大多数商业房地产融资活动“集中在非上市私人投资者和开发商领域”

房产播客。

The property pod.

播客。

Pod.

播客。

Pod.

欢迎来到由Moneyweb带来的房产播客。

Welcome to the property pod with Moneyweb.

房地产行业是一个不断变化的领域。

The property sector is an ever changing sector.

在本播客系列中，您的主持人索伦·奈杜将与房地产行业的关键人物畅谈。

And in this podcast series, your host, Soren Naidu, chats to movers and shakers in the property industry.

大家好，欢迎收听房产播客，这是南非顶尖的房地产投资播客，由Moneyweb播出，同时也在Moneyweb TV的YouTube频道以视频形式播出。

Hello, and welcome to the Property Pod, South Africa's premier property investor podcast right here on Moneyweb, also as a vodcast on Moneyweb TV on our YouTube channel.

我叫西蕾娜·奈杜。

My name is Sirena Naidu.

在这一每周的Moneyweb节目中，我们将从南非充满活力的房地产行业的领先高管、分析师、企业家和开发商那里获取内部见解。

And on this weekly Money Web show, we gain insider insights from leading executives, analysts, entrepreneurs, and developers in South Africa's dynamic property sector.

我们已经报道过过去两年上市房地产板块的强劲增长。

Now we have reported on how much the listed property sector has surged over the last two years.

上周，南非房地产投资信托协会在约翰内斯堡豪顿举办了会议，与两年前的上一次会议相比，气氛明显更加乐观。

And last week, the South African REIT Association had its conference in Houghton in Johannesburg, and things were a lot more upbeat than the previous one two years ago.

会议开始时，一位发言者是奈德银行企业与投资银行部商业地产融资的管理执行官，他的名字是加里·加勒特。

One of the speakers at the start of the conference was the managing executive of commercial property finance at Nedbank CIB, and his name is Gary Garrett.

他谈到了商业地产融资活动的增加。

Talking about increased activity on the commercial property finance side.

奈德银行是这一领域的主要参与者。

Now Nedbank is a major player in the space.

为了分享更多见解，我们邀请了奈德银行企业与投资银行部房地产融资业务主管范妮莎·默里，在我们的最新播客中深入探讨。

And to share more insights, we have Vanessa Murray, property finance divisional executive at Nedbank CIB, to share more insights on our latest podcast.

范妮莎，热烈欢迎回到房地产播客。

Vanessa, a very warm welcome to the back to the property pod.

我们上次交谈时是通过播客，而现在我们要进入视频领域。

The previous time we spoke, it was a podcast, and now we're going into the video space.

非常热烈地欢迎你。

So a very warm welcome.

非常感谢你，塞伦，也感谢你今天邀请我。

Thank you so much, Seren, and thank you for having me today.

你上周参加了南非REIT大会。

So you were one of the delegates at the SA Writ Conference last week.

正如我提到的，这个大会每两年举办一次。

Now as I mentioned, this takes place every two years.

两年前的情况完全不同。

Two years ago, it was a different circumstance.

当时行业正在好转。

The industry was improving.

但在过去两年，自2024年以来，从上市房地产的角度来看，行业经历了创纪录的增长。

But in the last two years, since 2024, the industry has had a record surge from a listed property perspective.

根据会议上提到的信息，该行业增长了近60%。

The industry has run almost 60% based on what was mentioned at the conference.

你在商业房地产融资方面也看到这种积极态势了吗？

Are you seeing this positivity also on the commercial property finance side?

所以，塞琳，我同意你的看法。

So, Serene, I have to agree.

看到信心和乐观情绪重新回升，真是太好了。

It's great to see, you know, renewed confidence and optimism.

上周在南非房地产投资信托基金大会上，这种感觉确实普遍存在。

Certainly last week at the SA REIT Conference, that was the general feeling.

我认为去年，房地产投资信托基金领域的活动相当低迷。

I think last year, what we saw was quite subdued activity from the REIT sector.

我认为，这本身也是一个积极的信号，因为它表明房地产投资信托基金正在专注于巩固资产负债表、增加流动性储备，并通常用这些资金偿还某些贷款、存入循环信贷额度等。

And I think, you know, that in itself is also a positive story because what it pointed to was, you know, REITs are focused on shoring up their balance sheets, building excess liquidity, and they generally used it to, settle certain facilities, deposit it back into revolving credit facilities and the like.

因此，我们看到的活动主要集中在非上市的私人投资者和开发商领域。

So, the activity that we saw was really in the unlisted private investor and developer space.

