房地產(chǎn)市場報告 - CBRE+2023亞太區(qū)房地產(chǎn)市場新興趨勢

EmergingTrendsinRealEstate?AsiaPacific2023ivExecutiveSummaryviNoticetoReadersChapter1:UnchartedWaters2TransactionsFallCapRatesinLimbo4DefensiveHavensAustralia:KeyThemesationBoostsDevelopmentRiskngChangesThemesreamTakesaBackSeattressGivingUpThemeseroFutureNetZeroHappenChapter2:RealEstateCapitalFlowsDevelopmentProspectRankingsUptickInCross-BorderDealsCurrencyVolatilityFundraisingandDryPowderPublicMarketsSellOffBanksTightenTermsNonbankDebtThrivesThinMarginsforGreenDebtChapter3:PropertyTypeOutlookOfficeRemoteWorkDrivesChangeTheEvolvingWorkspace7DecentralisationPicksUpRepurposingtheOldLogisticsYieldCompressionBitesDataCentresProblemsMountCuttingtheCarbonRetailReinventingtheWheel43SharingtheRetailPieResidentialAGlobalWaveDotheNumbersStack?HospitalityIntervieweesSponsoringOrganisationsiiEmergingTrendsinRealEstate?AsiaPacific2023tuartPorterPwClknerUrbanLandInstitutelinGallowayUrbanLandInstituteConsultantoductionStaffJamesAMulligan,SeniorEditorsRoseManagingEditorManuscriptEditorChowSeniorVicePresidentAsiaPacificwSeniorAssociateAsiaPacificDesignerdsinRealEstateisatrademarkofPwCandisregisteredtatesandothercountriesAllrightsreservedAtPwCourpurposeistobuildtrustinsocietyandsolveimportantmsincountrieswithnearlywhoarecommittedtodeliveringqualityinassuranceadvisoryandluswhatmatterstoyoubyvisitingusatwwwpwccom.edPwCreferstothePwCnetworkandoremberfirmseachofwhichisaseparatelegalentityewwwpwccomstructureforfurtherdetails?November2022byPwCandtheUrbanLandInstitute.isbookmayberbyanymeanselectronicormechanicalngorbyanyinformationstorageandutwrittenpermissionofthepublishersbibliographiclistingteEmergingTrendsinRealEstateAsiaPaciic2023.Washington,D.C.:PwCandtheUrbanLandInstitute,2022.earchersaaanuBhattacharjeenviWadhwaatpanemiKitoinjiNakamuraichiroHirayamayumiWatanabetsuakiKukitaichiroSeriguchiuartPorterkeshiNagashimakashiYabutanikeshiYamaguchiLuxembourgPhilippinesimgaporengYeowuaAndrewClokenthonyOcchiutoashAzimianCarterlaRillstonestianHolleaysJaneReillySheeranshCardwellosieHellsternulianSusingnneLonglinTonyMassaroulaPapageorgiouandChinaaunnnieXianHongKongSARnPHoJasonLiuivEmergingTrendsinRealEstate?AsiaPacific2023Although2022sawmostAsiaPacificmarkets—withtheexceptionofChina—begintoshakeofftheeffectsofregionalCOVIDrestrictionsasinvestorslookto2023theyfindthemselvesconfrontedwithadifferent,butnolessdangerous,setofthreats:highinflation,risinginterestrates,unsustainablelevelsofpublic-andprivate-sectordebt,andanimpendingglobalrecession.Thisstagflationarycombinationcreatesanenvironmentforwhichthereisnomodern-dayplaybook,andledmanyrealestateinvestorsinthesecondhalfof2022tostepawayfromthemarketandwaitforeventstoplayout.Asaresult,third-quarterAsiaPacifictransactionsfell38percentyear-on-yeartoa10-yearlow,accordingtoanalystsMSCI.Intheend,though,investorswillhavetoadapttoanewmarketrealitythatbringswithitanumberoffundamentalchanges:?Caprateswillmoveout.Yearsofcheapandeasyliquidityhavehadapredictableeffectonrealestate,causingassetpricestosoarandyieldstocompress.Butasrisinginterestratesnowbegintoreverttomean,propertyyieldsmustrisewiththeminordertomaintainaspreadoverthecostofdebt.ThisprocesshassofarbeenslowtooccurinAsiaPacificmarkets,althoughbothAustraliaandSouthKoreaarebeginningtoseeadegreeofcaprateexpansion.Intheend,though,manyintervieweesexpectregionalcaprateswillriseanaverageof100to150basispointsin2023.OneexceptionmaybeJapan,whichisexpectedtomaintainitsultra-lowinterestrateenvironment—Japanesecapratesshouldthereforeremainrelativelystable,makingTokyoamagnetforforeigninvestmentfunds.?Investorsseekdefensivehavens.Investorshavebegunrealigningstrategiesinfavourofmoredefensivepropertytypes,focusinginparticularonfeaturessuchasrentindexation,shorterleasetermsthatcanberevisedupwardsmoreeasily,andreliablerecurrentincome.The“bedspace”—includingsubtypessuchasmultifamily,hotels,seniorliving,andhousingisonesuchsectorLogistics,wherestructuralundersupplywillcontinuetounderpindemand,andwhererenttypicallyisarelativelysmallerpartoftheoverallcostofbusiness,isanother.Specialistassetclassessuchasdatacentres,coldstorage,andlifesciences,meanwhile,have“sticky”qualitiesaswellaslongindex-linkedleasesandgenerallyhighrents.yPaciic2023survey.*IncludesCambodia,Malaysia,Myanmar,Nepal,NewZealand,Taiwan,Thailand,theUnitedStatesandVietnam.25205020.520.5%16.8%15.7%13.8%11.4%9.5%6.3%4.3%2.4%6.7%AustraliaChinaHongKongIndiaIndonesiaJapanPhilippinesSingaporeSouthKoreaOther*EmergingTrendsinRealEstate?AsiaPacific2023vory?Risingriskhitsdevelopmentprojects.Build-to-corestrategiesbecamepopularinrecentyearsasawaytomanufacturenewproductinanenvironmentwithanoverallshortageofhigh-qualitybuildingstock.Butwithconstructioncostsandinterestratesrisingandaweakoutlookforoccupierdemand,manynewprojectshavebeenputonhold.?Mainstreamassetsbecomelesspopular.Officeshavealwaysbeenthebiggestrecipientsofregionalinvestmentcapital,butquestionsoveroccupierdemand,especiallyasremote-workingpracticescontinue,haveerodedtheirpopularity.Demandcontinuestobestrong,however,formodern,high-qualitybuildingsthatareindemandbyoccupierslookingtolurestaffbacktotheoffice.Investorsarealsorotatingoutoftheretailsectorandintonew-economythemessuchaslogistics,althoughretailyieldsandvalueshavereratedtosuchanextentthatagrowingnumberofinvestorsarelookingatprime,well-locatedretailassetsascontrarianplays.AsyearsofCOVIDrestrictionscontinuedtounderminecashflows,manyrealestateinvestorshadanticipatedasurgeindistresssalesfrominsolventbusinesses.Sofar,however,surprisinglylittledistresshassurfaced,andwitheconomiesnownormalising,investorexpectationshavemoderated.Thatsaid,somemarketsandassetclasseshavemanyassetsinneedofrefinancingorrepositioning.Hotels—especiallyinJapan—offergoodscope,evenasregionaltravelpicksup.Inaddition,thelongtimeliquiditysqueezeaffectingChinesedevelopershasledtowidespreadstressanddistressinthelocalmarket,althoughbid/askspreadsremaintoowidetoluremanyforeignbuyersSouthKoreameanwhile,isanotherprospectivevenuefordistress,withfast-risinginterestratesandhighconstructioncoststrappingsomerecentbuyersinuneconomicdeals.AchievingnetzerocarbonstatushasbecomeanessentialpartofmanyregionalinvestmentstrategiesThethemeocusofyourbusinesssactivities%%%%ngTrendsinRealEstateAsiaPacificsurveyisdrivenpartlybygovernments’adoptionofParisAccordtargets,partlybydemandsofincomingtenants,andpartlybytherealisationthatownersmaybeleftwithstrandedassetsshouldbuildingsfailtomeetinvestormandates,eithernoworinthefuture.Asaresult,compliancewithinternationalreportingstandards,inparticulartheEuropeanUnion’s2021SustainableFinanceDisclosurereasinglyimportant.Still,onaregionalbasis,realestatecarbonefficiencystandardsremainlow.MarketslikeAustraliaandSingaporeleadthepackbyawidemargin.Otherwise,compliancetendstobethedomainofinternationalfundsbuyingatthetopendofthemarket,withrelativelylittleattentiondevotedtoretrofittingAsia’slargenumberofolder,carbon-intensivebuildings.However,theconcepthasrecentlybeguntogaintractioninsomejurisdictions,inparticularJapanandChina.Compliancewillcontinuetoaccelerateas2030deadlinesapproach.yearsrelativelyweakcapitalflows,gatewaycitiesonceagainstandout,withlargeglobalfundscontinuingtoplacecapitalproactively,andlessactivityseenfromdomesticbuyers.Overseasinvestmentrosebydouble-digitfiguresinSingapore,whichhasreceivedcapitalthatinotheryearsmighthavebeendirectedtoChinaandHongKong,andalsoinJapan.SingaporeandTokyothereforeplacedfirstandsecond,respectively,inthisyear’sinvestmentprospectrankings.SoutheastAsianemergingmarketssuchasIndonesia,thePhilippines,and(especially)Vietnamalsomigratedupwards,asinvestorschasehighratesofeconomicgrowth,emergingconsumerclasses,and(forVietnam)ongoingflowsofforeigndirectinvestmentintonewmanufacturingfacilities.Cheapandeasydebthelpeddeliversome14yearsofoutperformanceforrealestateinvestors,butasinterestratesnormaliseglobally,banklendingisnowpricier,hardertoget,andsubjecttomorerestrictiveterms.Inpractice,though,debtavailabilityvarieswidelyaccordingtomarket.InChina,interestratesarefallingandaccesstodebtismoreaccommodativeasthegovernmenteasesmonetarypolicy.InJapan,governmentdeterminationtoholddownbondyieldsmeansthatbankfinanceremainsavailableatsub-1percent.Butborrowingcostsinothermarkets(around4percentinAustralia)aretodaysignificantlyhigherasinterestratesfollowthetrajectoryofWesternmarkets.Whileloansarestillwidelyavailableforcreditworthyborrowers,termsandtenuresaretighter,creatingacatalystfordevelopmentofregionalnonbanklendingmarkets.Individualassetclasses,meanwhile,arestillintheprocessofoftenprofoundchange.Office:Overthelongterm,officeswillcontinuetobethego-toassetclass,althoughtheirstarhasdimmedforthetimebeingasinvestorscometogripswiththedynamicsofnew-normaldemand—howmuchspaceisneeded,whereshoulditbelocated(CBDorsuburbs?),andwhattypesoffitoutarerequiredbyoccupiersintheevolvinguniverseofhybridworkspaces?Logistics:OngoingstructuralshortagesoflogisticsspaceacrosstheAsiaPacificshownosignofending,especiallyasonlineretailingcontinuestogrowexponentially.Butrapidcapratecompressionseeninrecentyearshasleftmanyinvestorswonderingiftheindustryhascometoofartoofast,especiallywithinterestratesrisingtoapointwheremarginsarenowalmostnonexistent.Still,withnewcapacitybacklogged,demandforspacewillcontinuetoberelentless,whilestrongrentalgrowthshouldsoonreestablishyieldspreadswithoutunderminingcapitalvalues.Retail:Transactionvolumesdroppedoffin2022,reflectingdiminishinginterestamongmainstreaminvestorsforconventionalretailassets,althoughnondiscretionarysubtypescontinuetofindfavour.Overthelongterm,however,well-performingassetsingoodlocationswillcontinuetobesuccessful,andmarginsshouldbegintoimproveoncelandlordsandtenantsareabletofindasuccessfulformulatoreimagineassetsinwaysthatworktotheirmutualbenefit.Residential:Multifamilybuild-to-rentdevelopmenthasmushroomedinAsiaPacificmarketsrecentlyasglobalinstitutionalinvestorstargetthesectorforitslong-term,reliableincomestreamsandshort-termrentalsthatcanbeeasilyresettoaccommodateinflationarypressures.Japanhaslongbeentheonlyinstitutionalisedmarketintheregion,butforeigninvestorsarenowalsolookingtoAustraliaandChinatohostnewmultifamilymarkets.Doubtspersistinsomequarters,however,duetoquestionabledemandandaggressiveunderwritingthathascreatedultra-compressedcaprates—astrategythatcouldbackfireifrisinginterestratescontinuetoerodemargins.Hotels:Reboundingtravelmarketsarefinallyofferingrelieftothelong-sufferinghospitalitysector,althoughAsiaPacifictouristarrivalsstilllagsignificantlybehindesternmarketsWhilecashflowsarenowrebounding,however,debtlevelsremainhigh,andmanyregionalhotelassetsarestilllikelytotradeatdiscountedlevels.InvestorsaretargetingJapanasalikelymarketfordealsin2023.dersndsinRealEstateAsiaPacificisatrendsandforecastpublicationnowinitstheditionandisoneofthemosthighlyregardedandwidelyreadforecastreportsintherealestateindustryEmergingTrendsinRealEstateAsiaPacificundertakenjointlybyPwCandtheUrbanLandInstituteprovidesanoutlookonrealestateinvestmentanddevelopmenttrends,realestatefinanceandcapitalmarketspropertysectorsmetropolitanareas,andotherrealestateissuesthroughouttheAsiaPacificregion.landChinaandHongKongreferstoHongKongSARnRealEstateAsiaPacificreflectstheviewsofindividualswhocompletedsurveysorwereinterviewedasapartoftheresearchprocessforthisreport.Theviewsexpressedherein,includingallcommentsappearinginquotes,areobtainedexclusivelyfromthesesurveysandinterviewsanddonotexpresstheopinionsofeitherPwCorULI.Intervieweesandsurveyparticipantsrepresentawiderangeofindustryexperts,includinginvestors,fundmanagers,developers,propertycompanies,lendersbrokersadvisers,andconsultants.ULIandPwCresearcherspersonallyinterviewed101individualsandsurveyresponseswerereceivedfrom233individuals,whosecompanyaffiliationsarebrokendownbelow.Privatepropertyownerordeveloper24%Realestateservicesfirmegconsulting,financial,legal,orpropertyadvisory)27%vestmentmanagerorresidentialdeveloperInstitutionalequityinvestor8%rsecuritisedlenderOtherentities8%viewsofintervieweesandorsurveyrespondentshavebeenpresentedasdirectquotationsfromtheipantwithoutattributiontoanyparticularparticipantAlistoftheinterviewparticipantsinthisyearsstudywhochosetobeidentifiedreportbutitshouldbenotedthatallintervieweesaregiventheoptiontoremainanonymousregardingtheirainedfromintervieweeswhoarenotlistedReadersarecautionednottoicindividualorcompanysharingvaluabletimeandexpertiseWithouttheinvolvementofthesemanyindividualsthisreportwouldnothavebeenpossible.viEmergingTrendsinRealEstate?AsiaPacific2023PercentagechangeUSDbillionsPercentagechangeUSDbillionsAlmostthreeyearssincetheappearancelockdownsandotherrestrictionsacrossmostoftheAsiaPacifichasatlastrestoredsomesemblanceofnormalitytotheregion.Butasonestormhasfaded,anotherhasarrived.Marketsawashinliquidityengineeredfrom14yearsofcentralbankeasingarenowlefttodealwiththeeconomicconsequences—rapidlyrisinginflation,elevatedassetprices,andaloomingwallofunpaiddebt.Theproblem,ofcourse,isnotsimplythathigherinterestratesleadtoahighercostofcapital.Inaddition,quick-firehikesinitiatedbytheFederalReservearebringingwiththemahostofunintendedconsequencesthatinturnhaveroiledtheworld’sstock,bond,andcurrencymarkets.ThenosediveintheJapaneseyen,ablowoutinEuropeancredityields,andanabruptescalationofU.S.mortgageratesfrom3percentto7percent—thesearejustafewbyproductsofreflexivehikingintoanoverhangofglobaldebtthathasgrowntomorethanthreetimesthesizeoftheglobaleconomy.Thescopeoftheresultingdislocationtofinancialmarketsspeakstoaprofoundlevelofsystemicstress,aswellastoafearthatsomething,somewherewithinthedepthsoftheglobaleconomyisabouttobreakasaresult.ThissenseofimpendingperilisamplifiedbythefactthatregionaleconomieshavesofarremainedrelativelyshelteredfromexposuretothehighinflationandenergyshortagesseenrecentlyinthestWhatitmeansthoughforrealestateassetsinparticular