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  • 12月 17 週五 201010:15
  • Franklin D. Roosevelt - Third Inaugural Address (1941)





補習-Franklin D. Roosevelt - Third Inaugural Address
(1941)














This speech was delivered at a time when the military forces of Germany and
Japan enjoyed a series of victories over seemingly weakling democratic nations.
By early 1941, the German Reich had spread throughout most of Western Europe,
while the Japanese Empire covered vast areas of the South Pacific.


The shocking collapse of noble, civilized nations resulted in a creeping
erosion of confidence in the future of democracy. To some observers it appeared
that Fascism and militarism might be the wave of the future and that democracy
with all its inherent problems was in serious decline.


In his third inaugural speech, President Franklin Roosevelt turned his
attention to this growing misconception and attempted to rally Americans,
reminding them of their roots and rekindling the spirit of democracy.



Mr. Chief Justice, my friends:


On each national day of inauguration since 1789, the people have renewed
their sense of dedication to the United States.


In Washington's day the task of the people was to create and weld together a
nation.


In Lincoln's day the task of the people was to preserve that Nation from
disruption from within.


In this day the task of the people is to save that Nation and its
institutions from disruption from without.


To us there has come a time, in the midst of swift happenings, to pause for a
moment and take stock--to recall what our place in history has been, and to
rediscover what we are and what we may be. If we do not, we risk the real peril
of isolation, the real peril of inaction.


Lives of nations are determined not by the count of years, but by the
lifetime of the human spirit. The life of a man is three-score years and ten: a
little more, a little less. The life of a nation is the fullness of the measure
of its will to live.


There are men who doubt this. There are men who believe that democracy, as a
form of Government and a frame of life, is limited or measured by a kind of
mystical and artificial fate that, for some unexplained reason, tyranny and
slavery have become the surging wave of the future--and that freedom is an
ebbing tide.


But we Americans know that this is not true.


Eight years ago, when the life of this Republic seemed frozen by a fatalistic
terror, we proved that this is not true. We were in the midst of shock--but we
acted. We acted quickly, boldly, decisively.


These later years have been living years--fruitful years for the people of
this democracy. For they have brought to us greater security and, I hope, a
better understanding that life's ideals are to be measured in other than
material things.


Most vital to our present and to our future is this experience of a democracy
which successfully survived crisis at home; put away many evil things; built new
structures on enduring lines; and, through it all, maintained the fact of its
democracy.


For action has been taken within the three-way framework of the Constitution
of the United States. The coordinate branches of the Government continue freely
to function. The Bill of Rights remains inviolate. The freedom of elections is
wholly maintained. Prophets of the downfall of American democracy have seen
their dire predictions come to naught.


No, democracy is not dying.


We know it because we have seen it revive--and grow.


We know it cannot die--because it is built on the unhampered initiative of
individual men and women joined together in a common enterprise--an enterprise
undertaken and carried through by the free expression of a free majority.


We know it because democracy alone, of all forms of government, enlists the
full force of men's enlightened will.


We know it because democracy alone has constructed an unlimited civilization
capable of infinite progress in the improvement of human life.


We know it because, if we look below the surface, we sense it still spreading
on every continent--for it is the most humane, the most advanced, and in the end
the most unconquerable of all forms of human society.


A nation, like a person, has a body--a body that must be fed and clothed and
housed, invigorated and rested, in a manner that measures up to the standards of
our time.


A nation, like a person, has a mind--a mind that must be kept informed and
alert, that must know itself, that understands the hopes and the needs of its
neighbors--all the other nations that live within the narrowing circle of the
world.


And a nation, like a person, has something deeper, something more permanent,
something larger than the sum of all its parts. It is that something which
matters most to its future--which calls forth the most sacred guarding of its
present.


It is a thing for which we find it difficult--even impossible--to hit upon a
single, simple word.


And yet we all understand what it is--the spirit--the faith of America. It is
the product of centuries. It was born in the multitudes of those who came from
many lands--some of high degree, but mostly plain people, who sought here, early
and late, to find freedom more freely.


The democratic aspiration is no mere recent phase in human history. It is
human history. It permeated the ancient life of early peoples. It blazed anew in
the middle ages. It was written in Magna Carta.


