上海修复器

只有三个星期，一连串的电话。当他去年夏天结束时，美国出生和历史的房地产投资者Goodwin Gaw筹集了2亿美元，以耕作中国的红热门房地产市场。

Gaw is far from alone in his ambition. China is in the midst of a historic property boom that is attracting some of the world's leading investors. But thanks to his experience in the U.S. and knowledge of China, Gaw has moved quicker than most: He invested $150 million of his Gateway Capital fund in just six months and expects to commit the remainder by September.

The 37-year-old investor takes a distinctive approach, believing that old or distressed properties offer some of the best values, rather than the gleaming towers and shopping malls sprouting in Shanghai and other cities. Gaw recently paid $105 million for a dilapidated, 71-year-old, seven-story shopping mall on Shanghai's bustling Nanjing Road.

“现在我们的南京路物业是一只眼睛，”Gaw说，他们计划花费高达2500万美元恢复建筑物的艺术装饰光泽。“它将成为一个新的图标，”他说。

中国的现象经济扩张正在推动市场。北京最近向上修改了其对产出的估计 - 新的数字表明其经济是世界上第四大的，领先于法国和美国的级数 - 而且增长在每年的9％以上持续超过9％。因此，房地产价值翻了一番，在某些情况下，在过去的五年里增加了两倍。

Although some analysts worry about overheating, demographics should support further gains, many investors believe. CLSA, the Hong Kongbased Asian brokerage arm of France's Crédit Agricole, forecasts that more than 70 million people will move from rural areas to cities by 2010, raising China's urban population to roughly 610 million.

GAW说，尽管物业价值最近的财产价值涨幅，但中国的价格仍然只是香港水平的一小部分。基于波士顿的Colliers International Propertic顾问估计，在2005年第四季度，上海市顶级办公楼平均销售每平方米每平方米3,875美元，同比增长29％，从3 000美元上涨了29％;香港的类似物业在第四季度销售约15,000美元，同比上涨25％，从12,000美元起25％。

其他外国投资者被这些增长前景所吸引。行业观察家估计，外国人已经将20亿美元的价格放入中国房地产。据报道，摩根士丹利投资7亿美元;其持有人包括上海31层的世界贸易塔和该市的5000万美元的住宿发展。高盛＆Co公司于2005年4月买了一座24楼的上海办事处，以10760万美元，澳大利亚的麦格理银行于7月份以9300万美元的价格购买了九个购物中心的股份。

Francis Li Chi-wing, executive director at DTZ Debenham Tie Leung, the Hong Kong arm of London-based property adviser DTZ, says he is seeing increasing numbers of American, European and Middle Eastern investors who are interested in buying property in China.

Even Hong Kongbased contrarian investor Marc Faber, widely known as "Dr. Doom," offers an optimistic outlook on Chinese real estate, particularly in Shanghai. "The Chinese property market did become overheated last year," Faber tells Institutional Investor. "But over time properties will fill up and the trend will be toward higher property prices until prime locations in Shanghai will be more costly than in London, New York and Hong Kong."

In addition to the Shanghai property, Gaw's Gateway Capital has bought stakes in residential developments in Beijing and Guangzhou. His investors include such high-profile players as New York hedge fund Angelo, Gordon & Co., Wachovia Bank and high-net-worth families in Asia and Europe.

Gaw追踪他的家人，以福建省南部南部南部。他的父亲安东尼出生在那时缅甸的东西;他的母亲Rossana，来自上海先秦。Goodwin Gaw于1968年在旧金山出生，而他的父亲在斯坦福大学学习工程的研究生院。在20世纪70年代，该家庭搬回香港，安东尼成立了先锋全球集团，该集团是一家拥有食品和房地产利益的控股公司。

1986年聘请宾夕法尼亚大学的土木工程学位和1993年斯坦福斯坦福大学的建筑管理硕士学位后，加入了洛杉矶房地产投资店铺肯尼迪威尔逊，在那里他帮助陷入困境的日本公司出售美国商业房地产。

1995年，GAW独自掀起了一系列财团，在好莱坞购买罗斯福酒店。这是一个OneTime Heuny的电影明星，如克拉克山墙和卡罗尔·伦巴第比如1929年的第一批学院颁奖典礼，335间客房曾忘了魅力。

GAW问他的父亲（1999年去世）筹码。老人GAW给了他100万美元，以及一些建议的话。“我的父亲对我说，'你太年轻了。但如果你真的相信它，那么找到一个相信你的人。”

年轻的企业家已经从朋友和家人中汲取了贡献。然后他和他的合作伙伴为酒店支付了1000万美元，并花了另外2000万美元的翻新。现在是一个时尚的目的地，估计价值10000万美元。

Through Downtown Properties Holdings, his Los Angeles company, Gaw controls a half dozen other pieces of real estate -- typically, once-crumbling structures that he has restored. A prime example is the 113-year-old Bradbury Building, a landmark property that is the oldest commercial building in central Los Angeles and was featured in the Ridley Scott 1982 film Blade Runner. Gaw bought the building for $6 million in 2003; following an extensive renovation, it is now valued at about $9 million.

“我父亲喜欢被动投资，”他说。“我喜欢弄脏我的手。”

Gaw became interested in Asian real estate after the region's 1997 economic crisis depressed property values. Acting for Pioneer Global, the family firm of which Goodwin is vice chairman, he purchased a 10 percent stake in Dusit Thani, a leading Thai hotel operator, in 2002. He also acquired industrial properties in Singapore for the group.

At Gateway Capital, Gaw and his brother, Kenneth, formerly an investment banker with Goldman Sachs in New York and Hong Kong, are based in Hong Kong; Humberg Pang, a former executive with London-based real estate consulting firm Savills, runs the firm's Shanghai office.

该团队专注于价值2000万美元及以上的交易。在今天的疯狂市场中，他们将迅速移动溢价以关闭交易。“我们很聪明，”Gaw说。“这在中国尤为重要。”

Gateway also seeks to leverage its ethnicity. Gaw believes that authorities in China are skittish about foreign ownership of prime developments. "We're from Hong Kong, and we're Chinese," he explains. That cultural edge helped Gateway navigate the Chinese bureaucracy and obtain the approvals needed to buy the Shanghai property from a group of ten businessmen.

Gaw contends there is a gap between perception and reality of the Chinese market. "Right now a lot of funds are kicking the tires, but there aren't a lot of deals yet," he says. He is clearly betting on an increase in transactions to achieve his targets, though. Over the next seven years, Gateway aims to deliver at least a 20 percent average annual return to investors.

What about political risk? Gaw notes that Beijing authorities occasionally impose edicts such as mortgage restrictions to control bank lending and land values, but he is confident he can withstand any turbulence by taking a long view.

“我们不指望高度杠杆，”他说。“当房地产价格太快时，政府干扰了。我们考虑到政府立即开裂的长期观点。”