深度专访玺沃集团：Lendbuild独特模式在地产低谷中为投资安全保驾护航

On 18th December, the Investment and Development Manager of Heworth Group, Christopher Walsh, had an interview with Nanhai Media, discussed the Australian real estate market and investment trends.

2018年12月18日，玺沃集团（Heworth Group）的投资与开发经理Christopher Walsh接受了南海传媒的采访，讨论了澳洲的房地产市场和投资趋势。

采访开始之前，南海传媒的工作人员在和主持人讨论录制细节

Christopher Walsh

Chris has been in the property industry for ten (10) years and holds a bachelor degree in business (property) and a diploma in project management. He is responsible for Heworth’s active investment and development projects.

Chris拥有澳洲商业(房地产)学士学位以及专业的项目管理文凭，并且拥有10年的房地产行业工作经验，他在玺沃集团主要负责投资项目筛选和开发项目管理。

Q1:

In recent years, there has been a tendency that Chinese investors would prefer to invest in the overseas market. Heworth mainly focuses on investment in Australian real estate, how is the local economy currently performing and impacting property?

近年来，对于中国投资者来说，投资海外成了一种新趋势，贵公司主要投资于澳洲地产市场，您认为澳洲经济发展如何？对房地产市场有怎样的影响？

Heworth is mostly focused on the Sydney real estate market at present.Australia’s economy is strong and still very attractive to overseas investors.

While the residential sector has softened in the major cities over the last 12 months, and will likely continue to do so until early 2020, commercial real estate has performed well.

是的，玺沃集团目前主要专注于悉尼的房地产市场。澳大利亚的经济整体来看十分强劲，对海外投资者仍然有很强的吸引力。

尽管在过去的12个月，主要城市的住宅市场相对疲软，而且这种情况可能会持续到2020年初，但是商业地产的表现依旧良好。

Chris对于澳大利亚房地产投资前景依然看好

Fortunately, Australian real estate cycles vary for each sector and so one sector can be doing well and seeing good growth while another sector can be contracting. That’s why we invest in multiple sectors and own businesses that complement each other but effectively sit in different industries.

幸运的是，澳大利亚的房地产市场周期对不同的领域有不同的影响，在某些领域出现收缩时，另一个领域可能表现良好。这就是我们为什么坚持在不同的业务上进行投资及开发，这些业务分布在不同的领域，但是可以有效地互补。

Q2:

Your company's business model is quite unique compared to other fund management and construction companies in the market, perhaps you can give us a better understanding of how Lendbuild actually works?

贵公司的经营模式非常特别，与市面上其他的基金管理公司或者建筑公司都不同，能简单地介绍一下Lendbuild吗？

Chris详细介绍了Lendbuild模式

We’re essentially providing a risk management service.Think of Lendbuild as a project partner, who makes up for any equity shortfall from the developer’s side and then also completes the construction phase on their behalf.

我们实际上是在提供风险管理服务。你可以把Lendbuild想象成一个项目合作伙伴，它可以为遇到困难的开发商提供资金支持，还可以帮助开发商完成建筑工程。

Both lender and developer find this model so appealing because it de-risks, what is traditionally one of the riskiest stages of the project – the construction phase – where costs can blowout and cash flow issues can ultimately, stall or stop a project.

在项目开发中，建筑施工阶段往往是最具风险的阶段之一，在这个阶段，建筑成本很可能超出控制，而现金流的问题很可能最终导致项目的停滞或烂尾。而贷款方和开发商都会觉得Lendbuild这种模式非常有吸引力，因为它从本质上降低了风险。

Q3:

You mentioned risk management before, how does Heworth ensure the safety of your investors' funds in the Lendbuild model?

您之前也提到了风险管理，在Lendbuild模式中，贵公司是如何确保投资者的资金安全呢？

We approach each Lendbuild project like we would any potential investment, by conducting extensive due diligence, both in house and using external specialist advice, identifying the various investment risks, and ensuring these risks have been or can be mitigated.

我们对使用Lendbuild业务模式的每一个项目都做了与所有潜在股权投资项目相同的风险评估，我们会根据内部及外部专家的建议进行详尽的尽职调查研究以及市场调研，识别在投资过程中可能出现的所有风险，并确保这些风险已经或能够得到控制。

If a project fails to meet our risk control standards and requirements we simply do not proceed with it. Only fully vetted LendBuild projects are presented to our investors. Heworth also co-invests in every Lendbuild project, committing a minimum of 20-percent of the investment capital being raised.

如果一个项目不能满足我们的风控标准及要求，我们将会停止这个项目。我们只会将经过全面审查的Lendbuild项目介绍给我们的投资者。另外，玺沃自有资金将投资Lendbuild项目总投资额的至少20%，充当劣后安全垫，以保证投资人资金安全。

Q4:

So, risk control plays a significant role in Lendbuild, what other investment criteria do you consider before investing into a project?

所以，Lendbuild在风险控制中起着重要作用，那么在投资项目之前，你们还有哪些其他的投资标准吗？

Without getting too technical, we’ll look at the investment return, project gearing levels and debt coverage, how the loan can be secured, the developer’s track record – in terms of experience, project size, years in operation – macroeconomic factors, location and supply in the area, and how the project performs under different scenarios, through undertaking what we call “sensitivity analysis”.