In the Americas its impact has been irresistible. America has been the New
World in all tongues, to all peoples, not because this continent was a new-found
land, but because all those who came here believed they could create upon this
continent a new life--a life that should be new in freedom.


Its vitality was written into our Mayflower Compact, into the Declaration of
Independence, into the Constitution of the United States, into the Gettysburg
Address.


Those who first came here to carry out the longings of their spirit, and the
millions who followed, and the stock that sprang from them--all have moved
forward constantly and consistently toward an ideal which in itself has gained
stature and clarity with each generation.


The hopes of the Republic cannot forever tolerate either undeserved poverty
or self-serving wealth.


We know that we still have far to go; that we must more greatly build the
security and the opportunity and the knowledge of every citizen, in the measure
justified by the resources and the capacity of the land.


But it is not enough to achieve these purposes alone. It is not enough to
clothe and feed the body of this Nation, to instruct to inform its mind. For
there is also the spirit. And of the three, the greatest is the spirit.


Without the body and the mind, as all men know, the Nation could not
live.


But if the spirit of America were killed, even though the Nation's body and
mind, constricted in an alien world, lived on, the America we know would have
perished.


That spirit--that faith--speaks to us in our daily lives in ways often
unnoticed, because they seem so obvious. It speaks to us here in the Capital of
the Nation. It speaks to us through the processes of governing in the
sovereignties of 48 States. It speaks to us in our counties, in our cities, in
our towns, and in our villages. It speaks to us from the other nations of the
hemisphere, and from those across the seas--the enslaved, as well as the free.
Sometimes we fail to hear or heed these voices of freedom because to us the
privilege of our freedom is such an old, old story.


The destiny of America was proclaimed in words of prophecy spoken by our
first President in his first inaugural in 1789--words almost directed, it would
seem, to this year of 1941: The preservation of the sacred fire of liberty and
the destiny of the republican model of government are justly considered ...
deeply, ... finally, staked on the experiment intrusted to the hands of the
American people.


If you and I, if we in this later day, lose that sacred fire--if we let it be
smothered with doubt and fear--then we shall reject the destiny which Washington
strove so valiantly and so triumphantly to establish. The preservation of the
spirit and faith of the Nation does, and will, furnish the highest justification
for every sacrifice that we may make in the cause of national defense.


In the face of great perils never before encountered, our strong purpose is
to protect and to perpetuate the integrity of democracy.


For this we muster the spirit of America, and the faith of America.


We do not retreat. We are not content to stand still. As Americans, we go
forward, in the service of our country, by the will of God.


Franklin D. Roosevelt - January 20, 1941






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  • 12月 17 週五 201010:15
  • Franklin D. Roosevelt - For a Declaration of War (1941)





補習-Franklin D. Roosevelt - For a Declaration of War
(1941)














At 7:53 a.m. on Sunday, December 7, 1941, the first assault wave of Japanese
fighter planes attacked the U.S. Naval base at Pearl Harbor, Hawaii, taking the
Americans completely by surprise.


The first attack wave targeted airfields and battleships. The second wave
targeted other ships and shipyard facilities. The air raid lasted until 9:45
a.m. Eight battleships were damaged, with five sunk. Three light cruisers, three
destroyers and three smaller vessels were lost along with 188 aircraft. The
Japanese lost 27 planes and five midget submarines which attempted to penetrate
the inner harbor and launch torpedoes.


Three prime targets; the U.S. Pacific Fleet aircraft carriers, Lexington,
Enterprise and Saratoga, were not in the harbor and thus escaped damage.


The casualty list at Pearl Harbor included 2,335 servicemen and 68 civilians
killed, and 1,178 wounded. Over a thousand crewmen aboard the USS Arizona
battleship were killed after a 1,760 pound aerial bomb penetrated the forward
magazine causing catastrophic explosions.


News of the sneak attack was broadcast to the American public via radio
bulletins, with many popular Sunday afternoon entertainment programs being
interrupted. The news sent a shockwave across the nation, resulting in a
tremendous influx of young volunteers into the U.S. Armed Forces. The attack
also united the nation behind President Franklin D. Roosevelt and effectively
ended the American isolationist movement.


