中国富豪从李嘉诚那里学什么

What can Chinese billionaires learn from Li Ka-shing ? Be careful of debt.
中国的亿万富豪们能从李嘉诚那里学到什么？答案是，要谨慎看待负债。

In a rare media interview last week, Asia's richest man said property markets in Hong Kong and China both look overheated, and stressed the importance of financial prudence. 'We need to be careful about debt, as if we are treading on thin ice,' Mr. Li told China's Southern Weekend. 'We have been buying less land in Hong Kong and China because prices are so high.'
这位亚洲首富在上周罕见地接受了国内媒体采访，说香港和中国大陆的房地产市场都有过热迹象，并强调了审慎理财的重要性。《南方周末》引用李嘉诚的话说：“我一生的原则是不会去赚最后一个铜板。”李嘉诚还表示，“过去两三年我们买入的项目较少。香港地价高，已看到不健康的趋势……内地的地价也飞涨，我们也无法成功投得土地……对于债务和贷款问题，非常小心处理，如履薄冰”。

Real estate has been a leading source of wealth creation in both Hong Kong and China, but Hong Kong developers are much more cautious with credit than their mainland peers. The total debt-to-asset ratio of Hong Kong-based developers─at around 30%─is half that of those on the mainland.
不管在香港还是中国大陆，富豪很多来自地产行业。在对待信贷的态度上，香港开发商比他们的内地同行要谨慎得多。总部位于香港的开发商的资产负债率大约在30%，这一水平是内地同类企业的一半。

In China, developers have been growing fast by buying land using borrowed money, building apartments quickly, and sometimes selling them even before they are completed. But the government's efforts to cool the housing market have slowed sales and price growth, putting that model at risk.
在中国大陆，开发商使用借贷资金大量购地，快速建设住房，常常还未完工便开始售房回笼资金。他们凭借这一模式快速成长。然而政府的购房限令放慢了销售额的增长速度，使这种快进快出、高杠杆率的经营模式面临风险。

'Many Chinese companies are borrowing at very high rates and there is no way that they can make this kind of return,' said Antonio Huang, head of Asia structured trade and export finance at Banco Santander SA. As money gets tighter, some will inevitably go bust, he said.
西班牙国家银行亚洲结构贸易与出口金融主任 Antonio Huang说，中国企业借贷的利率很高，而他们根本不可能达到这么高的回报。随着资金收紧，有些企业将不可避免地倒闭。

At Mr. Li's Hutchison Whampoa Ltd., which operates ports, telecommunications and retail businesses, liabilities were 43% of assets as of June 30. Net debt as a percentage of net total capital, the amount by which net assets exceed cash, stood at 20%. By comparison, Dalian Wanda Commercial Properties Co., controlled by China's richest man, Wang Jianlin, had a total debt-to-asset ratio of 76% as of June 30. Its net-debt-to-net-total capital ratio was 38%.
截至今年6月，李嘉诚旗下经营港口、电讯及零售的和记黄埔有限公司，其资产负债率为43%，净负债占净资本（总资产减现金）的百分比为20%。 大陆公司则更激进。拿中国大陆首富王健林掌管的大连万达商业地产股份有限公司来说，截至6月30日，其总资产负债率达76%，净债务占净资本比为38%。