefit of free tax. ILC is registered agent for both UAE offshore companies. Their professionals speak more than 10 different languages which also includes Chinese.

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Swiss ILC Managements Services JLTInternational Legal Consultants

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United Arab EmiratesTel: +971-4-374-0700Fax: +971-4-374-0701Email: [email protected]

34 2012, Winter


重建“丝绸之路”

对迪拜和迪拜国际金融中心来说，来自中国

的投资正在变得越来越重要。目前，该中心

的官方网站也许最好地反映了这种情况。除

了阿联酋的本地语言（阿拉伯语）和如今的

全球商业语言（英语），该网站使用的其他

语言只有普通话，这为中国读者完整地介绍

了迪拜国际金融中心和其开展业务、登记手

续和立法。在 9 月的最后一周，迪拜国际金

融中心的高级代表团访问了中国的北京、上

海和香港，探讨了迪拜作为中国投资进入该

地区的门户所扮演的战略角色。迪拜国际金

融中心管理局的首席执行官 Jeffrey Singer 率

领了这个代表团，他的官方发言表达了该中

心的信心，相信其能够帮助中国拓展中东和

非洲地区的市场。他在一份官方声明中表示：

“自从成立以来，迪拜国际金融中心已经吸

引了中国主要的金融机构，这些公司多年来

在该地区取得了显着的增长。最近我们对中

国进行了访问，我们看到了来自中国机构的

大量兴趣。迪拜国际金融中心致力于加强中

国和中东地区的商业和贸易关系，并且希望

成为新丝绸之路发展的催化剂。”

　　他还指出，虽然该地区和世界第二大经

济体之间的关系从历史上来看非常不错，但

是真正的大幅提升是最近才开始的。他说：“几

个世纪以来，中国和中东地区一直是重要的

贸易和投资伙伴，但是交易量直到最近才开

始急剧上升。迪拜国际金融中心是帮助您获

得这个机会的理想的司法管辖区。”在这次

访问前一年，迪拜国际金融中心与中国上海

浦东新区金融服务局于 2011 年在上海签署

了谅解备忘录，显示了对加强双边关系的持

续关注。签署谅解备忘录的主要目的是为了

提高双方的潜在投资者对遍布中国、东南亚、

中东和非洲的众多商业机会的认识。

platform itself is in compliance with all relevant regulations. Also, it should not be forgotten that there are certain e xc e p t i o n s c o n t a i n e d w i t h i n t h e Regulations themselves (for example, it is possible to market to a discretionary portfolio manager).”

Rebuilding the Silk RoadChinese investments are becoming increasingly important for Dubai and DIFC, and perhaps the best indication of that is present on the Center’s official website. In addition to the country’s native language (Arabic) and today’s global business language (English) the only other language option available on the website is Mandarin, providing the Chinese readers with a complete introduction to DIFC and its areas of business, registration procedures, and legislation. During the last week of September, a senior DIFC delegation visited China with stops in Beijing, Shanghai and Hong Kong to discuss Dubai’s strategic role as a gateway for Chinese investments into the region. Jeffrey Singer, Chief Executive Officer at DIFC Authority led the visiting group and his official comments convey the Center’s confidence in its ability to facilitate China’s growing presence in the Middle East and Africa. “Since its inception, DIFC has attracted major Chinese financial firms, who over the years have achieved significant growth in the region. In

our recent visit to China, we saw great interest from Chinese institutions looking to come into the region to benefit from the promising growth opportunities. DIFC is committed to growing business and trade relationships between China and the Middle East, and to be a catalyst in the development of the new Silk Road” he was quoted as saying in an official press release.

He also noted that although relations between the region and the second largest economy in the world were historically strong, they have only now started witnessing tremendous growth. “China and the Middle East have been important trade and investment partners for centuries, but it was only relatively recently that volumes have risen dramatically. With the advent of high-technology, the scale today is many thousands of times greater and more complex, and DIFC is the ideal jurisdiction to access this opportunity” he said. This trip comes a year after DIFC signed a Memorandum of Understanding ( M o U ) w i t h t h e C h i n e s e P u d o n g Financial Services Bureau in Shanghai in 2011, displaying a continuous focus on strengthening bilateral relations. The main purpose behind the MoU is to increase awareness among potential investors from both sides about the numerous business opportunities spread across China, South Asia, the Middle East and Africa.

在 DIFC 注册公司的行业分布与增长Industry Distribution and Growth of Registered Companies in DIFC

来源：DIFC EconomicsSource: DFIC Economics

2007 2008 2009 2010 2011

金融机构Financial Institutions

商业服务Business Services

公共管理Public Management

257 346 348 386 431243 366 354 383 382

53 4 4 4


Luxury Investment

季刊 QUARTERLY WINTER 2012

www.investin.com.cn

硅谷的豪华房地产Luxury Properties in Silicon Valley

For Keeps Sake, My Overseas Property海外物业投资，明智之选？

Treasure Funds财富基金

002 2012, Winter

EXCLUSIVE SUPPLEMENT | 独家特刊

2012 LUXURY INVESTMENT S01

海外物业已经成为越来越多内地人

投资的首选。这归因于人民币的大

幅升值、豪华的住宅和周边配备设

施以及几乎能确保的投资回报率。

　　如今，中国房地产的泡沫已经破裂。唯

一无视这一点的人是那些努力购买他们的第

一套公寓的人。随着政府终于推出了房屋限

购政策，专业投资者和二套房购房者发现购

房变得越来越困难。自 2010 年以来，中国

二，三线城市的开发商已经将新房的价格降

低了 50％，但是由于工人和移民者购买房

Overseas property is the investment of choice for a large and increasing number of mainland residents. High

Yuan appreciation, luxury and surroundings exceeding their own lands, and return on investment almost guaranteed.

The questions are as follows… whereis all this money coming from, are Asian buyers propping up overseas realty markets, will this trend of buying continue, is much of China’s wealth people leaving the country,

and when the bubble eventually bursts in China, will there be a mass sell of overseas property or will there be exodus. These are all factors will influence the investors.

The Chinese property bubble has already burst… the only people who have not noticed are the ones trying to buy their first home. Professional investors and second home buyers are finding it harder to add to their property portfolio with the belated government’s home

For Keeps Sake, My Overseas Property

海外物业投资，明智之选？

By Allan Air

独家特刊 | EXCLUSIVE SUPPLEMENT

屋所带来的刚性需求，一线城市的房屋价格

保持稳定。你越远离城市，就会发现房地产

开发商正在推出许多优惠政策，因为他们发

现很难以过去计划的价格来销售这些房屋。

　　如果你有钱进行投资，可以到其他地方

看看。亚洲过热的房地产市场（尤其是中国）

目前占亚洲人在全球范围内海外购房总量的

30％。众所周知，亚洲买家撑起了伦敦曾经

滞后的豪宅市场，并且将在世界各地的其他

市场继续这么做。推动亚洲人海外投资热潮

的其他因素包括欧盟、英国和美国的货币

贬值以及严格的银行贷款政策。只要这些因

素继续存在，购买海外物业的趋势将得以

延续。

　　上涨的价格必定会下降，如果中国经济

出现严重的下滑，那么在世界各地拥有一些

物业是非常管用的，无论是用来出售或者生活。

一个人的损失是另一个人的收益

在部分准备金银行体系和宽松的货币下，抵押

buying restrictions. Since 2010, 2nd and 3rd tier cities in China saw developers slashing new build prices by up to 50 percent, while 1st tier city prices are stable due to hard working class locals and migrants looking for their first home. The further you travel out of the city limits there are many bargains from housing developers who are finding it hard to sell at the original planned price.

It makes sense to look elsewhere i f yo u h ave t h e m o n ey to s p l a s h . The overheated Asian realty market (especially in China) now accounts to the 30 percent of overseas global home purchases by Asian’s. It’s a well known that Asian buyers propped up London’s luxury property market when it was stale, and will continue to do so around the world. Other factors driving Asia’s

overseas spending spree are currency devaluation and tight bank lending practices in the EU, UK and U.S. As long as these factors continue the trend of buying overseas property will continue.

T h e d ay w i l l e ve n t u a l ly c o m e when China has to turn consumer, an internal economy, out priced by other nations’ hunger for what they have. Cheaper labor overseas and the heated Yuan valuation will contribute to the problems facing China’s future GDP. This could very well be from the USA with a thwarting currency, some Western European countries, struggling Asian countries or even Africa. When you look at what a hungry beast an international corporation is… the way they were attracted to China for use of cheap labor. They will as easy leave as they came. China’s heightened technology and local economy will keep them floating, for a time. At the level of governmental finance

S02 LUXURY INVESTMENT 2012

如果你有钱进行投资，可以到其他地方看看。亚洲过热的房地产市场（尤其是中国）目前占亚洲人在全球范围内海外购房总量的 30％。众所周知，亚洲买家撑起了伦敦曾经滞后的豪宅市场，并且将在世界各地的其他市场继续这么做。

It makes sense to look elsewhere if you have the money to splash. The overheated Asian realty market (especially in China) now accounts to the 30 percent of overseas global home purchases by Asian’s.

图片

Photo by A

llan Air

贷款和银行贷款为发达经济体带来了地产泡

沫。这个泡沫于 2008 年破灭，结束了 10 年

房地产价格上涨的周期。接下来，世界各

地的恐惧因素造成了大量资金逃离股市，

一些明智的投资者选择了现金存款、货币

和债券。

　　疲惫的金融市场投资者先将闲钱存放在

了银行和现金存款中，后来其中有很大一部

分进入了全球高端住房市场。市场的卖点包

括价格、高租金收益率和确保中长期的投资

回报。此外，购买昂贵东西担任人通常是那

些不缺钱花的人。在经济情况不佳的时候，

富裕人士能够继续花钱。全球各地重要地区

的高端房地产价格继续稳步攀升。与此同

时，工薪阶层和低下阶层的住房市场受到了

打击。

　　中国的房地产投资者进行海外投资拥有

各种不同的原因：度假别墅、子女出国留学、

移民、纯粹的投资，或在某处稳定地保存财

富（实体的）。

　　内地人已经超越了香港和台湾人，成为

加拿大最大的移民群体。此外，伦敦和墨尔

本也是受到内地房地产投资者追捧的热门城

and global economy, all the trillions in China’s foreign currency reserve will not help them, as the more they sell the higher the value of their own Yuan currency will go. In the current situation, the only reason China buys billions in EU and U.S. bonds is to keep the value of these currencies high, ensuring the Yuan currency stays at a reasonable low level, which keeps international trade rolling in. In a global financial geo political level, owning an overseas property may not see a return on investment when considering currency, inflation and the local market, but it is seen as a safe investment, much like a low yielding Bond which does not even beat inflation.

What goes up must come down, and if China crashes as high as it rose, having a couple of homes around the world will come in handy, to sell or to live.

One Man’s Loss is Another Man’s GainFractional reserve banking and easy money-mortgages and bank loans in over developed economies created the property bubble, which bust in 2008, knocking-off ten years price appreciation from housing, which was followed by the fear factor around the world causing a mass exodus from stock markets pushing the wise investors into cash deposits, currencies and bonds.

Much of the spare cash sitting in

疲惫的金融市场投资者先将闲钱存放在了银行和现金存款中，后来其中有很大一部分进入了全球高端住房市场。市场的卖点包括价格、高租金收益率和确保中长期的投资回报。

Much of the spare cash sitting in the banks and cash deposits of weary investors from financial markets found its way into the global luxury housing scene. The attraction being market correlated prices, high rent yields, guaranteed return on investment mid to long term.

图片

Photo by A

ntonio Visalliadis





市。豪华物业成为了投资首选。出手阔绰的

投资者主要来自中国的东南部（比如上海、

杭州和温州）以及北京和其他沿海城市。大

多数人是当地民营企业，他们把高价格的豪

华住宅作为投资目标，超过一半的交易选择

一次性付款。

　　许多新的海外购房兴趣与目前中国中央

政府对大陆购买多套房进行限制以及相关的

辩论相关。购买首套房的首付比例已经高达

30% 至 50%，这让新房购买者备受压力。

此外，银行业收紧的趋势让中国房地产业未

来 3 至 5 年的前景着实堪忧。

　　海外买家希望找到避险投资，来保护自

己的财富不受影响其他资产类别的金融风暴

的影响。对大部分投资来说，这是有一定

风险的。保护资本是否比投资回报率更为重

要呢？

香港没有那么热 ...

香港住宅物业的价格是目前是全世界最高

的，但是由于香港政府于 2012 年 10 月 26

the banks and cash deposits of weary investors from financial markets found its way into the global luxury housing scene. The attraction being market correlated prices, high rent yields, guaranteed return on investment mid to long term. Plus the people who buy expensive things are usually the ones with cash to burn. In harsh economic times the wealthy keep on spending. Luxury properties in key locations and well desirable post codes around the world have continued to climb steadily, at the same time, working class and lower class housing has taken a beating.

Chinese property investors have spread their wings far and wide for all sorts of reasons… vacation homes, children studying abroad, emigration, pure investment, or just somewhere stable to save wealth (in bricks and mortar).

Mainlanders have taken over from those in Hong Kong and Taiwan to become the largest immigrant community in Canada. In addition, London and Melbourne are also hot cities which are attractive to mainland property investors. Luxury houses are preferred.

B i g s p e n d e r s a re m a i n ly f ro m

新一波的中国买家正在抢购美国各地的豪宅物业，为该国的住宅房地产市场注入数十亿美元。随着美国房地产市场开始出现复苏的迹象，推动伦敦房价上涨的超级富裕投资者正在加利福尼亚州寻找机会。

A new wave of buyers from China are snapping up luxury properties across the U.S., injecting billions of dollars into the country's residential-real-estate market.

图片

Photo by K

evin Chang



日开始对非当地人和企业买家征收一项新的

15% 的印花税，投资者开始远离这个市场。

由于超高的房价，香港不再是亚洲顶尖的投

资目的地之一。今年，香港在亚洲地产投资

目的地排名中位列第 11 位，而最热的投资

目的地是雅加达，其次是上海和新加坡。

　　与此同时，西方的房地产开发商和物业

销售商都热衷于向中国投资者出售房产。这

是一个很难驾驭的市场，因为这里有各种复

杂的语言、文化、社会和经济差异。

永恒的价格标签

拥有这一切浮华不只是伦敦和纽约。全球每

一个城市都有自己繁荣的社区，那里的房产

被认为是收藏品，因此价格会随着买家的意

见而上涨。这些著名街区的房地产价格会起

始于 7 位数（美元、欧元或者英镑）：施

泰纳街、福煦大街、内特尔顿路、Hambros

Alle、安德鲁西大道、塔路、Ostozhenka

大街、Avinguda Pearson、Herengracht 和

Avenue Princess Grace。这些都是最为高

端的大街，吸引了许多出手阔绰的人。而这

些仅仅是我能够想到的冰山一角。

英国

虽然英国买家继续受到经济不确定性和抵押

贷款收紧的困扰，但是中国内地的投资者却

拥有资金。该国拥有全球规模第四大的高净

值人群。而且，中国最近对税制进行了改革，

而 2007 年年底以来人民币对英镑已经升值

了 50%，因此中国人对在英国进行投资者

有着真正的兴趣。

　　位于重要位置的高档社区（包括

Kensington、 Virginia Water 和切尔西）的

平均房价为每幢 200 至 500 万英镑。2012

年，中国买家占伦敦市中心住宅购买量的

5％以上。

澳大利亚

2012 年，海外买家占据了澳大利亚市场

30％的份额。新加坡、香港和马来西亚人是

主要的购房者。不断增长的财富和人民币的

升值推动了来自中国的投资，这反映了对确

保投资安全和永久业权的法律的一种渴望。

与在中国不同，一旦买家在澳大利亚购买了

物业，他们将拥有永久产权，并且可以一代

southeast China, such as Shanghai, Hangzhou and Wenzhou; in addition to Beijing and cities along the coast, many are the owners of local private enterprises who regard high price luxury housing as investment objectives – more than half of the transactions are one-off payments.

Much of the new interest in overseas real estate is linked to the ongoing debate and current restrictions set by the Chinese central government in buying multiple homes on the mainland. Up-front capital to buy a first home can be between 30 and 50 percent, putting stress onto new home buyers, combined with the current tight bank lending trend, puts a stale outlook in China’s housing market for the coming three to five year.

T h e r i s i n g n u m b e r o f C h i n e s e overseas property buyers has been well noticed, accounting for purchases in 2012, Chinese mainlanders made up 30 percent of investments in London, Toronto, Vancouver, and Singapore. The large amount of transactions in London for instance (six billion pounds) has boosted central London’s property valuations while surrounding boroughs have not risen in value.

Overseas buyers look to find haven investments to protect their wealth from the turmoil affecting other asset classes. As with most investments, there is a risk level… is the protection of capital more important than return on investment?

Hong Kong Not so Hot…Prices of residential properties in Hong Kong are currently the highest in the world but investors are turning away due to the Hong Kong government's enforcement of a new 15 percent buyer's stamp duty on non-locals and corporate buyers that was introduced on 26 October 2012. Hong Kong is no longer

one of Asia's top investment destinations due to its sky high property prices. Hong Kong emerged 11th most desirable Asian property investment location this year, with Jakarta taking the Hotspot, followed by Shanghai and Singapore.

At the same time, Western based developers and property vendors are keen to sell to Chinese investors. It’s a hard market to access with a complex range of language, culture, social and economic differences.

Everlasting Price TagIt’s not just London or New York that hold all the glitz and glam. Every city in the world has its own well heeled neighborhood, which are being looked upon as collector pieces, where prices will go as high as the buyer is willing to pay. The price tag on property in these famous streets will start from seven digits, in dollars, euro or sterling: Steiner Street, Avenue Foch, Nettleton Road, Hambros Alle, Andrassy Avenue, Tower Road, Ostozhenka Street , Avinguda Pearson, Herengracht , and Avenue Princess Grace are amongst many high end locations which attract the big spenders. And these are just the tip of the iceberg, off the top of my head.

UK While UK buyers continue to be held back by economic uncertainty and mortgage drought, mainland Chinese investors have money to spend. The country has the fourth largest number of high net worth individuals in the world. And, following recent changes in taxation in China and with the exchange rate on the Chinese Yuan up 50% against the Sterling since the end of 2007, they have a real appetite to spend it in the UK.

Properties in key locations in fancy neighborhoods in Kensington, Virginia



又一代往下传。

　　另一个驱动投资的因素是澳大利亚的教

育体系。有 16 万中国学生在澳大利亚学习，

许多能够负担得起的中国家庭宁愿在附近买

一套公寓。

　　悉尼的沃尔斯利大道是澳大利亚最昂贵

的住宅区，这里的地址是澳大利亚最高身份

的象征，拥有悉尼最昂贵 100 所房屋中的

16 所。

美国

新一波的中国买家正在抢购美国各地的豪宅

物业，为该国的住宅房地产市场注入数十亿

美元。随着美国房地产市场开始出现复苏的

迹象，推动伦敦房价上涨的超级富裕投资者

正在加利福尼亚州寻找机会。

　　虽然银行仍然热衷于通过发放贷款来避

免出现贷款人丧失抵押品赎回权的情况，但

是由于银行目前能够在资产负债表上消化更

大的损失从而获得发展的空间，因此它们也

已经开始出售这些不良库存。

　　目前，中国人是美国楼市第二大外国买

家，仅次于加拿大人背后的美国家庭，占销

售收入的 11％，从上年同期的 9％有所上升。

美国全国房地产经纪人协会公布的数据显

示，2012 年的国际销售收入达到了 824 亿

美元，相比 2011 年的 664 亿美元有所增长。

　　在洛杉矶、纽约和迈阿密，买家大多来

自中国，也有来自香港、新加坡和韩国的投

资者，他们正在从根本上改变这些地区的市

场。上个月，一对中国夫妇斥资 3450 万美

元在加州比佛利山庄的日落大道购买了一幢

凡尔赛宫风格的豪宅。一年前，一位香港商

人花费了约 2800 万美元购买了附近的一套

豪宅。

　　在过去的 6 个月中，纽约曼哈顿的新

建高楼 One57 七层楼面的整套公寓（每套

标价约为 5000 万美元）被中国买家买走。

另一个出手阔绰的大富豪是刘方毅，这位

来自上海的商人出资 1400 万美元购买了

Artech 的 17 套公寓，Artech 是一幢游轮造

型的现代玻璃建筑，俯瞰迈阿密近岸航道

(Intracoastal Waterway)。

　　随着不确定性困扰着全球金融市场，拥

有良好租金前景的美国各地主要城市房地产

正在又一次成为那些寻求受益的国际地产投

资者的首选。

Water, and Chelsea have an average house price between two and five million pounds. Chinese buyers accounted for more than 5% of residential purchases in central London in 2012.

