................................................

1
........................5
....................................................6
............................................8
REITS ......................................................13
..........................................................18

CPI

2007 117413 25.8%

2007 25280 30.2%
4.4 7.4
21.5%
2008 1-2 2374
50.3% 3.9 32.9% 8.6
2008 2 70 10.9%
1 0.4 0.2% 1 0.1
2007
2775.56 17.9% 17%
16.8%2007

2007
10% 2.5% 78%

(1)

50%

()

(2)

(40%
)
(3)

(4)

shopping mall
2-3

(1) ,

(2) ,

(3) 5 8
<>

()

:
(1)

(2)
( 35% 50%)

(3)

SOHO

:
(1) ,
SOHO
,

(2)

10 10
MALL MALL 89 40
8000 25 MALL
68 38
42 40
15

2
:

(1)

33.5%

 70%
90%
(2)

(3)

REITs

CMBS
CMBS

CMBS
CMBS :

CMBS

1923
Missouri KansasCountry Club Plaza
100 978

Reits)

X-X

Mall

REIT

REIT
7

(1)
(SEC)()

, 1

SPV(
)SPV
2
(2)

1
2

.;:;.2005.1288.
.[D]. ,2008
8


SPV
SPV
SPV .

SPV .

.
:
SPV

(3)
:
(SPV)(asset pool)

(SPV)

(1)

3
(2)

:. . 2002
10

(1)

(2)
2003

2003 121 8.13 2004

2005
2006
2007
2008

(3)

2008

(4)

(5)

(6)
1992
800
2
1996 8
2 . Baa3 Ba1
1997
3

11

2000 3
ABN-AMRO 8000
4

(1)

SPV

(2)
.
SPV
SPV . 5%

(3)

(4)

SPV SPV

4.

[D]. , 2002
12

REITS
1.

REITs

REITs REITs
REITs REITs

REITs

REITs
REITs
REITs REITs REITs REITs
REITs

REITs
REITs
REITs

REITs

REITs

REITs

REITs 6000 REITs 3500

REITs

2
13

3 REITs
(1)
(REITs),

(2)
REITs REITs

14

(3)

REITs

(4)

(5)

15

5
(1)
1)
(
)

REITs

2)

50

3)
50

16

(2)

1) 2001

2)

2003 12

(3)

6 REITs
(1)

30

17

(2)

(3)

(4)
90

(5)

1)

2)

(6)

18

25

19

2003
- 200
1

6
(1)

23 20

(2)

20