今年我们继续看到这种情况。

And we continuing to see that this year.

我认为这非常令人鼓舞，因为它确实表明实体经济出现了复苏的迹象。

And I think that is quite encouraging because that does point to green shoots in the real economy.

我很高兴地看到，随着该板块估值大幅上调，2026年初已明确显示出REITs正转向本地收购和开发机会。

And I'm happy to say that with the sector having re rated to such a significant extent, you know, the start of 2026 has certainly showed that REITs are now turning towards, you know, local acquisitions and development opportunities.

因此，我们对REITs未来将带来的前景感到更加乐观。

So, we're certainly feeling far more positive about, you know, what's going to come from the REITs.

我们看到Bequila宣布，不仅将继续关注海外业务，还将目光转向本地的机会和增长点。

We've seen Bequila announce that they are not only going to continue focusing on offshore, but they're turning their their eye to, you know, to local opportunities and growth points.

正如你所见，他们也拥有不少本地机会。

As you've seen, you know, they've got a number of of local opportunities as well.

你提到了这两只股票，但你说商业房地产融资方面的大部分活动都来自直接或非上市领域。

Now you mentioned those two counters, but you said most of the activity from a commercial property finance side has been the direct or unlisted space.

你认为，一旦更多股票交易价格达到或高于净资产值，是否会引发商业领域的兴趣上升？

You think once more counters are trading at NAV or above premium to NAV, would will that con see an uptick in in commercial interest?

还是说，你认为他们更倾向于寻求流动性，而不是像纳尔银行那样为大型交易融资？

Or is it a case of you seeing maybe that they might rather look at raising liquidity as opposed to approaching the likes of Nedbank for financing some big deals?

我认为这是一系列因素的综合作用。

I think I think it's a combination, you know, of factors.

我的意思是，当你提到过去几年该板块的回报率达到60%时，我们现在大约有七到八只股票的交易价格已经高于净资产值。

I mean, the fact, you know, when you talked about the sector returns of 60% in the last couple of years, we now have, I think it's about seven or eight counters that are now trading at a premium to NAV.

我想上一次出现这种情况已经是九到十年前了。

And we haven't seen that, I think it's been nine, ten years ago, that we actually last saw that.

因此，我认为这本身意味着它们现在更愿意、也更有能力探索收购或开发机会。

So, I think that in itself means that they are now more open to and are able to explore acquisitions and or development opportunities.

你知道，现在这些机会看起来可行多了。

You know, they're just looking a lot more feasible now.

所以我认为，这不仅是多种因素的综合作用，还有那种真正渗透到市场中的积极情绪。

So I think it's a combination of factors as well as, you know, the positive sentiment, you know, that is really coming through into the market.

这其中有多少是与利率下降相关的？

And how much of that is linked to lower interest rates?

因为利率在新冠疫情的历史低点之后大幅下降，随后达到峰值。

Because interest rates have fallen quite significantly after the historic lows of COVID, then it peaked.

而现在我们还设定了更低的通胀目标，这意味着将长期维持较低的利率水平。

And now we also have the lower inflation target, which is means locking in lower interest rates for a longer period of time.

这确实带来了有利影响，你知道，我们去年就已经看到这一周期的开端，当时出现了一些降息。

So it certainly has been advantageous, you know, and we saw that cycle, you know, already beginning last year with some of the rate cuts that we saw.

在南非银行，我们预计在未来到2026年剩余的时间里，还将再进行两次各25个基点的降息。

At Nedbank, we expect another two interest rate cuts of 25 basis points, you know, going forward for for the balance of of twenty twenty six.

这确实产生了影响，你知道，它降低了你的债务偿还成本等等。

And it certainly does have an impact, you know, it lowers your debt servicing costs, etcetera.

但我们还看到，由于利润率收窄，这种更低的债务成本影响尤其体现在房地产投资信托基金上。

But we've also seen this lower debt service cost kind of impact come through, particularly for the REITs because of the compression in margins.

这其实讲的就是债券收益率的故事，对吧？

And that's really the bond yield story, right?

所以我们看到了这种利润率的变化。

So we saw that margin.

去年，我们看到多家房地产投资信托基金通过本地债务资本市场进行了多次融资。

We had a number of REITs tap the local debt capital markets for a number of issuances last year.

我们观察到这些债券的利差和融资成本平均降低了约30个基点。

And we saw those margins and cost of those bonds reducing by probably on average 30 basis points.

因此，这确实产生了积极影响。

So it definitely has had a positive impact.