Australia Overseas buyers made up 30 per cent of the Australian market for 2012. Singaporean, Hong Kong, and Malaysians were among the buyers. Chinese investment is being driven by rising wealth and appreciating Yuan- a desire for secure investments and freehold laws. Unlike in China, once a buyer purchases property in Australia, it's theirs forever and can be passed down from one generation to the next.

Another factor driving investment is the Australian education system. There are 160,000 Chinese students in Australia, and many Chinese families who can afford it would prefer to buy an apartment nearby.

Wolseley Road in Sydney is the most expensive residential street in Australia and its status stands as Australia's ultimate address, with 16 of the top 100 most expensive houses in Sydney.

USAA new wave of buyers from China are snapping up luxury properties across the U.S., injecting billions of dollars into the country's residential-real-estate market. Super rich investors credited with pushing up prices in London are now looking to California as the US real estate market looks to lift itself up off the ground.

So-called distressed inventory is starting to sell because banks are now in a better position to absorb greater losses and free up capacity on their balance sheets.

The Chinese are now the second largest foreign buyers of US homes behind Canadians, accounting for 11% of

sales, up from 9% in the previous year. Data released by the National Association of Realtors showed that international sales reached $82.4 billion in 2012, up from $66.4 billion in 2011.

Some developers of new projects are installing wok kitchens, following feng shui principles and putting lucky numbers on choice units; others are packaging property sales with new government residency programs designed to encourage foreign investment.

In Los Angeles, New York and Miami, buyers mostly from China- some from Hong Kong, Singapore and Korea, are radically altering the landscape. Last month, a Chinese couple paid $34.5 million for a Versailles-style mansion on Sunset Boulevard in Beverly Hills, California. A year earlier, a Hong Kong businessman paid around $28 million for a nearby estate. Over the last six months in New York, several full-floor apartments in a new Manhattan high-rise called One57, each with a price tag of roughly $50 million, have gone into contract with Chinese buyers.

Another big spender was Fang Yi Liu, a businessman from Shanghai, snapping up 17 apartments for a total of $14 million in the Artech, a modern glass building resembling a cruise ship that overlooks the Intracoastal Waterway near Miami.

Los Angeles is enjoying its biggest influx of foreign capital for years. The state is the financial hub of the US West Coast, with Los Angeles already home to the highest number of foreign born billionaires and Fortune 500 company chief executives outside New York.

As uncertainty stifles global financial markets, real estate with strong rental prospects in key cities across the United States is again becoming an asset of choice for the yield hungry international property investor.

Shanghai, ChinaSeptember 26th-28th 2013

INVEST IN Global Citizenship &

Residence Summit 全球投资移民峰会Shanghai, China

PROGRAM OVERVIEW

To meet demand of a growing number of Chinese high net worth individuals seeking personalized advisory services for themselves, their families and assets to move abroad, 境外投资 INVEST IN is pleased to announce the 2013 Global Citizenship & Residence Summit , in Shanghai.

In 2012 over 60% of surveyed Chinese millionaires intended to emigrate and more Chinese hold overseas assets tied to permanent residency than any other nationality (except US). In fact, more than 50 billion RMB was spent on overseas properties by Chinese nationals in 2012 alone.

The two day conference invites leading immigration consultants, luxury property developers and wealth management advisors to present and discuss a myriad of strategies in international investment and immigration. The Summit features a range of presentations, panel discussions and exhibitions from leading industry immigration experts, developers and wealth managers. Register your interest now to access a world of global business development opportunities through dedicated networking sessions.

WHO SHOULD ATTEND:

· Foreign & Local Immigration Consultants

· Real Estate Developers

· Investment Promotion Agencies

· Immigration Lawers

· Private Bankers

· Wealth Management Professionals

2013

Delegate Registration Fees:

Before June 30 – USD 1,200

After June 30 – USD 1,400

For further information, please contact Matthew SumnerMobile: | Email: [email protected]



很多时候，收藏跑车，佳酿，艺术精

品也堪称绝佳的投资方式。例如

歌手及作曲家 Chris de Burgh 去

年以 552,000 美元的价格售出了他的珍酿，

其中包括一箱 1945 年份的拉菲堡干红葡萄

酒，几乎是收藏建议价格的两倍；几个月

后，Baron Guy Ullens 的中国当代美术藏品

系列中一部分以 550 万美元的价格在香港拍

卖成交。20 世纪 80 年代晚期，Ullens 以每

幅作品大约 UD$5,000 的价格日购一幅，构

成了一个极具时代代表性的重要系列。Pink

Floyd 乐队的鼓手 Nick Mason 偏好收藏跑

车，他拥有一个由 40 款经典车型组成的赛

车系列，并定期参与勒芒 24 小时耐力赛等

赛车比赛。他的爱车 1962 法拉利 250 GTO

跑车每年都参与各项赛事，仍居世界最昂贵

的跑车之列。今年六月，相同车型以 3500

万美元的价格私下售出，相比 1996 年的售

价 350 万美元翻了 10 倍。

Occasionally, the trappings of wealth – like fast cars, fine wines and important works of art –

are also among the best investments. Examples abound: take singer and songwriter Chris de Burgh, who sold his most precious wines last year – including a case of Château Lafite Rothschild 1945 – for US $552,000, or almost double the collection’s guide price; Baron Guy Ullens’ collection of contemporary Chinese art was proved cannier still just months later, after a part of it fetched US$ 55 million at auction in Hong Kong. In the late 1980s, Ullens bought a painting a day – for roughly UD$ 5,000 per artwork – and assembled a collection of a breadth and depth so significant that it defined the era. Pink Floyd’s drummer Nick Mason

prefers cars, and has a collection of 40 classic models that he regularly races – at the 24 Hours of Le Mans, for instance. His 1962 Ferrari 250 GTO has entered into competitions every year since it was built, but is still among the most valuable cars in the world. An almost identical model was sold privately for US$ 35 million in June, realising a tenfold profit: in 1996, it was sold for just $3,5 million.

While it’s clear that collections of rare or otherwise precious goods can pay healthy dividends, they can just as easily prove wasteful: wine can spoil, art is extremely unpredictable and decades can pass before a verdict is reached on even the most expensive cars, defining them as classics. The trick is to know what to buy, and to have some influence within

Treasure Funds财富基金

By Iain Manley



　　尽管稀有藏品有可观收益，但它们也

容易变废：好酒可能变质，艺术品的价值

走向难以预测，即便是豪车在被认定为经

典之前也需经历几十年的时间。尤为困难

的是认准投资对象，以及在市场内的影响

力。因此藏品基金或财富基金对于那些对

此行业颇感兴趣，有一定认知，并且有资

金能力以外的投资者都是明智选择。其中

一例便是致力于投资中国艺术品及古董的

Xiling Group。公司通过两支基金共筹资

4200 万美元，以明确的目标来引导藏品投

资从而获得良好的收益：

·将资本投入于中国财富制造紧密相关的的

主要经济动力行业。

·将资本投入与有国际背景并具备长期历史

增长的资产，避免单独依赖中国经济。

·跟随中国经济的进步，投资于中外共同持

有的中国藏品，免受资本以及收益的稀释，

转向，冻结，折中或充公。

·投资于小众领域来扩大专业知识所带来的

增值价值。

·通过财富管理来使投资增值（比如在专业

出版物以及博物馆进行藏品展示）。

　　如果管理得当，藏品基金的收益来自于

投资资产的稀有性，因此类似于黄金投资，

免受通货膨胀，货币贬值，资本减值的影响。

而其收益率则会超过黄金投资，因为 1903

年的波尔多葡萄酒或 1958 年的法拉利只会

越来越稀有。有趣的是持有名酒的收藏人喝

掉一瓶酒或相当于给他的投资增值。

收藏品的定义范围广泛。例如钻石就属于收

藏品，一颗稀有或知名裸钻的价格凭借其等

级将远高于加工钻。另外乐器也属于收藏品，

通常其价值由年代决定。鉴定专家声称尽管

斯特拉迪瓦里小提琴的音质堪称一流，但实

际上是它的悠久历史以及背后的故事使其叫

价达千万美元。例如曾属拿破仑将军或一位

浪漫派诗人女儿的小提琴都因为历史传说而

大为增值。一些人表示，约翰·列侬的直立

施坦威钢琴则是以其独特的音质而在 2000

年的拍卖会上以 2,080,000 美元的高价被

George Michael 拍得。

三种最常见的投资型收藏品是葡萄酒，艺术

品，以及古董车。它们具有一些共同点，包

括专属基金的建立，以及定期随着市场价格

浮动而更新的参数表。通常这些藏品的历史

在一些国家，葡萄酒和古董车也被称作“损耗资产”，因为它们的寿命一般少于 50 年。投资者对于损耗资产的投资无需缴纳投资收益税，并且所获收益高于股票债券投资。

Two of the three – wine and classic cars – are also considered “wasting assets” in a number of jurisdictions, because both generally have lifespan shorter than 50 years. Investors do not pay a capital gains tax on wasting assets, and this can lift potential profi ts well above those made on stocks and bonds.

the market, which is why collectible or treasure funds make sense for all but the most enthusiastic, knowledgeable or wealthy investors. One such fund is the Xiling Group, which invests in Chinese artworks and antiques. It has raised a total of US$ 42 million with two funds, guided by a set of objectives that help to make sense of how collectibles can earn healthy returns: • Align capital with the major economic

drivers tied to great wealth creation in China.

• Align capital to an asset group that has long-term historical growth on an international basis and thus is not solely dependent on the Chinese economy.

• Participate in China’s economic growth with Chinese assets that are uniquely not held in China, where capital and profit could be diluted, diverted, frozen, compromised or confiscated.

• Participate in a sector where the knowledge base in concentrated in relatively few people; hence, where expert knowledge has true added value.

• Enhance value of investment through a c t i o n s s e l f - i n i t i a t e d by X i l i n g (e.g. placement of art in scholarly publications and museums, etc.).

If prudently managed, collectible funds can protect against inflation, currency devaluation and capital loss



意义，例如特定年份的红酒，知名的画作，

或冠军赛车，会使它们随之价值连城。在一

些国家，葡萄酒和古董车也被称作“损耗资

产”，因为它们的寿命一般少于 50 年。投

资者对于损耗资产的投资无需缴纳投资收益

税，并且所获收益高于股票债券投资。有评

论家指出藏品基金尚未受到足够的监管。虽

然确实如此，但正是这种风险使得专家以及

大胆的爱好者获得可观的收益。

葡萄酒基金

2008 年，香港免去葡萄酒进口税之后，中

国投资者看到了新的投资机会。中国工商银

行以及中信银行联合本土的君顶酒庄，在当

年首次于中国大陆推出了葡萄酒投资类金融

产品。此外，2010 年，中国的首个 QDII 葡

萄酒基金由法国兴业银行建立。此项基金是

法国兴业银行提供给私人理财客户的众多产

品之一，从而加大客户的投资多元化。

　　兴业银行中华区私人银行业务的 CEO

Hsiao-yun Lee 表示， “作为一项长期投

资，葡萄酒投资能够使流动资产投资多元

化。波多尔葡萄酒基金的平均年收益率约为

10%，而有时竞拍价格可达原始价格的 100

in ways broadly similar to gold, which derives most of its value from scarcity. They can surpass returns on gold too, because supplies of a 1903 Bordeaux or a 1958 Ferrari will only ever decrease, and the owner of a few bottles of rare wine is presented with the interesting possibility of increasing the value of his or her investment by drinking one of them.

There are a wide range of asset c l a s s e s t h a t c a n b e d e s c r i b e d a s collectibles. Diamonds are one example, because a rare or famous diamond will command a price higher by an order of magnitude than typically sized and cut stones. Musical instruments are another, and in most cases it is the instrument’s history that decides its price. Experts may claim that Stradivarius violins have an quality of sound still unsurpassed, but it is actually the instruments’ age and mystique that can fetch tens of millions of dollars – a point proven by the extra value attached to violins owned by a

Napoleonic general, say, or the daughter of a Romantic poet. Few would claim a special quality of sound for John Lennon's upright Steinway piano, which was bought by George Michael at an auction in 2000, for US$ 2,080,000.

Three of the most common investment-grade collections are wine, art and classic cars. All three share a number of characteristics, including funds that specialise in them and regularly updated indices that track fluctuating prices. It is also normally the history of a single item – be it wine of a particular vintage, a painting or a winning race car – that explains prices that are, on occasion, extraordinarily high. Two of the three – wine and classic cars – are also considered “wasting assets” in a number of jurisdictions, because both generally have lifespan shorter than 50 years. Investors do not pay a capital gains tax on wasting assets, and this can lift potential profits well above those made on stocks and bonds. Critics are quick to point out that collectible funds are not subject to sufficient regulatory oversight, which is true – but it is this risk that allows experts and bold amateurs to make a tidy sum.

Wine FundsIn 2008, when Hong Kong scrapped its import duties on wine, Chinese investors found themselves with a new asset class to consider. ICBC and China CITIC Bank offered the first financial products on the mainland investing in wine that year, in cooperation with local estate

约翰·列侬的直立施坦威钢琴则是以其独特的音质而在 2000 年的拍卖会上以 2,080 万美元的高价被 George Michael 拍得。

John Lennon's upright Steinway piano, which was bought by George Michael at an auction in 2000, for US$ 2,080,000.

图片

Photo by P

utoo Kang

中国 China 美国 USA 英国 UK 其他 Other

41%

24%

19%

16%

2011 年艺术品拍卖收益比例Artwork Autions Revenue Ratio in 2011

来源：ArtpriceSource: Artprice

国家 Country 收益比例 Ratio



Chateau Junding, and China’s first QDII wine fund was set up in 2010, by French bank Societe Generale. The latter fund is among the products offered to Societe Generale’s private banking customers, allowing them to diversify large portfolios.

“A s a l o n g - t e r m i n v e s t m e n t instruction, (wine) can diversify the current assets allocation in investment portfolios,” says Hsiao-yun Lee, CEO of China-based Societe Generale Private Banking Business. “The average annual return rate of a Bordeaux wine fund is about ten percent… (but) …sometimes the auction price may be 100 times

higher than the original price.” According to Wang Baoting, Chateau Junding’s vice president, the annual return on wine of the highest quality – as little as one percent of annual production – averages between eight and twelve percent , but can reach as high as 50 percent if investors purchase as yet unbottled wine.

The recognised benchmark for fine wine prices are Liv-ex indices, like the Fine Wine 50. Priced in pounds sterling, these indices can be used to make comparisons with other asset classes, illustrating the relative performance and volatility of wine. Live-ex is little

倍。” 君顶酒庄的副董事长 Wang Baoting

表示，“年产量为 1% 的精品葡萄酒，其平

均年收益率在 8% 至 12% 之间，但若投资

者购买期酒，则收益率将高达 50%。”

　　公认的精品葡萄酒价格参照标准是 Liv-

ex 指数 , 例如“Liv-ex 高级葡萄酒 50 指数”。

以英镑为价格单位，这些指数可用来与其他

资产投资进行对比，从而体现葡萄酒的收益

率表现及波动。虽然 Live-ex 只有 10 年多

的历史，但它为当时不甚明晰的市场引入了

新的有效标准从而增加了市场的透明度。

艺术品基金

中国的债券市场规模较小，股票市场也尚未

成熟。因此多数国内投资者更倾向于艺术和

古董投资，以至于中国凭借总额超过 57.7

亿人民币的艺术基金以及其他艺术藏品投资

工具的支持，已然成为世界上艺术投资的最

大市场。其中多数基金由主流银行募集，也

有一些通过信托公司管理，这些特殊的金融

机构所受政府监管极少。

　　行业中最重要的价格参照标准为纽约大

学的教授 Jianping Mei 以及 Michael Moses

于 2000 年所创造的梅摩指数。它追踪了世

界范围内约 27 万次重复拍卖的私人数据库

而得出。在 2008 年经济危机期间急剧下滑

之后，其表现通常优于标准普尔指数。去年，

它以 9% 的优势击败了蓝筹股，但仍旧无法

完美的反映出整个市场现状。限制于艺术品

的重复拍卖，它也难以避免所谓的“幸存者

偏差”。

　　幸存者的概念吸引了大量投资者进行艺

术投资。许多人认为，股市有崩盘或破产的

风险，但是大师级艺术品将永保价值。然而

就算是享誉世界，保存完好的名作，也有可

能无法获利。比如，尚未有投资者以 3000

万美元购得一幅作品而获利的。2008 年，

澳大利亚的艺术评论家 Robert Hughes 写

道，“艺术市场持续存在的因素之一即投

资者对于价格持续上涨的非理性观念。17

世纪意大利有一位画家名为 Guido Reni。

在当时名不见经传，但到了 18 世纪晚期，

许多鉴赏家称他与 Michelangelo 齐名为意

大利最杰出的画家。而直至 1950 年，只需

300 英镑就可以买到一幅 10 英尺的 Reni 画

作。艺术界中花无百日红。因此认为现代艺

术市场并无波动的观点只是痴人说梦。


古董车基金

如今中国尚未建立古董车基金，但是具有特

殊历史意义的稀有车辆如同葡萄酒与艺术品

投资，也有获利空间。在美国和欧洲涌现出

一批此类基金，其中包括由 Pink Floyd 乐队

的鼓手 Nick Mason 坐镇顾问委员会的 IGA

Automobile LP。这支基金旗下资产总值为

1 亿 5 千万美元，承诺收益率为 15%。另一

支则是由 Italian Count of Custoza 家族企业

管理的古董车基金。这支去年刚成立的基金

预期到 2016 年实现筹资 3 亿 5 千万英镑，

并且达到年收益率 17% 的目标。最低投资

额只有 100 英镑，且无锁定期。

　　最权威的古董车价格参考指数由Historic

Automobile Group International 制定。这项

指数追踪了 50 款经典品牌，例如法拉利，

保时捷，和布加迪，在过去的十年中，这项

指数的表现优于标准普尔指数。

over a decade old, but in that time it has brought new standards of efficiency and transparency to a traditionally opaque market.

Art FundsChina’s bond market is small and its stock market immature. Many in the country prefer art and antiques as a result – so many that China has become the world’s

largest market for this alternative asset class, supported by art funds and other art-investment vehicles worth a total of more than RMB 5,77 billion. Many of these funds are operated by mainstream banks, but others are managed by trust companies – financial institutions unique to China that are subject to very little government oversight.

