国内有钱人,尤其是偏好投资地产的资金链出现了问题。
And so we set it up originally 6 years ago so that we would not permit redemptions beyond 5% a quarter. So we could always make sure we have liquidity to make that 5%. And what happened is we went over that 5% last month. We had been selling the last 2 years as much $3 billion of this BREIT a month. So what happened? We started asking ourselves, what’s going on? And we found how to fasten anything that these redemptions were preponderantly coming from Asia. Same product is in the United States. It’s U.S. real estate. What was going on in Asia? And it didn’t take long to figure out that the Hang Seng Index went down 40% and the Asians tend to use more leverage, more margin debt.
So if you are an investor who has got margin debt and your market goes down 40%, you can imagine what it was like to be one of those into the pools. You’re under excruciating financial pressure, and so they were just looking for liquidity. So BREIT, because it was so successful, its returns have averaged 13% a year for the last 6 years. That’s 3x the return of the REIT index.
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有个小问题 把非上市的BREIT回报率和上市的REIT index进行比较 是否有点关公战秦琼?上市Reits的价格受市场影响波动很大 尤其是当下在大幅加息之后比较价格很吃亏。