中国企业掀起海外置地热潮 The Great Land Rush
The marketing of “Theland” milk powder says it all — cows graze on emerald grass below white clouds shaped like New Zealand. “A Cow per Acre” reads the slogan on the package.
纽仕兰(Theland)奶粉的宣传图片说明了一切——在与新西兰国土形状类似的白云下，奶牛在碧绿的草地上吃草。包装上的标语写道，“6亩地一头牛”。
For anxious mothers in China’s crowded cities, Theland’s promise of space and quality in faraway places comes through loud and clear. They are not the only ones beguiled. Chinese businessmen, tired of thin margins at home, are lured by the promise of big tracts of land overseas.
对于在中国拥挤不堪的城市中生活的内心焦虑的妈妈们来说，纽仕兰对于远方的低密度空间和高品质的承诺掷地有声。被吸引的不止妈妈们。海外大片的土地也吸引了那些厌倦了国内微薄利润的中国商人。
Pengxin, a little-known Shanghai real estate developer that owns Theland, will become the world’s largest private landowner if Australia’s authorities clear its most ambitious bid yet: to gain control of the grazing lands of the S Kidman & Co cattle empire. That, plus holdings in New Zealand, make Pengxin the boldest of Chinese corporations investing in land, and has helped trigger a backlash.
鹏欣是一家鲜为人知的上海房地产开放商，也是纽仕兰的母公司。如果澳大利亚政府批准了该公司最具野心的竞购项目——收购畜牧业帝国基德曼公司(S Kidman & Co)的牧场，鹏欣将成为世界上最大的私有土地所有者。鹏欣这一举动，再加上其在新西兰拥有的土地，使得鹏欣成为中国企业中投资土地最大胆的一家，也在一定程度上引发了一场反弹。
“China has seen fast development; lots of people have made money and now they don’t know where to put it,” says agriculture expert Li Guoxiang of the Chinese Academy of Social Sciences, explaining why Chinese invest in land overseas. “It’s part of the desire to move capital overseas and diversify choices … But we worry about tensions.”
“中国经历了高速发展；很多人赚了钱，现在不知道该把钱投在哪里，”中国社会科学院(CASS)的农业问题专家李国祥在解释中国人海外置地的原因时称，“人们希望把资金转移到海外并拥有多样化的投资选择……但是我们担心会引发紧张关系。”
The Financial Times, in a series of reports, is examining governments and private investors’ increasing interest in grand-scale land deals. With the commodity supercycle ending, land — the ultimate resource — could either become the next big thing or the source of cross-border disputes.
英国《金融时报》在一系列报道中审视了各国政府和私人投资者对大规模置地日益浓厚的兴趣。在大宗商品超级周期结束之际，作为终极资源的土地可能会成为下一个热点或是引发跨境纠纷的根源。
Pengxin stands out among Chinese companies investing in land overseas because of the size of its purchases and the scrutiny it has encountered. It is a midsized real estate and chemicals company based in Shanghai. In addition to its agricultural investments, it also owns mines overseas.
鹏欣在众多海外置地的中国企业中之所以显眼，原因在于其购买土地的规模和其面临的严格审查。鹏欣总部位于上海，是一家中等规模的房地产和化工企业。除了在农业方面的投资以外，鹏欣还在海外拥有矿区。
The group is the lead bidder for 77,000 sq km of Kidman grazing lands that make up the largest private property on earth. In November, Australia blocked the A$350m ($257m) sale on security grounds. Pengxin rebid after excluding lands near an international weapons testing ground; but last month the sellers reopened bidding to add a domestic competitor.
鹏欣是对基德曼公司7.7万平方公里牧场的领先竞标者。该牧场是世界上面积最大的私有土地。去年11月，澳大利亚政府以国家安全为由阻止了这笔总值3.5亿澳元（合2.57亿美元）的交易。在交易去除了国际武器试验场附近的土地后，鹏欣再次竞标；但是上个月卖方重新招标，引入了一个澳大利亚本土竞争者。
Pengxin’s bid for Kidman draws on its experience as China’s largest land investor in New Zealand. But its expansion there has reached a limit only months after it announced plans to double its Kiwi assets to NZ$1bn ($670m) or 50 farms.
鹏欣竞标基德曼公司借助了其作为在新西兰置地规模最大的中国企业的经验。但是，在宣布将新西兰资产规模扩大一倍至10亿新西兰元（合6.7亿美元）、即50家牧场的计划数月后，鹏欣在新西兰的扩张就触到了极限。
“We anticipated that investing in New Zealand farmland would not be easy but, in reality, it has been more challenging than we thought,” Terry Lee, president of overseas investment for Pengxin, wrote in response to written questions from the FT.
“我们预见到投资新西兰的牧场可能不容易，但是，事实上情况比我们预想的更艰难，”鹏欣海外投资首席代表李泰瑞(Terry Lee)在回应英国《金融时报》书面提出的问题时写道。
In September, New Zealand vetoed Pengxin’s purchase of a 138 sq km sheep farm, Lochinver Station. A Pengxin subsidiary promptly pulled out of a NZ$43m deal to buy 10 other farms.
