Market Outlook

中国房地产金融已站在发展的交叉路口。经过数十年不断扩张的中国开发商，在资产负债表日渐杠杆化的同 时，也面临各大银行日趋保守的信贷政策。今后，这些开发商除了采用传统的融资手段，还需要着眼于一些 新兴的结构性融资工具。 本报告简要阐述了中国房地产金融的发展现状，并着重探讨了房地产证券化及房地产投资信托基金 （REITs）的未来发展前景。尽管房地产证券化和REITs尚处于起步阶段，但是对于中国房地产投资者和开发 商来说，它们有着巨大的发展潜力。

Singapore’s office property market stayed on the growth path in 3Q 2014.

Rental growth for Premium Grade office space in the Raffles Place/New Downtown micro-market continued to lead…

Rental growth for Premium Grade office space in the Raffles Place/New Downtown micro-market continued to lead the market in 3Q 2014, surging by 6.1% quarter-on-quarter (QoQ) to $11.67 per sq ft by September 2014. This is the highest quarterly growth recorded in three years. Its Grade A counterpart posted a milder rise of 2.9% QoQ to end the September quarter at $10.25 per sq ft per month.