{"id":80358,"date":"2017-06-29T16:58:48","date_gmt":"2017-06-29T08:58:48","guid":{"rendered":"https:\/\/law.asia\/zh-hans\/?p=80358"},"modified":"2024-06-21T09:32:49","modified_gmt":"2024-06-21T01:32:49","slug":"%e8%a7%a3%e5%86%b3%e6%96%b9%e6%a1%88%ef%bc%9aabs","status":"publish","type":"post","link":"https:\/\/law-asia.visibleone.dev\/zh-hans\/%e8%a7%a3%e5%86%b3%e6%96%b9%e6%a1%88%ef%bc%9aabs\/","title":{"rendered":"ABS\u89e3\u51b3\u65b9\u6848"},"content":{"rendered":"<p class=\"Feature-Standfirst-Chi ParaOverride-2\" lang=\"zh-CN\" style=\"text-align: justify;\"><strong><em><span class=\"vantage-grey\"><span class=\"CharOverride-9\">\u9648\u4f1f\u56fd<\/span><span class=\"CharOverride-9\">\u5206\u6790\u4e2d\u56fd\u623f\u5730\u4ea7\u884c\u4e1a\u5982\u4f55\u57fa\u4e8e\u53d1\u5c55\u8fc5\u731b\u7684\u8d44\u4ea7\u8bc1\u5238\u5316\u6a21\u5f0f\u63a2\u7d22\u65b0\u878d\u8d44\u4ea7\u54c1\u7684\u5f00\u53d1<\/span><\/span><\/em><\/strong><\/p>\n<p class=\"Feature-Body-Chi ParaOverride-4\" lang=\"zh-CN\" style=\"text-align: justify;\"><span class=\"CharOverride-38 custom-dropcap-red vantage-orange\">\u4e2d<\/span>\u56fd\u7684\u8d44\u4ea7\u8bc1\u5238\u5316\uff08ABS\uff09\u5e02\u573a2015\u5e74\u4ee5\u6765\u8fc5\u731b\u589e\u957f\u3002\u5176\u76f4\u63a5\u539f\u56e0\u4e3a\u4e2d\u56fd\u653f\u5e9c\u4ece2014\u5e74\u5e95\u5f00\u59cb\u653e\u5bbd\u5bf9ABS\u4ea4\u6613\u7684\u76d1\u7ba1\uff0c\u5bf9ABS\u4ea7\u54c1\u7684\u7ba1\u7406\u4ece\u6838\u51c6\u5236\u8f6c\u4e3a\u6ce8\u518c\u5236\u3002\u4e2d\u56fd\u653f\u5e9c\u653e\u5bbd\u76d1\u7ba1\u7684\u6839\u672c\u653f\u7b56\u8003\u91cf\u5728\u4e8e\u964d\u4f4e\u4f17\u591a\u5546\u4e1a\u9886\u57df\u4e2d\u7684\u6760\u6746\u7387\u3002\u5f53\u5168\u7403\u91d1\u878d\u5371\u673a\u57282008\u5e74\u5e95\u7206\u53d1\u540e\uff0c\u4e2d\u56fd\u653f\u5e9c\u8fc5\u901f\u4f5c\u51fa\u53cd\u5e94\uff0c\u5728\u5168\u56fd\u8303\u56f4\u5185\u51fa\u53f0\u5927\u89c4\u6a21\u7684\u7ecf\u6d4e\u523a\u6fc0\u8ba1\u5212\u3002<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\">\u7531\u4e8e\u5404\u79cd\u653f\u6cbb\u53ca\u7ecf\u6d4e\u539f\u56e0\uff0c\u8fd9\u4e9b\u5168\u56fd\u6027\u53ca\u5730\u65b9\u6027\u7ecf\u6d4e\u523a\u6fc0\u8ba1\u5212\u672a\u80fd\u6839\u672c\u6027\u5730\u6062\u590d\u4e2d\u56fd\u7ecf\u6d4e\u7684\u6d3b\