The industry ’s most important

最权威的古董车价格参考指数由 Historic Automobile Group International 制定。这项指数追踪了 50 款经典品牌，例如法拉利，保时捷，和布加迪，在过去的三十年中，年增长率达到 12%。而在过去的十年中，这项指数的表现优于标准普尔指数。

The most respected classic car indices are maintained by the Historic Automobile Group International. Its index tracking 50 classic marques - like Ferrari, Porsche and Buggati - shows a 12 percent annual growth rate over the past 30 years. In the last ten, the index has significantly outperformed Standard & Poor's 500.



benchmark is the Mei Moses index, created in 2000 by New York University professors Jianping Mei and Michael Moses. It tracks a proprietary database of some 27 thousand repeat sales at worldwide auctions. After falling precipitously in 2008, during the financial crisis, it has regularly outperformed Standard & Poor's 500 index. Last year, it beat the blue chips by nine percent, but it remains an imperfect reflection of the market as a whole. Confined to artwork sold at auction more than once, it suffers from what is referred to as a “survivor bias”.

Survivors lure many investors into art. Stocks can collapse and liquidate,

they say, while the work of a master will always have value – but even well known, well trafficked artworks can fail to realise a profit. No investor has ever paid more than US$30 million for a work of art and made a profit, for example. “One of the things that sustain the art market is an irrational faith in a continuous rise in prices,” wrote Australian art critic Robert Hughes in 2008. “There was a 17th century Italian painter called Guido Reni. Not a lot of people have heard of him but in the late 18th century many connoisseurs thought that Italy’s two supreme artists were Michelangelo and Reni. But by 1950 you could buy a 10ft painting by Reni for £300. People fall out of fashion quite rapidly. So this idea of the inviolability of the modern art market is a fantasy.”

Classic Car FundsThere are no classic car funds in China yet, but rare vehicles with an unusual history can be just as profitable as wine or art. The US and Europe boast a n u m b e r o f t h e m , i n c l u d i n g I GA Automobile LP, which has Nick Mason – the Pink Floyd drummer – on its advisory board. The fund has assets worth US$ 150 million under management, on which is promises to deliver a 15 percent return. Another is the Classic Car Fund, managed by the family office of the Italian Count of Custoza. Set up last year, the fund aims to raise €350 million by 2016 and deliver an annual return of 17 percent. The minimum investment is just €100, and there is no lock-in period.

The most respected classic car indices are maintained by the Historic Automobile Group International. Its index tracking 50 classic marques – like Ferrari, Porsche and Buggati – shows a 12 percent annual growth rate over the past 30 years. In the last ten, the index has significantly outperformed Standard & Poor's 500.

图片

Photo by Jo Law

son

图片

Photo by Jason Lau

1962 年产的法拉利 250 GTO 跑车每年都参与各项赛事，仍居世界最昂贵的跑车之列。今年六月，相同车型以 3500 万美元的价格私下售出，相比 1996 年的售价 350 万美元翻了10 倍。

The 1962 Ferrari 250 GTO has entered into competitions every year since it was built, but is still among the most valuable cars in the world. An almost identical model was sold privately for US$ 35 million in June, realising a tenfold profi t: in 1996, it was sold for just $3,5 million.


S06 CITIZENSHIP & RESIDENCY 2012

2012 CITIZENSHIP & RESIDENCY S07

When it comes to a luxury investment product, many people will naturally imagine

a luxury mansion on top of the hill. Luxury apartments, single family

houses or great mansions symbolize the value and boost the ego of the Chinese investors. Among the best images are New York Manhattan apartments , London courtyard mansions, or California Beverley hills properties. However, high value does not automatically equate to best value. As savvy investors, we should be looking for potential value appreciation. Today, I would like to suggest the real properties in Silicon Valley possess the best value in offshore luxury investment. In fact this prime location already calls homes to millions of Chinese.

Silicon Valley (or San Francisco Bay Area in a broader sense) gets its nice reputation mainly from the huge selection of greatly successful high tech companies.

就奢侈投资产品而言，很多人会自然

地想到山顶上的豪宅。

　　豪华公寓、独户楼房和大型代

表着身价，让中国的投资者能够获得满足感。

其中最好的例子是纽约曼哈顿公寓、伦敦庭

院豪宅以及加利福尼亚州贝弗利山庄的物业。

但是，昂贵并不等同于最好。作为精明的投

资者，我们应该寻找潜在的增值点。今天，

我想推荐硅谷的房地产，它们在境外奢侈品

投资中拥有最优的价值。事实上，拥有优越

地理位置的硅谷早已是数百万中国人的家。

　　硅谷（在更广泛的意义上称为旧金山湾

区）的良好声誉主要得益于其所拥有的大量

非常成功的高科技公司。家喻户晓的名字

包括苹果、思科、甲骨文、脸谱、雅虎、

Twitter、E-bay、惠普和应用材料等公司。

硅谷拥有一些最好的大学，比如斯坦福大学

和加州大学伯克利分校。此外，硅谷拥有许

多美国最为优秀的高中。最近的疯狂人物是

林书豪，他就是硅谷顶级高中——帕洛阿尔

托高中——的优秀毕业生。毫无疑问，硅谷

为年轻人实现梦想提供了这个星球上最好的

地方之一，它应该获得您的关注。

即使今天旧金山湾区的房地产价格相比

The well-known household names include Apple, Cisco, Oracle, Facebook, Yahoo, Twister, E-bay, Hewett Packard, and Applied Materials and so on. The abundance of successful companies has everything to do with the highly skillful workforce, entrepreneurship spirits and venture capital funding. It boasts some of the finest universities such as Stanford University and University of California at Berkeley. It also attracts millions graduates from top universities and colleges around the globe. In addition, Silicon Valley is also a home to a good number of top high schools in the nation. One recent insanity phenomena was created by Jeremy Lin, who is the proud product of Palo Altos High, one of the top Silicon Valley high schools. No doubt that Silicon Valley presents one of the finest places on the planet to realize youngster’s dreams and it should grab your attention by now.

New Chinese immigrates to US find


观点 | OPINION

Infinity Financial Solutions

高级投资顾问

Rocky 在美国和中国金融及投资界拥

有超过 15 年的专业经验，专业从事

美国和境外投资顾问。他擅长财务规

划、股票研究、私募股权以及美国的

EB-5 移民项目。

Senior investment consultant Infinity Financial Solutions

Over 15 years of financial and investment experience in US and China, Rocky has specialized in US and offshore investments consulting. He has expertise on financial planning, equity research, private equity as well as EB-5 immigration to US.

Rocky Chan

CPA, [email protected]: Rocky Chan @ shanghai

硅谷的豪华房地产——百里挑一的选择

Luxury Properties in Silicon Valley– the cream of the crop

out very soon the degree of importance of high school scores and rankings on the housing value. If you are lucky to own a single family house in one of these schools districts (Monta Vista, Fremont mission, Palo Altos and west San Jose Lynbrook high schools) over the past 5 years, you would find out that the value of your house dropped the least during 2008 financial crisis and rebounded the most during the past 3 years. In fact, in some of the high end markets, home prices have gone up sizably even comparing with the peak in 2005. A few good examples include Saratoga up 23% from 2005 peak and Los Gatos up 8% during the same period.

Even though the real property prices today in San Francisco Bay Area have been up significantly from their low

points in early 2009, I still believe it has more room to go up in the short term and long terms. It should still be one of your top picks in oversea luxury investments. Here are some of the key reasons to invest in Silicon Valley properties, in addition to the good fundamental cultural, liberal and infrastructural supports offered in this prime location.

1. The 30-year fixed mortgage in the US has reached a new low, at 3.36%, providing the good backdrop of housing affordability.

2. Stronger economy in US and lower unemployment rate (a recent indication of 7.7%) will continue to fuel the rebound of housing markets.

3. The median price of single-family homes showed gains of 14-21 percent in all five counties of San Francisco Bay

2009 年初的地点已经实现了大幅的增长，

我仍然相信在短期和长期都有更多的上升空

间。这里仍然是海外奢侈投资的首选。以下

是投资硅谷物业的主要理由。

　　1. 美国 30 年期的固定抵押贷款利率已

经达到了一个新的低点：3.36％，这提升了

购房者的购买能力。

　　2. 美国经济复苏和较低的失业率（最近

为 7.7％）将继续推动住房市场的反弹。

　　3. 在旧金山湾区的所有五个县中，独户

住宅的中间价与上年相比增长了 14-21％。

这种势头仍有上升的可能性。

　　4. 市场的低库存和积极的买家让价格面

临上涨的压力。以下三点解释了为什么库存

低而需求高。

　　5. 放宽美国的移民政策吸引了越来越多

的中国买家和投资者购买美国的物业。最近

扩展的 EB-5 移民政策允许外国人只要拥有

50 万美元的投资资金就能够为全家申请移

民美国。圣 2012 年初至今，至少有 80％的


OPINION | 观点

Area, compared to the previous year. This momentum may still have legs.

4. A market with low inventory and active buyers creates upward pressure on prices. The following three points explain why the inventory is low and the demand is high.

5. Relaxing US immigration policy attracts more Chinese buyers and investors of US properties. The recently extended EB-5 immigration policy allows foreigners with as little as $500,000 investment money to apply for US immigration with the entire family. The money has to be invested in qualified development zones.

One number of big projects is recently approved in the center of San Jose and other places in Silicon Valley. For the year of 2012 so far, at least 80% of the total EB-5 immigration applications were filed by Chinese citizens. This easy immigration policy opens the gate for the flooding Chinese.

Meanwhile, on the contrary, the Canada government recently has closed the door to Chinese immigrants due to the fact that Chinese immigrants has “hi-jacked” the Canada house markets. The huge demands in Canada real properties (especially in Vancouver and Toronto) from Chinese immigrants pushed the housing prices to a record level, totally out of reach for the local Canadian residents. Because of this reason, more Chinese are expected to switch their immigration focus to US.

6. Returning expatriates are also picking up steam, buying properties in US recently. For the past decade, emerging market countries such as China, Thailand, and Vietnam, Philippine and so on, are the desirable destination of choices for American citizens to travel, find jobs and settle down. American found it extremely affordable to live in these countries. The


观点 | OPINION

EB-5 移民申请是由中国公民提交的。这种

简便的移民政策为大量中国人入美打开了一

扇大门。同时，与此相反，加拿大政府最近

向中国移民关闭了大门，其原因是中国移民

“绑架了”加拿大的房屋市场。中国移民对

加拿大房地产（尤其是温哥华和多伦多）的

巨大需求让住房价格达到创纪录的水平，这

使得加拿大当地居民完全无法购买房屋。由

于这个原因，越来越多的中国人预计将会把

他们的移民重心转移到美国。

　　6. 返回国内的侨民士也有上升的趋势，

最近他们也在美国购买物业。在过去的十年

中，新兴市场国家（如中国、泰国、越南和

菲律宾等）是美国公民旅行、找工作和安家

的首选目的地。大量的美国侨民发现，生活

在这些国家并不容易，更何况他们还面临其

他恼人的问题，比如文化冲击、不可接受的

卫生标准和针对境外人士的强硬规则。此外，

这些新兴国家中的国内和外国公司发现继续

聘用来自美国的外籍人士来运行和管理当地

业务变得越来越昂贵和不实际了。因此，

许多来自美国的侨民被迫辞去工作，或者

被不情愿地送回家。当他们返回时，他们

头脑中想到的第一个问题当然是住房。

　　7. 在硅谷的大多数中国人（无论最初来

自中国大陆、香港还是台湾地区）是在高科

技相关行业工作的，比如互联网、计算机、

生物技术半导体和各类工程公司。这些行业

的工资也是相对较高的。

　　2003 年的一项研究显示，湾区的平均

年薪大约为 70000 美元，远远超过了全国

平均 35000 美元的水平。即便如此，丰厚

的薪水本身也无法解释硅谷高昂的房地产价

格。高昂价格背后的真正原因是公司的股

票期权——它的形式可以包括限制性股票

（RS）、员工股票购买计划（ESPP）、

激励股票期权（ISO）、无现金补助或其他

形式的补偿方案。如果你所工作的公司上市

了，那么你就中大奖了。例如，如果一名来

自中国的软件工程师在谷歌上市之前加入该

公司，他在谷歌上市那天很有可能就成为了

一名百万富翁。事实上，随着公司的首次公

开发行、并购和其他形式的金融收购计划变

成现实，每天都有成千上万的中国人成为百万

富翁。这些快速致富的模式吸引了大量的中

国人来到湾区。

notions of loosening rules and abundance of jobs are also appealing to them. However, the time has changed and the tides have gone the other way. US dollar has been depreciating gradually; the ultra-high inflation in emerging markets is eating up their income and savings; increasingly catch-up or competitions from local workforce talents are pushing them to the edge.

A l a rm i n g n u m b e r of A m e ri c a n expats found out lives are not easy in these countries, not to mention other annoying issues such as the culture shocks, unacceptable health standards and tougher foreign rules designed to rip them off. Besides, both domestic and foreign companies in these emerging countries found it increasing expensive and not practical to continue to hire American expats to run and manage the local operations. As a result, many

OPINION | 观点

即使今天旧金山湾区的房地产价格相比 2009 年初的地点已经实现了大幅的增长，我们仍然相信在短期和长期都有更多的上升空间。这里仍然是海外奢侈投资的首选。

Even though the real property prices today in San Francisco Bay Area have been up signifi cantly from their low points in early 2009, we still believe it has more room to go up in the short term and long terms.

American expats are forced to quit the job or sent back home unwillingly. When they return, the first issue on their mind is of course housing.

7. Most of the Chinese (no matter o r i g i n a l l y f r o m m a i n l a n d C h i n a , Taiwan or Hong Kong) in Silicon Valley are working in the high tech related industries such as internet, computer, biotech semiconductor and all kinds of engineering. The Skillset requirements in these industries are relatively high and the associated pays are relative noble.

A study in 2003 has showed that the median salary in Bay area is around $70,000, far exceeding the nationwide average of $35,000. For high skilled engineers, the based salary easily tops $100,000. Nowhere in the world can beat that. Even so, great salary alone is no good enough to explain the high prices of Silicon Valley real properties.

图片

Photo by Jam

es He



　　8. 2008 年的金融危机对在美国各地的

房价造成了巨大的冲击。超过三分之一房地

产项目的市场价值低于所欠抵押贷款的价

值。因此，取消抵押品赎回权（银行控制销

售过程）和亏损出售（业主控制销售过程）

成为了相当常见的情况。然而，硅谷也不例

外。大多数的止赎和亏损出售发生圣何塞，

该地区占硅谷亏损出售交易总量的一半。在

过去的一年中，我们已经看到亏损出售的数

量已经超过止赎程序，成为受债务困扰的业

务的首选。新年过后，这可能会发生变化，

因为基于所谓的“财政悬崖”政策，税法中

的临时“债务减免”措施将会过期。鉴于这

一点，越来越多的业主在最后期限前赶紧进

行亏损出售，而未来一年中亏损出售的数量

将会减少。这一行动将有可能进一步降低住

房的供给库存，导致住房价格在不久的将来

出现上涨。

　　9. 硅谷是孵化大多数创业公司的地方。

这在确定技术发展趋势的方面是真正的领导

者。这所有的成就不能缺乏推动的引擎 - 天

使投资者、风险投资（VC）、私募股权投

资（PE）或其他形式的资金。

　　10. 硅谷大多数地区的住宅价格相比

2009 年的地点已经实现了明显的回升，而

美国的大多数住房市场相比 2006 年的高峰

期仍然遭受到了很大的损失。不要忘记我们

在大学市场营销课上学到的教训：位置、位

置、位置。

The true reason behind the noble price is company stock options, which is truly the wealth making machine. It could be in the form of restricted stock (RS), employee stock purchase plan (ESPP), incentive stock option (ISO), cashless grants or other kind of compensation programs. The jackpot comes the day when your employed company goes IPO.

If a Chinese software engineer, for instance, joins Google well before it goes IPO, he has a good chance to become millionaire the day after Google go public.

In fact, tens of thousands of Chinese became overnight millionaires when the IPO, M&A and other financial buyout schemes of their associated companies become a reality. These get-rich-quick models attract a tremendous number of Chinese to the Bay Area.

8. The 2008 financial crisis has made a huge crash in home prices all over the US. Over one third of the properties see the home market value go below the mortgage owed. As a result, foreclosure (the banks control the sale process) and short sales (the homeowners control the sale process) sizes becomes common scene in the neighborhoods.

Silicon Valley is not an exception, however. Most of the foreclosures and short sales happened in San Jose area, which accounts for half of the shorts sales deals in Silicon Valley. During the past year, we’ve seen short sales overtake the foreclosure process as the procedure of choice to deal with homeowner distress.

That may change after New Year’s because the temporary ‘debt forgiveness’ feature in the tax code is set to expire as part of the so-called ‘fiscal cliff ’. In light of this, more homeowners are rushing short sales to the deadline and less short sales are expected over next year or so. This action will be likely to further reduce the inventory supply of the housing, leading to an increase in housing prices in the near future.

9. Silicon Valley is the place to incubate the most startup companies. It is the true leader of setting the tone over technological trends. All of its achievements cannot make possible without the great engines – angel, venture capital (VC), private equity (PE) or other kinds of funding.

A great number of well-known and influential VC and PE companies locate at the heart of Silicon Valley, named Menlo Park or Palo Altos. Sequoia, IDG and Andreessen Horowitz, just names a few.

10. The home prices in most of the Silicon Valley areas have rebounded significantly over the 2009 low, while majority of other housing markets in US are still suffering great loss, comparing to the peak of 2006.

At this juncture, are you willing to bet on the continuous success of Silicon Valley and its property value or invest some other regions where prices are low but the markets are dead? It is your choice. Don’t forget the lesson we learned from our marketing class in college: location, location, location.

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《境外投资》是中国对外投资新闻的首席供应商，也是追逐全球赢利机会的中国金融中介机构、投资者和政府组织的重要市场平台。《境外投资》涵盖了所有重要的媒体渠道，包括杂志、网络新闻、数字化应用程序以及会议 ——旨在重塑离岸金融中心营商以及推销自我的方式。

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具有成本效益的组合

具有市场经验和专业态度的战略营销伙伴，与您一起邀请专业的行业团体

《境外投资》的会议服务包括：

022 2012, Winter

An exclusive supplement of


前国家主席胡锦涛 2012 年 6 月到访

香港时，随行团队拟定了一条人民

币国际化的重要措施，即毗邻深圳

建立一个特别经济区，名为前海湾。占 15

平方千米再生地的前海湾或将成为特定服务

产业中心。此特殊政策涉及六大行业，包括

金融，税务，通讯，然而其中最重要的一项

措施是使香港银行能够直接向内地公司开展

人民币接待业务，这无疑大幅度的降低了中

国资本的控制力度。

When China’s former Premier Hu Jintao visited Hong Kong in June 2012, members of his

party outlined an important step for the internationalisation of the Renminbi: the establishment of a special economic zone adjacent to Shenzhen, named Qianhai Bay. Set on 15 square kilometres of reclaimed land, Qianhai Bay is – or will be – a made-to-order service industry hub. Its special

policies are targeted at businesses in six different categories, including finance, taxation and telecommunications, but the most important of these is a measure that will enable Hong Kong banks to lend renminbi directly to mainland companies, significantly reducing the severity of China’s capital controls.

At present, Chinese clients can only borrow renminbi from Hong Kong-

深圳前海自由贸易区Shenzhen Qianhai FTZ

聚焦自由贸易区FTZ FOCUS

By Iain Manley

Qianhai Bay will not be completed until 2020, by which time many analysts expect to see full internalisation of the renminbi.