On Monday, December 8, President Roosevelt appeared before Congress and made
this speech asking for a declaration of war against Japan, calling the previous
day ...a date which will live in infamy...


Mr. Vice President, Mr. Speaker, members of the Senate and the House of
Representatives:



Yesterday, December 7, 1941 - a date which will live in infamy - the United
States of America was suddenly and deliberately attacked by naval and air forces
of the Empire of Japan.


The United States was at peace with that nation, and, at the solicitation of
Japan, was still in conversation with its government and its Emperor looking
toward the maintenance of peace in the Pacific.


Indeed, one hour after Japanese air squadrons had commenced bombing in the
American island of Oahu, the Japanese Ambassador to the United States and his
colleague delivered to our Secretary of State a formal reply to a recent
American message. And, while this reply stated that it seemed useless to
continue the existing diplomatic negotiations, it contained no threat or hint of
war or of armed attack.


It will be recorded that the distance of Hawaii from Japan makes it obvious
that the attack was deliberately planned many days or even weeks ago. During the
intervening time the Japanese Government has deliberately sought to deceive the
United States by false statements and expressions of hope for continued
peace.


The attack yesterday on the Hawaiian Islands has caused severe damage to
American naval and military forces. I regret to tell you that very many American
lives have been lost. In addition, American ships have been reported torpedoed
on the high seas between San Francisco and Honolulu.


Yesterday the Japanese Government also launched an attack against
Malaya.
Last night Japanese forces attacked Hong Kong.
Last night Japanese
forces attacked Guam.
Last night Japanese forces attacked the Philippine
Islands.
Last night the Japanese attacked Wake Island.
And this morning
the Japanese attacked Midway Island.


Japan has therefore undertaken a surprise offensive extending throughout the
Pacific area. The facts of yesterday and today speak for themselves. The people
of the United States have already formed their opinions and well understand the
implications to the very life and safety of our nation.


As Commander-in-Chief of the Army and Navy I have directed that all measures
be taken for our defense, that always will our whole nation remember the
character of the onslaught against us.


No matter how long it may take us to overcome this premeditated invasion, the
American people, in their righteous might, will win through to absolute victory.


I believe that I interpret the will of the Congress and of the people when I
assert that we will not only defend ourselves to the uttermost but will make it
very certain that this form of treachery shall never again endanger us.


Hostilities exist. There is no blinking at the fact that our people, our
territory and our interests are in grave danger.


With confidence in our armed forces, with the unbounding determination of our
people, we will gain the inevitable triumph. So help us God.


I ask that the Congress declare that since the unprovoked and dastardly
attack by Japan on Sunday, December 7, 1941, a state of war has existed between
the United States and the Japanese Empire.


Franklin D. Roosevelt - December 8, 1941






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  • 12月 17 週五 201010:14
  • Franklin D. Roosevelt - First Inaugural Address (1933)





補習-Franklin D. Roosevelt - First Inaugural Address
(1933)





















FDR delivers his First Inaugural speech, March 4, 1933.

Tag: 補習




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  • 12月 17 週五 201010:14
  • Franklin D. Roosevelt - D-Day Prayer (1944)





補習-Franklin D. Roosevelt - D-Day Prayer (1944)














This is the prayer originally entitled Let Our Hearts Be Stout written by
President Franklin D. Roosevelt as Allied troops were invading German-occupied
Europe during World War II. The prayer was read to the nation on radio on the
evening of D-Day, June 6, 1944, while American, British and Canadian troops were
fighting to establish beach heads on the coast of Normandy in France.


The previous night, June 5, the President had also been on the radio to
announce that Allied troops had entered Rome. The spectacular news that Rome had
been liberated was quickly surpassed by news of the gigantic D-Day invasion
which began at 6:30 a.m. on June 6. By midnight about 57,000 American and 75,000
British and Canadian soldiers had gotten ashore. Allied losses on D-Day included
2,500 killed and 8,500 wounded.



My Fellow Americans:


Last night, when I spoke with you about the fall of Rome, I knew at that
moment that troops of the United States and our Allies were crossing the Channel
in another and greater operation. It has come to pass with success thus far.