u529b\u3002\u63a5\u7740\u4e2d\u56fd\u5373\u9762\u4e34\u7ecf\u6d4e\u653e\u7f13\u7684\u56f0\u5883\uff0c\u4e0e\u6b64\u540c\u65f6\u4f17\u591a\u5546\u4e1a\u9886\u57df\uff08\u5982\u623f\u5730\u4ea7\u53ca\u57fa\u5efa\uff09\u5374\u9762\u5bf9\u4ea7\u80fd\u8fc7\u5269\u53ca\u8d22\u52a1\u6760\u6746\u8fc7\u9ad8\u7684\u95ee\u9898\u3002\u4e3a\u4e86\u9632\u6b62\u8fd9\u4e9b\u4f9b\u8fc7\u4e8e\u6c42\u7684\u9886\u57df\u4e2d\u8fc7\u9ad8\u6760\u6746\u7387\u6240\u53ef\u80fd\u5f15\u53d1\u94f6\u884c\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u4e2d\u56fd\u653f\u5e9c\u5fc5\u987b\u8fc5\u901f\u91c7\u53d6\u624b\u6bb5\u964d\u4f4e\u8fd9\u4e9b\u9886\u57df\u4e2d\u7684\u8d22\u52a1\u6760\u6746\u3002<a href=\"https:\/\/law.asia\/wp-content\/uploads\/2017\/06\/Rico-Chan-Partner-Baker-McKenzie.jpg\" rel=\"attachment wp-att-80730\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-80730\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2017\/06\/Rico-Chan-Partner-Baker-McKenzie.jpg\" alt=\"Rico Chan, Partner, Baker McKenzie\" width=\"872\" height=\"592\" srcset=\"https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2017\/06\/Rico-Chan-Partner-Baker-McKenzie.jpg 872w, https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2017\/06\/Rico-Chan-Partner-Baker-McKenzie-300x204.jpg 300w, https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2017\/06\/Rico-Chan-Partner-Baker-McKenzie-768x521.jpg 768w, https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2017\/06\/Rico-Chan-Partner-Baker-McKenzie-696x473.jpg 696w, https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2017\/06\/Rico-Chan-Partner-Baker-McKenzie-619x420.jpg 619w\" sizes=\"(max-width: 872px) 100vw, 872px\" 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justify;\">\u9664\u4e0a\u8ff0\u56e0\u7d20\u4ee5\u5916\uff0c\u5728\u623f\u5730\u4ea7\u9886\u57df\u4e2d\u7684\u4e0d\u540c\u5e02\u573a\u4e3b\u4f53\u8fd8\u901a\u8fc7\u5bf9ABS\u53ca\u5176\u4ed6\u8bc1\u5238\u5316\u7ed3\u6784\u7684\u5b9e\u8df5\uff0c\u4ee5\u63a2\u7d22\u6784\u5efa\u672a\u6765\u4e2d\u56fd\u7684\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u57fa\u91d1\uff08REIT\uff09\u53ca\u5546\u4e1a\u623f\u5730\u4ea7\u62b5\u62bc\u8d37\u6b3e\u8bc1\u5238\u5316\uff08CMBS\uff09\u5e02\u573a\u3002<