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Blackstone is close to selling a large part of its residential property portfolio in Japan to Anbang Insurance of China, in a $2.3bn transaction that could come as early as the end of this week.
黑石(Blackstone)正接近将其在日本的很大一部分住宅资产组合出售给中国安邦保险(Anbang Insurance)，交易价值23亿美元，可能最早于本周结束时宣布。
The mooted sale is further evidence that real estate continues to be one of the biggest beneficiaries of negative interest rates in Japan and comes as the country’s central bank continues to buy local real estate investment trusts as part of its unconventional monetary policies.
这一拟议出售交易进一步证明，房地产继续是日本负利率的最大受益者之一。作为非传统货币政策的一部分，目前日本央行(Bank of Japan)继续买入国内房地产投资信托。
The transaction was “part of a global rotation from fixed income into other asset classes”, said a person familiar with the matter. “It is a very sensible purchase, because it produces stable income flows.”
一位知情人士表示，这笔交易是“全球投资者从固定收益转向其他资产类别的一部分”。“这是一笔非常明智的收购交易，因为相关资产将产生稳定的收入流。”
The assets in question are mostly 10-storey apartment buildings leased to young professionals in Osaka and Tokyo, the person added. Both locations are relatively immune to Japan’s ageing demographics. Part of the portfolio consists of buildings bought from General Electric in 2014.
这名知情人士补充称，拟出售的资产大多是面向大阪和东京的年轻专业人士出租的10层公寓楼。这两个城市相对没有受到日本人口老龄化的影响。还有一部分资产是2014年从通用电气(GE)手中购得的建筑物。
Blackstone has spent the past few years renovating those properties, taking advantage of favourable central bank policies and the requirement of long-term investors, including insurers and pension funds, for investments that produce both yield and security.
过去几年，黑石一直利用有利的央行政策以及长期投资者（包括保险公司和养老基金）对投资既要有收益还要安全的要求，装修这些楼盘。
Such assets are also relatively immune to inflation, should the Bank of Japan ever succeed in overcoming deflationary pressures.
此外，如果日本央行成功克服通缩压力，这些资产相对不会受到通胀的影响。
Blackstone’s real estate arm has produced solid returns in recent years, in part due to its close relationship with Anbang and other Chinese entities that have paid high prices for Blackstone-owned properties both in the US and in Asia.
近年黑石的房地产业务产生稳健回报，部分原因是其与安邦以及其他中资实体的密切关系，中资为黑石在美国和亚洲拥有的房产支付了高价。
The trend began with Anbang’s $1.95bn purchase of New York’s Waldorf Astoria two blocks from Blackstone’s headquarters on Park Avenue in 2014. Anbang also bought Strategic Hotels & Resorts from Blackstone, paying $6.5bn earlier this year.
这一趋势始于2014年，当时安邦以19.5亿美元买下纽约华尔道夫酒店(Waldorf Astoria hotel)，这里距离黑石位于公园大道(Park Avenue)的总部有两个街区。今年早些时候，安邦还斥资65亿美元从黑石手中收购Strategic Hotels & Resorts。
In October, Blackstone agreed to sell a 25 per cent stake in Hilton Worldwide for $6.5bn to Chinese conglomerate HNA.
今年10月，黑石同意以65亿美元将希尔顿酒店(Hilton Worldwide)的25%股权出售给中国综合企业海航(HNA)。
Chinese insurers are also among the big contributors to Blackstone funds, as they seek to diversify their portfolios and protect themselves from a depreciating renminbi.
此外，中国保险公司是黑石基金的重大出资者，这些保险商希望将投资组合多元化，保护自己不受人民币贬值的影响。
At the same time, hotels are expected to be among the biggest gainers as Chinese tourists venture abroad. Wu Xiaohui, Anbang’s chairman who stays at the royal suite of the Waldorf when he is in New York, plans to convert much of the hotel into condominiums that will be marketed to his cash-rich countrymen.
与此同时，随着中国游客走向海外，预计酒店行业将成为最大受益者之一。安邦董事长吴小晖计划将华尔道夫酒店的很大一部分改造为公寓，出售给现金充裕的中国同胞。吴小晖前来纽约时会入住华尔道夫酒店的皇家套房。
The transaction was originally reported by Reuters.
这笔交易最初是由路透(Reuters)报道的。