And so, in this poignant hour, I ask you to join with me in prayer:


Almighty God: Our sons, pride of our nation, this day have set upon a mighty
endeavor, a struggle to preserve our Republic, our religion, and our
civilization, and to set free a suffering humanity.


Lead them straight and true; give strength to their arms, stoutness to their
hearts, steadfastness in their faith.


They will need Thy blessings. Their road will be long and hard. For the enemy
is strong. He may hurl back our forces. Success may not come with rushing speed,
but we shall return again and again; and we know that by Thy grace, and by the
righteousness of our cause, our sons will triumph.


They will be sore tried, by night and by day, without rest -- until the
victory is won. The darkness will be rent by noise and flame. Men's souls will
be shaken with the violences of war.


For these men are lately drawn from the ways of peace. They fight not for the
lust of conquest. They fight to end conquest. They fight to liberate. They fight
to let justice arise, and tolerance and goodwill among all Thy people. They
yearn but for the end of battle, for their return to the haven of home.


Some will never return. Embrace these, Father, and receive them, Thy heroic
servants, into Thy kingdom.


And for us at home -- fathers, mothers, children, wives, sisters, and
brothers of brave men overseas, whose thoughts and prayers are ever with them --
help us, Almighty God, to rededicate ourselves in renewed faith in Thee in this
hour of great sacrifice.


Many people have urged that I call the nation into a single day of special
prayer. But because the road is long and the desire is great, I ask that our
people devote themselves in a continuance of prayer. As we rise to each new day,
and again when each day is spent, let words of prayer be on our lips, invoking
Thy help to our efforts.


Give us strength, too -- strength in our daily tasks, to redouble the
contributions we make in the physical and the material support of our armed
forces.


And let our hearts be stout, to wait out the long travail, to bear sorrows
that may come, to impart our courage unto our sons wheresoever they may be.


And, O Lord, give us faith. Give us faith in Thee; faith in our sons; faith
in each other; faith in our united crusade. Let not the keeness of our spirit
ever be dulled. Let not the impacts of temporary events, of temporal matters of
but fleeting moment -- let not these deter us in our unconquerable purpose.


With Thy blessing, we shall prevail over the unholy forces of our enemy. Help
us to conquer the apostles of greed and racial arrogances. Lead us to the saving
of our country, and with our sister nations into a world unity that will spell a
sure peace -- a peace invulnerable to the schemings of unworthy men. And a peace
that will let all of men live in freedom, reaping the just rewards of their
honest toil.


Thy will be done, Almighty God.


Amen.


Franklin D. Roosevelt - June 6, 1944






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  • 12月 17 週五 201010:13
  • France becomes first choice of female white collars in overseas study





補習-France becomes first choice of female white collars in overseas
study














Chinanews, Beijing, Nov. 7 – For most young
female white collars in China, France meant perfumes and fashions. Now, however,
it is more than that: France has become the favorite choice of Chinese female
white collars when they consider studying abroad.
Last year, about 600,000 Chinese people went to France, most of them
being students and their relatives, said an official at the French Tourism
Bureau.
Recently, the Women's Foreign Language Publications of China and the
Huakun Women's Life Survey Center jointly carried out a survey to see how female
white collars see Europe. The survey covered 100 female white collars in
Beijing. It finds that apart from sightseeing purpose, 18.8% of the women choose
France for study, while Britain, a country that has rich educational resources
and lots of famed universities, actually falls behind France.
A reporter from the Beijing Morning Post then interviewed five
young women. All of them said they were attracted most by the artistic and
romantic atmosphere in France. Under this artistic environment, they won't meet
much pressure in their study.
From the information submitted by the French Ambassy, it can be seen that
last year, the number of overseas Chinese students in France had risen from the
annual several hundred to several thousand a year now. Last year, there were
about 8,000 Chinese people who went to France to study and the number was still
climbing this year, said Ms. Yin, who works in a company that deals with
international education exchanges.
In addition to the artistic atmosphere in France, many Chinese students
like to go to France for study because tuition fees there are rather cheap.
France makes the world's famous perfume brands and cosmetic products. In France,
the arts and designing courses offered by its colleges are quite good. Its
management course on cosmetics and luxury goods also enjoys world fame. Since
the management courses provided by French colleges are mostly related to liberal
arts, they are therefore more suitable for women.



