There’s a link between a failed UK car park operator and the country’s big supermarket chains — besides the challenge of squeezing a vehicle into some of their spaces. The retailers and NCP, which entered administration last month, have all sold and leased back swaths of their property. Splitting real estate from a company’s actual operations is one of the older forms of balance-sheet engineering, but NCP’s collapse is a cautionary tale on what can go wrong.
英国一家倒闭的停车场运营商，与该国几大连锁超市之间其实有一条共同线索——除了它们有些车位都同样考验停车技术。上月进入破产托管程序的NCP，以及这些零售商，都曾大举将旗下物业出售后再租回。把房地产资产从企业实际运营中剥离出去，本就是财务工程里的老招数之一；但NCP的倒闭说明，这套做法一旦失手，后果会是什么。
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