随着传统银行逐步收缩业务，私募股权公司正着手填补商业地产融资缺口，其中一只基金已提交申请，拟推出香港首只上市型房地产债务工具。
Private equity firms are moving to plug a commercial real estate funding gap as traditional banks pull back, with one fund filing to launch Hong Kong’s first listed property debt vehicle.
截至2025年底，管理资产规模达356亿美元的香港房地产私募股权基金高瓴资本（Gaw Capital）于周五提交上市申请，拟将其高瓴资本房地产私募债务开放式基金（OFC）挂牌上市，旨在成为香港交易所主板首只专注于房地产的私募债务基金。
Gaw Capital, a Hong Kong-based real estate private equity fund which managed US$35.6 billion in assets as of late 2025, filed to list its Gaw Capital Real Estate Private Debt OFC on Friday, seeking to become the first property-focused private debt fund on the Hong Kong stock exchange’s main board.
该基金已锁定总价值22.9亿港元（约合2.91亿美元）的交易管道，项目分布于香港、澳大利亚、韩国、泰国和马尔代夫，其中大多数项目的目标内部收益率超过每年10%。
The fund has identified a HK$2.29 billion (US$291 million) pipeline of deals across Hong Kong, Australia, South Korea, Thailand and the Maldives, with most projects targeting internal rates of return of more than 10 per cent per annum.
由于巴塞尔协议框架下的更严格资本要求提高了房地产贷款的风险权重，银行正从高风险商业地产贷款和大型项目中撤退，从而造成了巨大的融资缺口。
Banks have been retreating from higher-risk commercial real estate lending and large-scale projects as stricter capital requirements under the Basel framework increase the risk weighting applied to property loans, creating a substantial funding gap.
巴塞尔协议框架是一套国际银行监管规定，要求传统银行为高风险房地产贷款持有更多资本，这增加了其向商业地产提供贷款的成本。
The Basel framework is a set of international banking regulations that forces traditional banks to hold more capital against risky property loans, making it more expensive for them to lend to commercial real estate.
高瓴资本表示，预计亚太地区及中东地区的房地产和基础设施私募债务市场在2025年将超过1614亿美元，到2030年将达到3727亿美元。亚太地区私募债务在房地产融资中的占比预计将从2026年的8.4%上升至2030年的12.8%。
Gaw Capital said the real estate and infrastructure private debt market in the Asia-Pacific region and the Middle East was expected to exceed US$161.4 billion by 2025 and reach US$372.7 billion by 2030. Private debt’s share of real estate financing in Asia-Pacific was projected to rise to 12.8 per cent in 2030 from 8.4 per cent in 2026.
高瓴资本称，该基金旨在提供季度分红，但股息并不保证。该基金将由高瓴资本（香港）管理，由DB信托（香港）担任托管人。
The fund aimed to provide quarterly distributions, although dividends were not guaranteed, Gaw Capital said. It would be managed by Gateway Capital (Hong Kong), with DB Trustees (Hong Kong) serving as custodian.
房地产私募债务为房地产项目提供非银行、以资产为支持的贷款，这是一种历史上主要面向机构投资者和高净值投资者的高收益策略。
Property private debt provides non-bank, asset-backed loans to real estate projects, offering a higher-yield strategy that has historically been limited to institutional and high-net-worth investors.
该基金根据香港法律设立为封闭式开放式基金公司（通常称为OFC），不允许赎回股份，这意味着寻求流动性的投资者必须在香港证券交易所交易其持有的股份。
Structured under Hong Kong law as a closed-ended Open-ended Fund Company, more commonly known as OFC, the fund does not permit share redemptions, meaning investors seeking liquidity must trade their holdings on the Hong Kong stock exchange.
此举符合香港政府2024年政策宣言中提出的目标，即开辟私人基金的新零售分销渠道，并巩固香港作为资产管理中心的地位。
The initiative aligns with a goal set out in the Hong Kong government’s 2024 policy address to open new retail distribution channels for private funds and strengthen the city’s status as an asset management hub.
根据证券及期货事务委员会去年发布的一份通告，预期市值至少为7.8亿港元且专注于创造稳定收益的合格另类资产基金，可在香港上市而不会受到不必要的阻碍。Jefferies是该交易的保荐人。
Qualified alternative asset funds with an expected market capitalisation of at least HK$780 million and a focus on generating stable income are eligible to list in Hong Kong without undue impediments, according to a circular issued by the Securities and Futures Commission last year. Jefferies is the sponsor of the deal.