中國資本在全球飛機租賃市場迅速崛起

Chinese capital is expected to claim more than a third of the $261bn aircraft leasing market by 2022, a seven-fold rise in just 14 years, according to a leading aviation data provider.

領(lǐng)先的航空業(yè)數(shù)據(jù)提供商FlightGlobal稱，到2022年，中國資本有望在飛機租賃市場占據(jù)逾三分之一的份額，相當于市場份額在區(qū)區(qū)14年里提升了6倍。

The rapid rise of Chinese banks and lessors in the business of financing aircraft purchases is putting pressure on industry returns, according to FlightGlobal.

FlightGlobal稱，中國的銀行和租賃公司在飛機采購融資業(yè)務(wù)領(lǐng)域的迅速崛起，正對該行業(yè)的回報率構(gòu)成壓力。

In 2008 Chinese capital accounted for just 5 per cent of the aviation finance market. This year that share has hit 28 per cent, and is forecast by FlightGlobal to rise further to 35 per cent by 2022.

2008年，中國資本在航空金融市場只占5%的份額。今年，其份額已達28%，據(jù)FlightGlobal預(yù)測，到2022年其份額將進一步提升至35%。

“New Chinese money is depressing lease rate factors and [creating] what mature lessors are calling more challenging deals or conditions,” said Rob Morris, head of Flightglobal’s FlightAscend consultancy. “The flood of capital from China has reset the marketplace, changing the dynamic not only of aircraft leasing but the airline industry as a whole.”

“新進的中國資金壓低了租費因子，(催生了)成熟租賃公司所稱的更具挑戰(zhàn)性的交易或條件，”Flightglobal旗下咨詢機構(gòu)FlightAscend的負責人羅布•莫里斯(Rob Morris)說，“潮水般涌來的中國資金已經(jīng)重置了市場，不但改變了飛機租賃業(yè)務(wù)的生態(tài)，也改變了整個航空業(yè)的生態(tài)。”

Over the past 10 years, FlightGlobal estimates, the capital deployed by aircraft lessors has grown 51 per cent to $261bn — of which $71bn has come from Chinese sources. Stripping out Chinese capital, the growth rate falls to 15 per cent over that period.

據(jù)FlightGlobal估計，過去10年里，飛機租賃企業(yè)部署的資本增長了51%，增至2610億美元，其中有710億美元來自中資。如果剔除中資，同期增幅會降低至15%。

The acceleration of Chinese finance has been fuelled by a national strategy to build a global aviation industry as demand for domestic air travels accelerates. China is expected to be the single fastest growing market for aircraft sales in the next 20 years.

隨著國內(nèi)航空旅行的需求加速，中國出臺了一項建成一個全球性航空工業(yè)的國家戰(zhàn)略。中國資金的加速部署得到了該戰(zhàn)略的助推。中國有望在接下來20年成為全球增長最快的飛機銷售市場。

The aviation trade body, IATA, last week brought forward its prediction for when China is expected to displace the US as the world’s largest aviation market. This is now expected to happen two years earlier, by 2022, than IATA had predicted in 2016.

上周，航空行業(yè)組織“國際航空運輸協(xié)會”(IATA)提出了其對中國有望在何時取代美國成為全球最大航空市場的預(yù)測。該組織如今預(yù)計這一天會在2022年到來，比其2016年預(yù)測的早了兩年。

Leasing companies acknowledged the pressure from so-called “new money” flooding into the aviation finance market. It was mainly being felt in the market for sale and leasebacks, when an airline took delivery of an aircraft but financed it by immediately selling it on to a lessor. This was the easiest segment of finance leasing for new entrants to access, said Peter Barrett, chief executive of SMBC Aviation, as manufacturer’s order books were so full it could take several years to receive delivery of a new aircraft.

租賃公司承認受到了涌入航空金融市場的所謂“新資金”帶來的壓力。首當其沖的是售后回租市場。售后回租是指，一家航空公司接收一架到貨飛機后，立即把飛機轉(zhuǎn)售給一家租賃公司，用得到的錢來支付自己的購機款。SMBC Aviation首席執(zhí)行官彼得•巴雷特(Peter Barrett)說，對新進者來說，這是最容易進入的一塊融資租賃市場，因為生產(chǎn)商的訂單排得太滿了，以至于可能要等好幾年才能接收一架到貨的新飛機。

Mr Barrett said that while SMBC Aviation Capital’s embedded customer base and fleet-management experience offered some protection from the volatilitycreated by new entrants, the terms and conditions for returning aircraft at the end of a lease were being softened by new entrants determined to win deals.

巴雷特說，盡管SMBC Aviation牢固的客戶基礎(chǔ)和機隊管理經(jīng)驗?zāi)茉谝欢ǔ潭壬系謸踝⌒逻M者造成的擾動，但租約到期時返還飛機的條款與條件正被志在贏得交易的新進者弱化。

“We are still doing [sale and leaseback] deals, but less than you might have expected,” he said. Although some new entrants might struggle to survive, a strong Chinese presence in aircraft leasing was now a fact of life, he added. “I see this as part of resetting of world to the east. Aircraft leasing has gone from being a niche industry to being more mainstream, whether for Chinese or other forms of capital. They are serious competitors.”

他說：“我們?nèi)栽谧?售后回租)交易，但可能比你預(yù)期的要少。”他補充稱，盡管有些新進者也許很難生存，但中資在飛機租賃市場的強大存在現(xiàn)在已經(jīng)成為現(xiàn)實。“我把這個視為世界格局重心轉(zhuǎn)向東方的一部分。飛機租賃已從一個細分行業(yè)變成更主流的行業(yè)，無論是對中國資本還是其他形式的資本而言。它們是強有力的競爭對手。”

However, there are signs that Chinese financiers are also beginning to be concerned about the increasingly competitive conditions in aviation finance. At the Airfinance Journal conference in China recently, Wang Fuhou, president of aircraft leasing development at Minsheng Commercial Aviation, observed that there was a glut of Chinese money chasing deals. He also admitted that new Chinese lessors had paid higher prices for aircraft than more mature financing companies.

然而，有跡象表明，中國金融家也開始擔心航空金融業(yè)日益加劇的競爭狀況。在不久前于中國召開的《航空金融》雜志(Airfinance Journal)會議上，民生金融租賃飛機租賃事業(yè)部總裁王福厚評述稱，有太多的中國資金在尋求達成交易。他還承認，新進入的中國租賃公司為飛機支付的價格比更成熟的金融公司要高。