Shadow banking in Asia: Foreign versus domestic lending to real estate projects

被引：2
作者：
Cumming, Douglas [1 ]
Fleming, Grant [2 ]
Liu, Zhangxin [3 ]
机构：
[1] Schulich Sch Business, 4700 Keele St, Toronto, ON M3J 1P3, Canada
[2] Continu Capital Partners, Level 8,12 Moore St, Canberra, ACT 2601, Australia
[3] Univ Western Australia, Business Sch, 35 Stirling Highway, Crawley, WA 6009, Australia
来源：
EMERGING MARKETS REVIEW | 2018年 / 35卷
关键词：
Private debt; Shadow banking; Real estate; Performance; Alternative assets; PRIVATE DEBT; CHINA; FINANCE; CREDIT; CHOICE; GROWTH; ACCESS; COSTS; FIRMS; LAW;
D O I：
10.1016/j.ememar.2018.02.007
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We compare the types of loans and their rates of returns for domestic versus offshore small and mid-sized private real estate credit funds. The data indicate offshore private credit funds issue smaller and subordinated loans to residential projects. Offshore lenders prefer projects in developed Asian markets, and obtain higher rates of return even after controlling for other things such as loan size, seniority, and borrower location. Our findings suggest the presence of pronounced segmentation across real estate lending markets in Asia as offshore lenders are not a substitute for domestic capital. (C) 2018 Elsevier B.V. All rights reserved.
引用
收藏
页码：137 / 147
页数：11
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