中国资本在全球飞机租赁市场迅速崛起

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.

领先的航空业数据提供商FlightGlobal称，到2022年，中国资本有望在飞机租赁市场占据逾三分之一的份额，相当于市场份额在区区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称，中国的银行和租赁公司在飞机采购融资业务领域的迅速崛起，正对该行业的回报率构成压力。

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，中国资本在航空金融市场只占5%的份额。今年，其份额已达28%，据FlightGlobal预测，到2022年其份额将进一步提升至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.”

“新进的中国资金压低了租费因子，(催生了)成熟租赁公司所称的更具挑战性的交易或条件，”Flightglobal旗下咨询机构FlightAscend的负责人罗布•莫里斯(Rob Morris)说，“潮水般涌来的中国资金已经重置了市场，不但改变了飞机租赁业务的生态，也改变了整个航空业的生态。”

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.

据FlightGlobal估计，过去10年里，飞机租赁企业部署的资本增长了51%，增至2610亿美元，其中有710亿美元来自中资。如果剔除中资，同期增幅会降低至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.

随着国内航空旅行的需求加速，中国出台了一项建成一个全球性航空工业的国家战略。中国资金的加速部署得到了该战略的助推。中国有望在接下来20年成为全球增长最快的飞机销售市场。

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，航空行业组织“国际航空运输协会”(IATA)提出了其对中国有望在何时取代美国成为全球最大航空市场的预测。该组织如今预计这一天会在2022年到来，比其2016年预测的早了两年。

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.

租赁公司承认受到了涌入航空金融市场的所谓“新资金”带来的压力。首当其冲的是售后回租市场。售后回租是指，一家航空公司接收一架到货飞机后，立即把飞机转售给一家租赁公司，用得到的钱来支付自己的购机款。SMBC Aviation首席执行官彼得•巴雷特(Peter Barrett)说，对新进者来说，这是最容易进入的一块融资租赁市场，因为生产商的订单排得太满了，以至于可能要等好几年才能接收一架到货的新飞机。

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.

巴雷特说，尽管SMBC Aviation牢固的客户基础和机队管理经验能在一定程度上抵挡住新进者造成的扰动，但租约到期时返还飞机的条款与条件正被志在赢得交易的新进者弱化。

“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.”

他说：“我们仍在做(售后回租)交易，但可能比你预期的要少。”他补充称，尽管有些新进者也许很难生存，但中资在飞机租赁市场的强大存在现在已经成为现实。“我把这个视为世界格局重心转向东方的一部分。飞机租赁已从一个细分行业变成更主流的行业，无论是对中国资本还是其他形式的资本而言。它们是强有力的竞争对手。”

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，有迹象表明，中国金融家也开始担心航空金融业日益加剧的竞争状况。在不久前于中国召开的《航空金融》杂志(Airfinance Journal)会议上，民生金融租赁飞机租赁事业部总裁王福厚评述称，有太多的中国资金在寻求达成交易。他还承认，新进入的中国租赁公司为飞机支付的价格比更成熟的金融公司要高。