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  • 12月 16 週四 201009:31
  • business centerIPO、推盤 龍湖雙線沖刺





business
center
IPO、推盤 龍湖雙線沖刺







http://www.daybusiness.com.hk/-business
centre











virtual
office

向赴港上市沖刺的龍湖同時加緊銷售沖刺的步伐。


兩天之內,重慶龍湖5盤并舉,連開4盤,在13年龍湖發展史上首次如此大批量高頻次推盤:6月28日,重慶龍湖地產旗下睿城、酈江、悠山郡三盤同開,睿城、悠山郡均開盤售罄,酈江當天實現銷售116套;6月29日,江與城推出50套也開盤售罄。到6月底,龍湖重慶上半年銷售額超過20億元。

















6月19日,龍湖睿城開盤,當日138套別墅售罄


 
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drive
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gift
| 禮品 | 禮物 | 精品 | 醫學美容
| 激光美容
| 男士美容
| 美容護理
| 通淋巴 |
排毒 | 瘦身 | 修身 | 射頻 | RF | BOTOX | 瘦面 | RESTYLANE
| 美白 |
敏感肌膚 |
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收毛孔 |
燒脂減肥 |
水腫 | 去斑 | 色斑 | 幹細胞 | 纖體 | 減肥 | Slimming |
果酸換膚 |
微針 | Keep Fit |
Beauty |
Facial |
bb衫 | 嬰兒服裝 | baby gap | 日韓童裝 | 夾衣 | kids | online shopping | 情侶裝 | 童裝 | 男裝 | 日本時裝 | 連身裙 | 日韓時裝 | 童裝批發 | baby

此前,酈江先后兩次開盤,共銷售洋房270多套。高TOWN
作為酈江的全新產品,此次推出144套,開盤前夕再現排隊購買現象,當天銷售116套,銷售比例超過80%;同一天,龍湖睿城推出最后38套大院別墅,也于當天售罄。這是龍湖睿城繼4月19日開盤銷售別墅
138套之后,僅用一周時間取得的不俗業績。目前,龍湖睿城經過兩次開盤,所有大院別墅正式悉數收官。
悠山郡此前曾兩次開盤兩次售罄,此次推出17套別墅,開盤當天售罄。僅過一天,江與城50套洋房電梯洋房正式推出,所有洋房當天售罄。

龍湖集團新聞發言人顧偉形容重慶龍湖6月攻勢劃上了完美的句號。


同一天晚上,重慶春森彼岸產品配置分享酒會在項目銷售中心隆重舉行,數百人到場觀摩即將推出的春森彼岸CBD濱江電梯洋房。


2007年上半年龍湖銷售額16.85億,市場占有率6.56%,今年龍湖重慶上半年總銷售額近20億,預計市場占有率達到9.17%左右。較去年,龍湖銷售額和市場占有率都有大幅提升。在六月傳統淡季,外加今年行情持續趨冷的情況下,顧偉描述領跑大盤的龍湖現象用了這樣幾個詞:飄紅,飄紅,逆市飛揚!


business
services




 


Tag: 迷你倉 | 自存倉 |
儲存 |
Mini
Storage
| Storage | business center | business centre | virtual office | business
services
| office
rental
| business centre
hong kong
| Company
Secretary
| Incorporation
| accounting
| 虛擬辦公室 | 商務中心 | 辦公室 租用 | 商業 服務 | 香港 商務中心 |
服務 式
辦公室
| 即用辦公室 | 公司秘書 | 會計 | 註冊地址 | 成立公司 | gift | gifts | gift ideas | souvenirs | premium
| present
| usb flash
drive
| souvenir
| personalized
gifts
| premiums
| corporate
gift
| bobbleheads
| wedding
gift
| 禮品 | 禮物 | 精品 | 醫學美容
| 激光美容
| 男士美容
| 美容護理
| 通淋巴 |
排毒 | 瘦身 | 修身 | 射頻 | RF | BOTOX | 瘦面 | RESTYLANE
| 美白 |
敏感肌膚 |
凹凸洞 |
收毛孔 |
燒脂減肥 |
水腫 | 去斑 | 色斑 | 幹細胞 | 纖體 | 減肥 | Slimming |
果酸換膚 |
微針 | Keep Fit |
Beauty |
Facial |
bb衫 | 嬰兒服裝 | baby gap | 日韓童裝 | 夾衣 | kids | online shopping | 情侶裝 | 童裝 | 男裝 | 日本時裝 | 連身裙 | 日韓時裝 | 童裝批發 | baby