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\">ABS\u662f\u6307\u4e00\u5bb6\u516c\u53f8\u6216\u91d1\u878d\u673a\u6784\uff08\u901a\u5e38\u88ab\u79f0\u4e3a\u201c\u53d1\u8d77\u4eba\u201d\uff09\u4ee5\u5176\u8d37\u6b3e\u8d44\u4ea7\u7ec4\u5408\u3001\u5e94\u6536\u8d26\u6b3e\u6216\u7279\u5b9a\u7684\u5408\u540c\u6743\u5229\u7b49\u5546\u4e1a\u8d44\u4ea7\u7ec4\u6210\u4e00\u4e2a\u7279\u5b9a\u7684\u8d44\u4ea7\u6c60\uff0c\u5e76\u4ee5\u8be5\u8d44\u4ea7\u6c60\u6240\u4ea7\u751f\u7684\u73b0\u91d1\u6d41\u4e3a\u57fa\u7840\u5411\u6295\u8d44\u8005\u53d1\u884c\u8bc1\u5238\u3002<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\">ABS\u7c7b\u8bc1\u5238\u901a\u5e38\uff08\u800c\u975e\u5fc5\u7136\uff09\u5728\u67d0\u8bc1\u5238\u4ea4\u6613\u6240\u6302\u724c\u5e76\u4ea4\u6613\uff0c\u4ee5\u4f7f\u8bc1\u5238\u5177\u6709\u6d41\u901a\u6027\u3002ABS\u8bc1\u5238\u901a\u5e38\u4f1a\u5728\u7ed3\u6784\u4e2d\u52a0\u5165\u67d0\u4e9b\u5185\u90e8\u6216\u5916\u90e8\u7684\u4fe1\u7528\u589e\u7ea7\u63aa\u65bd\uff0c\u4ee5\u63d0\u5347\u5176\u4fe1\u7528\u503c\u3002ABS\u8bc1\u5238\u901a\u5e38\u4f1a\u7ecf\u7531\u5f53\u5730\u6216\u56fd\u9645\u8bc4\u7ea7\u673a\u6784\u8fdb\u884c\u4fe1\u7528<br \/>\n\u8bc4\u7ea7\u3002<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: 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justify;\">\u7b2c\u4e8c\u79cd\u4e3a\u201c\u4f01\u4e1a\u8d44\u4ea7\u8bc1\u5238\u5316\u4ea7\u54c1\u201d\uff0c\u7531\u4f01\u4e1a\u4ee5\u5176\u6240\u62e5\u6709\u7684\u5404\u7c7b\u578b\u5546\u4e1a\u8d44\u4ea7\uff08\u5982\u623f\u5730\u4ea7\u6240\u6709\u6743\u3001\u623f\u5730\u4ea7\u79df\u91d1\u6536\u5165\u3001\u7269\u4e1a\u7ba1\u7406\u8d39\u3001\u9152\u5e97\u8fd0\u8425\u6536\u5165\u3001\u8def\u6865\u8d39\u3001\u5e94\u6536\u8d26\u6b3e\u7b49\uff09\u4e3a\u57fa\u7840\u6240\u53d1\u8d77\u3002\u8fd9\u7c7bABS\u4ea7\u54c1\u7531\u4e2d\u56fd\u8bc1\u5238\u76d1\u7763\u7ba1\u7406\u59d4\u5458\u4f1a\uff08CSRC\uff09\u8fdb\u884c\u76d1\u7ba1\uff0c\u4e14\u7531\u5408\u683c\u6295\u8d44\u8005\u5728\u4e0a\u6d77\u6216\u6df1\u5733\u8bc1\u5238\u4ea4\u6613\u6240\u7684\u5927\u5b97\u4ea4\u6613\u4e13\u533a\u5185\u8fdb\u884c\u4ea4\u6613\u3002<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\">\u9664\u6b64\u4e4b\u5916\uff0c\u5176\u5b9e\u8fd8\u6709\u53e6\u5916\u4e24\u79cdABS\u4ea7\u54c1 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justify;\">\u5728\u8be5\u6848\u4f8b\u4e2d\uff0c\u91d1\u878d\u8857\u63a7\u80a1\u59d4\u4efb\u62db\u5546\u8bc1\u5238\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u8bbe\u7acb\u4e86\u4e00\u4e2a\u4e13\u9879\u8d44\u4ea7\u7ba1\u7406\u8ba1\u5212\uff08ABS\u4e13\u6848\uff09\uff0c\u8be5\u4e13\u6848\u5212\u5206\u4e3a\u4eba\u6c11\u5e0163.17\u4ebf\u5143\u7684\u4f18\u5148\u7ea7\u8bc1\u5238\u4ee5\u53ca\u4eba\u6c11\u5e016300\u4e07\u5143\u7684\u6b21\u7ea7\u8bc1\u5238\u3002\u8fd9\u4e9b\u4f18\u5148\u7ea7\u8bc1\u5238\u51fa\u552e\u4e8e\u5408\u683c\u6295\u8d44\u8005\uff0c\u800c\u4f18\u5148\u7ea7\u8bc1\u5238\u53ca\u6b21\u7ea7\u8bc1\u5238\u5747\u53ef\u5728\u6df1\u5733\u8bc1\u5238\u4ea4\u6613\u6240\u7684\u5927\u5b97\u4ea4\u6613\u4e13\u533a\u4e0a\u8fdb\u884c\u4ea4\u6613\u3002<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\">\u8be5ABS\u4e13\u6848\u7b79\u96c6\u6240\u5f97\u8d44\u91d1\u88ab\u7528\u4e8e\u6536\u8d2d\u4e00\u4e2a\u79c1\u52df\u4fe1\u6258\u4e2d\u7684\u6240\u6709\u6743\u76ca\u3002\u8be5\u79c1\u52df\u4fe1\u6258\u7531\u91d1\u878d\u8857\u63a7\u80a1\u4e00\u5bb6\u4f4d\u4e8e\u5317\u4eac\u7684\u5b50\u516c\u53f8\u8bbe\u7acb\uff0c\u5176\u552f\u4e00\u76ee\u7684\u662f\u5411\u91d1\u878d\u8857\u63a7\u80a1\u63d0\u4f9b\u4e00\u7b1412\u5e74\u671f\u7684\u8d37\u6b3e\uff0c\u4ece\u800c\u4e3a\u91d1\u878d\u8857\u63a7\u80a1\u73b0\u6709\u8d37\u6b3e\u8fdb\u884c\u518d\u878d\u8d44\u3002\u8be5\u7b1412\u5e74\u671f\u8d37\u6b3e\u4ee5\u91d1\u878d\u8857\u63a7\u80a1\u5317\u4eac\u5b50\u516c\u53f8\u6240\u6301\u6709\u7684\u623f\u5730\u4ea7\u4ee5\u53ca\u76f8\u5173\u7684\u79df\u91d1\u6536\u5165\u4f5c\u4e3a\u62c5\u4fdd\u3002<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\">\u901a\u8fc7\u8be5\u7ed3\u6784\uff0cABS\u4e13\u6848\u7684\u6295\u8d44\u8005\u5b9e\u9645\u6301\u6709\u4e86\u8be5\u7b1412\u5e74\u671f\u8d37\u6b3e\u7684\u4efd\u989d\u5316\u6743\u76ca\uff08\u5373\u4e0a\u8ff0\u4f18\u5148\u7ea7\u8bc1\u5238\u53ca\u6b21\u7ea7\u8bc1\u5238\uff09\uff0c\u800c\u8be5\u7b49\u8bc1\u5238\u53ef\u4e8e\u6df1\u4ea4\u6240\u8fdb\u884c\u4ea4\u6613\u3002\u6295\u8d44\u8005\u4e8e\u8be5ABS\u4e13\u6848\u5230\u671f\u65e5\u6536\u56de\u5176\u6295\u8d44\u672c\u91d1\u53ca\u7ea6\u5b9a\u7684\u56fa\u5b9a\u56de\u62a5\u3002\u6295