前海湾将于 2020 年完工，而很多分析师

预测到那时将已实现人民币的完全国际化。

36 2012, Winter

　　目前，中国客户只能在香港向在港银行

借人民币。要将这些资金投入内地市场，必

须先向中国外汇监管机构申请许可。前海湾

试行计划将衔接中国两套金融系统的分歧，

并且国外市场积累的大部分人民币将有可能

回流到充满各种投资机会的内地市场。

　　前海湾的特别条款有望在中国人民币完

全国际化的进程中取得决定性作用，在过去

的三年中，人民币国际化的脚步日益加快。

2009 年 7 月，人民币贸易结算首次以试行

的方式在香港，澳门以及十个东盟成员国的

交易中实行。一年后，这项计划扩展到世界

各国，也包括中国 20 个省市自治区，使得

所有进出口贸易都能够以人民币结算。尽

管这项计划起步较晚，但如今已经有超过

10% 的中国贸易可用本国货币结算。一份

来自 Bourse Consult 的研究报告表明，截

止今年四月，贸易增长致使超过 5,500 亿人

民币（合 870 亿美元）存入香港银行，600


based banks in Hong Kong itself. To put that money to use on the mainland, they must first seek approval from China’s foreign exchange regulator. The experiment in Qianhai Bay will bridge the divide between China’s two financial systems, and much of the renminbi that has accumulated outside the People’s Republic is likely to flow back to its mainland source, where investment

opportunities are both plentiful and diverse.

Qianhai Bay’s special regulations are expected to play a decisive part in China’s overall move towards full internationalisation of the renminbi, which has been picking up pace over the last three years. In July 2009, trade settlement in renminbi was allowed for the very first time, under a pilot scheme

图片 Photo by Qianhai FTZ

占 15 平方千米再生地的前海湾或将成为特定服务产业中心。此特殊政策涉及六大行业，包括金融，税务，通讯，然而其中最重要的一项措施是使香港银行能够直接向内地公司开展人民币接待业务，这无疑大幅度的降低了中国资本的控制力度。

Set on 15 square kilometres of reclaimed land, Qianhai Bay is – or will be – a made-to-order service industry hub. Its special policies are targeted at businesses in six different categories, including finance, taxation and telecommunications. This is a measure that will enable Hong Kong banks to lend renminbi directly to mainland companies, significantly reducing the severity of China’s capital controls.


that was restricted to transactions between Hong Kong, Macau and the ten members of the Association of Southeast Asian Nations (ASEAN). A year later, the scheme was expanded to include every country in the world, as well as 20 Chinese provinces and municipalities, allowing all imports and exports to be invoiced and settled in renminbi. The scheme took off slowly, but more than 10% of China’s trade is now thought to be settled in its own currency and a study conducted by Bourse Consult concluded that trade growth had deposited over 550 billion yuan (US$87 billion) into Hong Kong coffers by April this year, with another 60 billion in Singapore and 35 billion in London.

To a l l o w f o r t h e i n v e s t m e n t o f o f f s h o re re n m i n b i , re g u l a t o r s have opened up markets for yuan denominated bonds in the same three financial centres, with London joining the party most recently, in April, when HSBC sold the city’s first so-called dim sum bond. Hong Kong saw its monopoly on offshore renminbi slip, and the plans announced for Qianhai Bay could have pleased nobody more than the territory’s

banks, which have been lobbying for mainland regulators to loosen their grip on renminbi denominated investments for some time.

Demand for dim sum bonds has a l s o s l a c ke n e d re c e n t ly, b e c a u s e China’s slowing economy has lowered expectations for the appreciation of the renminbi. “Dim sum yield is six percent now, compared with as low as two percent one year ago,” says Nathan Chow, an economist at DBS Bank’s Hong Kong branch. “The appreciation story has been fading, so investors need more incentive to hold renminbi. The authorities need to create more renminbi investment tools such as renminbi denominated stocks.” Depreciation is not all bad news. With currency speculators departing, dim sum bonds are priced more accurately, allowing for fewer instances of arbitrage. Freeing up cross-border flows on the way to the full internationalisation of the renminbi also presents the Chinese government with fewer risks.

Hong Kong-based companies that set up offices at Qianhai Bay will receive tax breaks – a corporate income tax rate of 15% has reportedly been offered to some firms – and benefit from relaxed entry rules. International schools and hospitals will be allowed operate in Qianhai Bay without seeking a mainland partner, for example, skirting around a requirement that deters investors elsewhere. “Companies could kick start their operations in Qianhai Bay with funding from dim sum bond sales,” suggest Kelvin Lau, an economist at Standard Chartered Bank in Hong Kong. Unfortunately, Lau also expects Qianhai Bay’s renminbi flows to be ring fenced, possibly by government imposed quotas or limited participation in the experiment. “If anything, Qianhai will operate, by design, as an extension of Hong Kong, and it will be Hong Kong-

亿人民币存入新加坡银行，350 亿人民币存

入伦敦银行。

　　考虑到离岸人民币投资，四月份，监管机

构在三个金融中心开放了人民币债券的市场，

近期伦敦也加入其中，同时汇丰银行也首次

发售所谓的点心债券。香港离岸人民币垄断

优势逐渐减弱，并且前海湾计划的宣布将使

区域银行欢欣鼓舞，他们曾一度力争内地监

管机构放松对以人民币为结算投资的控制。

　　近期，随着中国经济发展速度的减缓而

导致人民币升值期待降低，点心债券的需求

也有所回落。来自星展银行香港分行的经济

学家 Nathan Chow 表示，“目前点心债券

的收益率为 6%，一年前只有 2%。人民币

升值的趋势已经渐渐衰退，因此投资者需要

更多的利好消息以持有人民币。有关政府需

要推出更多类似人民币计价股票的人民币投

资工具。”贬值并非一无是处。随着货币投

机者的离开，点心债券的定价将更准确，套

利机会也相应减少。在人民币国际化的进程

中，允许跨境资金的流动也体现出中国政府

的低风险。

　　在港公司于前海湾设立的办事处将享

受减税优惠，部分公司将享受 15% 的公司

税以及宽松的入市政策。比如国际学校和医

院在前海湾的运营也将无须内地合伙人的入

股，从而绕开了对其他国家地区的限制要求。

香港渣打银行的经济学家 Kelvin Lau 建议，

“公司可通过出售点心债券融资来支持在前


各区域占人民币跨境贸易总额的百分比（截至 2010 年 12 月）Percentage of RMB Cross-border Trade Settlement of Each Region ( Till December 2010 )

来源：HKMA, 彭博社Source: HKMA, Bloomburg

香港 Hong Kong 74%

新加坡 singapore 6%

委内瑞拉 Venezuela 3%

台湾 Taiwan 2%

越南 Vietnam 2%

巴哈马 Bahamas 2%

其他 Other 11%

38 2012, Winter

海湾的运营。”不过 Lau 也预期前海湾的人

民币流动仍然会受到限制，比如试行中政府

设定配额或设置参与限制。“前海湾将作为

香港的延伸地，而香港的各个机构也将涌进

这一地区。”

　　香港与前海湾之间的资金流动将以基础建

设联系为媒介，包括一座将前往香港国际机场

通行时间缩减为 15 分钟的大桥。从各方面来

看，这座大桥体现了此计划的寓意：如同香

港已成为连接中国内地以及国际投资者的桥

梁，前海湾也将成为连接香港与内地的桥梁。

它将效仿香港的监管条例，并且成立自己的

贪腐监督。因此也被称为“小香港”，同时

也保障了香港作为人民币离岸港的实质地位。

　　Nathan Chow 称此计划为“三赢”。他

表示：“首先，它为前海湾公司提供了开发

低成本离岸人民币筹资的直接渠道，从而提

升公司的营业毛利。其次，对于香港银行，

新人民币投资地的建立将促进其人民币借贷

业务，而此前，这项业务的增长远远落后于

其他离岸人民币产品。比如，去年未偿还的

点心债券激增了六倍多，达到3,000亿人民币。

相反，未偿还人民币贷款只有 420 亿，只占

整个离岸交易总数 5,540 亿的零头。第三，银

行间的存款竞争将进一步给离岸人民币存款

率带来走高的压力，从而促进在港人民币存


based institutions that will populate the zone.”

Financial flows between Hong Kong and Qianhai Bay will be matched by infrastructure links, including a bridge that will cut travel time to Hong Kong’s international airport down to 15 minutes. In many ways, the physical bridge is a metaphor for the project: just as Hong Kong has become an intermediary

positioned halfway between mainland China and international investors, Qianhai Bay will be halfway between Hong Kong and the mainland. It will have regulations modelled on Hong Kong's, including its own corruption watchdog, and it is already being referred to as a “mini-Hong Kong.” It will also ensure that Hong Kong remains the de facto hub for offshore renminbi.

Nathan Chow calls this a “win-win-win” situation. “First,” he says, “it provides a direct channel for Qianhai Bay firms to tap cheap offshore renminbi funding, thereby enhancing their operating margin. Second, the establishment of a new attractive avenue for renminbi fund investments for Hong Kong’s banks will boost their renminbi lending business; the growth of which has far been lagging behind that of other offshore renminbi products. For instance, the outstanding of dim sum bonds has ballooned more than six-folds to about RMB 300 billion last year.

In contrast, the total outstanding renminbi loans amounted to RMB 42 billion, is merely a fraction of the RMB 554 billion pool offshore. Third, deposit competition amongst banks will

0

1000

2000

3000

4000

5000

6000

人民币跨境贸易额Amount of RMB Cross-border Trade

来源：中国人民银行Source: The People's Bank Of China

一季度　1st Quarter

二季度　2nd Quarter

三季度　3rd Quarter

四季度　4th Quarter

2011 年

3604

5973 58345390

单位：亿元 Unit: 100 million yuan



款的增长。也将加速离岸市场人民币的流通。

　　深圳市长许勤表示，已有 21 家公司在

前海湾注册并将投入到 170 个项目当中。前

海湾的新住宅房地产价格也已是深圳同类住

房的两倍。有 100 套价格在一百万及以上的

住宅已被售出。根据伦敦《每日电讯报》的

报道，前海湾最高房价已达每平方 236,406

人民币，相较之下，巴黎一套豪华公寓只要

每平方 174,900 人民币，相同住宅在曼哈顿

也只要每平方 149,156 人民币。深圳市政府

雄心勃勃寄目标于前海湾在 2020 年 GDP

可达到 1,500 亿人民币。

　　一些人认为特别经济区的试行条例是对

上海这个中国最大的股票交易市场挑战，如

若成功，前海湾试行的宽松资本控制将很可

能在 2015 年实施于上海。然而中国政府也

很难阻止投资于前海湾的资本流向内地其他

地区，并且政府也有待出台限制套利的壁垒。

短期来看，这种观点尚有争论：前海湾将于

2020 年完工，而很多分析师预测到那时将

已实现人民币的完全国际化。

subsequently exert upward pressure on the offshore RMB deposit rates, which will in turn facilitate the growth in Hong Kong’s renminbi deposit. It will help boost renminbi circulation in the offshore market.”

According to Shenzhen’s mayor, Xu Qin, 21 companies have already registered to start work on a total of 170 projects in Qianhai Bay. New residential property in Qianhai Bay is already commanding prices almost twice as high as its equivalents in Shenzhen, with some 100 houses worth a million yuan or more having already been sold. According to London’s Daily Telegraph, Qianhai Bay’s most expensive homes are going for RMB 236,406 per square metre, compared to RMB 174,900 per square metre for a luxury apartment in Paris, or RMB 149,156 per square metre

for the equivalent in Manhattan. The government of Shenzhen is targeting a hugely ambitious annual GDP of RMB 150 billion in Qianhai Bay by 2020.

S o m e s e e t h e s p e c i a l z o n e ’ s experimental regulations as a challenge to Shanghai, which is home to China’s largest stock market, but if successful, the looser capital controls being tested in Qianhai Bay will almost certainly be extended to Shanghai by 2015. It is also going to be difficult for China’s government to prevent capital invested in Qianhai Bay from flowing out to the rest of the mainland, and the government has yet to clarify what barriers it will erect to prevent arbitrage. In the short term, their point is moot: Qianhai Bay will not be completed until 2020, by which time many analysts expect to see full internalisation of the renminbi.

40 2012, Winter


全球自由贸易区法律法规更新Global FTZs Law and Regulations Update

By Baron Laudermilk

世贸组织要求 19 个国家于 2013 年

起开始取消出口补贴

那些在多个热门离岸司法管辖区从

事出口业务的投资者也许需要重新考虑他们

的投资，这是由于世贸组织即将颁布的指令

将使得这些国家取消相应的出口补贴计划。

　　世贸组织补贴与反补贴措施委员会于

WTO Tells 19 Countries To Start Dismantling Export Subsidies In 2013

Investors who conduct export business i n a n u m b e r o f p o p u l a r o f f s h o re jurisdictions may wish to reconsider their investments in light of impending WTO

directives that will see the elimination of export subsidy schemes in those countries.

The WTO's Committee on Subsidies and Countervailing Measures on October 23 passed a measure calling on a group of middle income countries to start phasing



out export subsidies, including free trade zones and tax incentives, before the end of 2013.

T h e c o u n t r i e s a f fe c t e d by t h e measure are Antigua and Barbuda, Barbados, Belize, Costa Rica, Dominica, the Dominican Republic, El Salvador, Fiji, Grenada, Guatemala, Jamaica, Jordan, Mauritius, Panama, Papua New Guinea, St. Kitts and Nevis, St. Lucia, Saint Vincent and the Grenadines, and Uruguay.

WTO policy currently does not allow middle-income countries to provide export subsidies to firms operating within their borders through free trade zones and other tax incentives.

In 2007, the WTO’s General Council adopted a decision granting middle-income countries a transition period to eliminate their export subsidy programs. The decision sets the deadline by which middle-income WTO member countries have to start dismantling their export subsidy schemes to December 31, 2013, with all export subsidies to be abolished by December 31, 2015.

Although free trade zones, special economic zones and other incentives that countries establish to attract foreign investment and boost exports are not specifically mentioned in any of the treaties of the WTO, some of the export incentives that are typically part of free zones such as exemption of some indirect taxes on exports contravene WTO policies for middle-income countries. The WTO’s least developed member countries are exempt from these policies.

Rents in Panama’s Colon Free Zone To Be Increased, Says PresidentRents on land in Panama’s Colon free trade zone, Latin America's largest free-trade zone and the second largest free zone in the world, will be raised following

popular outcry over the Panamanian government’s abolished plans to sell the land in the zone.

Panama President Ricardo Martinelli said in a statement on October 23, that rents in Colon will be increased and 100 percent of the increased amount will go to improving the lives of those who live in the province.

The statement by the president followed protests over a law enacted October 19 that would have made it possuble for export-import businesses in the Colon free zone to buy land they are now leasing in zone.

The protestors argued that land in the free zone should not be sold, but rent on the land should be increased and the rent money invested in the impoverished Colon province in which the free zone is located.

About 2,000 companies lease land in the Colon Free Zone, and the lease money goes directly to the country’s central government. The law that was enacted by the government and then swiftly revoked had revived resentment against the national government , as Colon residents felt that little of the money the government would have gained from the land sales would have gone to improving conditions in Colon province.

The president and the legislature, on the other hand, argued that approving the law would raise more than $2 billion for Panama over the next two years, including a substantial amount that would have been invested in Colon province anyway.

The Panama National Assembly on October 24 formally revoked the law allowing the buying of land in Colon, meaning that businesses that want to operate in the area can only rent land in the tax free zone and cannot buy it.

10 月 23 日通过了一项措施，要求一系列中

等收入国家开始逐步取消出口补贴，其中包

括自由贸易区和税收优惠，该指令需要在

2013 年年底前完成。

　　受到该措施影响的国家包括安提瓜和巴

布达、巴巴多斯、伯利兹、哥斯达黎加、多

米尼克、多米尼加共和国、萨尔瓦多、斐济、

格林纳达、危地马拉、牙买加、约旦、毛里

求斯、巴拿马、巴布亚新几内亚、圣基茨和

尼维斯、圣卢西亚、圣文森特和格林纳丁斯

以及乌拉圭。

　　世贸组织现行的政策不允许中等收入国

家通过自由贸易区和其他税务优惠为在其境

内经营的企业提供出口补贴。

　　2007 年，世贸组织总理事会通过了一

项决议，给予中等收入国家一定的过渡期，

来取消它们的出口补贴计划。这项决议规定

中等收入的世贸组织成员国必须在 2013 年

12月31日前开始取消它们的出口补贴计划，

在 2015 年 12 月 31 日前必须取消所有出口

补贴。

　　虽然世贸组织的条约并没有具体提到自

由贸易区、经济特区和各国为吸引外国投资

和扩大出口而制定的其他激励措施，但是一

些出口激励措施（通常是自由贸易区的一部

分，比如免除一些针对出口的间接税收）

违反了世贸组织对中等收入国家的政策。世

贸组织中最不发达的成员国不受这些政策

的影响。

巴拿马总统表示巴拿马科隆自由贸易区的租

金将增加

在强烈的抗议迫使巴拿马政府取消科隆自由

贸易区土地出让计划之后，这个拉丁美洲最

大的自由贸易区（全球第二大的自由贸易区）

的土地租金将有所上涨。

　　巴拿马总统 Ricardo Martinelli 在 10 月

23 日的一份声明中表示，科隆自由贸易区

的租金将有所上升，增加的租金将全部被用

来改善该省民众的生活。

　　在总统发布声明前，该国于 10 月 19

日颁布了一项法律，引发了抗议。该法律拟

允许科隆自由贸易区的进出口企业购买它们

目前正在租赁的土地。反对者表示，自由贸

易区的土地不应该被出售，但是土地租金应

42 2012, Winter


该上涨，而租金应该被用于投资该自由贸易

区所处的贫困的科隆省。

　　大约有 2000 家公司在科隆自由贸易区

内租赁土地，土地租金直接交纳给该国的中

央政府。政府在制定了这项法律后又迅速地

撤回，这重新引发了民众对政府的不满。科

隆居民认为，政府通过卖地获得的钱中只有

很少一部分会被用来改善科隆省的生活条件。

　　另一方面，总统和立法机构认为，批准

这项法律将在未来两年中为巴拿马带来超过

20 亿美元的收入，其中的一大部分资金将

计划投资于科隆省。巴拿马国民议会于 10

月 24 日正式撤销了这项允许企业在科隆自

由贸易区购买土地的法律，这意味着那些希

望在这里开展业务的企业只能在自由贸易区

内租赁土地，但是不能购买。

亚美尼亚拟建立珠宝自由贸易区

亚美尼亚珠宝商协会副会长 Berge Abajian

于 10 月 29 日说，该国的珠宝自由贸易区将

于 2013 年在投入运营。在珠宝商大会的一

次演讲中，Abajian 说：“亚美尼亚政府已经

Armenia To Establish Jewelry Free Trade ZoneBerge Abajian, the vice-president of the Armenian Jewelers Association, said October 29 that a jewelry free trade zone would become operational in the country in 2013.

In a speech at a jeweler’s convention, Abajian said: "The Armenian government has OKayed our initiative and we are moving forward. We are now looking for a place where production can take place."

According to Abajian, the objective of establishing the free tare zone is to bring Armenian and international jewelers together to develop the country's jewelry industry. The Armenian Jewelers Association has regional representatives in the US, Europe, and the Middle East.

The president of the Armenian Jewelers Association Gagik Gevorgyan said in a statement on October 30

that Armenian jewelers provide that six to eight percent of the jewelry in the international market and that the proposed free trade zone would encourage investment in Armenia and increase the production of jewelry in the country.

China’s First Culture-Focused Free Zone to Be Put In Operation This YearThe Beijing International Cultural Trade Service Center, the first culture-focused free zone in China, will be put into operation in 2013.