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  • 12月 16 週四 201009:31
  • business centerIBM研究員預計我國房企15年內發生重大整合





business
center
IBM研究員預計我國房企15年內發生重大整合







http://www.daybusiness.com.hk/-business
centre











virtual
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昨日(28日),IBM商業價值研究院發布的一份《中國房地產企業未來發展之路》最新白皮書顯示,目前我國房地產開發企業普遍面臨著資金不足、過度依賴土地資源等管理挑戰。未來15至20年內我國現有的4萬到5萬家房地產企業將進入市場重組和整合階段,將發生重大并購。IBM全球企業咨詢服務部戰略與變革副合伙人金毅表示。


白皮書顯示,自2002年起房地產行業已經進入第二次超額利潤時代,2001-2004年房地產行業利潤年增長保持在70%以上。但是,目前我國相當數量的房地產企業從建立之初便主要以土地資源為導向,延長開發周期,以土地增值為主要獲利手段。


從未來的發展趨勢看,政府的宏觀調控、區域差異以及競爭的加劇都將使得國內的房地產企業面臨重大的挑戰。如何促進企業的管理轉型并獲得持續的創新能力是解決長遠發展問題的關鍵,已成為房地產行業關注的焦點所在。


與國外的企業相比,我國房地產企業數量多、規模小,普遍存在對戰略布局重視不足、過度依賴土地資源等問題。


對此,專家認為,中國房地產企業應該全面審視自身能力,并通過管理轉型來應對未來的挑戰。


金毅強調:企業核心能力體系的形成不是一個偶然的隨機過程,而需要企業有意識、有計劃地培育與發展。即使房地產開發企業認識到了管理轉型的重要性,但是從要做到會做,從會做到做好,還有很長一段路要走。


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  • 12月 16 週四 201009:30
  • business centerGIC13億美元收購普洛斯工業地產項目





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核心提示:金融危機使得全球最大的工業及物流基礎設施提供商和服務商普洛斯(Prologis)不得不斷臂自救。


金融危機使得全球最大的工業及物流基礎設施提供商和服務商普洛斯(Prologis)不得不斷臂自救。


由于普洛斯美國母公司股價下跌嚴重,普洛斯中國全部資產以及日本資產的20%以13億美金出售給新加坡政府產業投資公司(下稱:GIC),而GIC將與普洛斯目前在職部分管理層成立SMG基金管理有限公司(下稱SMG基金)負責管理收購資產。昨日宣布此消息的正是新組建的SMG基金。


據介紹,這項交易預計在明年1月完成,而這也是2008年以來中國最大的一筆地產收購。


低于賬面成本價7%普洛斯是全球最大的工業及物流基礎設施提供商和服務商,也是是一家全球性的工業房地產投資信托公司(REIT)。經營重點是倉庫和物流配送房地產。


SMG基金亞洲首席執行官、普洛斯亞洲首席執行官(任職到明年1月)梅志明表示,此次收購價格是普洛斯在中國所有資產加上日本20%資產的帳面成本的93%。這幾年普洛斯一直在收購中國各個地方的項目,而前幾年的帳面成本已經相較今年低出很多,加上僅需付帳面成本的93%,所以收購價可以說很低。三年內投資10億美元梅志明昨日表示,此次收購之后,中國的發展計劃不變。我們計劃在三年內在中國投資不低于10億美元。而由于此次收購內容包括了普洛斯中國這個名稱,所以未來普洛斯中國名字將不會改變。


據了解,此次交易完成后,SMG基金管理有限公司將負責管理普洛斯在中國的20個城市所有資產,包括260萬平方米已建成和再建的物流基礎設施;超過610萬平米可供未來發展為347萬平米物流基礎設施的儲備用地。


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  • business centerEI攜手宇培 領投中國物流地產?