\u8d44\u8005\u7684\u6743\u76ca\u4e3b\u8981\u901a\u8fc7\u7531\u79c1\u52df\u4fe1\u6258\u548cABS\u4e13\u6848\u4ee3\u8868\u4ed6\u4eec\u6301\u6709\u7684\u623f\u5730\u4ea7\u62b5\u62bc\u6743\u800c\u83b7\u5f97\u4fdd\u969c\u3002ABS\u4e13\u6848\u52a0\u5165\u4e86\u82e5\u5e72\u4fe1\u7528\u589e\u7ea7\u673a\u5236\uff0c\u4f8b\u5982\u7531\u91d1\u878d\u8857\u63a7\u80a1\u627f\u8bfa\u5728\u6536\u5165\u4e0d\u8db3\u7684\u60c5\u51b5\u4e0b\u63d0\u4f9b\u652f\u6301\uff0c\u4ee5\u53ca\u91d1\u878d\u8857\u63a7\u80a1\u548c\u6295\u8d44\u8005\u4e4b\u95f4\u7684\u51fa\u552e\u53ca\u6536\u8d2d\u6743\u5229\u3002<\/p>\n<p class=\"Feature-Subhead-Red-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\"><span class=\"vantage-red\"><strong>REIT\u7c7b\u578bABS\u4ea7\u54c1<\/strong><\/span><\/p>\n<p class=\"Feature-Body-No-Indent-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\">\u8be5\u7c7b\u4ea7\u54c1\u6700\u4e3a\u663e\u8457\u7684\u6848\u4f8b\u662f\u7531\u4e2d\u4fe1\u8bc1\u5238\u4e8e2014\u5e74\u53d1\u8d77\u7684\u201c\u4e2d\u4fe1\u542f\u822a\u4e13\u9879\u8d44\u4ea7\u7ba1\u7406\u8ba1\u5212\u201d\u3002\u8fd9\u662f\u4e2d\u56fd\u6700\u65e9\u7684\u201c\u6743\u76ca\u578b\u201dABS\u4ea7\u54c1\uff0c\u4e5f\u662f\u76ee\u524d\u4e3a\u6570\u4e0d\u591a\u7684\u201c\u6743\u76ca\u578b\u201dABS\u4ea7\u54c1\u4e4b\u4e00\u3002\u5c06\u5176\u79f0\u4e3a\u201c\u6743\u76ca\u578b\u201d\u662f\u56e0\u4e3a\u8be5\u7b49ABS\u4ea7\u54c1\u7684\u786e\u95f4\u63a5\u6301\u6709\u76f8\u5173\u9879\u4e0b\u623f\u5730\u4ea7\u8d44\u4ea7\u7684\u6240\u6709\u6743\u3002\u6b64\u4ea7\u54c1\u662f\u4e2d\u4fe1\u8bc1\u5238\u52a8\u7528\u5176\u81ea\u6709\u7684\u623f\u5730\u4ea7\u8d44\u4ea7\u6240\u8fdb\u884c\u7684\u8bd5\u9a8c\u6027ABS\u4ea7\u54c1\u3002\u4e2d\u4fe1\u8bc1\u5238\u4f3c\u4e4e\u671f\u671b\u4e2d\u56fd\u653f\u5e9c\u4f1a\u5728\u77ed\u671f\u5185\u63a8\u51fa\u6743\u76ca\u578bREIT\uff0c\u5c4a\u65f6\u53ef\u4ee5\u5c06\u6b64ABS\u4ea7\u54c1\u53d8\u66f4\u4e3a\u4e2d\u56fd\u5e02\u573a\u4e0a\u9996\u53ea\u516c\u52dfREIT\u4ea7\u54c1\u3002\u7136\u800c\uff0c\u5230\u76ee\u524d\u4e3a\u6b62\uff0c\u4e2d\u56fd\u4ecd\u672a\u63a8\u51fa\u4e0e\u7f8e\u56fd\u6216\u5176\u4ed6\u56fd\u5bb6\u76f8\u4f3c\u6743\u76ca\u578bREIT\u3002<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\">\u5728\u8be5\u6848\u4f8b\u4e2d\uff