中国豪宅泡沫破裂刺痛摩根大通

A luxury apartment building that is one of the most visible casualties of China's high-end property bust is up for auction in the northeast city of Dalian, after a bank foreclosed on the property.

中国东北城市大连的一幢豪华公寓楼准备拍卖，这是中国高端房产泡沫破裂最显眼的牺牲品之一。此前一家银行取消了该楼盘的赎回权。

The 48-floor Park Central was owned by a fund run by J.P. Morgan Asset Management, which invested $80 million in the property. But the asset manager lost the property when U.K.-based lender Standard Chartered STAN.LN -0.30% PLC, which provided the majority of a roughly $140 million loan, foreclosed over the summer after sluggish sales put it in violation of loan covenants, according to people with knowledge of the matter.

48层的“御澜山曾为摩根富林明资产管理(J.P. Morgan Asset Management)旗下一只基金所有，该基金在这个楼盘项目上投入了8,000万美元。英国贷款机构渣打银行(Standard Chartered)提供了该项目1.4亿美元贷款的绝大部分。据知情人士透露，由于销售不景气导致贷款违约，渣打于今年夏季取消了这一楼盘的赎回权，该基金也由此失去了这处楼盘。

The loss, which came after China tightened rules on buying luxury apartments, shows how exposed some European and U.S. investors are to Chinese real estate. Several potential investors have been offered the property, but no deal has been reached, the people said.

从中国收紧豪华房产购买规定后出现的这一损失可以看出，一些欧美投资者在中国房地产上的风险敞口有多大。上述知情人士说，这处楼盘找了几家潜在投资者，但尚未达成交易。

Standard Chartered and J.P. Morgan Asset Management, a unit of J.P. Morgan Chase JPM -1.81% & Co., declined to comment.

渣打银行和摩根富林明资产管理拒绝置评。摩根富林明资产管理为摩根大通(J.P. Morgan Chase)的旗下子公司。

China recently has shown signs of revival in its property market, yet problems remain evident. Property developers such as Greentown China Holdings Ltd. 3900.HK +7.53% and SPG Land Holdings Ltd. 0337.HK +3.50% that had focused on high-end homes, have been offloading some of their assets to other developers as cash flow tightened due to government moves to cool the property market. In June, debt-laden Greentown China raised $657 million by selling stock and issuing convertible bonds to shareholder Wharf (Holdings) Ltd. 0004.HK +1.05%

中国房产市场最近显示出复苏迹象，但仍存在明显问题。绿城中国控股有限公司(Greentown China Holdings Ltd.)和盛高置地（控股）有限公司(SPG Land Holdings Ltd.)等一批专注于高端房产的开发商已经在将部分资产转让给其他开发商，原因是政府为房产市场降温的举措导致其现金流吃紧。今年六月，负债累累的绿城中国通过向其股东九龙仓集团有限公司（Wharf (Holdings) Ltd.）出售股权和发行可转换债券筹资6.57亿美元。

The government moved in 2010 to slow construction of luxury housing─ through credit curbs, limits on buying multiple properties and higher down-payment requirements─and sought to push developers toward building for first-time buyers and those upgrading to bigger homes.

2010年，中国政府采取行动，通过抑制贷款、限制购买多套房产以及提高首付款要求等措施来减缓豪华房产的建设，并试图推动开发商为首次购房者和改善性购房者建房。

Like upwardly mobile Chinese, foreign investors have preferred luxury properties in China due to the higher margins they can fetch compared with the mass-market, cookie-cutter apartments.

与中国那些经济地位不断提升的人一样，外国投资者也青睐中国的豪华房产项目，因为相比大众市场那些千篇一律的公寓，豪华房产能为他们提供更高的利润空间。

But skeptics warn that it will take years for the market to absorb an oversupply of fancy apartments and villas, many left empty by their investor buyers, and 'ghost cities' of unoccupied blocks.

但怀疑人士警告说，市场可能要很多年才能消化过度供应的豪华公寓和别墅以及由无人居住的街区组成的“鬼城。许多豪华住宅都被投资型买家空置。

'Around three to four years ago you could already see that the government was clamping down on the luxury sector, but some thought that the government was going to leave the top-tier residential sector untouched since it had nothing to do with the mass market. That was misguided,' said one person with knowledge of the matter.