The zone, which will be located near the Beijing Capital International Airport, will be established as a subzone of the Beijing Tianzhu Free Trade Zone. The culture free zone will provide preferential warehousing services for culture-related businesses and trade services for fashion designers and antique and artwork



批准了我们的倡议，我们正在按计划推进。

我们目前正在寻找可以进行生产的地方。”

　　Abajian 表示，建立该自由贸易区的目

标是要把亚美尼亚和国际珠宝商联系在一

起，共同发展该国的珠宝首饰行业。亚美尼

亚珠宝商协会在美国、欧洲和中东地区拥有

地区代表。

　　亚美尼亚珠宝商协会主席 Gagik

Gevorgyan 在 10 月 30 日发表的一份声明

中表示，亚美尼亚的珠宝商占国际珠宝市场

供应量的 6％至 8％，而拟建立的自由贸易

区将鼓励企业在亚美尼亚进行投资，并且增

加该国珠宝首饰的产生量。

中国首个以文化为主题的自由贸易区于今年

投入运行

作为中国第一个文化自由贸易区，北京国际

文化贸易服务中心将于 2013 年投入运营。

　　该自由贸易区坐落于北京首都国际机场

附近，将成为北京天竺综合保税区的一个分

区。文化自由贸易区将为文化相关的企业提

供优惠的仓储服务，并且为时装设计师以及古

董和艺术品收藏家提供贸易服务和其他服务。

　　该自由贸易区将对文化产品实行免税

拍卖。目前，中国进口艺术品的关税为

12％，进口商被要求额外支付 17％的增值

税和 5％的消费税。

　　参与建立该自由贸易区的企业包括

Euroasia Investment SA 、信德集团有限公

司、苏富比拍卖行和尤伦斯基金会。

　　文化自由贸易区计划将于 2015 年全面

建成，但是它会于 2013 年就开始运营。它

有望成为亚洲最大的文化产品交易市场。

　　自由贸易区运营商和发起人北京歌华文

化发展集团总经理助理 Wang Yudong 在接

受《环球时报》的采访时表示：“北京是全

国最大的文化产品生产基地。它也是文化产

品最大的消费市场，在北京设立该中心符合

城市发展的需求，对提升北京在全球范围内

的文化影响力也显得同样重要。”

　　Wang 表示，文化自由贸易区将帮助国

内文化企业在海外扩张中降低成本，使它们

的产品在全球市场上更具竞争力。他说，该

中心将耗资 50 亿元人民币（约合 8.0256 亿

美元），它的总建筑面积为 51 万平方米，

预计年营业额将超过 500 亿元人民币（约合

80.3 亿美元）。

collectors, among other services. The free zone will also allow tax-

free auctions for cultural products. Customs duty on imported works of art in China is currently set at 12 percent and importers are required to pay an additional value added tax of 17 percent and a consumption tax of 5 percent.

Euroasia Investment SA, Shun Tak Holdings Ltd, Sotheby's Auction House and the Ullens Foundation are some of the firms involved in setting up the zone.

The cultural free zone, is due to be fully completed by 2015, although it will start operations in 2013. It is expected to become the largest cultural product trading market in Asia.

"Beijing is the country's largest production base for cultural products," said Wang Yudong, assistant general

manager of Beijing Gehua Cultural Development Group, the operator and initiator of the free zone, said in an interview with the Global Times.

"It's also the largest consumer market for cultural products, and setting up the center in Beijing is in line with the city's needs and is also important in enhancing Beijing's cultural influence worldwide."

Wang says the culture zone will reduce the costs for domestic cultural enterprises in expanding abroad, making their products more competitive in global markets.

The center, costing 5 billion yuan ($802.56 million), will cover a total floor space of 510,000 square meters, he says, and its annual turnover is forecast to be more than 50 billion yuan ($8.03 billion).

44 2012, Winter


东欧自由贸易区机遇不可小觑

Free Trade Zones in Eastern Europe Bring Opportunities

By Baron Laudermilk

自从冷战结束后，东欧已经从一个封

闭的地区发展成为一个开放且不

断增长的地区。我们已经看到许多

国家度过了经济动荡，将自身转型为拥有生

产行业和不断发展的技术行业的发展中经济

体。这已经脱离了苏联的意识形态，而转而

追随西欧经济体，对外国投资实行开放的政

策。东亚其他主要的大国（如中国）也越来

越多地投资于东欧。东欧新的自由贸易区将

有助于推动拉脱维亚、爱沙尼亚、立陶宛、

格鲁吉亚和波兰等经济体实现更高水平的收

入和繁荣。这些自由贸易区将不仅让东欧国

家加速增长，而且也将为外国投资者带来很

多机会，尤其是来自中国的投资者。

东欧的主要自由贸易区

东欧的自由贸易区起始于 20 世纪 90 年代

柏林墙被推倒后不久。创建自由贸易区开始

于 1995 年左右，并在 20 世纪 90 年代中后

期加速。现在，东欧大多数国家都至少拥有

一个自由贸易区。随着西欧、美国甚至中国

Since the end of the Cold War, Eastern Europe has gone from a closed bloc to a liberalizing and growing

region. We have seen many of the countries that went through economic turmoil into transforming themselves into developing economies punctuated with manufacturing and growing technology sectors.

This has broken away from the Soviet Union’s ideologies and is now following the Western Europe in opening up their economies to foreign investment. Other major powers in the East Asia, such as China, are also increasingly investing in Eastern Europe. New Free Trade Zones (FTZ) in Eastern Europe will help propel the group of economies, Latvia, Estonia, Lithuania, Georgia, and even Poland, into higher levels of income and prosperity.

The FTZs will not only accelerate the growth of the Eastern European countries,

but it will also bring many opportunities to foreign investors, especially from China.

Major Free Trade Zones in Eastern EuropeFTZ in Eastern Europe began soon after the fall of the Berlin Wall in the 1990s. The creation of FTZ started occurring around 1995 and accelerated in the late 1990s. Now most countries in Eastern Europe have at least one FTZ. The major states that have already established a FTZ have helped the countries develop as Western Europe, the United States and even China seek new investment and business opportunities.

There are now many investment opportunities in Lithuanian partly due to its FTZ. In 1995 the Lithuanian parliament approved plans to establish FTZ in the city of Siaulia, which showed the world that it



开始寻求新的投资和商业机遇，已经建立了

自由贸易区的主要国家得到了发展。

　　现在，立陶宛有许多投资机会，其中一

部分原因是由于它拥有自由贸易区。1995 年，

立陶宛议会批准在 Siaulia 市建立自由贸易

区，向世界表明它已经准备好融入全球的经

济中。首个自由贸易区的成功让该国建立了

另外两个自由贸易区，一个位于 Klaipeda，

另一个位于Kuanas。根据立陶宛的官方文件，

这些自由贸易区旨在通过税收、海关和自由

的货币金融运行举措来提供优惠的条件，从

而促进贸易、制造业和出口方面的投资。不

幸的是，很多分析师都认为，这些地区管理

不善，导致很少有企业愿意去那里。但是一

些投资者仍然对立陶宛有兴趣，这是因为该

国靠近其他东欧市场（包括俄罗斯）。

　　作为东欧北部的国家，爱沙尼亚根据联

合国的标准是一个“发达”国家。它拥有三

个自由贸易区，它们帮助该国在过去的几年

里实现了迅速的发展。其中一个自由贸易区

位于 Muuga 港（构成塔林港的四个港口之

一），另一个位于 Sillamae（爱沙尼亚东北

部的工业区），最后一个位于瓦尔加（位于

爱沙尼亚南部，靠近拉脱维亚的边境）。目

前，只有 Muuga 港和 Sillamae 的自由贸易

区正在积极地运作中。自由贸易区不仅为居

民带来了巨大的经济利益，同时也让投资者

获益。从 2000 年至 2008 年，爱沙尼亚的

经济实现了平均每年 7％的增长，这使该国

成为欧洲实际国内生产总值增长最快的国家

之一。自从开放国内经济并且建立自由贸易

区以后，该国的贸易量增加了一倍。现在，

该国拥有很多贸易机会，许多海外强国正在

寻找稳定的国家进行投资。

　　其他较小的东欧国家也正在成为投资的

中心。作为欧洲东北部波罗的海小国，拉脱

维亚于 1997 年建立了自由贸易区，这个被

称为利耶帕亚经济特区的自由贸易区将运

营 20 年。该自由贸易区旨在促进利耶帕亚

市和该地区其他城市商业活动的发展。该自

由贸易区覆盖了该市约 65％的领土，其中

包括利耶帕亚港口、城市的工业区、机场以

及被称为 Karosta 的军事基地。该自由贸易

区让该地区的经济实现了大幅增长，这体现

在港口吞吐量的数字上。2012 年 2 月，拉

脱维亚央行的数据显示，利耶帕亚港处理了

570321.29 吨各类货物，相比 2011 年 2 月

的货物吞吐量增加了 52.7％。投资者会发

was ready to join the world economy. The success of the first FTZ brought about the creation of two more, one being in Klaipeda and the other in Kuanas.

According to official papers from Li thuanian , the FTZ are meant to provide favorable conditions to promote investments in trade and manufacturing and export through tax, customs, and free monetary-f inancial operation initiatives. Unfortunately, many analysts have agreed that these regions are badly managed which has resulted in a lack of businesses. But some investors are still interested in Lithuanian because of its close proximity to other eastern markets including Russia.

Estonia, a northern Eastern European nation, which is “developed” according to The United Nations, has three trade zones that have all helped the country develop rapidly in the last few years. One FTZ is in Muuga Port (one of the four harbors that form the Port of Tallinn complex), in Sillamae (an industrial area in Estonia's northeast), and in Valga (located in southern Estonia, near the Latvian border).

At this time, only the Muuga Port and the Sillamae zones are actively working.

The FTZ has brough major economic benefits to not only the countries people but also to its investors. From 2000-2008 Estonia’s economy saw an average growth of 7% per year, which made the country among the fastest growing real GDPs in Europe. And its trade has doubled since its economy opened up and because of the FTZ. There are now many opportunities in trade in the country, and outside powers are now looking into the stable country for investment opportunities.

Other smaller countries in Eastern Europe are also becoming investment hubs. Latvia, a small Baltic country in east northern Europe in 1997 created a FTZ, which will last for 20 years, called Liepaja SEZ. The FRZ aims to facilitate development of business activies in Liepaja city and the rest of the region.

The FTZ covers about 65% of the territory, and includes the Liepaja port, industrial territories of the city, the airport, in addition to the military base called Karosta.

The FTZ has resulted in major economic growth in the region, which can be seen in the amount of shipments going through the port. In February 2012, data from

46 2012, Winter


现，通过该国的港口进行贸易业务是相当简

单的，而这里的税收要低于附近的其他港口。

　　规模较大的西方国家已经与发展中的东

欧国家建立起了伙伴关系，着眼于这些关系

能够带来的投资和商业机会。 2011 年年底，

欧盟启动了与摩尔多瓦和格鲁吉亚的自由贸

易区谈判，它们是该地区最大的两个国家。

欧盟希望与摩尔多瓦和格鲁吉亚达成关于建

立深入且全面自由贸易区（DCFTA）的协议。

这些 DCFTA 协议将取消双边货物和服务贸

易上的关税和配额，并且消除非关税障碍（通

过采取欧盟在公共采购、卫生和安全标准以

及知识产权方面的规则）。这笔交易将使

这两个国家融入西欧市场。其背后的想法是

刺激欧盟和这两个国家之间的 DCFTA 贸易，

并且改善这两个国家的投资环境。 DCFTA

将促进地区之间的经济增长，也将给摩尔多

瓦和格鲁吉亚的企业带来新的机会。

中国在东欧投资

在过去一年中，中国政府明显地加强了对

东欧的投资。2012 年 4 月下旬，中国总理

温家宝表示，到 2015 年，中国希望实现与

中欧和东欧国家的贸易增加一倍，达到每年

1000 亿美元。这个声明显示了中国和东欧

国家的领导人正在一起努力创造一个友好的

投资环境，来为双方创造商机。

　　中国在该地区进行投资并不是一个新的

趋势。中国已经投资于东欧地区的电子和化

工产品制造业。由于这里的劳动力成本要低

于西欧并且拥有高度熟练的工人，因此在这

里投资是有吸引力的。

　　2012 年 2 月，中国在欧盟地区的首

个汽车工厂于保加利亚北部洛维奇附近的

Bahovista 投产。同一个月，中国完成了历

史上在波兰的最大投资项目。柳工机械出资

大约 1 亿美元收购了 Huta Stola Wola。在

此之前一年，万华实业集团收购了匈牙利化

学品制造商 Borsodhem。而作为中国重要

的航运企业，中远集团已经开始与克罗地亚

方面进行谈判，希望投资 10 亿美元建设亚

得里亚海的里耶卡港。

未来中国在该地区的机会

东欧自由贸易区的发展为中国的投资者带来

了很多机会。在各种投资兴趣中，有些中国

企业已经开始研究投资东欧的电子产品生产

行业。尽管中国的劳动力仍然要便宜得多，

东欧自由贸易区的发展为中国的投资者带来了很多机会。在各种投资领域中，有些中国企业已经开始研究投资东欧的电子产品生产行业。尽管中国的劳动力仍然要便宜得多，但是东欧的劳动力拥有更高的水准。

The development of FTZ in Eastern Europe has brought about many opportunities for Chinese investors. One of the main interests that Chinese companies have been seeing in Eastern Europe is in electronic manufacturing.

图片

Photo by Jennifer Lau

Latvia’s central bank shows that the Port of Liepaja handled 570 321.29 tons of various cargoes which is an increase by 52.7%, as compared to the cargo throughput in February, 2011. Investors will find that doing trade in the country via its port is fairly simple, and that taxes are low compared to other ports nearby.

In late 2011, The European Union launched negotiations on free trade zones with Moldova and Georgia, which would be the two of the largest in the region. The EU wants to establish Deep And Comprehensive Free Trade Areas (DCFTA) with Moldova and Georgia.

These DCFTA agreements would abort duties and quotas in mutual trade in goods and services, as well as the elimination of non-tariff barriers (by the adoption of EU rules on public procurement, health and safety standards, and intellectual property rights, among other means).

This deal would allow the integration of both countries with the Western European Market. The idea is to stimulate

DCFTA trade between the EU and the two countries, as well as to improve the investment climate in both countries. The DCFTA would result in economic growth between growth regions and would also translate into new opportunities for Moldova and Georgia businesses.

Chinese investment in the Eastern EuropeThe Chinese government has clearly been focusing on investing more in Eastern Europe in the past year. In late April 2012 the former Prime Minister Wen Jiabao said that China wanted to double it’s trade with trade Central and Eastern European countries to $100 billion a year by 2015. This statement demonstrates that China and Eastern European leaders are working to create a friendly investment atmosphere that will create business opportunities for both parties.

China’s investment in the region isn’t a new trend. China is already investing in the production of electronics and



但是东欧的劳动力拥有更高的水准。Frost

＆ Sullivan 电子和证券行业分析师 Santosh

Kumar P 在一份报告中表示：“东欧在电子

制造业领域的统治地位主要得益于能够以较

低的成本获得高度熟练的劳动力。包括匈牙

利、波兰和捷克共和国在内的国家建立了良好

的生产设施。”那些开始制造先进电子设备

的中国企业可以把东欧作为一个考虑的选项。

　　中国投资者在东欧的另一个重大机遇是

东欧所带来的地理机会。除了接壤俄罗斯以

外，东欧邻近全球最大的进口地区（西欧），

也靠近一些富裕的北欧国家，如芬兰、瑞典、

丹麦。对那些有兴趣进入这些市场的中国企

业来说，它们可以考虑在东欧投资，因为这

里拥有得天独厚的地理位置。

　　最后，中国企业会发现东欧的另一项主

要优势是拥有各种自由贸易区，以及随之而

来的低税收和其他经济优势。现在，大部分

东欧经济体拥有重要的贸易区，它们正在寻

求来自海外的投资。可以确定的是，这些国

家欢迎来自中国的投资，希望能够刺激他们

的经济发展，并且与世界第二大经济体建立

起良好的关系。

　　欧洲继续在债务问题中挣扎，而美国的

财政体系也经历着跌宕起伏。在这种情况下，

中国可以在东欧找到发展的机会。该地区正

在迅速地发展，很多国家每年的增长率都超

过了 5％。中国企业应该至少考虑一下东欧，

不仅是因为这里充满机会，而且还因为它们

对投资的需求很高。

chemicals in Eastern Europe, which is attractive because of the lower labor cost compared to Western Europe, and because of the highly skilled work force.

In February 2012, production started at China’s first EU car factory at a plant in Bahovista, near Lovech in northern Bulgaria. And during the same month China completed its largest investment in history with Poland.

Liugong Machinery took over Huta Stola Wola for around $100. This came a year after Wanhua Industrial Group took control of Borsodhem, a Hungrian Chemical manufacturer. And Cosco, a major Chinese shipping company, has started negotiations on investing around $1b in developing Croatia’s Adriatic port of Rijeka.

Future Chinese Opportunities in the regionThe development of FTZ in Eastern Europe has brought about many opportunities for Chinese investors. One of the main interests that Chinese companies have been seeing in Eastern Europe is in electronic manufacturing.

Although labor is still drastically cheaper in China, it’s more skilled in

Eastern Europe. Santosh Kumar P, Industry Analyst for Frost & Sullivan's Electronics & Security group, said in a report “The dominance of Eastern Europe in electronic manufacturing is mainly attributed to the availability of low cost, and highly skilled labor. Countries such as Hungary, Poland and the Czech Republic have well-established manufacturing facilities.”

Chinese companies who are beginning to manufacture advanced electronic equipment may consider Eastern Europe as an option.

Another major opportunity that Chinese investors have in Eastern Europe is the geographic opportunities that come with it. Eastern Europe is stationed next to the largest import bloc in the world – Western Europe, and it is usually situated next to rich northern European countries, such as Finland, Sweden and Denmark, in addition to its closeness to Russia. Chinese companies that are interested in tapping into those markets may consider investing in Eastern Europe because of its ideal proximity.

Finally, one of the major advantages that Chines companies will find in Eastern Europe is the various FTZ, which come with low taxes and other economic advantages. There are now major trade zones in most of Eastern Europe’s economies, which are seeking overseas investment. It’s fair to say that these countries will welcome Chinese investment to stimulate their economics and build good relations with the world’s second largest economy.

As Europe continues to struggle with its debt problems and has the U.S. fiscal system goes through its ups and downs, China can find secure and growing opportunities in Eastern Europe. The region is growing rapidly, with many of its countries growing over 5% a year. Chinese companies should at least look into Eastern Europe not only because of the opportunities, but also because of high demand.