0c\u4e2d\u4fe1\u8bc1\u5238\u8bbe\u7acb\u4e86\u4e00\u4e2a\u4e13\u9879\u8d44\u4ea7\u7ba1\u7406\u8ba1\u5212\uff08SAMP\uff09\uff08ABS\u4e13\u6848\uff09\uff0c\u8be5\u4e13\u6848\u5212\u5206\u4e3a\u4eba\u6c11\u5e0135.65\u4ebf\u5143\u7684\u4f18\u5148\u7ea7\u8bc1\u5238\u53ca\u4eba\u6c11\u5e0115.6\u4ebf\u5143\u7684\u6b21\u7ea7\u8bc1\u5238\u3002\u8fd9\u4e9b\u4f18\u5148\u7ea7\u8bc1\u5238\u88ab\u51fa\u552e\u7ed9\u673a\u6784\u6295\u8d44\u8005\uff0c\u800c\u4e2d\u4fe1\u8bc1\u5238\u8ba4\u8d2d\u4e86\u90e8\u5206\u7684\u6b21\u7ea7\u8bc1\u5238\u3002\u4f18\u5148\u7ea7\u8bc1\u5238\u53ca\u6b21\u7ea7\u8bc1\u5238\u5747\u53ef\u5728\u6df1\u5733\u8bc1\u5238\u4ea4\u6613\u6240\u8fdb\u884c\u4ea4\u6613\u3002\u8be5ABS\u4e13\u6848\u7b79\u96c6\u6240\u5f97\u8d44\u91d1\u88ab\u7528\u4e8e\u8ba4\u8d2d\u4e00\u53ea\u7531\u4e2d\u4fe1\u8bc1\u5238\u7684\u5b50\u516c\u53f8\u6240\u8bbe\u7acb\u7684\u975e\u516c\u52df\u6295\u8d44\u57fa\u91d1\u4e2d\u7684\u6240\u6709\u6743\u76ca\u3002\u8be5\u6295\u8d44\u57fa\u91d1\u518d\u5c06\u8be5\u7b49\u8d44\u91d1\u901a\u8fc7\u201c\u552e\u540e\u8fd4\u79df\u201d\u7684\u5f62\u5f0f\u8d2d\u4e70\u4e2d\u4fe1\u8bc1\u5238\u6240\u62e5\u6709\u7684\u4f4d\u4e8e\u5317\u4eac\u548c\u6df1\u5733\u7684\u82e5\u5e72\u5199\u5b57\u697c\u7269\u4e1a\u3002\u8be5\u4ea4\u6613\u901a\u8fc7\u6536\u8d2d\u4e24\u95f4\u6301\u6709\u8be5\u7b49\u5199\u5b57\u697c\u7269\u4e1a\u7684\u7279\u6b8a\u76ee\u7684\u516c\u53f8\u80a1\u4efd\u7684\u5f62\u5f0f\u5b8c\u6210\u3002\u5c3d\u7ba1\u6536\u8d2d\u516c\u53f8\u80a1\u4efd\u6240\u6d89\u53ca\u7684\u7a0e\u6b3e\u8fdc\u5c0f\u4e8e\u76f4\u63a5\u6536\u8d2d\u5199\u5b57\u697c\u7269\u4e1a\u7684\u7a0e\u6b3e\uff0c\u4f46\u5b9e\u9645\u53d1\u751f\u7684\u7a0e\u6b3e\u8fd8\u662f\u4e0d\u5c11\u7684\u3002\u7531\u4e8e\u516c\u52dfREIT\u5e02\u573a\u8bbe\u7acb\u4ecd\u4e0d\u80af\u5b9a\uff0c\u5176\u4ed6\u5e02\u573a\u4e3b\u4f53\u4f3c\u4e4e\u4e0d\u613f\u610f\u91c7\u7eb3\u6b64\u6743\u76ca\u578bABS\u6a21\u578b\u5e76\u4e3a\u6b64\u627f\u62c5\u6bd4\u8f83\u9ad8\u7684\u7a0e\u8d4b\u3002<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\">\u901a\u8fc7\u8be5\u4ea4\u6613\uff0cABS\u4e13\u6848\u6295\u8d44\u8005\u5b9e\u9645\u6301\u6709\u4e86\u8be5\u7b49\u5199\u5b57\u697c\u7269\u4e1a\u6240\u6709\u6743\u7684\u4efd\u989d\u5316\u6743\u76ca\uff08\u5373\u4e0a\u8ff0\u4f18