但这并不是我认为我们看到情绪改善的唯一原因。

But that's not the only, you know, reason for, I think, the the more improved sentiment that we see.

这引出了我的下一个问题。

So that takes me to my next question.

还有哪些其他促成因素呢？

What are some of the other contributing factors, if any?

我们不会讨论地方政府问题以及关于水资源的大辩论，尽管这是个关键议题，但我们现在讨论的是商业地产融资。

We're not gonna go into local government issues and the big debate around water while it's a crucial issue, but we're talking commercial property finance here.

那么，还有哪些其他积极因素呢？

So what are some of the other factors, the positives that are?

所以，我认为正在开展的工作，比如仅以 Eskom 为例，停电问题似乎已经成为过去，我们看到该行业大力投资太阳能发电能力。

So, you know, I think the work that's being done, you know, if we just take Eskom and the fact that load shedding almost seems to be a thing of the past, we've seen the sector really invest in solar generation capacity.

我认为房地产行业，根据我们的房地产金融分析师 RID1 Lunat 的数据，该行业已投入了大约 450 兆瓦的发电能力，并且预计将继续在这方面投资。

I think the real estate sector, terms of numbers that was run by our property finance analyst, RID1 Lunat, I think the sector has put in something like four fifty odd megawatt powers of power, and they are forecast to continue investing in this.

另外还有 74 兆瓦的发电机组即将投入运行。

There's another 74 megawatt power units coming on stream.

我认为，正是这种对经济增长预期改善的乐观情绪，正在逐渐显现。

I think it's really this improved sentiment around this increased economic growth forecast that we're seeing coming through.

我认为，像 Business4SA、Operation Wood 和 Leila 等组织所开展的工作，以及私营部门与政府之间的这种紧密合作，已经开始取得成效。

And I think the work that bodies like Business4SA, Operation Wood and Leila, etcetera, this real collaboration between the private sector and government, I think it is starting to bear fruit.

还有，像兰特汇率走强这样的因素。

You know, and I think also things factors like, you know, a stronger rand.

所有这些因素都在推动乐观情绪的提升。

All of this is is leading to that improved sentiment.

当然，这些成果还需要切实落地。

Obviously, this has to be delivered into.

但我认为，房地产行业要实现真正有意义的增长并拥有一个切实的未来，我们必须看到实实在在的经济增长。

But I think for the property sector to really meaningfully grow going forward and to have a real, you know, meaningful future, we have to see economic real economic growth, you know, on the ground.

而且我认为，我们正处在转折点上，未来将能看到这种变化的体现。

And I think, you know, there is a sense that we are turning the corner and seeing that come through in the future.

谢谢你的分享。

Well, thanks for that.

是的，‘Operation Vilindela’一直是南非政府改革计划的重要推动力，并得到了企业界的大力支持。

Yes, Operation Vilindela has been a big driver of the South African government's reform program, and it's backed by business.

B Force SA的马丁·金斯顿实际上在南非RIT会议上发表了演讲。

B Force SA's Martin Kingston actually spoke at the SA RIT conference.

显然，关注点正从物流和电力转向水资源问题，但他也强调了犯罪和腐败现象，这些似乎加剧了约翰内斯堡和主要大都市的水资源问题。

And obviously, the mindset is shifting from logistics and electricity to the water issue, but he also highlighted crime and corruption that that seems to have contributed to some of those water issues in particularly Johannesburg and the major metros.

但我知道你之前谈到过直接房地产投资，以及对独立非上市房地产资产的兴趣增加和融资需求。

But I know you talked about direct property, you know, increased interest in independent unlisted property counters, financing needs.

那么，奈德银行企业与投资银行部门在各个子行业中观察到的兴趣主要集中在哪些方面？

But where is the interest that Nedbank CIB is noticing in the subsectors?

我说的是商业地产，比如办公楼和零售空间。

And I'm talking like commercial property, office, retail.

这种兴趣是否来自这个领域？

Is the interest coming from from that space?

所以，很明显，物流领域仍然持续火热。

So, you know, obviously, it continues to be logistics.

现代化的物流和仓储设施仍然需求旺盛，而且在全国各地都是如此。

Modern logistics, warehousing, those facilities are still very much in demand, and that's that's across the board, across the country.

我们现在也看到数据中心开始加入进来。

We now are also seeing data centers come into the fray.

所以未来几年这会如何发展，将非常值得期待。

So it'll be interesting to see how that progresses over the next few years.

