NO.PZ202405210200000301
问题如下：
In Esposito’s meeting with the Horizon Capital client, which of the statements made is most likely incorrect?
选项：
A.
Statement 1
B.Statement 2
C.Statement 3
解释：
Capitalization rates are important to understand and follow. But for high-quality commercial real estate assets, over the long term they will tend to be reasonably close to the growth rate of GDP of a country, not above it. For more speculative real estate assets, due to the more risk involved, it is typical for those capitalization rates to be above GDP.
Statements 1 and 2 are correct.
In real estate, there is typically a significant lag between when construction starts on a building and when it is ultimately ready for use. In that time, many factors can change the ultimate demand for that property. Over time, this imbalance is typically a driving force behind real estate cycles. The global financial crisis did not have this, however, as capital markets were the driving force.
If inflation is not too high to cause significant damage to an economy, real estate is typically able to keep up with inflation by increasing rental rates when lease terms expire. This has led to real estate outperforming more inflation sensitive assets during periods of rising inflation.
资本化率是需要理解和关注的重要指标。但对于优质商业房地产资产而言，长期来看其资本化率往往会与一国 GDP 增长率合理接近，而不会高于后者。对于投机性更强的房地产资产，由于涉及更多风险，其资本化率通常会高于 GDP 增长率。
陈述 1 和陈述 2 正确。
在房地产领域，从建筑开工到最终投入使用通常存在显著的时间滞后。在此期间，许多因素可能改变对该物业的最终需求。长期来看，这种供需失衡通常是房地产周期的驱动力。然而，全球金融危机并不具备这一特征，因为其驱动力来自资本市场。
如果通胀水平未高到对经济造成显著损害，房地产通常能够通过在租约到期时提高租金来跟上通胀。这使得房地产在通胀上升时期的表现优于对通胀更敏感的资产。
3不对是不是因为cap rate是dividend yield概念 而不是earning yield