一位知情人士说，大约三四年前，你已经可以看到政府在打压豪华房产领域，但一些人觉得政府不会动顶级住宅领域，因为这个领域与大众市场毫无关系。那只是误解。

The overall level of foreclosure activity in China is unclear. There is little information in the country regarding the volume of distressed real-estate assets.

不清楚中国总共有多少房产止赎，有关不良房地产数量的信息也是少之又少。

But high-end residential projects such as Park Central, one of the top buildings in seaside Dalian, have been among the hardest hit since China launched its property tightening campaign.

但从中国开始调控以来，诸如御澜山之类的高端住宅项目遭到沉重打击。御澜山是海滨城市大连的一幢高层建筑。

J.P. Morgan Asset Management took over Park Central during its construction even as the market was showing signs of froth. The company had started a $600 million Greater China property fund in 2010 and has invested in projects across the country, including in Beijing, Shanghai and Nanjing. Its projects elsewhere in China don't appear to be in distress, the people said.

摩根富林明资产管理是在施工期间接手御澜山的，当时市场已经显示出泡沫迹象。摩根富林明资产管理在2010年成立一只面向大中华的6亿美元房地产基金，投资了北京、上海、南京等全国各地的项目。前述知情人士说，它在中国其他地区投资的项目似乎并无压力。

The units in Park Central haven't sold well since they went on the market in September 2011. In addition to the government tightening measures, the sales weakness was partly because the units were too big and costly, according to the people with knowledge of the matter and real-estate agents in the city.

御澜山在2011年9月份开盘以来卖得不是很好。据知情人士和大连房地产中介说，除了政府的调控之外，销售疲软还有一部分原因是房屋面积过大、价格过高。

'Although it's in a great location, the units were too large and it's difficult to split them into smaller units,' said one of the people.

其中一位人士说，虽然地段很好，但房屋面积过大，而且很难分隔成较小的单元。

Standard Chartered and Bank of East Asia Ltd. 0023.HK +0.17% extended a loan of approximately $140 million to J.P. Morgan Asset Management for the project, one of the people said. Standard Chartered foreclosed on the property after J.P. Morgan breached some loan covenants due to poor sales. Deloitte & Touche Inc. has been appointed as the receiver of the project, the same person said. Bank of East Asia and Deloitte declined to comment.

一位知情人士说，渣打银行和东亚银行(Bank of East Asia Ltd.)为这个项目向摩根富林明资产管理提供了一笔约为1.4亿美元的贷款。因销售不佳，摩根富林明资产管理违背了部分条款，之后渣打银行将项目止赎。同一位人士说，德勤(Deloitte & Touche Inc.)已被指定为项目的托管人。

CBRE Group, CBG -2.78% the broker hired to market Park Central, is working with Standard Chartered to seek potential buyers, the people said.

知情人士说，受聘推销御澜山的世邦魏理仕集团公司(CBRE Group)正与渣打银行一起寻找潜在买家。

The project offers 270 one- to four-bedroom units that are between 110 and 519 square meters each.

项目有270套一至四居房产出售，每套面积110至519平方米不等。

According to local property agency websites, at the time of its launch, the project carried asking prices of around 35,000 yuan ($5,595) per square meter. Calls to the project's sales office went unanswered and brokers in the city said there have been no signs of sales activity in the project for a number of months now.

据当地房产中介网站介绍，开盘时该项目每平米叫价约3.5万元（5,595美元）。项目售楼处电话无人接听，据大连房地产中介说，该项目好几个月都没有卖房迹象了。

Other housing projects nearby have selling prices of around 19,000 yuan per square meter.

附近其他房地产项目的售价在每平米1.9万元左右。

A few private-equity players have submitted nonbinding bids for the distressed asset, and some of the bids have exceeded one billion yuan, one of the people said, without giving details.

一位知情人士说，一些私募股权投资公司已为这笔不良资产提交无约束力报价，部分报价超过人民币10亿元。但这位人士没有细说。