零售领域仍然有大量需求，但更多集中在便利性和社区型零售上。

There's also still a lot of demand for retail, but it's retail that is more focused on convenience and neighborhood retail.

这种类型的零售在非都市区也正在大量开发。

You know, fair amount of that type of retail also being developed in the non metro areas as well.

所以我们已经看到了相当多的这种情况。

So we've seen quite a bit of that.

以及多户住宅租赁房源。

And multifamily residential rental stock.

你知道，市场对经济实惠且优质的住宅房源仍有巨大需求。

You know, there's still huge demand for affordable quality stock coming into the market.

我们预计这种需求将继续增长。

We expect that to continue growing.

所以我认为那里其实并没有什么新故事。

And so I think there's no new story there really.

我想可以说的是，办公室市场已经连续19个季度出现空置率下降的情况。

I guess something you can say about offices is that we've seen something like 19 consecutive quarters where vacancies have actually dropped.

而且这些空置率正在改善。

And those vacancy rates are improving.

但我认为这将是一个缓慢而稳定的过程，因为仍然存在大量过剩供应，尤其是在豪登地区，这些供应需要被消化。

But I think that'll be a slow, steady story and turnaround because there's still a lot of excess supply, and particularly in the Gauteng area, that needs to be marked up.

然后我认为，随着发展越来越倾向于真正的综合用途社区开发项目，这一点正变得越来越明显。

And then I think, you know, increasingly what we're seeing is is a move, you know, when we talk development very much towards real precinct, mixed use precinct development projects, you know, that we're seeing coming into the frame.

有意思。

Interesting.

你提到，值得注意的是第一国民银行是否在为VNA海滨项目所需的建设提供融资，但这并不是一个问题。

You mentioned that it would be interesting to note whether Nedbank is financing some of the billiards that's required for the VNA Waterfront, but that's not a question.

就你所从事的领域而言，你谈到了直接融资未上市地产，这是目前的市场情况。

Just in terms of the area that you work in, you talked about direct you talked about financing unlisted property that's the market at the moment.

但第一国民银行也在直接领域有所参与，参与了一些项目。

But Nedbank also plays in a direct space where it also gets involved in a few.

这并不是业务的主要部分，但作为投资者，据我最后一次了解，比如在桑丁的莱昂纳多项目，以及位于阿比什拉加Gateway附近的公园广场项目。

It's not a big part of the business, but it does is a investor, for example, from what I last understood, the Leonardo in Sanddin, for example, and Park Square, which is a property near Gateway in Abishlagar.

第一国民银行目前是否仍在投资或考虑投资于这种共同融资的领域？

Is Nedbank also still invested or looking at investments in in that space where it it it co finances as it were?

当然。

Definitely.

所以我们有一项重要的业务。

So we have a significant business.

我们称之为房地产合作伙伴业务。

We call it the property partners business.

这实际上是我们与客户共同投资的领域。

And really it's where we co invest alongside our clients.

这通常就是我们的做法。

So that's typically what we do.

事实上，我们最近投资的一个有趣项目是在2024年底，我们即将看到其逐步落地，那就是班切费尔德城市区项目。

And in fact, an interesting project that we recently invested in, it was actually late twenty twenty four and we'll start seeing the rollout come through, is the Banchenfeld City District project.

这是一个规模达180亿兰特的综合性区域项目，我估计其开发周期大约为25到30年。

That's a significant R18,000,000,000 mixed use precinct that's probably got a rollout of about twenty five to thirty years, I would guess.

它真正做到了综合性，将包含大量经济适用房、零售空间、办公楼、工业枢纽，还会涵盖学校等教育机构。

And it really is mixed use in the sense that it is going to comprise extensive affordable housing product, retail, offices, industrial, you know, hubs, and will also include and comprise educational institutions such as schools.

如果我们看看它的地理位置，它将成为我们认为的约翰内斯堡北部最具连通性的区域。

You know, if we look at where it is located, it's really going to be what we think going to be, you know, Joburg North's most connected precinct.

它位于林布鲁和比克鲁之间。

It sits between Lynbro and Beclue.

它能便捷地通往桑顿和马尔伯勒火车站。

It's got great access to to Santon and the Marlborough Train Station.

我们认为，这类混合用途社区确实能对这些区域产生重大影响，为所有人带来切实益处。

So we think, you know, that's a type of example of kind of mixed use precincts, you know, really add significant impact, you know, into into these areas and and notes for for the benefit of all, really.

让我再确认一下，背后那家公司，我知道它是上市公司。

Just refresh my memory, the company behind that, I know it's a listed company.

