来源：华尔街见闻
当美联储大力猛踩刹车时，乘客会被从车窗甩出去，如木头姐的投资泡沫破灭，硅谷银行的倒闭，那下一个会是谁呢？
周二，摩根大通资产管理公司首席执行官George Gatch在欧洲媒体峰会上警告：
在美联储大幅收紧货币政策后，商业地产成为全球市场的关键风险之一，我们在固定收益和采用负债驱动投资策略的英国养老基金大幅重新定价中看到了这一点。
高盛也持有相似的观点，其在最新的报告中指出，商业地产行业正在应对一个充满挑战的环境，最近银行业的压力加剧了人们对商业房地产行业的担忧。
目前，美国5.6万亿美元未偿商业地产贷款中超一半在美国银行账上，银行贷款仍是该行业的主要资金来源。小型银行尤其如此，它们占据了最大份额。
此前文章指出，截至2023年2月，小银行在不包括多户住宅、农田和建筑贷款在内的商业地产贷款余额中占了惊人的70%份额。
同样在周二，美国银行表示，投资者在其月度基金经理调查中对房地产的悲观情绪比2020年10月更为严重，对商业和办公房地产的担忧正在加剧对该行业的担忧。
近几个月来，由于借贷成本上升打击了投资者的负担能力，商业地产价值开始下滑。
投资者正在密切关注私募股权公司黑石的黑石房地产收入信托等房地产基金。本月初，作为世界知名的顶级投资公司，家底丰厚的黑石集团竟陷入5.6亿美元CMBS违约风波。
同时，作为商业地产市场健康状况的晴雨表，黑石旗下710亿美元的房地产投资信托基金BREIT，从去年11月起就持续触发月度客户撤资上限，均突显欧美快速加息之下商业地产的尴尬处境。
编辑/ruby
来源：华尔街见闻
Source: Wall Street
当美联储大力猛踩刹车时，乘客会被从车窗甩出去，如木头姐的投资泡沫破灭，硅谷银行的倒闭，那下一个会是谁呢？
When the Fed slams on the brakes and passengers are thrown out of the window, such as the bursting of the investment bubble of Sister Wood and the collapse of Silicon Valley banks, who will be next?
周二，摩根大通资产管理公司首席执行官George Gatch在欧洲媒体峰会上警告：
On Tuesday, George Gatch, CEO of JPMorgan Chase & Co Asset Management, warned at the European Media Summit:
在美联储大幅收紧货币政策后，商业地产成为全球市场的关键风险之一，我们在固定收益和采用负债驱动投资策略的英国养老基金大幅重新定价中看到了这一点。
After the Federal Reserve sharply tightened monetary policy, commercial real estate has become one of the key risks in the global market.We have seen this in the significant repricing of fixed income and debt-driven UK pension funds.
高盛也持有相似的观点，其在最新的报告中指出，商业地产行业正在应对一个充满挑战的环境，最近银行业的压力加剧了人们对商业房地产行业的担忧。
Goldman Sachs Group holds a similar view, pointing out in his latest report that the commercial real estate industry is dealing with a challenging environment.Recent pressure from the banking sector has heightened concerns about the commercial real estate sector.
目前，美国5.6万亿美元未偿商业地产贷款中超一半在美国银行账上，银行贷款仍是该行业的主要资金来源。小型银行尤其如此，它们占据了最大份额。
At present, more than half of the $5.6 trillion in outstanding commercial real estate loans in the United States is on Bank of America Corporation's account, and bank loans are still the main source of funding for the industry. This is especially true of small banks, which account for the largest share.
此前文章指出，截至2023年2月，小银行在不包括多户住宅、农田和建筑贷款在内的商业地产贷款余额中占了惊人的70%份额。
Previous articles pointed out that as of February 2023, small banks accounted for a staggering 70% of the balance of commercial real estate loans excluding multi-family residential, farmland and construction loans.
同样在周二，美国银行表示，投资者在其月度基金经理调查中对房地产的悲观情绪比2020年10月更为严重，对商业和办公房地产的担忧正在加剧对该行业的担忧。
Also on Tuesday, Bank of America Corporation said investors were more pessimistic about real estate in their monthly survey of fund managers than in October 2020, and concerns about commercial and office real estate were adding to concerns about the sector.
近几个月来，由于借贷成本上升打击了投资者的负担能力，商业地产价值开始下滑。
Commercial property values have begun to decline in recent months as rising borrowing costs have hit the affordability of investors.
投资者正在密切关注私募股权公司黑石的黑石房地产收入信托等房地产基金。本月初，作为世界知名的顶级投资公司，家底丰厚的黑石集团竟陷入5.6亿美元CMBS违约风波。
Investors are keeping a close eye on real estate funds such as the Blackstone Group Inc real estate income trust of private equity firm Blackstone Group Inc. At the beginning of this month, as a world-famous top investment company, Blackstone Group Inc Group, with rich wealth, fell into a wave of default of US $560 million CMBS.
同时，作为商业地产市场健康状况的晴雨表，黑石旗下710亿美元的房地产投资信托基金BREIT，从去年11月起就持续触发月度客户撤资上限，均突显欧美快速加息之下商业地产的尴尬处境。
Meanwhile, Blackstone's $71 billion real estate investment trust, BREIT, a barometer of the health of the commercial property market, has been triggering monthly customer withdrawal caps since November, highlighting the embarrassment of commercial real estate in the face of rapid interest rate hikes in the US and Europe.
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