,isnoteasytotrisksarenowhigher,buthavelittleclarityastowhattheyare.Fornowthough,investorreactiontotheacceleratingvolatilityhasbeentodowntools,waitforthedusttosettle,020122013201420152016201720182019202020212022–50%20122013201420152016201720182019202020212022IRealCapitalAnalyticsNoteApartmenthotelindustrialofficeretail,andseniorhousingtransactionsincluded.Entity-leveldealsincluded.Developmentsitesexcluded.EmergingTrendsinRealEstate?AsiaPacific202312006200720082009201020112012200620072008200920102011201220132014201520162017201820192020202120222023andassessasbesttheycanhowmarketdynamicsarechanging.AccordingtooneAustralia-basedfundmanager:Thereisagreatpausenooneistakingsignificantaction,nooneisleavingthemarket,nooneisdesperatetosellordesperatetobuy.Everythinghasjustsloweddownwhileeveryonetriestoworkitallout.”Thisplungeinactivityisapparentinregionaltransactionvolumes,withthird-quarterpurchasingfallingaremarkablepercentyearonyeartoUS$32.6billion,accordingtoanalystsMSCI—thelowestthird-quartertotalintheAsiaPacificforadecade.Bothdealcountandbuyernumbersalsofellsignificantly,andwiththevalueofterminateddealsduringthequartertotalingalmost20percentofcompletedtransactions,thecurrentsupplypipelineofferslittlehopeofanearlyturnaround.Thebiggestdecline(23percentyear-inChinawhereCOVIDrestrictionsandanongoingliquiditysqueezehaveledtoarisk-offmentalityandasharpdropinvolume.Japan,esremainultralowwasoneofthefewmarketswhereactivityhasremainedrelativelyresilient,althoughthesharpdeclineintheyenhasamplifiedthedeclineinU.S.dollarterms.Singapore,meanwhilewasthesolemajormarkettobuckthedownwardtrend,withinvestmentvolumessoaring47percentnvestorsentimentsurveyresultssuggestarelativelypositivemind-set.Althoughprojectedprofitabilitywnfromlastyearslevelitremainshigherthaninboth2021,duringthedepthsofthepandemic,and2009,duringtheGlobalFinancialCrisis.Thison-the-fencementalityprobablyreflectsthefactthatthecost-of-livingcrisisnowunfoldinginWesternmarketshasyettobefelttoanydegreeintheAsiaPacific.Itmayalsoindicateasenseofuncertainty—ifnotcomplacency—astowhetherthestronginstitutionaldemandforregionalassetsseenforatleastthelasteightyearswillcontinuetopropupthemarketgoingforward.InthewordsofafundmanagerinShanghai:“Riskiscommensuratewithuncertainty,andwe’renowlasteightyearswillcontinuetopropupthemarketgoingforward.InthewordsofafundmanagerinShanghai:“Riskiscommensuratewithuncertainty,andwe’renowoperatinginaworldofgreateruncertainty,whereyourdistributionofexpectedoutcomesismuchwider.Thatdrivesyoutothinkmorecautiouslyaroundyourunderwritingandhavemoreofabuffer,whichatthemomentmeanswe’veshiftedthatpointofcautionalittlefurtherdownthespectrum.”Asforwhichissuesinvestorsconsidermostproblematic(seeexhibit1-3),thewerpredictablywasinterestrates,whicharemakingdealfinancingincreasinglydifficultatcurrentpricinglevels.ThefactthatthesameissuerankedonlythirdfrombottominlastyearssurveyillustratesirmGoodeAsiaPacificGood'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'220%'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22pitalAnalytics2EmergingTrendsinRealEstate?AsiaPacific2023EmergingTrendsinRealEstate?AsiaPacific20233r4.00–5.004.00–5.004.50–6.00r4.00–5.004.00–5.004.50–6.003.50–4.753.50–4.754.00–5.004.00–5.002.30–3.502.00–2.602.50–3.503.20–4.003.20–4.003.10–3.506.50–8.008.00–8.507.50–8.50MelbourneAucklanduangzhouHongKongTokyoaingaporeGurgaonMumbai123456789tateInvestors2023202220212020estTradefriction/geopoliticaltensionsCost/availabilityoffinancelobaleconomicgrowthAsianeconomicgrowthImpactofCOVIDonpropertyrent/valuesateseiesCompetitionfromCompetitionfromglobalbuyersEnvironmentalcomplianceClimatechange3456789roblematicroblematictndsinRealEstateAsiaPacificsurveysdealunderwritingtoseeifnumbersstilladdupinafast-changinginvestmentlandscape.sinLimboAftermorethanadecadeofstrongliquidityandultra-lowinterestrates,capratesintheAsiaPacifichavecompressedtolevelsmorecommonlyfoundinmarketsintheWest.Butwithbaseratesaroundtheglobenowrisingsharply,yieldsformanyrecentlyclosedAsiaPacificdealshavefallentoapointwheretheyarebelowthecostofcapital.Logically,then,capratesmustmoveoutifbuyersaretomaintainameaningfulspreadoverthecostofdebt.ThatexpansionisalreadywellunderwayintheUnitedStatesandEurope.However,intheAsiaPacific,caprateshavesofarmovedonlyslightlyinsomemarketsandassetclasses:tesSepSep224.50–5.754.50–5.755.00–6.253.75–4.753.75–5.004.00–5.254.00–5.252.30–4.002.00–2.702.50–3.503.20–4.003.50–4.503.10–3.756.50–8.008.00–8.508.00–8.50BREResearchbertoOctober?InAustralia,interestratesroserapidlyduring2022,withthecashrateatAustraliaRBAreaching2.85percentinNovember,thehighestinmorethannineyears.Againstthisbackdrop,investorsentimenthasshiftedperceptiblydownwards,butcapratemovementshavebeenslowtofollowsuit(seeexhibit1-5),especiallygivenpoorpricediscoveryamidaslumpintransactions.Accordingtoonefundmanager:“Weexpectedcapratestomove,butwehaven’tseenit[yet].There’vebeenafewtransactionsatthecoreendofthemarket,particularlyinMelbourne,buttheyhaven’treflectedtoomuchrepricing,whichyouwouldhaveexpected.So,wehaven’tbeenunderwritingalotofofficedeals—we’veputthatintothetoo-hardbasketment?InChina,aclosedcapitalaccountmeansthereisnodirectlinkagetobaserateselsewhereintheworld,andthegovernmentanywayneverdeployedquantitativeeasingasasetoCOVIDinthesamewayasintheWestsaresultauthoritiesnowhaveroomtostimulateChina’sstrugglingeconomybycuttingrates,andwithweakdemandalsosuppressinginflation,thepressureoncapratesisifanythingmoredownwardthenupward.Nonetheless,assetyieldshavestillmovedout,largelyduetodecliningoccupancycausedbythecombinedimpactofanofficesupplyglutandtheongoingeconomicslowdown.Oneinvestorcommented:“Officeyieldshaven’tquite[movedout]tolevelsvestorswereexpectingYouaregettingpositivespreads,butthenhowfirmaretherents?Andwithfurtherdownwardpressure[ontheeconomy],it’sgoingtobeawhilelongerbeforepeoplewanttostepinforlong-termincomepurposes.”Inaddition,pricesoftheincreasingnumbersofstressedordistressedassetsinChinahaveyettomeetforeigninvestorexpectations,althoughtherearesignsthismaybechanging.?InJapan,meanwhile,authoritiesremainsolidlyineasingterritorywithlittlesignofachangeinconviction.rmandinsomeinstanceshaveevencontinuedtocompress.sethreemarketsnapshotsshownotonlythatbaserateandcapratedynamicsvarywidelybylocation,butthatassetownersareasyetinnohurrytoacceptwritedowns,leavingbuyersandsellersatsomethingofanimpasse.rearevariousreasonsforthisapartfromthosealreadyidentified.First,investorsaresittingpatastheydigestwhatcurrenteventsmeanforpricing.Second,theweightofunallocatedinstitutionalcapitallookingforahomeinAsiaPacificmarketsreinforcestheressionthatasellersmarketisstillinplace.swhoseunderwritingisbasedonunrealisticallylowexitcaprateorrentalgrowthassumptionsarereluctanttotakelosses.RecentlowcapratedealsinvolvingAustralianlogisticswerecitedbyintervieweesasexamples.Inparticular,investorswhorampeduptheirleveragetoboostreturnsontightlypricedd