它不是核心REIT，但那家与我们共同投资的公司是

It's not a core REIT, but the company that

它是

you It's some

共同投资的公司是哪家？

co investing with?

是Eris Eris Developments。

It's Eris Eris Developments.

是的

Yeah.

好的

Okay.

范妮莎，在你离开之前，奈德银行未来可能会关注哪些大型知名项目？

Vanessa, before you go, what are some of the big high profile projects that that Nedbank might be looking at going forward?

或者你可能想分享一下，我知道你提到了巴加特阀开发项目。

Or or perhaps you want to share I know you highlighted the the the the Baggart valve development.

但在房地产领域，还有没有其他你认为有融资机会的领域？也许不是直接融资，而是提升融资意愿？

But are there any other areas in the property sector that you see opportunity to finance, maybe not directly, but to to finance, like increasing appetite to finance?

此外，在上市房地产板块表现优异、目前交易价格已高于净资产值的情况下，你对商业房地产融资有何预期？

And then what are your expectations for commercial property finance within the context of the listed property sector having done so well and now trading on its way to trading as a full sector premium to NAV.

我知道在南非房地产投资信托大会上的另一位演讲者基兰和全球公司提到，未来一两年可能会出现更多新上市的兴趣，因为过去几年在上市房地产领域几乎没有新的上市项目。

I know another speaker at the SA REIT conference, Keehlan and Global, mentioned that you probably might see in a year or two more interest for new listings because we haven't had listed property new listings in the listed property space in the last few years.

是的

Yeah.

所以也许我可以先回答最后一个问题。

So maybe I can answer the last question first.

是的。

Yes.

我认为看到REIT板块扩张会是好事。

I think it would be good to see the REIT sector expand.

如果这种势头持续下去，我相信我们会看到新的上市项目进入市场。

And certainly if this momentum keeps going, I think we will see new listings come onto the board.

我认为该板块的估值已经大幅上调，正如你之前提到的，在过去两年里上涨了60%。

I think that the sectors re rated to such an extent, the 60% that you mentioned earlier over the last two years.

我认为现在真正重要的是，该板块目前交易在约14%的NAV折价范围内，这个范围还将进一步扩大。

And I think what's gonna be really important now is there's going to be more within this 14% sort of discount to NAV that the sector is currently trading at.

在这个价格区间内，不同股票之间的表现差异相当大。

There's quite a wide dispersion of counters trading within that sort of band.

因此，关键在于个股选择。

So I think importantly, it's gonna be about stock selection.

那些真正关注净利润的资产。

And those counters that really focus on the bottom line.

我的意思是，专注于净运营收入的增长。

And what I mean by that is really focused on the net operating income uplift.

我认为，比以往任何时候都更重要的是，管理团队做得非常好，他们管理了投资组合，巩固了资产负债表，并增加了超额流动性。

I think more so than ever, and I think what management teams have done really well, is that they've managed their portfolios, they've shored up their balances, they've built up excess liquidity.

他们现在处于一个非常有利的位置，可以抓住未来几年可能出现的机会。

They're in a really good position to take advantage of the opportunities, potentially coming their way in the next few years.

因此，我们要充分肯定他们的努力。

And so, all credit to them.

但我认为，从股价角度来看，该板块仍有提升空间。

But I think going forward, I think there's still some room for the sector to improve from a share price perspective.

但这完全取决于你是否能有效管理投资组合，从而实现显著的净运营收入增长，并最终反映在估值上。

But it'll all really depend on whether you are able to really manage your portfolios effectively such to get that effect of a keen NOI uplift and ultimately leads into valuations.

因为如果没有这种对净利润的专注，你就无法实现投资者对该板块所期望的可分配股息。

Because without that kind of focus on the bottom line, you're not really delivering into the dividend distributable dividends that investors expect from the sector.

因此，我认为越来越依赖于管理团队充分挖掘资产并妥善管理其投资组合。

So I think increasingly, it's going to be very much dependent on management teams really sweating their assets and looking after their portfolios.

而且

And

接下来，为了让你了解一些关键项目，我只能谈谈我们已经公开且在市场上存在的项目。

then I think, just to give you a sense of some of the key projects that I mean, I can only talk to ones that we've already been public with and that are out there there in the market.

我们涉足多个不同的细分领域。

We play across a number of different segments.

如果我举个例子，比如大规模经济适用房开发项目，我们是狮心庄园的融资合作伙伴，该庄园位于所谓的兰德堡大区。

If I just think about, let's take large scale affordable housing developments, we are a funding partner to the Lion Pride Estate, which is in, really, let's call it, Greater Randburg area.