抛开那些专业名词，我们会分析项目投资回报，项目负债水平、债务偿还能力以及如何保障贷款的安全；我们也会调查开发商的记录，例如对方团队的经验、项目规模、运营年限等。

另外，宏观经济因素、项目位置及当地供应需求，以及项目在不同环境下的表现都在我们的考虑范围之内，我们称之为“敏感性分析”。

Q5:

Have you ever invested in a risky or unfinished project before?

你们有投过有风险的或者“烂尾”项目么？

The word “risky” is quite subjective… I am going to assume you mean a high level of risk. So…

“有风险”这个词是相当主观的…我认为你的意思是“高风险”对吗？

No we haven’t, Heworth’s risk control methods are strict and prevent us from investing in anything considered “high” risk or greater.

不，我们没有过类似的投资。玺沃的风控模式非常严格，任何被认为是“高风险”的投资项目都会被拒之门外。

With regards to unfinished projects, that’s the benefit of the Lendbuild model – we guarantee that the project will be finished – fortunately to date we haven’t needed to step in and take control from a developer who thinks they can’t complete their project. Obviously though, the contingency plan is that we would step in if required.

对于还未完成的项目，这便体现出了Lendbuild模式的好处——我们有专业的建筑团队作为支撑，可以保证项目最终完工。

幸运的是，到目前为止，还没有发生过需要我们介入的“烂尾”项目，我们的建筑团队只是作为一个应急计划，如果真的出现这样的情况，我们也有能力将项目承接下来。

Q6:

OK, that’s Lendbuild, what about the development and fund management side of your business? Why don’t you tell us about some of the current investments Heworth are involved in?

以上，我们讨论了关于Lendbuild模式的运行，那有关开发和基金管理方面呢？ 您可以讲几个Heworth参与的投资案例吗？

Balmain 项目

Our Balmain development is a landmark project, located in Sydney’s inner west with over 28,000m2 of mixed use space, spread across three (3) 12-storey towers, including residential, commercial, specialty retail, and entertainment and has an end project value of close to $400M.

当然。我们的Balmain开发项目是一个地标性项目，位于悉尼的内西区，拥有超过2.8万平方米的商住混用空间，我们将建设三幢12层高的大楼，包括住宅、商业、专业零售和休闲空间，最终项目价值接近4亿澳元。

位于悉尼CBD核心地段的 160 Sussex Street 项目

160 Sussex Street is a 14-storey office building in the Sydney CBD, just opposite The Hyatt Hotel, which we purchased last year. Our investment strategy focuses on asset improvements and leveraging strong capital growth in the office market during our investment term. We are forecasting a return on investment in excess of 100-percent over five (5) years.

另外值得一提的是位于Sussex Street 160号的商业楼， 这幢14层高的写字楼位于悉尼CBD，就在凯悦酒店对面，我们于去年将这幢写字楼成功收购。我们的投资策略是在投资期内升级改造这幢商业楼，并利用强劲的商业楼市场实现资本增长。我们预测，这项投资的回报率将在五年后超过100%。

Q7:

There was a big shift in Australian real estate market this year, how has this impacted you?

目前澳洲的住宅地产市场进入了调整期，这对贵公司会产生何种影响？

Yeah, the residential sector took quite a hit… Economics had been predicting this for the last few years, as a minor correction was required.

是的，住宅行业遭受到了相当大的打击……过去几年，经济学家一直预测会出现这种情况，因为市场需要进行小幅周期性调整。

We are well placed at the moment though, with all of our current residential projects being 100-percent presold or in the early planning stages not due to come to market until the next cycle begins.

玺沃目前依然处在有利的地位，目前我们所有住宅项目都完成了100%预售或者还处于早期规划阶段，到下一个上扬周期才会投入市场。

Q8:

Do you think it is a good time to invest now?

您觉得现在是入市的好时机吗？

Definitely – we see this year and next as a great investment opportunity.

当然，我们认为今明两年都是绝佳的投资机会。

Our development pipeline will mature in the next 3-4 years, and should take advantage of the next phase of positive growth in the residential market.

我们的开发项目将在未来3-4年内成熟，并在住宅市场实现下一阶段正增长时获益。

Development projects and the type of lending we offer generates high returns, which allows our investors access to investments typically reserved for institutional investors and family offices.

我们的开发项目以及提供的贷款都可以产生较高回报，这使我们的投资者都可以享受到通常只有家族财团或机构投资人才能享有的稳定利润。

Heworth Group is a distinguished integrated property investment house with a track record in delivering all aspects of the property development lifecycle. Heworth has successfully delivered close to 1 billion dollars of investment in Australia in the past 6 years.

玺沃集团是澳大利亚具有地产全产业链业务能力的公司，致力于打造专业、卓著的地产投行。在过去的6年里，玺沃成功投资、管理的项目已超10亿澳元。

Heworth is made up 3 main businesses, fund management, development, and construction. Heworth also created the Lendbuild business model, which provides developers finance and construction solutions.

玺沃集团聚焦基金管理、项目开发与建筑施工三大核心业务，更是独创了Lend+build的业务模式，为开发商提供整套资金加承建商的一体化解决方案。

采访结束后Chris对南海传媒的工作人员表示感谢