R79 练习: 房地产与基础设施
考纲范围
- explain features and characteristics of real estate
- explain the investment characteristics of real estate investments
- explain features and characteristics of infrastructure
- explain the investment characteristics of infrastructure investments
Q1.
Real estate property has unique features compared with other asset classes, and it can be classified into:
A. residential and commercial.
B. residential and rentable.
C. private and commercial.
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答案：A
解析：房地产可以按用途分为住宅（residential）和商业（commercial）两大类。这是最基本的分类方式。
选项 判断 解析 A ✓ 住宅和商业是房地产的标准分类 B ✗ “rentable”不是标准分类维度 C ✗ “private”不是与commercial对应的分类
Q2.
As the real estate industry has developed rapidly in recent years, Eric decides to add private real estate investments into his portfolio and the investment is in the form of debt. Which of the following is most suitable for Eric?
A. Mortgage-backed securities (MBS)
B. Shares of real estate investment trusts
C. Mortgages
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答案：C
解析：Eric要投资私人房地产的债权形式。Mortgages（抵押贷款）是私人房地产债权投资的典型形式。MBS是公开市场交易的证券化产品，REITs是股权形式的投资。
选项 判断 解析 A ✗ MBS是公开市场证券，不是私人房地产投资 B ✗ REITs是股权形式，不是债权形式 C ✓ 抵押贷款是私人房地产的债权投资形式
Q3.
A characteristic of publicly traded real estate investment trusts strongly distinguishing it from private real estate investing is its:
A. greater liquidity.
B. higher trading costs.
C. worse transparency.
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答案：A
解析：公开交易的REITs与私人房地产投资最大的区别是更高的流动性。REITs在公开市场交易，可以随时买卖，而私人房地产流动性很差。
选项 判断 解析 A ✓ 公开交易的REITs流动性远高于私人房地产 B ✗ REITs交易成本更低，不是更高 C ✗ REITs透明度更高，不是更差
Q4.
A real estate private equity fund invests not only in core real estates but also in properties with slightly higher risks. The strategy the fund used is called:
A. core real estate strategy.
B. core-plus real estate strategy.
C. core-pro real estate strategy.
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答案：B
解析：Core-plus策略在核心房地产基础上增加少量风险稍高的物业，以期获得略高的回报。Core策略仅投资核心高质量物业，“core-pro”不是标准术语。
选项 判断 解析 A ✗ Core策略仅投资核心优质物业 B ✓ Core-plus策略在核心基础上增加少量较高风险物业 C ✗ “Core-pro”不是标准房地产投资策略术语
Q5.
Which kind of real estate private equity fund is commonly seen by investors?
A. Core/ infinite life/ close-end fund
B. Core/ infinite life/ open-end fund
C. Opportunistic investing/ finite life/ open-end fund
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答案：B
解析：核心房地产基金通常是无限期（infinite life）的开放式基金（open-end fund），因为核心物业追求长期稳定收入，投资者可以随时加入或退出。
选项 判断 解析 A ✗ Core基金通常是开放式，不是封闭式 B ✓ Core/无限期/开放式是最常见的组合 C ✗ 机会型投资通常是有限期封闭式基金
Q6.
Which of the following actions to an old hotel can be described as value-add investment?
A. Deep renovation
B. Modest upgrading
C. Double the number of rooms available
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答案：B
解析：Value-add策略对现有物业进行适度升级改造以提升价值。深度翻新和大规模扩建属于opportunistic策略。适度升级（modest upgrading）正是value-add策略的典型做法。
选项 判断 解析 A ✗ 深度翻新属于opportunistic策略 B ✓ 适度升级是value-add策略的典型特征 C ✗ 大规模扩张属于opportunistic或development策略
Q7.
The major attraction of investing in real estate could be:
A. low capital requirement.
B. high level of flexibility.
C. low correlations with other asset classes
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答案：C
解析：房地产投资的主要吸引力之一是与其他资产类别的低相关性，有助于投资组合分散化。房地产通常需要高资本投入（不是低），流动性和灵活性也较低。
选项 判断 解析 A ✗ 房地产通常需要大量资本 B ✗ 房地产流动性差，灵活性低 C ✓ 低相关性是房地产投资的主要吸引力
Q8.
Lorraine considers removing part of her investment from public stocks to real estate properties. Which of the following is not a reason for Lorraine to choose real estate investment?
A. It provides inflation hedge if rents can be adjusted.
B. Multiple-year leases with fixed rents can lessen cash flow impact.
C. Property development is subject to regulatory issues.
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答案：C
解析：受监管限制是房地产投资的劣势而非选择房地产的理由。通胀对冲和固定租约的稳定现金流都是投资房地产的正面理由。
选项 判断 解析 A ✗ 通胀对冲是投资房地产的正面理由 B ✗ 稳定现金流是投资房地产的正面理由 C ✓ 监管问题是劣势，不是选择房地产的理由
Q9.