这是一个重要的住宅区，建成后将提供约4500套不同价位的住房。

And that's a significant estate that will, when it's complete, really deliver 4,500 odd homes across various price points.

我们希望为一个始终寻求经济适用产品的市场提供供给。

Again, hoping to deliver supply into a market, you know, that's constantly looking for affordable products.

因此，这是我们非常自豪的一个项目。

So that's just a project that we're very proud of.

我们去年还为位于约翰内斯堡索韦托的一个2304个床位的学生公寓项目提供了资金。

We also recently, last year, put in funding to fund a 2,304 bed student accommodation complex in Soweto in Johannesburg.

该项目预计在今年12月完工。

And that'll be complete by the December this year.

你知道，高质量住房的需求非常大，这个项目将服务在索韦托约翰内斯堡大学校区就读的学生。

You know, and that's again, you know, there's such a huge demand for quality housing and this will service students, you know, studying in Soweto at the Soweto University of Johannesburg campus.

所以，这确实满足了当地的一项关键需求。

So, you know, something that really is fulfilling a key need there.

接着，继续探讨社区开发这一主题，我们参与的其他社区项目还包括阿尔伯顿的新市场社区。

And then, you know, continuing this theme of precinct development, some of the other precincts that we've been involved in, include the Newmarket precinct in Alberton.

对此，我们感到非常自豪。

You know, that's something that we're very proud of.

它拥有大规模的区域零售和优质零售设施。

It's got a large scale regional retail offering and value retail.

此外，几年前还建成了新的阿尔伯顿Netcare医院。

Also, the new Alberton Netcare Hospital was developed a couple of years ago.

它配备了完整的医疗中心和配套的商业办公区。

It's got a full on medical center, complimentary commercial offices segment.

还有位于桑顿地区的桑顿门项目。

And then also Santon Gate, which is in the Santon area.

这也是一个混合用途的区域，将在几个月内推出新的零售设施，同时包含办公和住宅部分。

Also a mixed use precinct that is delivering new retail coming on stream in a couple of months' time, offices and a residential component to it as well.

所以，我想这让大家对我们参与的项目有了一点了解。

So, I think that gives everyone a little bit of a flavor of the things that we're involved in.

然后，我认为还有一件重要的事情值得一提，它进一步体现了这种影响力，那就是位于德班卡托里奇的Insemby冷链设施项目。

And then I think something also important to mention, that just furthers this theme of impact, is a project in Cato Ridge in Durban, which is the Insemby cold storage facility.

这实际上是一个占地350公顷的大型多式联运枢纽，正在那里建设中。

This really is a three fifty hectare mega modal hub that is being developed there.

第一个项目是我们资助的Nsimbe冷链设施开发。

The first project is the Nsimbe cold storage development that we are funding.

我认为，再次说明的是，如果我们看这类物流开发，它将成为港口后方的绝佳选址。

And I think, again, this talks to if we look at that kind of logistics development, it's going to be a prime back of port site.

它的设计旨在缓解德班港的拥堵，加快货物周转速度。

It's designed to help ease the Durban port congestion, accelerate cargo turnaround.

而且，我认为这同样具有重要的经济影响。

And that's, again, I think, something that has, you know, key economic impact.

当然，实施起来需要一些时间，但我非常兴奋能参与这一首批开发项目。

You know, it obviously takes some time to roll out, but very excited to be a part of that first development.

谢谢您补充的这部分内容。

Well, thanks for that last addition there.

这在N3公路交通的背景下非常重要，而N3公路连接德班与约翰内斯堡的走廊是一个重要的投资区域，我知道当地市政当局正在推动开发，尤其是在德班与马里茨堡之间。

It's very important within the context of the traffic along the N 3, and that N 3 to Durban to Johannesburg corridor is a is a big investment area, and I know that the local municipality is pushing development, particularly between Durban and Maritzburg.

但瓦内萨，非常感谢您就房地产部分所分享的时间。

But, Vanessa, thank you so much for your time on the property part.

这位是瓦内萨·默里，奈德银行CIB房地产金融部门的执行主管。

That was Vanessa Murray, the property property finance finance divisional divisional executive executive at at Nedbank Nedbank CIB.

CIB。

CIB.

感谢收听由苏伦·奈杜主持的《Money Web 房产播客》。

Thanks for listening to the Money Web Property Pod with Suren Naidu.

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