房地产
业务
贷款
金融体系
财务
海底管道
资历
新兴市场
首都(建筑)
货币经济学
经济
地理
岩土工程
政治学
工程类
考古
法学
作者
Douglas J. Cumming,Grant Fleming,Zhangxin Liu
标识
DOI:10.1016/j.ememar.2018.02.007
摘要
We compare the types of loans and their rates of returns for domestic versus offshore small and mid-sized private real estate credit funds. The data indicate offshore private credit funds issue smaller and subordinated loans to residential projects. Offshore lenders prefer projects in developed Asian markets, and obtain higher rates of return even after controlling for other things such as loan size, seniority, and borrower location. Our findings suggest the presence of pronounced segmentation across real estate lending markets in Asia as offshore lenders are not a substitute for domestic capital.
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