48 2012, Winter

根据目前的估计，全球 120 多个国

家和地区拥有超过 100 个自由贸

易区。对投资者来说，自由贸易区

能够提供简化的外商投资程序、对外资所有

权没有限制并且提供最低至零的低税率。通

过吸引外商投资、创造就业机会和促进出口

为主导的工业化，这些贸易区促进了所在国

家的经济发展。本文着眼于三个最有前途的

自由贸易区为投资者提供的激励政策，以及

投资者该如何在那里进行投资。

尼日利亚

尼日利亚是非洲最大的石油生产国，在全球

排名第 11 位。该国能够提供投资大量尚未

开发的自然资源的机会，以及一个快速成长

的自由市场经济和拥有显着较低劳动成本的

商业环境。尼日利亚拥有 11 个已经投入运

营的自由贸易区，9 个正在建设中的自由贸

易区，以及 5 个拟建的自由贸易区。这些区

域中允许的活动范围各不相同，包括制造、

电子、纺织、食品、石油和天然气物流以及

矿物加工等行业。

　　尼日利亚各大自由贸易区为投资者提供

的激励机制包括免去所有联邦、州或当地政

府的税收，并且免除关税及相关费用。此外，

对尼日利亚自由贸易区中制造的货物征收的

进口税仅以原材料的值为税基，而并不按照

成品的值进行计算。此外，在尼日利亚自由

贸易区中，前六个月的建设期不收取任何租

金，并且对外资所有权或者资本，利润和股

息的遣返没有任何限制。

　　对于那些愿意投资该国的石油和天然气

资源的人来说，在尼日利亚自由贸易区进行

投资是特别有价值的。尼日利亚的 ONNE

石油和天然气自由贸易区是全球唯一针对石

油和天然气工业的自由贸易区。与尼日利亚

其他自由贸易区为投资者提供的激励机制相

类似，那些投资于 ONNE 石油及天然气自

Current estimates indicate that there are more than 100 free zones in over 120 countries. For investors,

free zones offer streamlined foreign investment procedures, exemption from limits on foreign ownership and nil to low taxes. These zones promote economic development for the countries in which they are located by attracting foreign investment, generating employment and fostering export-led industrialization. This article looks at the incentives offered to investors in three of the most promising free zones and how investors can invest in them.

NigeriaNigeria is the largest oil producer in Africa


and the 11th largest in the world. The country offers the chance to invest in a vast amount of untapped natural resources, a rapidly growing free market economy and a business climate with significantly low labor costs. Nigeria has 11 operational free zones, nine free zones currently under construction and five free zones in the pipeline. The range of activities permissible in these zones varies and includes the manufacture of electronic, textile and food products, oil and gas logistics and mineral processing, among other fields.

The incentives available to those who invest in Nigerian Free zones include no federal, state or local government taxes and no customs duties and levies. In addition, the import duty levied on goods

全球自由贸易区投资信息更新Global FTZs Investment Update

By Tendai Musakwa



由贸易区的投资者能够享受进口税和出口税

豁免，并且全额遣返他们的资本和利润。

　　相比较而言，在尼日利亚其他地方注册

成立的公司如果经营天然气或石油开采业

务，它们需要承受 50％至 85％的利润税。

而在自由贸易区以外经营炼油业务的尼日利

亚公司必须支付 30％的利润税。同时，在

ONNE 自由贸易区以外经营石油生产上游和

下游业务的外国企业需要将其营业额的 20％

作为税收上缴。因此，在 ONNE 自由贸易区

进行投资能够为投资者节省大量的成本。

　　投资于尼日利亚的自由贸易区拥有一个

简化的流程，只需要从尼日利亚出口加工区

管理局的网站下载一份申请表，向管理局的

办公室提交这份报告和可行性研究分析，在

经营许可证后提交投资资金获得，准备经营

场所，然后就可以开始运营了。如需获得更

多信息，可以致电尼日利亚出口加工区管理

局（+234 9413 1598）或尼日利亚驻中国

大使馆的商业咨询台（+86 10 6532 3631，

分机 626）。

阿拉伯联合酋长国

阿拉伯联合酋长国（UAE）拥有一个政治稳

定且以石油为基础的经济体系，以及一个新

兴的零售行业，后者预计在未来几年内会由

于旅游和商贸的发展而实现繁荣。该国拥有

36 个不同行业的自由贸易区，涵盖了从保

健到汽车零部件的多个行业，并且正在计划

建设 10 个新的自由贸易区。阿联酋自由贸

易区的范围从迪拜（人口数量最多的酋长国）

一直延伸到了乌姆盖万（人口数量最少的酋

长国）。

　　对那些在阿联酋自由贸易区投资的人来

说，他们所能够获得的激励机制与其他发

展中国家的自由贸易区相类似，包括允许

100％的外资所有权、提供 100％的进口税

和出口税豁免，并且允许 100％的资本和利

润遣返。但是，阿联酋自由区还为投资者提

供了住房保障、劳动力招聘协助和长达 30

年的企业税豁免。

　　阿联酋的每个自由贸易区拥有独立的自

由贸易区管理局。在阿联酋自由贸易区内建

立企业需要填写自由贸易区管理局的相关调

查问卷，并且提交牌照申请和规划文件。投

资者需要与自由贸易区管理局会面商讨项目

的详细情况，然后可以获得临时批准和许可

manufactured in Nigerian free zones is calculated only on the basis of the value of raw materials and not on the basis of the value of the finished products. Also, no rent is charged during the first six months of construction in Nigerian free zones and there are no restrictions on foreign ownership or repatriation of capital, profits and dividends.

Investing in Nigerian free zones is a particularly worthwhile investment for those who wish to invest in the country's oil and gas resources. Nigeria's Onne Oil and Gas Free Zone is the only free zone in the world that caters solely to the oil and gas industries. Similar to the incentives offered to investors in the rest of Nigeria's free zones, investors who invest in the Onne Oil and Gas Free Zone are offered a 100 percent import and export tax exemption and allowed 100 percent repatriation of their capital and profits.

I n c o m p a r i s o n , c o m p a n i e s incorporated elsewhere in Nigeria that are involved in gas or oil extraction have a tax of 50 to 85 percent of their profits levied on them, while Nigerian companies involved

in oil refinement that operate outside the free zone have to pay 30 percent of their profits as taxes. Meanwhile, foreign companies involved in both upstream and downstream sectors of oil production operating outside the Onne free zone have to pay 20 percent of their turnover as taxes. As such, investing in the Onne free zone offers substantial savings for investors.

Investing in Nigeria's free zones is a streamlined process that involves downloading an application form from the Nigeria Export Processing Zones Authority's website, submitting the form and a feasibility study to the Authority's office, submitting investment capital after gaining an operation license, preparing a building and then moving in to operate. More information is available from the Nigeria Export Processing Zones Authority at +234 9413 1598 or the Nigerian embassy in China’s commercial desk at +86 10 6532 3631, extension 626.

United Arab EmiratesThe United Arab Emirates (UAE) has a politically stable oil-based economy with

50 2012, Winter

对那些在阿联酋自由贸易区投资的人来说，他们所能够获得的激励机制与其他发展中国家的自由贸易区相类似，包括允许 100％的外资所有权、提供 100％的进口税和出口税豁免，并且允许 100％的资本和利润遣返。

Incentives available to those who invest in UAE free zones are similar to those offered in free zones in other developing countries, including allowing 100 percent foreign ownership, offering 100 percent import and export tax exemption and allowing 100 percent repatriation of capital and profits.

证。在阿联酋自由贸易区注册成立的公司只能

在自由贸易区或国外开展业务。如果希望在阿

联酋销售产品，需要拥有官方的代理人，并且

与一家阿联酋公司成立合资企业。如需了解更

多信息，可以联系阿联酋驻中国大使馆（+86

10 6532 7650 或 [email protected]）。

爱尔兰

爱尔兰是一个具有吸引力的离岸投资司法管

辖区，这得益于其 12.5％的企业所得税率、

25％的研发税收抵免、外国股息的零税率、

以及拥有年轻且受过教育的劳动力。爱尔兰

有两个自由贸易区区：Ringaskiddy 自由港

和 Shannon 自由贸易区。

　　Ringaskiddy 是两个自由贸易区中较小的

那个，占地 1.7 万平方公里。该贸易区内的企

业主要集中于药品行业。已经在该贸易区运

营的制药公司包括辉瑞、强生和扬森生物。

这个贸易区内仍有大量的土地可以进行投资，

其中包括适合工业 / 商业发展的大型和小型用

地。如需获得关于这个自由贸易区的详细信

a nascent retail sector that is expected to boom in coming years because of expanding tourism and commerce. There are 36 operational industry-specific free zones in the country covering a wide range of industries from healthcare to auto parts, and ten others are being planned. Emirati free zones span the width of the country from Dubai, the largest emirate by population in the country to Umm al-Quwain, its least populous emirate.

Incentives available to those who invest in UAE free zones are similar to those offered in free zones in other developing countries, including allowing 100 percent foreign ownership, offering 100 percent import and export tax exemption and allowing 100 percent repatriation of capital and profits. However, UAE Free zones also offer investors housing support, assistance

with labor recruitment and no corporate taxes for up to 30 years.

An independent free zone authority governs each free zone in the UAE. Establishing a business in an UAE free zone requires filling out a questionnaire from the relevant free zone authority and submitting a license application and planning documents. Provisional approval and the granting of a license are followed by meetings with the free zone authority to finalize the details of the project. Companies incorporated within UAE free zones can only conduct business within the free zone or abroad. To sell products in the UAE, and official agent is required and a joint venture with an Emirati company needs to be formed. More information is available from the embassy of the United Arab Emirates in China at +86 10 6532 7650 or [email protected].

Ireland I r e l a n d i s a n a t t ra c t ive o f f s h o r e investment jurisdiction because of its 12.5 percent corporate tax rate, 25 percent research and development tax credit, zero percent tax rate for foreign


图片

Photo by P

eter Ni



息，可以联系爱尔兰投资发展局物业市场部

（+353 9064 71500 或 propertymarketing@

ida.ie）。

　　Shannon 自由贸易区是一个占地 2.43 平

方公里的商业园区，靠近Shannon国际机场，

位于爱尔兰的西海岸。Shannon 自由贸易区

的重点行业包括航空航天、信息和通信技术、

工程、医药和医疗设备。如需获得更多关于

投资 Shannon 的信息，可以联系 Shannon 自

由贸易区的投资团队（+353 61 710219 或

[email protected]）。

　　Ringaskiddy 和 Shannon 自由贸易区

都能够提供 0％的增值税率，并且免除园

区进口货物的关税。然而，Ringaskiddy 和

Shannon 自由贸易区的企业所得税率和税

收抵免政策与在爱尔兰其他地区相同。

　　Shannon 同样能够为那些希望落户该

自由贸易区的企业提供财务援助，或者帮助

它们扩展现有的设施。这种财务援助包括就

业补助、研发补助、培训补助和资本金补助。

这些补助需要申请人提交详细的商业计划。

dividends and a young and educated labor force. Ireland has two free zones: the Ringaskiddy Free Port and the Shannon Free Zone.

Ringaskiddy is the smaller of the two free zones at 1.7 square kilometers, and businesses in the zone mostly focus on pharmaceuticals. Pharmaceutical companies that are already operating in the area include Pfizer, Johnson & Johnson and Janssen Biotech. Substantial land is still available for investment in the area including large and small-scale sites suitable for industrial/commercial pursuits. Details of how to invest in the free zone are available from the IDA Ireland Property Marketing Department at +353 9064 71500 or [email protected].

The Shannon free zone is a 2.43 square kilometer business park adjacent to Shannon International Airport, located

on the west coast of Ireland. The key sectors at Shannon include aviation, ICT, engineering, pharmaceuticals and medical devices. Details of how to invest in Shannon can be obtained from the Shannon Free Zone Investment Team at +353 61 710219 or [email protected].

Both Ringaskiddy and Shannon offer zero percent VAT and no duty on goods imported into the zone. However, the corporate tax rate and tax credits in both Shannon and Ringaskiddy are the same as in the rest of Ireland.

Shannon also offers financial assistance to companies wishing to locate in Shannon or expand their existing operations there. Such financial assistance includes employment grants , research and development grants, training grants and capital grants. These grants require the submission of a detailed business plan.

52 2012, Winter

特别报道SPECIAL REPORT

在近几个月中，越来越多的中国科

技公司开始加紧开拓全球市场，

侵蚀竞争对手的市场份额，这表

现出它们的业务规划和市场营销策略得到了

大幅的改善。

　　的全球经济放缓的背景下，包括联想集

团、盛大游戏和华为在内的行业领头羊在开

拓新兴市场方面击败了国外的竞争对手，并

且在成熟的市场同样表现较好，这要归功于

大规模的技术升级。虽然这种趋势已经引起

一些海外高科技企业和政府对当地市场秩序

甚至国家安全的潜在威胁方面的忧虑，业内

专家认为，随着中国企业更好地融入全球市

场，它们将继续扩大自己的市场份额。

　　在占据全球个人电脑市场的头把交椅

后，联想集团于 2012 年 11 月 28 日表示，

它已经开始在俄罗斯销售智能手机，作为其

发展手机和平板电脑业务战略的一部联想并

不是智能手机业务的先驱。该公司于 2010

年才在中国大陆推出了其第一款触摸屏手

机。然而，它已经迅速地赶上了对手。在俄

罗斯开始销售职能手机之前，联想已经在过

A growing number of Chinese technology companies have been stepping up ef forts in

recent months to tap global markets for expansion at the expense of competitors, demonstrating strong improvement in their business planning and marketing strategies.

Industry bellwethers such as Lenovo Group Ltd., Shanda Games Ltd., and Huawei Technologies Co. have beaten overseas rivals in exploring emerging markets under the backdrop of a global economic slowdown and have also performed better in mature markets, thanks to massive technology upgrades.

Although the trend has stirred worries among some overseas high-tech firms and governments over potential threats to local market order and even national security, industry experts believe that Chinese companies will continue to expand

By Leo Zhang

their market shares as they become better integrated into the global market.

On November 28th, 2012, Lenovo said it had started selling smartphones in Russia as part of its strategy to develop the business of mobile phones and tablets after securing the global dominance in the personal-computer market.

As China’s No.2 smartphone vendor by sales, Lenovo offers its S880 and P700i models in Russia, which is the company’s fifth overseas market. Chief Executive Officer Yang Yuanqing has said that he hopes global sales of mobile devices could be further bolstered as Lenovo makes presence in more new markets.

In the third quarter of this year, Lenovo surpassed Hewlett-Packard Co. to become the world’s largest PC maker. According to US research firm Garner, Lenovo captured 15.7% of global PC shipments to beat HP's 15.5% to the top spot in the three months

中国的高科技公司加速海外扩张

Chinese High-tech Companies Rev Up “Go Global” Push despite Challenges



去的四个月中将移动设备的销售扩展到了印

度、印度尼西亚、越南和菲律宾市场。

　　联想集团成立于 1984 年，创始人是具

有传奇色彩的科技界大师柳传志，当时的注

册资本仅为 20 万元。2005 年，该公司签署

了一份具有里程碑意义的协议，收购了国际

商业机器公司（IBM）的个人电脑部门。目前，

联想的总部设在北京和北卡罗来纳州的莫里

斯威尔。

　　联想欧洲、中东和非洲地区总裁

Gianfranco Lanci 于 11 月中旬在接受记者

的采访时表示，该公司已经加强了其欧洲、

中东和非洲（EMEA）业务，目标是将该区

域的经营利润率提升约 50％。

　　Lanci 表示，今年第二季度联想在欧洲、

中东和非洲地区的运营利润率达到了 2％。

随着公司在中东、东欧和前苏联地区的强劲

增长，运营利润率预计在未来 18 个月内将

上升至 3％。

　　在接受路透社采访时，Lanci 说：“这

是一个缩放费用的问题。我们已经拥有了正

确的配置。在不需要增加太多资源的情况下，

我们依然能够实现增长。我们仍然需要考虑

如何对我们的品牌推广进行投资。”

　　谈到在俄罗斯的扩张，Lanci 说：“当

你考虑到你需要做的所有本地化工作和需要

获得的批准，你会首先去到那些大型的国家。

我们在俄罗斯（PC 销售）排名第一 - 我们

开始成为强大的品牌，拥有强大的业务，就

智能手机的推出而言，这是很重要的。”

　　Lanci 表示，联想计划继续在欧洲、中

东和非洲地区的其他市场推出智能手机，而

不是追求在西欧成熟市场的增长。他补充说：

“这不会是西欧市场——相比成熟的市场，

我们在新兴市场拥有更为强大的业务。西欧

市场由（电信）运营商主导，而在新兴市场，

它是开放的，也没有补贴，这是一个完全不

同的商业模式。”

　　对联想来说，个人电脑市场的需求放缓

是公司将业务扩展至智能手机领域的主要原

因。这家技术行业的巨头希望在中国及海外

市场都能够击败对手。联想亚太及拉丁美洲

地区的总裁 Milko Van Duijl 在 10 月接受彭

博新闻社的采访时表示：“我们的目标当然

是成为第一，不仅将智能手机打入中国市场，

同样也要进入新兴市场。”

Chinese High-tech Companies Rev Up “Go Global” Push despite Challenges

54 2012, Winter


　　谈及 PC 市场，Van Duijl 说：“世界各

地的市场当然都出现了放缓。但是，我们在

中国是非常强大的，这让我们能够进军智能

手机市场。” Van Duijl 表示，随着联想进

一步扩大移动设备业务，它正在准备建立自

己的云计算服务和网上商店，以创建一个产

品的生态系统。他补充说，联想不会创造自

己的手机操作系统，并会坚持使用谷歌公司

的安卓和微软的 Windows 8。

　　今年，盛大游戏同样加强了其海外扩张

的脚步。盛大游戏首席执行官张向东在 11

月 26 日发布的一份新闻稿中表示：“随着

我们开发新的游戏内容，我们将继续扩大资

源，将它们推向海外。海外收入对我们业务

的长期增长和可持续发展至关重要。

　　张向东说：“展望未来，我们有信心，

我们‘全明星、全区域和全平台’的‘三 A’

策略将让我们能够更好地实现的长期增长。

随着我们发展后备的游戏项目、进行全球扩

张并且加强移动领域的创新，在未来几个季

度里，我们的财务业绩将开始反映我们所取

得的进展。”

ended on September 30.Lenovo was not the forerunner in the

smartphone business as the company launched its first touch-screen handset in China’s mainland in 2010. However, it has been catching up quickly. Before starting selling in Russia, Lenovo had expanded sales of mobile devices to India, Indonesia, Vietnam and the Philippines in the past four months.

“Lenovo’s advantages lie in the right product offerings and competitive pricing strategies to meet the needs of consumers in emerging markets,” said Edward Wu, a trader of technology shares and former analyst with Bank of Communications. “Russia is undoubtedly a big market as people switch to smartphones while entering the other Asian markets is also important with regard to their growth potential.”

Lenovo was founded in China in the

year of 1984 by legendary tech guru Liu Chuanzhi with only 200,000 yuan. The company clinched a landmark deal in 2005 by taking over International Business Machines Corp's PC unit. It’s currently headquartered in both Beijing and Morrisville, North Carolina.

Lenovo's PC shipments totaled 13.8 million units in the third quarter of this year, an increase of 9.8 percent from a year earlier, making it the only vendor among the top-tier vendors to record an annual growth.

Despite Lenovo’s growth in the traditional PC sector outpaced those of Hewlett-Packard Co, Dell Inc and Acer Inc, the Chinese company has been endeavoring to diversify into mobile computing and smart phone handsets and looking further east for growth drivers.

Gianfranco Lanci, Lenovo president for the EMEA region, told reporters in mid-November that the company has boosted its business in Europe, the Middle East and Africa (EMEA) with the aim to increase the regional operating margins by about 50 percent.

Lenovo’s operating margin in EMEA hit 2 percent in the second quarter and it is expected to rise to 3 percent in the next 18 months after the company expanded strongly in the Middle East, Eastern Europe and former Soviet Union regions, according to Lanci.

In an interview with Reuters, Lanci said "It's a matter of scaling expenses. We have the right set up. We can see growth coming without adding too much in terms of resources. We still need to look into how we can invest in branding."

Lenovo’s sales of smartphones in China were only behind those of Samsung Electronics in the second quarter, according to research firm IDC. It currently sells up to 20 different smartphones in China, which makes it easy to select suitable models to sell in overseas markets.

联想的优势在于它能够提供合适的产品和具有竞争力的定价策略，以满足新兴市场消费者的需求。

Lenovo’s advantages lie in the right product offerings and competitive pricing strategies to meet the needs of consumers in emerging markets.