去年9月，新西兰否决了鹏欣购买洛岑农场(Lochinver Station)的申请。洛岑农场是一家牧羊场，占地138平方公里。鹏欣的一家子公司迅速退出了另外一笔总值4300万新西兰元、收购另外10家农场的交易。
The veto came as New Zealand imposed taxes on investment properties and stiffer requirements on foreign buyers. Popular resentment had risen after property documents, leaked to New Zealand media, showed buyers with Chinese surnames accounted for half the purchases of Auckland homes worth more than NZ$1m.
鹏欣的收购申请被否决，正值新西兰对投资性房产征税以及对外国买家实施限制之际。新西兰媒体获知的房产文件显示，拥有中国姓氏的买家占到奥克兰购房交易的一半，涉及房产总值逾100万新西兰元。随后民怨沸腾。
Similarly in Australia, Canberra is reviewing foreign investment rules and has cut the threshold for approval of foreign acquisitions of rural land from A$252m to A$15m. A new registry of foreign-owned agricultural land goes public this year.
在澳大利亚也出现了类似的情况。堪培拉方面正在审查外商投资规则，并且已将对外资收购农业用地实施审查的起点金额从2.52亿澳元下调至1500万澳元。新的外资所有农业用地登记数据将于今年公布。
As China’s urban sprawl consumes and pollutes its farmland, Beijing has given tacit blessing to agricultural investment overseas. Still, actual deals are few and far between.
由于中国的城市扩张侵占和污染农业用地，北京方面默许了在海外进行农业投资的举动。不过，实际交易少之又少。
They range from vineyards in France, Chile or Argentina to state farm investments in large Ukrainian tracts and agricultural pilot projects in Africa. Private Chinese entrepreneurs approach overseas Chinese communities in Southeast Asia to invest in oil palm plantations and vegetable farms.
中国在海外的农业投资多种多样，从在法国、智利和阿根廷投资的葡萄园，到中国国有农场在乌克兰投资的大片土地、以及非洲的农业合作试点项目。中国私人企业家还与东南亚的海外华人社区接洽，以投资油棕榈种植园和蔬菜农场。
Australia and New Zealand are top destinations because foreigners can own land outright, but resentment over Chinese investors buying residential property has curdled the political environment.
澳大利亚和新西兰是首选目的地，因为外国人在那里可以直接拥有土地，但是当地民众对购买住宅的中国投资者的怨愤已经使政治环境变得不利。
Buying farmland “down under” makes sense for Chinese investors as slowing growth eliminates business returns at home. Tracts are large, costs are low and title is relatively uncomplicated. Chinese consumers pay a premium for imported food, especially infant formula.
在中国经济增长放缓使得企业国内业务的回报率下滑之际，中国投资者购买澳新地区的农地是明智的。那里有大片的土地、成本低廉、所有权制度也相对简单。中国消费者愿意高价购买进口食品，特别是进口婴儿配方奶粉。
Pengxin’s purchase of New Zealand’s struggling Crafar Farms in 2012 at first raised hackles. But the company engaged with native Maori groups and hired veteran dairymen from both countries. Founder Jiang Zhaobai, an architectural engineer turned entrepreneur, energetically flew well-heeled Chinese tourists around New Zealand. “They’ve earned their spurs. They’ve been dragged through the mud and come out again,” says one observer who closely tracks foreign investment in New Zealand.
鹏欣2012年对新西兰经营困难的克拉法农场(Crafar Farms)的收购最初激起了民愤。但是，该公司与土著毛利人团体展开了对话，并聘请了来自两个国家的经验丰富的挤奶工。鹏欣的创始人姜照柏（曾从事建筑工程工作）满怀热情地用飞机载着富有的中国游客在新西兰四处游览。“他们取得了声望。他们遭到了诋毁，又洗清了自己，”一位密切关注外商在新西兰的投资的观察人士称。
Guided by Mr Lee, a private equity investor who moved to New Zealand in 2003, Pengxin is building its own integrated dairy business. That is a direct challenge to Fonterra, the world’s largest dairy exporter which processes and markets milk on behalf of thousands of Kiwi farmers.
李泰瑞是一名私募股本投资者，于2003年搬往新西兰。在他的指导下，鹏欣正在打造自己的综合奶制品业务。这对全球最大的奶制品出口商恒天然(Fonterra)构成了直接挑战。后者代表成千上万的新西兰奶农加工和销售牛奶。
“Our aim is to satisfy demand from the Chinese middle class for high quality dairy products while exploring a complete supply chain model for New Zealand dairy products,” Mr Lee wrote.
“我们的目标是满足中国中产阶级对高品质奶制品的需求，同时为新西兰的奶制品探索一种完整供应链的模式，”李泰瑞写道。
Pengxin had no background in agriculture in China before 2013 when it took over Dakang, a struggling pig breeder listed on the Shenzhen exchange, and began expanding its livestock business. It purchased a soya bean property in Bolivia in 2005 at the height of Chinese soya bean speculation.