\u5148\u7ea7\u8bc1\u5238\u53ca\u6b21\u7ea7\u8bc1\u5238\uff09\uff0c\u4e14\u8be5\u7b49\u8bc1\u5238\u53ef\u5728\u6df1\u4ea4\u6240\u8fdb\u884c\u4ea4\u6613\u3002\u8be5ABS\u4e13\u6848\u7684\u56fa\u5b9a\u671f\u9650\u4e3a\u4e94\u5e74\u3002\u5728\u4e13\u6848\u671f\u95f4\uff0c\u4ee5\u7269\u4e1a\u79df\u91d1\u6536\u5165\u5411\u6295\u8d44\u8005\u4f5c\u51fa\u5206\u914d\u3002\u5982\u679c\u5728\u8be5\u4e94\u5e74\u671f\u5185\u4e2d\u56fd\u63a8\u51fa\u4e86\u516c\u52dfREIT\uff0c\u5219\u8be5ABS\u4e13\u6848\u5c06\u88ab\u53d8\u66f4\u4e3a\u516c\u52dfREIT\uff0c\u800c\u6295\u8d44\u8005\u5c06\u83b7\u5f97\u516c\u52dfREIT\u4efd\u989d\u4f5c\u4e3a\u5176\u6700\u7ec8\u7684\u5206\u914d\uff1b\u6216\u8005\uff0c\u5982\u679c\u5c06\u7269\u4e1a\u51fa\u552e\u7ed9\u516c\u52dfREIT\uff0c\u5219\u6295\u8d44\u8005\u5c06\u4ee5\u73b0\u91d1\u5f62\u5f0f\u83b7\u5f97\u5176\u6700\u7ec8\u7684\u5206\u914d\u3002\u5982\u679c\u5728\u8be5\u4e94\u5e74\u671f\u7ed3\u675f\u65f6\u4e2d\u56fd\u4ecd\u672a\u63a8\u51fa\u516c\u52dfREIT\uff0c\u5219\u4e2d\u4fe1\u8bc1\u5238\u5c06\u5411\u5e02\u573a\u51fa\u552e\u8be5\u7b49\u7269\u4e1a\uff0c\u800c\u6295\u8d44\u8005\u5c06\u4ee5\u73b0\u91d1\u5f62\u5f0f\u83b7\u5f97\u6700\u7ec8\u5206\u914d\u3002\uff08\u516c\u5f00\u4fe1\u606f\u5e76\u672a\u660e\u786e\u663e\u793a\u5728\u8be5\u4e94\u5e74\u671f\u9650\u7ed3\u675f\u4e4b\u65f6\u6216\u4e4b\u524d\u4e2d\u4fe1\u8bc1\u5238\u662f\u5426\u5bf9\u8be5\u7b49\u7269\u4e1a\u4eab\u6709\u4f18\u5148\u8d2d\u4e70\u6743\u3002\uff09<\/p>\n<p class=\"Feature-Body-Chi\" lang=\"zh-CN\" style=\"text-align: justify;\"><style>.iblj-only, .cblj-only, .ablj-only {\r\n    display: none;\r\n}\r\n\r\n#td-outer-wrap.ABLJ .ablj-only{\r\n    display: inline;\r\n}\r\n\r\n#td-outer-wrap.CBLJ .cblj-only{\r\n    display: inline;\r\n}\r\n\r\n#td-outer-wrap.IBLJ .iblj-only{\r\n    display: inline;\r\n}\r\n\r\n#td-outer-wrap.ABLJ .general-link, #td-outer-wrap.CBLJ .general-link, #td-outer-wrap.IBLJ .general-link {\r\n    display: none;\r\n}\r\n\r\n.zh-only .general-link, #td-outer-wrap.CBLJ .zh-only .cblj-only{\r\n    display: inline;\r\n}\r\n\r\n.zh-only .cblj-only , #td-outer-wrap.CBLJ .zh-only .general-link{\r\n    display: none;\r\n}<\/style><div class=\"ihc-locker-wrap\"><div style='max-width:640px; margin:auto; ' class='ihc_locker_1'>\n\t\t\t\t\t\t\t<div><p><!