图片

Photo by H

ewlen W

u



　　与联想和盛大游戏相比，作为全球第二

大电信设备制造商，华为在海外扩张中（尤

其是在发达国家）面临着更多的挑战。然而，

随着需求激增，它的业务在新兴市场依然保

持活跃。

　　10 月，一份由美国众议院情报委员会

发布的报告说，华为和另一家中国高科技电

信设备制造商中兴通讯应被禁止进入美国市

场，以避免相关的“间谍风险”。

　　在经过 11 个月对华为和中兴的调查后，

美国众议院情报委员会在 10 月 8 日的一份

报告中表示，美国电信运营商不应该与这

两家中国电信业巨头开展业务，因为中国

政府对这两家公司潜在的影响力造成了“安

全威胁”。

　　华为成立于 1988 年，创始人是前中国

军官任正非。这家电信巨头一直在努力地扩

展美国业务。去年，由于美国政府的反对，

华为放弃了购买电脑服务商 3Leaf 系统公司

的计划。 2008 年，由于遭到了美国官员的

反对，华为与贝恩资本放弃竞标电脑设备制

造商 3Com 公司。

　　现在，华为希望自己在美国遭遇的不幸

不会在其他国家重演。华为澳大利亚公司的

董事长 John Lord 于 10 月 24 日在堪培拉的

Talking about its expansion in Russia, Lanci said that "When you look at all the localization and approvals you need to do, you go with the big countries first. We are number one in Russia (in PC sales) – we start to see a strong brand, a strong presence and this is important when we look at smart phone launch."

Lenovo plans to continue to launch smartphones in other markets within EMEA instead of pursuing growth in established markets in West Europe, according to Lanci. "It's not going to be Western Europe – we have a stronger presence in emerging markets than mature markets," he added. "Western Europe is a market very driven by (telecom) operators – in emerging markets it's open, there is no subsidy. It's a totally different business model."

As for Lenovo, slowing demand in the PC segment is good reason for the company to expand into smartphones. The technology giant aims to beat rivals in both Chinese and overseas markets. Milko Van Duijl, president for Lenovo’s Asia-Pacific and Latin America regions, told Bloomberg News in an October interview that "our goal is definitely to get to number one and not only to take smartphones into the China market but also into emerging markets."

Speaking of the PC market, Van Duijl said "there is definitely a slowdown in the market in all parts of the world, however, we are so strong in China that was a good reason for us to expand into smartphones." As Lenovo expands in mobile devices, it finds itself on track to build its own cloud-computing services and online store to create an ecosystem for the products,

联想计划继续在欧洲、中东和非洲地区的其他市场推出智能手机，而不是追求在西欧成熟市场的增长。

Lenovo plans to continue to launch smartphones in other markets within EMEA instead of pursuing growth in established markets in West Europe.

图片

Photo by Lenovo

56 2012, Winter


一次讲话中表示：“我们真诚地希望，在澳

大利亚，我们不会让针对网络安全的清醒辩

论像美国那次一样被扭曲。”他补充说，公

司拟在澳大利亚成立一个网络安全评估中心。

　　华为高级副总裁张春祥于 10 月下旬告

诉记者，美国国会委员会的调查不会影响华

为在其他海外市场的业务。他说：“不，我

不认为会有影响。”

　　到现在为止，华为的处境并没有恶化。

10 月下旬，美国无线服务提供商 Clearwire

公司表示，它将使用华为的设备来升级其于

according to Van Duijl. He added that Lenovo won't make its own mobile operating system and will continue to stick with Google Inc's Android and Microsoft Corp's Windows 8.

Shanda Games has also been stepping up its overseas expansion this year. In a press release issued on November 26, Zhang Xiangdong, Chief Executive Officer of Shanda Games, said, "as we develop new content, we continue to expand resources

to bring them overseas. Overseas revenue is critical to our long-term growth and the sustainability of our business."

In late August, NHN Korea began a second round of closed-beta testing for "Dungeon Striker," an action MMORPG developed by Eyedentity Games, a Korean-based game studio under Shanda Games. Nearly a month later, Mail.Ru Group, a leading internet company in Russia, began commercial operation of Shanda Games' 3D MMORPG "Dragon Nest" in Russia.

On October 7, Eyedentity Games signed a publishing agreement for "Dungeon Striker" with NHN Japan, a leading Japanese online game company. Pursuant to the agreement, NHN Japan will be the

对联想来说，个人电脑市场的需求放缓是公司将业务扩展至智能手机领域的主要原因。这家技术行业的巨头希望在中国及海外市场都能够击败对手。

As for Lenovo, slowing demand in the PC segment is good reason for the company to expand into smartphones. The technology giant aims to beat rivals in both Chinese and overseas markets.



exclusive operator of "Dungeon Striker" in Japan.

On October 16, Shanda Games and Square Enix, a leading game developer based in Japan, announced a mobile game partnership under which the two companies will share their resources and expertise in developing and operating mobile games. The partnership includes joint development for the mobile versions of "Final Fantasy I," "Final Fantasy II," "Final Fantasy III" and "Diffusion Million Arthur" for distribution in China, Taiwan, Korea, and Southeast Asia.

On the same day, Eyedentity Games announced its first mobile game "Dragon Nest: Labyrinth." Based on the popular PC-based MMORPG "Dragon Nest," "Dragon Nest: Labyrinth" has adopted the same fast-paced action and battle system of the original PC game. New features such as real-time multiplayer, leveling system and player community have been added in order to enhance the gaming experience on mobile platforms. The game is expected to launch in 2013.

"Looking ahead, we are confident that our 'All-Star, All-Region and All-Platform', or 'Triple-A', strategy will position us well for long-term growth. With our pipeline development, global expansion and mobile innovation on track, we expect the financial results to start to reflect the progress we have made in the coming quarters," Zhang added.

Compared with Lenovo and Shanda G a m e s , H u awe i , t h e wo rl d ' s N o . 2 telecommunications equipment vendors by sales, faces more challenges in its overseas expansion, especially in developed countries. However, its business remains buoyant in emerging markets as demand surges.

An October report by the US House of Representatives’ Intelligence Committee said that Huawei and ZTE Corp, another Chinese high-tech telecommunications

equipment maker, should be shut out of the US market to prevent “espionage risks.”

After an 11-month investigation into Huawei and ZTE, the US House of intelligence committee said in the October 8th report that US telecommunications operators should not do business with the two Chinese telecom giants because potential Chinese state influence on the companies posed a "security threat."

The committee's report did not offer any concrete evidence that either Huawei or ZTE has stolen US data. But it said a classified annex provided "significantly more information adding to the committee's concerns" about the risk to the US.

However, Reuters reported on October 18th that a separate White House-ordered review of security risks posed by suppliers to US telecommunications companies found no clear evidence that Huawei had spied for China. The 18-month review, which was concluded early this year, only said that relying on Huawei was risky for other reasons, such as the presence of vulnerabilities that hackers could exploit.

According to Reuters, which cited people familiar with the probe, at the White House's direction, intelligence agencies and other departments conducted the largely classified inquiry, delving into reports of suspicious activity and asking detailed questions of nearly 1,000 telecom equipment buyers.

A few US companies said that while some of its computers were infected with viruses earlier this year, an investigation found no evidence that the infection was deliberate or that confidential data had been stolen, according to Reuters.

Huawei was founded in 1988 by Ren Zhengfei, a former Chinese army officer. The telecom giant has been struggling to expand in the US market. Last year, Huawei unwound the purchase of patents from a computer-services company, 3Leaf Systems Inc, after US objections. In 2008, Huawei and

2013 年推出的高速网络。Clearwire 表示，

公司与“多个联邦政府机构的技术部门”——

起研究了相关的方案，公司“非常尊重美国

政府以及其对国家基础设施的监督作用。”

　　11 月，华为表示，由于非洲大陆的增

长超越大多数地区，公司未来三年在非洲南

部和东部的收入可能攀升 30％。华为东南

非区域总裁李大丰在肯尼亚首都内罗毕的一

次讲话中说，该公司预计将从非洲移动宽带

的低普及率和不断增加的智能手机需求中

获益。

　　由于电信服务和智能手机领域的蓬勃发

展，华为预计今年的收入将以 15％至 20％

的速度递增。公司的目标是到 2021 年总收

入达到 1000 亿美元，相比去年的 323 亿

美元高出两倍多。今年四月，华为宣布公

司 2011 年的收入为 323 亿美元，同比增长

11.7％。相比之下，全球行业领导者爱立信

公司去年的收入为 337 亿美元。

　　华为于 9 月表示，它可能会超越美国思

科公司成为全球远程呈现设备的领导者。华

为正在于一个 “转型期”，公司希望寻求

更多的收入来源。远程呈现设备指的是高品

质的视频会议系统。

　　然而，就在美国遭遇调查而言，华为澳

大利亚公司董事长 John Lord 承认，华为在

企业沟通和打消周遭的质疑方面做得很差。

58 2012, Winter


他说：“华为希望在澳大利亚进行长期运

营。澳大利亚必须利用全球化信息和通信技

术行业和亚洲与中国的大规模创新所带来的

好处。当我们进入亚洲的世纪，如果不这样

做，澳大利亚将可能被抛在后面。”

　　中美印研究中心（美国）国际商业研究

主管、上海国际问题研究院（中国）访问学

者 Dan Steinbock 博士认为：“如果怀疑华

为有安全性方面的问题，那应该进行论证，

并且以公开和透明的方式进行。如果华为

没有安全方面的问题，它美国的扩张对美国

Bain Capital Partners LLC dropped a bid to buy computer-equipment maker 3Com Corp after US officials opposed the transaction.

Now, Huawei hopes its misfortune in the US won’t be repeated in other countries. Huawei Australia Chairman John Lord said in a speech in Canberra on October 24th that "We sincerely hope that in Australia, we do not allow sober debate on cyber security to become distorted the way it has in the US." He added that the company proposed to set up a cyber security evaluation center in Australia.

Australia has previously blocked Huawei from tendering for contracts in its US$38 billion high-speed broadband network, citing security concerns. Chinese companies like Huawei have been labeled as more willing to steal intellectual property than produce it, Lord said. In reality, Huawei was listed in the top five companies for new patent applications by the World Intellectual Property Organization and is out-pacing global rivals including Apple Inc, Samsung Electronics Co, Microsoft Corp and General Electric Co, he said.

Huawei's Senior Vice President Zhang Chunxiang told reporters in late October that the US congressional committee probe is unlikely to affect its businesses in other overseas markets. "No, I don't think there will be an impact," Zhang said.

Up to now, things have yet to turn worse on Huawei. In late October, US wireless service provider Clearwire Corp said it will use equipment from Huawei in a high-speed network upgrade starting 2013. Clearwire said it reviewed its plans "with the technical arms of multiple federal agencies" and that it has "great respect for the US government and their oversight role over the nation's infrastructure."

Clearwire, which already uses Huawei equipment for its existing services, will use the Chinese company's technology to upgrade its network in markets where

Huawei gear is already in use. Clearwire's biggest shareholder and customer is Sprint Nextel, which provides telecom services to the US government.

William Plummer, Huawei's US vice president of external relations, told reporters in early October that the report by the US House of Representatives’ Intelligence Committee “is unfortunate political distraction from very real issues related to cyber vulnerabilities on the global basis." According to Plummer, Huawei made US$32.4 billion in revenues in 2011 across 150 different markets and 70 percent of its business was made outside of China. “Huawei is not going to jeopardize its commercial success for any government," he said.

In November, Huawei said its revenue in south and east Africa may climb as much as 30 percent in the next three years as expansion on this continent outpaces most regions. Li Dafeng, Huawei’s president for east and south Africa, said in a speech in Nairobi, the Kenyan capital, that the company plans to capitalize on low mobile-broadband penetration rates and increasing demand for smartphones in Africa.

Huawei expects revenue to grow 15 to 20% annually this year on the booming telecom service and smartphone sectors. The company aims to more than triple its total revenue to US$100 billion by 2021 from US$32.3 billion last year. In April, Huawei posted revenue of US$32.3 billion for 2011, up 11.7 percent annually. Comparatively, world leader Ericsson Inc posted revenue of US$33.7 billion last year.

Huawei said in September that it may surpass US-based Cisco Systems Inc to become the leading telepresence equipment firm by sales as the firm is in a "transformational phase" and seeks more revenue streams. Telepresence equipment refers to high-quality video conference

华为高级副总裁张春祥于 10 月下旬告诉记者，美国国会委员会的调查不会影响华为在其他海外市场的业务。

Huawei's Senior Vice President Zhang Chunxiang told reporters in late October that the US congressional committee probe is unlikely to affect its businesses in other overseas markets.



system.However, in regard to the US probe issue,

Huawei has done a poor job communicating about itself and in trying to dispel myths surrounding the company, Huawei Australia Chairman John Lord admitted. “Huawei is here in Australia for the long-haul,” he said. “Australia must reap the benefits offered by the globalized information and communication technology industry and the innovation pouring out of Asia and China. As we enter the Asian Century, anything less would risk Australia being left behind.”

Talking about Huawei’s fortune, Dr Dan Steinbock, research director of international business at the India, China and America Institute (USA) and a visiting fellow at the Shanghai Institutes for International Studies (China), argued that “if there is a security case against Huawei, it should be verified and made in a public and transparent way. In the absence of a security case against Huawei, its expansion in America is an opportunity for the US government, companies, innovation and consumers.”

Steinbock issued an independent report

政府、公司、创新和消费者来说都是一个

机会。”

　　在《上海日报》评论版的一篇文章中，

Steinbock 表示，华为在美国的扩张带来了

就业机会、资金和税收。该公司在价格竞争

上发挥重要的影响，并且已经在美国拥有超

过半打先进的研发中心。

　　Steinbock 说：“华为已经成为世界贸

易谈判中不幸的筹码角色。华为在全球范围

内获得的成功使得它的美国对手感到不安，

因为他们已经无法与华为的低成本创新展开

竞争。

　　一些美国技术公司对国会山的高级官

员进行游说，希望增强对华为的审查。安

全性已经被用来作为设施市场准入壁垒的

借口。”

　　Chris Wu 专门从事科技设备的销售，

他与联想和华为都打过交道。以他多年的销

售经验和对市场的了解，他说：“对中国的

高科技公司来说，它们需要在不同国家和地

区的监管机构、供应商和客户建立起良好的

关系。它们应该提高自己的沟通能力，把自

己打造成诚实和可信赖的合作伙伴以及可靠

的服务供应商。在短期内，它们最好在不同

市场的老牌厂商进行合作。但从长远来看，

它们必须自己努力，本地化似乎是一个很好

的策略。”

on "The Case for Huawei in America." Unlike almost all existing studies on Huawei, he interviewed Huawei's senior executives, as well as analysts and journalists focusing on the company.

“Huawei has the unfortunate role of bargaining chip in world trade talks,” Steinbock said. “Huawei's global success makes its US rivals uneasy because they can no longer compete with Huawei's low-cost innovation. Senior staffers in Capitol Hill have been lobbied by an array of US technology firms to increase scrutiny of Huawei. Security has been used as pretext for entry barriers.”

He concluded that “cyber security violations have a potential for great devastation. Both the United States and China suffer from cyber attacks. But what is needed is extensive multipolar cooperation by major cyber powers and G-20 economies. Actionable policy measures must be informed by solid facts, and serious allegations should be supported with serious evidence.”

Some industry insiders agree with Steinbock’s view on the expansion of Chinese technology companies. They believe that cyber security should not be used as an excuse to block Chinese companies from expanding in overseas markets and advise companies like Lenovo and Huawei to improve communications with local regulators and customers to avoid misunderstanding.

“For Chinese high-tech companies, they have to build up good relations with regulators, vendors and customers in different countries and regions,” said Chris Wu, a tech-equipment seller who has done business with Lenovo and Huawei. “Of course, it will take some time to boost their images. In the short term, it’s better for them to team up with established vendors in different markets. But in the long haul, they have to work on their own and going localized seems to be a good strategy.”

60 2012, Winter


II: What kind of strategy should Shanda Games adopt to expand into overseas markets? What markets and client base does it target?Zhang:Geographically speaking, overseas markets are a natural extension of the domestic market. We firmly believe that the success of our products can be copied in overseas markets. On the other hand, we also continue to focus on learning user habits in different countries and regions when expanding. We respect their needs and would make reasonable adjustments to the product differentiation. After more than four years of expansion overseas, we’ve

境：

盛大游戏在拓展海外市场上拥有什么样的战

略？主要着眼于哪些市场和客户群？

张：

海外市场是国内市场在地域上的自然延伸，

我们坚信成功的产品是可以在海外获得同样

的成功，另一方面我们也会在海外拓展的过

程中不断关注和积累海外不同国家和地区的

用户习惯，尊重他们的需求，对产品的差异

化做出合理的调整。目前我们通过 4 年多海

外拓展，已经在韩国、日本、台湾、新加坡

以及东南亚地区、美国、欧洲、俄罗斯等地

建立了长期合作伙伴或者独立运作的公司。

境：

在拓展海外市场时，盛大游戏遇到过什么样的

挑战？是如何克服这些困难而获得成功的？

already established long-term partnerships in South Korea, Japan, Taiwan, Singapore and Southeast Asia, the United States, Europe, Russia and other places or have set up independently-operating subsidiaries.

II:When expanding in overseas markets,

作为中国领先的网络游戏开发商，运营商和发行商，盛大游

戏致力于打造一个国际化的游戏平台。《境外投资》于近日

对盛大游戏的 CEO 张向东先生进行了专访，探寻其海外扩

张的秘诀。

As a leading online game company in China, Shanda Games aims at building an international online game platform. Invest In conducted an exclusive interview with Shanda Games’ CEO, Mr. Zhang Xiangdong, revealing the secrets of overseas expansion.

盛大的海外扩张秘诀

专访盛大游戏 CEO 张向东

Q & A

The Secrets of Successful Overseas Expansion

Interview with Shanda Games’ CEO, Zhang Xiangdong



张：

我认为挑战主要集中在文化差异、市场壁垒、

市场经验等几个方面。

　　首先是文化差异的障碍：我们产品输出

的地区首先在东南亚等地区，这是因为东南

亚地区历来受中国文化影响较深，中国网游

能依靠本身的文化内涵，顺利地向拥有传

统武侠文化与仙侠文化土壤的东南亚地区渗

透。但是在文化差异鲜明的欧美发达市场，

我们仍然欠缺影响力，此外，市场壁垒和本

地化经验的积累都是必须面对的困难，市场

文化软实力需要长期的建设。

　　如何迎接这样的挑战？我们采用先易后

难、由浅入深的策略，在区域选择上，先是

进入对中华文化比较熟悉的东南亚市场，然

后慢慢向发达的欧美市场渗透和扩展；在

题材选择上，先利用欧美市场熟悉和认可的

本地文化符号，然后通过植入中国文化进行

重新包装推向海外；在市场建设的基础上，

我们先通过对海外合作伙伴进行授权代理运

营，然后逐步建立自己的本地化运营团队进

行自营，到最后成立自己的海外运营中心。

现在，我们建立起四大全球服务平台，面向

大中华地区、美国、欧洲和东南亚。这四个

全球服务平台不仅使我们得以在全球市场运

营游戏，还是我们拓展全球市场的商务基

地。我们计划向全球市场发布多样化的游戏

产品，包括大型网游、社交游戏、手机游戏、

网页游戏等。着眼世界，走出中国，带动中

国的文化创意产业走出去。

　　在面向海外市场的拓展上，我们采用

开放策略，通过收购和兼并两种方式来拓

展增强自己的海外优势，我们在海外运营

很好的产品和团队就是 2010 年在韩国收购

的《龙之谷》及其团队，这家韩国子公司

Eyedentity Games 研发的热门网游《龙之

谷》已经成为东南亚很多国家和地区市场上

表现最好的网游，东南亚市场已经成为了我

们营收增长的主要推动力。在今年第二季度

收购了一家德国的游戏运营中心 eFusion，

what kind of challenge has Shanda Games encountered? How do you overcome these difficulties and become successful?Zhang:I think the challenges are mainly focused on such aspects as cultural differences, market barriers and market experience. The first is the barrier set by the cultural differences: Our products were first exported to Southeast Asia, because Southeast Asia has always been deeply influenced by the Chinese culture. Chinese online games can rely on their own cultural connotations to make their way into Southeast Asia, which has a traditional martial arts culture featuring immortal chivalrous swordsman. However, in the developed markets of Europe and the United States, which has big cultural differences with China, we still lack the influence. In addition, we must face the difficulties of market barriers and need accumulate experience in localization. The market’s cultural soft power requires a long period of time to be built.