2013年，鹏欣接手当时经营困难的大康牧业（在深交所上市的生猪养殖企业），并开始拓展畜牧业业务。在那之前，鹏欣在中国国内没有任何农业方面的背景。2005年，在中国大豆投机最火热的时候，鹏欣在玻利维亚买下了一块大豆种植田。
“The property sector is not performing well and many companies want to change their focus,” said private equity analyst Ruan Yifei. “Farming and animal husbandry is blooming and very promising in China. Their reasons for investing are right.”
“房地产行业表现欠佳，很多企业希望改变经营重心，”私募股本分析师阮一飞称，“在中国，农业和畜牧业正在蓬勃发展、前景非常光明。他们的投资理由没错。”
Pengxin’s blueprint for integrated dairy and mining businesses makes sense. But its internal structure is difficult to grasp and has contributed to distrust in its target markets.
鹏欣对于综合奶业和采矿业的发展蓝图是有道理的。但是，市场很难理解其内部结构，这种结构在一定程度上导致了目标市场对其的不信任。
Like many Chinese property entrepreneurs, Mr Jiang’s businesses span a range of sectors. He started out by building factories around Shanghai, then branched into chemicals, real estate and mining before moving into agriculture and overseas land. His listed companies include Hong Kong-listed EverChina. Before Mr Jiang’s investment, that stock was flagged by regulators because its share ownership was concentrated in too-few hands, and for other problems.
就像中国很多房地产企业家一样，姜照柏旗下的业务横跨多个领域。他通过在上海周边建造工厂起家，之后将业务扩展至化工、房地产和采矿，然后又进军农业和海外置地。他旗下的上市公司包括在香港上市的润中国际(EverChina)。在姜照柏入股前，由于股份集中在过少股东手中以及其他一些问题，润中国际曾被监管机构标记。
Pengxin has raised funds through the high-interest shadow banking market by issuing trust products, a common strategy when housing prices were soaring. As markets slumped, it reshuffled overseas mining and land assets into its listed units. An article in China’s Securities Times newspaper in 2014 described the company as a “hurtling capital train” that must continue growing to move forward.
鹏欣通过发行信托产品从高息的影子银行市场筹集了资金，这是房地产价格飙升时的常见策略。随着市场陷入低迷，鹏欣将海外采矿业务和土地资产整合进了旗下的上市公司。2014年，《证券时报》在报道中把鹏欣描述为“一辆高速行驶的资本列车”，必须不断扩张才能前进。
Pengxin bought 55 per cent of Shenzhen-listed Dakang in 2013 via several wholly-owned subsidiaries registered in a Tibetan town bordering Mount Everest. Other shareholders are indirectly related, according to public records, in effect giving Pengxin greater control over Dakang.
2013年，通过多家在靠近珠穆朗玛峰的西藏小镇注册的全资子公司，鹏欣收购了深圳上市公司大康牧业55%的股份。公开资料显示，鹏欣与其他股东之间存在间接联系，这事实上使得鹏欣对大康拥有更大的控制权。
It is now trying to transfer its New Zealand assets into Dakang. That decision cost the company some of its carefully cultivated good will in New Zealand, because it began the transfer while the government was still reviewing the Lochinver Station purchase.
如今，鹏欣正尝试将新西兰的资产转入大康旗下。该决定使得该公司在新西兰精心培养的商誉部分丧失，因为它在新西兰政府还在审查洛岑农场收购案时便开始了资产转移。
The company posted the properties on the internet auction site Trade Me to comply with a legal requirement to offer them to New Zealand citizens, raising some concerns that it had tried to shortcut the process.
为了遵守新西兰关于地产出售时要让新西兰公民有机会购买的法律规定，鹏欣此前把一些地产发布到了拍卖网站Trade Me上，这引起了关切，人们关心它是否试图钻程序的空子。
The reshuffle was driven by internal dynamics but it hurt the company in New Zealand, and led directly to the veto of the Lochinver Station purchase. Similar mismatches between its internal needs and international perception could hamper Pengxin in its mammoth bid for Australian land.
此次资产整合是由内部事态驱动，但却损害了鹏欣在新西兰的形象，并直接导致洛岑农场收购案被否决。与此类似，鹏欣的内部需求与其外部形象之间的错配，可能会有损于鹏欣在澳大利亚的这笔大规模土地竞购。
“China is a real problem for Australia and New Zealand — the perfect partner on the surface with huge markets, huge growth potential and very clear needs from these countries,” says Kerry Brown, professor of Chinese studies at King’s College, London.
“对澳大利亚和新西兰来说，中国是个实实在在的问题——中国拥有巨大的市场和强劲的增长潜力，澳新两国对中国也有明显的需求，表面上看来，中国是完美的合作伙伴，”伦敦大学国王学院(Kings College London)研究中国问题的教授克里•布朗(Kerry Brown)称。
“But underneath, China remains alien in terms of fundamental values and political beliefs. Unless that changes in China, it will never be an easy relationship and public ambiguity will continue.”
“但是，实质上，中国在基本价值观和政治信仰上仍然不同于它们。除非中国在这方面有所改变，否则它与澳新两国的关系永远轻松不了，公众态度将继续摇摆不定。”