Vanke Investment Company established a portfolio of retail properties with a total market value of CNY2.60 billion with debt financing of CNY1.82 billion. The terms of the loan required Vanke to maintain a loan-to-value ratio of 0.70. When the portfolio value had dropped to CNY2.23 billion and the outstanding debt was CNY1.64 billion, by how much must Vanke reduce its debt liability to return its LTV back to the required level?
A. CNY69 million
B. CNY79 million
C. CNY81 million
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答案：B
解析：需要计算当前LTV并确定需要减少多少债务。
计算过程：
选项 判断 解析 A ✗ 计算有误 B ✓ 1.64 - 2.23 x 0.70 = 1.64 - 1.561 = 0.079B = CNY79M C ✗ 计算有误
Q10.
The characteristics of a typical infrastructure investment includes the following except:
A. strategically important.
B. defined risks.
C. long lived for private use.
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答案：C
解析：基础设施是长寿命的公共用途（public use）资产，而非私人用途。基础设施投资具有战略重要性和明确的风险特征。
选项 判断 解析 A ✗ 基础设施具有战略重要性，这是正确特征 B ✗ 基础设施有明确的风险特征 C ✓ 基础设施是公共用途，不是私人用途
Q11.
Diane intends to add infrastructure assets in her portfolio for diversification purpose. Her financial advisory suggests that she choose brownfield investments instead of greenfield investments, because brownfield investments least likely have:
A. higher expected risks.
B. fewer growth opportunities.
C. steady cash flows.
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答案：A
解析：Brownfield投资（已建成项目）的风险低于greenfield（新建项目），所以”更高的预期风险”是最不可能的。Brownfield确实增长机会较少但现金流稳定。
选项 判断 解析 A ✓ Brownfield风险更低，不是更高 B ✗ Brownfield确实增长机会较少（已建成运营） C ✗ Brownfield确实有稳定的现金流
Q12.
Assets that are directed toward human activities and include education, health care, social housing, and correctional facilities are most likely defined as:
A. economic infrastructure.
B. social infrastructure.
C. utility and energy.
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答案：B
解析：面向人类活动的基础设施（教育、医疗、社会住房、矫正设施）属于社会基础设施（social infrastructure）。经济基础设施包括交通、通信等。
选项 判断 解析 A ✗ 经济基础设施包括交通、通信、公用事业等 B ✓ 社会基础设施面向人类活动和公共服务 C ✗ 公用事业和能源属于经济基础设施的子类
Q13.
Which of the following statements regarding public-private partnership (PPP) is least accurate?
A. Public-private partnership belongs to a common approach of real estate investing.
B. Governments and investors each have a stake in a public-private partnership.
C. The invested assets of public-private partnership are capital-intensive and long-lived real assets.
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答案：A
解析：PPP（公私合作伙伴关系）是基础设施投资的常见方式，不是房地产投资的常见方式。B和C是PPP的正确描述。
选项 判断 解析 A ✓ PPP属于基础设施投资方式，不是房地产投资 B ✗ 正确，政府和投资者各持有PPP中的权益 C ✗ 正确，PPP投资的资产是资本密集型长寿命实物资产
Q14.
Phil wants to invest in an infrastructure project but he is not willing to bear too much risks. Which of the following projects is most suitable for Phil?
A. A new airport project about to start constructing in 2 months.
B. A global infrastructure investment in an emerging market.
C. A central hospital project that will be leased back to the government.
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答案：C
解析：租赁给政府的医院项目风险最低，因为政府租户信用好且现金流稳定。新机场建设是greenfield项目风险较高，新兴市场投资有额外的政治和汇率风险。
选项 判断 解析 A ✗ 新建机场是greenfield项目，风险较高 B ✗ 新兴市场有额外的政治和经济风险 C ✓ 政府租赁项目风险最低，现金流稳定
Q15.
Which of the following is not true regarding infrastructure investments?
A. Infrastructure investments typically support services that face inelastic demand and high barriers to entry.
B. Infrastructure investments may be appropriate to long-term investors because they have a link to inflation.
C. While public infrastructure returns have low correlation with market returns, private infrastructure returns have high correlation with market returns.
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答案：C
解析：事实相反：公开基础设施回报与市场回报有较高相关性（因为公开交易），而私人基础设施回报与市场回报相关性较低。A和B都是正确的描述。
选项 判断 解析 A ✗ 正确，基础设施面临非弹性需求和高进入壁垒 B ✗ 正确，基础设施收入通常与通胀挂钩 C ✓ 错误，公开基础设施与市场高相关，私人基础设施低相关