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11月14日。上海。美國Equity
International(以下簡稱EI)宣布投資上海宇培(集團)有限公司(以下簡稱宇培),發力中國物流地產市場。


交易雙方都未能透露具體持股比例,但宇培首席執行官兼董事長李士發明確:中方在其中占絕對控制地位。EI的投資風格是持有不少于15%的不控股股權;不論股權多少,都要求與大股東同等話語權。


國內無人知曉EI,除非提及其聯合藍山中國投資河南鑫苑。2006年,EI募集了針對中國的第三只基金,目前在國內共投了3個項目。包括河南鑫苑和上海景瑞這兩家住宅開發商,而宇培是投資的第一家物流地產企業,也是迄今獲投的第一個國內民營物流地產企業。


這個領域將會得到更多資金的關注。EI首席投資官(CIO, Chief Investment Officer)Christopher J.
Fiegen說。


位于美國芝加哥的EI,專注于美國之外房地產相關領域的投資。其創始人Sam
Zell不僅是沃頓商學院房地產研究中心的發起人和冠名人,同時也是美國房地產信托基金協會的主席。EI過去所投的11個房地產公司中有6家紐交所上市,包括美國最大的辦公樓公司Equity
Office,被黑石收購。


物流地產避險港?


此次合作非常快,宇培首席執行官兼董事長李士發說,雙方對發展戰略、發展規劃達成共識,外方做盡職調查,只用了2個月。而融資總共用了不到半年。


據李介紹,當時有意投資宇培的大有人在。世邦魏理仕工業及物流服務部副董事戴沁說:市場對高標準物流倉儲的升溫,推動各方對物流地產的關注。據仲量聯行預測,2010年中國物流行業產值將達12000億元。


物流地產在中國處于早期階段。Fiegen說,市場分散、沒有全國性的品牌,因此投資有想象空間。


中國加入世貿后招商局、寶灣等相繼進入該領域;2005年始普洛斯、新熙地、蓋世理、豐樹等外資巨頭加速在中國開展業務。


物流地產也漸成地產商、投資基金目標。中糧集團、珠江投資、合生創展等已涉水。據透露,摩根士丹利、花旗等也打算投資該領域。大中華區私募股權投資和咨詢機構清科集團稱,今年第一季度物流地產有兩個投資案,成為當季亮點。


物流地產受到追捧還有政策的拉扯。住宅地產投資受限,物流業則是國家鼓勵范疇。盡管土地政策收緊,該領域拿地仍相對容易。世邦魏理仕發布的2007年亞洲地產市場報告顯示,新的土地出讓政策后,即使上海工業地產平均價格也僅為879.4元/平方米。


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  • 12月 16 週四 201009:28
  • business centerA股上市房企最具投資價值排行榜





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什么樣的房企最具投資價值?我們又應該以哪些衡量指標去挖掘真正的潛力股?


太多的企業宣揚其綜合實力,比如土地規模、總資產規模、銷售規模以及現金規模等,這固然重要,但在眾多分析師及投資機構的眼中,另有更為科學的選股評價標準。本報綜合多家券商及投資機構意見后,選取了6項指標。


這6項指標包括:凈資產收益率(ROE)反映企業核心盈利能力的最重要指標;總資產周轉率反映企業營運能力和效率的指標;投入資本回報率(ROIC)公司對投入資本的使用效率;權益乘數即財務杠桿,反映公司的負債狀況;銷售凈利率反映企業經營管理能力;速動比率反映企業短期償債能力的強弱。


截至4月15日,WIND咨詢統計顯示,82家A股上市房企已發布2009年年報,中國房地產報從已發布的這些上市房企中,選擇了較具代表性和影響力的萬科、金地集團、保利地產、泛海建設、萬通地產、中糧地產、金融街、北辰實業、名流置業、濱江集團、陽光股份、北京城建、上實發展、榮盛發展、冠城大通、中天城投、新湖中寶、中華企業、蘇寧環球、華遠地產20家房企進行了6項指標的排名,最后根據6項排名的插值賦分累計,評定出最具投資價值榜單。
  
我們以凈資產收益率、總資產周轉率、投入資本回報率、權益乘數、銷售凈利率、速動比率這6項指標對房企進行綜合評價及相關解讀,看看數據背后,是什么原因使得房地產公司的排名不同?部分房企又存在哪些不足?