How do we meet this challenge? We do the easy things first with a progressive approach. In selection of markets, we first entered the Southeast Asian market, which is more familiar to the Chinese culture, and then slowly penetrated and expanded into the developed markets of Europe and the United States. In selection of themes, we first used the cultural elements familiar to the U.S. and European markets, and then re-packaged the Chinese culture into them for overseas marketing. In cultivating markets, we first cooperated with overseas partners via making them authorized agents, and then gradually built their own localized operations, and finally set up our own overseas operation centers. Now, we’ve established four global service platforms, for the Greater China region, the United States, Europe and Southeast Asia. Four global service platforms not only enable us to operate in the global games market, but also help expand the business bases of the

global market. We plan to publish a variety of games to the global market, including large-scale online games, social games, mobile games and web games. We have a global perspective and plan to expand out of China to lead the Chinese cultural and creative industries in the “Go Out” campaign.

In expanding overseas markets, we have adopted an open strategy to expand and enhance our own overseas advantages via both acquisitions and mergers. One example of our excellent overseas product and team is the Dragon Nest and its team acquired in South Korea in 2010. The South Korean subsidiary Eyedentity Games’ popular online game, Dragon Nest, became the best performing online game in many Southeast Asian countries and regions. The Southeast Asian market had become the main driver behind the revenue growth. In the second quarter, we acquired a German game operations center eFusion, which is an important operation center in Europe for Shanda Games. Through it, we plan to launch Dragon Nest in Europe in the first quarter of next year.

II:For high-tech enterprises in China, how can we enhance the brand and core competencies? How to more effectively develop overseas markets?Zhang:To establish a brand's core competitiveness, one must first establish the competitiveness of an enterprise. In the high-tech field, for no matter entertainment products like online games or electronic products like mobile phones, computers and e-books, product quality and service quality are the key. We focus on the improvement of technology and the excellence of production and services. In my view, the core competitiveness of a brand comes from the scientific and technological innovation, and innovation to meet users’

62 2012, Winter


它是盛大游戏在欧洲的重要运营中心，我们

将通过它明年一季度在欧洲发行《龙之谷》。

境：

对中国的高科技企业来说，您觉得如何才能

提升品牌和核心竞争力？如何才能更为有效

地开拓海外市场？

张：

要建立品牌的核心竞争力，就必须先建立企

业的竞争力。而在高科技领域，产品品质和

服务品质是关键，我们注重技术水平的提高、

制作和服务上的精良，因此我认为，最核心

的品牌竞争力来自于科技创新，来自于满足

用户需求的创新。

　　盛大游戏围绕“科技创新”，在组织架构、

技术革新、产品策略等多个方面做了一些探

索和尝试：首先是优化组织结构。在 2012 年，

我们成立了盛大游戏创新院。我们会看到新

思路转化为新产品。第二，盛大游戏也在研

发方面投入了大量的人力。

　　第三，盛大这十多年来一直注重对用户

需求的了解和满足，通过数据分析，通过用

户访谈，通过各种活动调研等方式，不断去

及时获取用户需求的变化，通过运用活动等

各种手段去迎合市场的变化。在国内如此，

在海外也是如此。

境：

盛大游戏如何处理与海外子公司之间的关

系？如何更好地实现合作和发展？

张：

在处理与海外子公司的关系当中，我们坚持

本土化战略，注重用好当地的人才，给予他

们充分的信任，做好激励，以使双方能够高

效的沟通。这其中，良好的沟通和专业人才

团队的建设非常重要。

　　首先，我们拥有非常专业的海外业务团

队，由来自韩国，日本，欧洲，台湾，澳大

利亚和美国等地区的游戏行业精英们组成，

融合东方和西方的企业文化，以确保信息能

够以本土化的形式被当地用户接收。

　　其次，在我们的海外业务团队中，每一

款由我们输出的游戏都有专门的项目团队，

由经验丰富的海外项目经理带领他们支持各

个地区的项目，以保证将最佳的、最周到的

项目管理和支持提供给我们的游戏开发商以

needs.Shanda Games focuses on “scientific

a n d te c h n o l o g i c a l i n n ova t i o n” to conduct a series of trials and tests in the organizational structure, technological innovation, and product strategy. The first move was to optimize the organizational structure. In 2012, we set up a game innovation institute. We would see new ideas turning into new products. Second, Shanda also put a lot of manpower in the R&D development.

Third, Shanda Games has always been catering to the needs and demands of our users in the past decade or so. Through data analysis, user interviews, and various

research activities, we obtained the changes in users’ need in a timely manner and responded to the changes of the market through a variety of means. We did these in both home and overseas markets.

II:How does Shanda Games handle the relationship between itself and overseas subsidiaries? How to achieve better co-operation and development?Zhang:“When handling the relationship between us and overseas subsidiaries, we adhere to the localization strategy; focusing on good local talent and giving them full trust



及合作伙伴。

此外，我们提供系统而全面的项目管理工

具，以及统一的游戏管理工具和反黑客工具。

这些工具在国内已经长期使用并且得到验证，

可以有效的保护好我们的运营正常进展。

境：

作为海外收入最高的网游企业之一，盛大游

戏是如何输出其优秀产品的？请介绍一下盛

大游戏在全球范围内的运营中心。

张：

从去年开始，盛大游戏建立起全球四大游戏

服务中心，面向大中华地区、美国、欧洲和

东南亚。这四个全球服务平台不仅使我们得

以在全球市场运营游戏，还是我们拓展全球

市场的商务基地。

　　我们对海外输出总结出一套规范的服务

体系，这套体系可能包括海外版本开发、海

外拓展规范等等，从产品的筛选、输出到海

外的运营推广，以确保产品不仅能顺利在多

个海外市场上线运营，同时也使其在海外的

市场成绩有所保证。

　　在市场推广方面，主要还是选择服务品

质保证的合作伙伴，由他们对产品进行本地

化运营，盛大游戏为每款输出的游戏配置专

门的海外运营团队，运营团队会根据自身对

游戏的认知以及当地市场反馈，根据各地区

玩家习惯和喜好不同，对游戏提出修改需求，

更好的实现本地化功能需求。

境：

盛大游戏未来的发展规划将更注重国内还是

海外市场？

张：

我们强调公司将继续坚持 3A 战略，即 All-

Star， All-Platform，All-Region，这个战

略涵盖了产品、平台、海外三大部分。其中

海外业务是公司整体业务长期和可持续发展

的重要部分，从去年到现在，我们有多款游

戏在海外上线并且成绩不俗，未来我们还将

会有更多的新游戏投入海外运营，寻求海外

市场的规模性突破。

　　我们会在战略的具体实现中根据市场情

况的变化不断调整，近期我们会更加重视海

外市场的拓展，以及在轻微端、页游、手游

领域的扩展。

and good incentives to beef up efficient communication.” Among these, good communication and building professional teams are very important.

First of all, we have a very professional overseas business team, which include game-industry elites from the regions such as South Korea, Japan, Europe, Taiwan, Australia and the United States. The integration of Eastern and Western corporate cultures is set to ensure that the information can received by local users in a localized form.

Second, among our overseas business teams, each game has a dedicated project team, led by experienced overseas project managers to support the projects in various regions. This is to ensure the best and the most thoughtful project management and to offer support to our game developers and partners.

In addition, we provide a systemic and comprehensive project management tool, as well as unified game management tools and anti-hacking tool. These tools have been used in the domestic market for a long time and have been validated. They can effectively protect the entire operation.

II:As one of the biggest online game companies in terms of overseas income, how does Shanda Games export quality products? Zhang:Beginning last year, Shanda Games started to establish four games service centers globally, for the Greater China region, the United States, Europe and Southeast Asia. Four global service platforms not only enable us to operate in the global games market, but also help us expand the business bases of the global market.

“We’ve already summed up a set of standardized service system for overseas shipment and this system may include

development of overseas versions and standards for overseas expansion, covering selection of products and overseas operation and marketing. We hope to ensure our products are not only successfully operating in various overseas markets, but also have guaranteed financial results in the overseas markets.”

On the marketing side, we mainly select partners with guaranteed service quality of service partners, who can help in the localization of the products. Shanda Games assigned a specific overseas operation team for each game exported. The team will recommend the adjustment to the game based on their knowledge of the game and the response of the local market as well different habit and preferences of users in various regions, thus realizing better localization.

II:Will Shanda Games focus more on the domestic or overseas markets in future development?Zhang:We stressed that the company will continue to adhere to the 3A strategy - All-Star, All-Platform, and All-Region. This strategy covers products, platforms and overseas business.

Among them, overseas business is an important part of the long-term and sustainable development of the company's overall business. “From last year to now, we have launched a variety of games in overseas markets and obtained excellent results. In the future, we will put more new games under operation and seek sizable breakthroughs in overseas markets.”

We will adjust our strategy based on the change of market conditions. In the short term, we will pay more attention to exploring overseas markets and expansion in micro-end, webpage games and mobile games.

64 2012, Winter64 2012, Winter

第九届上海臻品物业私人品鉴会作

为中国最具格调和影响力的高档房

产展，于 2012 年 9 月在上海展览

中心成功举办。本届臻品展汇聚 61

家参展商，包括上海和全球 8 大热

点地区的 80 个楼盘与 20 个艺术生

活品牌同台展示，总计邀请到 3,285

第九届上海臻品物业(秋)私人品鉴会圆满落幕

www.LuxProperty.cn

As a high-end private exhibition featured by the most distinguished styles and influence in China, the 9th Shanghai LuxProperty Exhibition was successfully held in Shanghai Exhibition Center in September. The Exhibition attracted 61 exhibitors presenting 80 real estate projects in 8 hot destinations including Shanghai and 20 lifestyle brands. Totally 3,285 high net worth individuals visited LuxProperty and 50 seminars were delivered by professional experts home and abroad during 3 days.

“OUTLETS” of luxury houses, big discount in a set period for 30 high-end premises of choice in ShanghaiAgainst the background of declining sales of high-end premises, 30 selected premises were launched in this Exhibition. In order to appreciate real buyers for their support, developers worked together to offer discounts in a given period, a move that would build market confidence for high-end real estates, marking a historic attempts to sell luxury houses.

Debut of 50 selective overseas properties in ChinaThe Exhibition brought together 50 overseas projects with the most investment value for the first time, covering all types of properties from 8 global hot destinations. These properties attract a lot of buyers on the spot.

Initiated in 2009, LuxProperty is a private exhibition tailored for the leading luxury real estates worldwide, it only invites the super-affluent property investors and collectors in China. This is the platform where enjoys and appreciates the dream residence, art and life with an unparalleled exquisite atmosphere.

会议C0NFERENCE

The Success of the 9th Shanghai LuxProperty Exhibition

组高净资产买家到场参观，三天内

举办了 50 场海内外权威讲座。

精选沪上 30 席高档楼盘，限时特

惠豪宅“奥特莱斯”

在高端楼盘市场回升乏力的形势

下，本次臻品展甄选沪上 30 个臻

品楼盘齐集亮相，联合各大开发商，

通过限时限量的方式回馈买家，为

本地高端楼市树立信心，开创了豪

宅销售的历史性尝试。

50 席海外臻品楼盘中国首秀

首次大规模汇集了海外最具投资价

值的项目，来自全球 8 大热点国家，

涵盖全部物业类型，受到现场买家

热衷关注。

LuxProperty 起源于 2009 年，是一个为全球顶级物业量身定制的私人

品鉴会，仅邀请超富裕的物业投资者和收藏者，在奢华的氛围中静心

赏鉴梦想居所与艺术生活方式。


境外投资指南INVEST IN

HAND BOOK


境外投资指南INVEST IN

HAND BOOK

Afganistan Investment Support Agencywww.aisa.org.afTel:+ 930 20 210 [email protected]

Antiguia and Barbuda Industrial Development Board (IDB)www.antigua-barbuda.comTel:+ 020 7258 0070

China Overseas Investment Fair (COIF)http://www.coifair.orgTel: +86-10-59799908

Azerbaijan Export and Investment Promotion Foundation (AZPROMO)www.azpromo.orgTel:+994 12 598 0147, 598 0148offi [email protected]

Bahrain Economic Development Boardwww.bahrainedb.comTel: +973 17 589 [email protected]

Invest Barbadoswww.investbarbados.orgTel: +86 21 6133 [email protected]

Belize Trade and Investment Development Services (BELTRAIDE)www.belizeinvest.org.bzTel: 501 822 [email protected]

Invest Bulgaria Agency (BFIA)www.investbg.government.bgTel: +359 2 985 [email protected]

Cayman Islands Investment Bureauwww.investcayman.gov.ky Tel:+ 345 945 [email protected]

InvestHKwww.investhk.gov.hkTel: +852 3107 [email protected]

ProExport Colombiawww.proexport.com.coTel: +571 5600 [email protected]

Cyprus Investment Promotion Agency (CIPA)www.cipa.org.cyTel: +357 22 [email protected]

CzechInvestwww.czechinvest.orgTel: +420 296 342 [email protected]

Minsitry of Trade and Industry/Faroe Islandswww.vmr.fo Tel: +298 [email protected]

Fiji Islands Trade & Investment Board (FITIB)www.ftib.org.fjTel: +679 331 [email protected]

Délégation pour la Promotion des Investissements, Tahiti Investwww.tahiti-invest.comTel: +689 47 22 [email protected]

Invest in Germanywww.gtai.comTel: +49 30/200 099 [email protected]

Grenada Industrial Development Corporation (GIDC)www.grenadaworld.com Tel:+ 473 444 [email protected]

Guyana Offi ce for Investment (GO-INVEST)Tel: +592 225 0658, 227 0653/4www.goinvest.gov.gy

Statec Luxembourgwww.statistiques.public.luTel: (+352) [email protected]

Jordan Investment Board (JIB)www.jordaninvestment.comTel: +9626 5608400/9 [email protected]

Investment and Development Agency of Latvia (LIAA)www.liaa.gov.lvTel: +371 [email protected]

Investment Development Authority of Lebanon (IDAL)www.idal.com.lbTel: + 961 (1) 983306/7/[email protected]

Lithuanian Development Agency (LDA)www.businesslithuania.comTel: +370 5 262 [email protected]

Constance www.constancehotels.comTel: (230) 402 36 [email protected]

Island Hideaway www.turquoise-experience.comTel: +960 3314585 [email protected]

Lily Beach www.turquoise-experience.comTel: +960 3314586 [email protected]

Swiss hotel www.swissotel.com Tel: +41 44 317 [email protected]

Fiducenter S.Awww.fi ducenter.luTel : +352 22 55 05fi ducenter@fi ducenter.lu

The First Group www.thefi rstgroup.comTel: +852 2961 4676 Info.shanghai@thefi rstgroup.hk

Trident Trustwww.tridenttrust.comTel: +971 4 321 [email protected]

Swiss ILC Managements Services JLTInternational Legal Consultantswww.ilc-group.netTel: +971 4 374 [email protected]

66 2012, Winter

境外投资指南INVEST IN HAND BOOK

66 2012, Winter

境外投资指南INVEST IN HAND BOOK

Kulim Technology Park Corp. Berhad/Malasyawww.khtp.com.myTel: +604 403 [email protected]

General Delegation of Private Investment Promotion/Mauritaniawww.investinmauritania.gov.mrTel: +00 222 525 07 55 /524 87 [email protected]

Commission de Surveillance du Secteur Financier(CSSF)www.cssf.lu/enTel :(352) 26 25 1 – [email protected]

Chambre De Commerce Luxembourgwww.cc.luTel: 42 39 39 – [email protected]

Islamic Financial Services Board(IFSB)www.ifsb.orgTel:[email protected]

AustraliaForeign Investment Review Board

www.fi rb.gov.auTel:+61 2 6263 3795 fi [email protected]

Palestinian Investment Promotion Agency /PIPATel: +970 2 2988791/[email protected]

Environment and Resource [email protected]

Invest in Azores Agency (APIA)www.investinazores.comTel: +351 296 308 [email protected]

Romanian Center for Export and Foreign Investment Promotionwww.traderom.roTel: +40 21 318 50 50offi [email protected]

North-West Development and Investment Promotion Agency/Russian Federationwww.investa.spb.ruTel: +7 812 622 14 [email protected]

National Development Corporation/ Saint Lucia

www.invest.gov.trTel: +90 312 413 89 [email protected]

LativaInvestment and Development Agency of Latviawww.liaa.gov.lvTel: +371 [email protected]

Çukurova Development Agency/Turquiawww.cka.org.trTel: +90 322 363 00 39 [email protected]

InvestUkraine (Ukrainian Center for Foreign Investment Promotion)Tel: +380 44 537 [email protected]

UK Trade & Investmentwww.ukti.gov.ukTel: +44 020 7215 8000

Invest in Americawww.investamerica.govTel: +202 482 [email protected]

General Investment Authority (GIA/Yemenwww.giay.org Tel: +00967 1 262962/[email protected]

Corporate Service ProvidersEMCS International Services LTDwww.emcsinternational.comTel: +356 2133 [email protected]

Immigration & RelocationAnchor Corporate Serviceswww.anchor.com.mtTel: +356 212 [email protected]

LithuaniaInvest Lithuaniawww.ukmin.ltTel:(+370 5) 262 7438 [email protected]

Halsey Group SARL www.halsey-group.comTel: +352 22 60 22 [email protected]

TMF Group www.tmf-group.comTel: +352 42 71 71 3267 [email protected]

Amoko Group www.amoko.comTel: +371 67321010

Malta Enterprisewww.maltaenterprise.comTel: +356 2542 [email protected]

www.investstlucia.comTel: +758 452 3614 / 758 452 [email protected]

LuxembourgEuropean Investment Bank(EIB)www.eib.orgTel: (+352) 43 79 [email protected]

Luxembourg for Financewww.lff.luTel: + 352 27 20 21 [email protected]

Luxembourg National Tourist Offi cewww.ont.luTel: (+352) 42 82 82 [email protected]

Luxembourg Stock Exchangewww.bourse.luTel : (352) 47 79 36 – [email protected]

Investment Promotion and Major Works Agency (APIX)/Senegalwww.investinsenegal.comTel: +221 849 05 [email protected]

Seychelles International Business Authority (SIBA)www.siba.net

Slovak Investment and Trade Development Agency (SARIO)www.sario.skTel: +421 2 58 260 100, [email protected]

Durban Investment Promotion Agencywww.dipa.co.zaTel: +27 31 336 [email protected]

Eteck/ Trinidad and Tobagowww.eteck.co.ttTel: +868 675 [email protected]

Investment Support and Promotion Agency/Turquia

Invest in 2012 Winter Edition

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