-- use \"VantageAsia.com\" to automatically replace with level string -->\r\n<h2 class=\"en-only\" style=\"font-size: 25px;\">You can\r\n<a class=\"general-link vantage-orange\" href=\"\/subscription-register\/\">register for free<\/a>\r\n<a class=\"ablj-only vantage-orange\" href=\"\/subscription-register\/?p=ablj\">register for free<\/a>\r\n<a class=\"cblj-only vantage-orange\" href=\"\/subscription-register\/?p=cblj\">register for free<\/a>\r\n<a class=\"iblj-only vantage-orange\" href=\"\/subscription-register\/?p=iblj\">register for free<\/a>\r\nto enjoy selected content, including this article, or\r\n<a class=\"vantage-orange ablj-only\" href=\"\/ablj-subscribe\/?utm_source=WP&utm_medium=lock&utm_campaign=paywall\">subscribe<\/a>\r\n<a class=\"vantage-orange cblj-only\" href=\"\/cblj-subscribe\/?utm_source=WP&utm_medium=lock&utm_campaign=paywall\">subscribe<\/a>\r\n<a class=\"vantage-orange iblj-only\" href=\"\/iblj-subscribe\/?utm_source=WP&utm_medium=lock&utm_campaign=paywall\">subscribe<\/a>\r\n<a class=\"vantage-orange general-link\" href=\"\/knowledge-store-subscription\/\">subscribe<\/a> to unlock all content.<\/h2>\r\n<p class=\"en-only\">If you are already a registered user or subscriber, login here.<\/p>\r<\/p>\n<p><h2 class=\"zh-only\" style=\"font-size: 25px;\">\u4f60\u53ef\u4ee5<a class=\"vantage-orange\" href=\"\/subscription-register\/\">\u514d\u8d39\u6ce8\u518c<\/a>\u53bb\u6d4f\u89c8\u8fd9\u7bc7\u6587\u7ae0\uff0c\u4f60\u4e5f\u53ef\u4ee5<a class=\"general-link vantage-orange\" href=\"\/knowledge-store-subscription\/\">\u8ba2\u9605<\/a><a class=\"cblj-only vantage-orange\" href=\"\/cblj-subscribe\/?utm_source=WP&utm_medium=lock&utm_campaign=paywall\">\u8ba2\u9605<\/a>\u53bb\u89e3\u9501\u6240\u6709\u5185\u5bb9\u3002<\/h2>\r\n<p class=\"zh-only\">\u5982\u679c\u4f60\u5df2\u7ecf\u662f\u6211\u4eec\u7684\u6ce8\u518c\u7528\u6237\u6216\u8005\u8ba2\u9605\u4f1a\u5458\uff0c\u8bf7\u5728\u6b64\u767b\u5f55\uff1a<\/p><\/p>\n<\/div><div class=\"ihc-login-form-wrap ihc-login-template-1\"><form action=\"\" method=\"post\" id=\"ihc_login_form\"><input type=\"hidden\" name=\"ihcaction\" value=\"login\" \/><input type=\"hidden\" 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