高周轉率決勝


大多數券商分析師和投資機構都對全國性龍頭股招保萬金(招商地產、保利地產、萬科、金地集團)和區域性的龍頭股云天星球(云南城投、中天城投、福星股份、蘇寧環球)青睞有加,原因是這些企業大多都追求較高的總資產周轉率,除這些龍頭企業之外,近年來成為機構新寵的冠城大通、新湖中寶和榮盛發展,也都在追求高周轉率。


北京貝塔咨詢中心研究員杜麗虹表示,在2009 年上半年的樓市復蘇中,奉行高周轉率戰略的上市房企效率上升,接近2007
年峰值水平,但奉行高利潤率的地產公司總資產周轉率卻呈下降趨勢,樓市復蘇中低端定位或主動降價的企業首先獲益。因此在本報評定的20強房企排名中,中天城投、蘇寧環球和新湖中寶3家既追求高周轉率又奉行高銷售凈利潤,同時能保持合理財務杠桿的公司最終能夠名列前茅。


相比之下,背后擁有實力強大的母公司的中糧地產、泛海建設、北辰實業和上實發展卻位列最后4位,4家公司無論在凈資產回報率、總資產周轉率、投入資本回報率和銷售凈利率方面都難盡如人意。據本報了解,上述4家企業的年報業績被業內普遍打上令人失望的標簽,最近半年內已鮮有券商分析師問津,泛海建設和中糧地產甚至分別被市場人士質疑陷入貧血危機和利潤粉飾門。


以中糧地產為例,其母公司中糧集團擁有強大實力,但其子公司中糧地產卻在銷售形勢一片大好的2009年僅依靠投資收益撐起半邊天:凈利潤3.74億元,投資凈收益就達到1.81億元。中糧地產的銷售、內部管理以及成長性也遭到業內普遍質疑。據統計,在主要A股上市房企中,中糧地產累計年漲幅排行倒數第9,年跌幅達12.73%。


排名第19位的上實發展,在上實控股收購中新地產之后,其前途變得不明朗起來。0.18次的總資產周轉率、12.21%的銷售凈利率、3.49%的投入資本回報率讓上實發展在與其他房地產公司的競爭中處于下風,而4.81倍的財務杠桿率和0.38倍的速動比率則顯示上實發展不盡合理的債務結構和償債能力。在2009年略顯瘋狂的樓市中,上實發展營業收入僅增加13%,凈利潤反而大跌33%。


2008年業績顯影


事實上,由于結算的滯后性,2009年年報中的數據很大程度反映了上市房企2008年的銷售狀況。觀察萬科、冠城大通和泛海建設的數據能夠很明顯看到這一特征,萬科和冠城大通在銷售凈利率排名中分列18位和20位,但在總資產周轉率排名中卻占據前兩名。泛海建設盡管銷售凈利率排名在萬科和冠城大通之前,總資產周轉率卻位列最后。


萬科是眾所周知的學習香港新鴻基和美國帕爾迪現金為王,快速周轉理念的企業,2008年的率先大規模降價銷售讓萬科迅速贏得了銷量和周轉率的提升,付出的則是利潤率的下滑。同樣的狀況出現在冠城大通身上,由于融資的不暢,冠城大通擁有20強房企中最高的5.78倍的杠桿率,因此不得不依靠存貨的快速周轉以回籠資金。在2008年銷售萎靡的市場境況下,除了降價策略外,冠城大通還采取了大幅降價整售的策略,獲得了重要的資金補充。


而泛海建設在近2年則一直面臨高存貨逼宮而可售資源不足、周轉不暢的壓力,好在1.32倍的高速動比率能夠讓其應付暫時的困境。目前泛海建設已經公布了其48億元的定向增發預案,如果這筆資金獲批投入項目中,將會大大加快泛海建設的項目開發進度,緩解目前的存貨結構問題,但目前政策態勢或讓泛海建設的增發變得遙遙無期。


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