It is the basic foundations-power, water, roads-that are providing the building blocks of merger-and-acquisition activity in Asia this year. Infrastructure deal activity has hit its highest level in a decade thanks to consolidation in China and privatizations in Australia and bankers don't see that activity abating anytime soon.

今年为亚洲并购活动提供素材的是基础设施――水、电、公路。基础设施类交易活动已经攀升至10年来的顶峰，这要归功于中国的行业整合以及澳大利亚的私有化，而且银行家们认为这一趋势短时间内不会减弱。

So far this year, $79 billion worth of infrastructure deals have been announced in the Asia Pacific region, a 46% increase from volumes seen this time last year, according to Dealogic. Attracted by long-term and steady returns, investors bought ports, pipelines and energy assets around the region.

根据Dealogic的数据，今年以来，亚太地区宣布的基建交易价值已经达到790亿美元，较去年这个时候的总额高了46%。受长期、稳定的回报吸引，投资者们买入了该地区的港口、管道和能源资产。

A consortium including Industry Funds Management and Abu Dhabi Investment Authority won leases for two major Australian ports in April in a deal worth $5.3 billion according to Dealogic. China's Taikang Asset Management Co. and Beijing Guolian Energy Industry Investment Fund announced plans to invest $3.3 billion in PetroChina Co. 601857.SH +1.28% Ltd's pipeline assets in June. The list goes on.

Dealogic数据显示，包括Industry Funds Management和阿布扎比投资局(Abu Dhabi Investment Authority, 简称ADIA)的一个财团在今年4月份赢得了两个澳大利亚大港口的租赁权，交易价值53亿美元。中国的泰康资产管理有限责任公司(Taikang Asset Management Co.)和北京国联能源产业投资基金(Beijing Guolian Energy Industry Investment Fund)在今年6月份宣布了向中国石油天然气股份有限公司(PetroChina Co., Ltd., 601857.SH, 简称：中国石油)管道资产投资33亿美元的计划。类似交易不胜枚举。

'You've got two different issues at play. In China you're seeing reform and a bit of rebalancing,' said Matthew Rennie, Ernst & Young's global power and utilities leader in the advisory division. 'There's a move toward renewables and solar energy, plans to cut coal-fired power generation down, and then there's interplay between Chinese companies starting to actively move outbound into emerging economies like Africa.'

安永(Ernst & Young)咨询部门的全球电力和公共事业业务负责人伦尼(Matthew Rennie)称，现在有两个不同的主题。中国在进行改革和一些再平衡。一方面是在向可再生能源和太阳能倾斜，并计划削减火力发电，然后也有开始积极走出国门、向非洲等新兴经济体进军的中国企业之间的互动。

For example, Power China Corp. signed a $20 billion memorandum of understanding with the Ministry of Power in Nigeria to invest in the country's electricity industry earlier this year. But Chinese and Hong Kong-based companies are looking at investments in developed markets as well. Hong Kong billionaire Li Ka-shing's Cheung Kong Infrastructure Holdings Ltd. 1038.HK -0.75% is mulling a deal to acquire Nordic company Fortum Oyj's FUM1V.HE +0.78% electricity distribution business in Finland, a sale that could be worth more than $2 billion, people familiar with the matter told The Wall Street Journal.

例如，中国电力建设集团有限公司(Power China Corp.)今年早些时候与尼日利亚电力部签署了200亿美元的谅解备忘录，投资该国电力行业。但是总部位于中国大陆和香港的公司也在寻找发达市场的投资机会。据知情人士向《华尔街日报》(The Wall Street Journal)透露，香港亿万富翁李嘉诚麾下的长江基建集团有限公司(Cheung Kong Infrastructure Holdings Ltd., 1038.HK, 简称：长江基建)正在考虑收购北欧公司Fortum Oyj的芬兰电力分销业务；出售交易价值可能超过20亿美元。

In June, a consortium led by Cheung Kong Infrastructure bought Dutch waste management firm AVR Afvalverwerking BV.

今年6月份，以长江基建为首的一个财团收购了荷兰废弃物处理公司AVR Afvalverwerking BV。

Infrastructure deal activity within China's borders should remain robust, bankers say, given the government is supportive of consolidation in industries that are in oversupply.

银行家们称，考虑到政府支持供应过剩行业的整合，中国境内的基建交易活动应该会保持活跃。

'In the past 10 years, a lot of gross domestic product growth in China was tied to entities focused on heavy industry and related infrastructure development, and the main objective of managers in these entities was to grow as fast as possible,' said Viral Gathani, CIMB's head of energy, natural resources and infrastructure. 'This delivered the imbalanced economy that we're all beginning to understand and now China's going through the second phase of this growth, which will seek to correct this imbalance. The stronger, more able parties are being encouraged to take over smaller parties.'

联昌国际证券(CIMB)的能源、自然资源和基础设施部门负责人加塔尼(Viral Gathani)称，过去10年中，中国国内生产总值(GDP)的增长很大程度上与侧重于重工业的公共事业和相关基础设施开发有关，而且这些公共事业管理者的主要目标是尽快增长；这就造成了我们都开始认识到的经济失衡状况，而且现在中国正在经历这种增长的第二阶段，将寻求纠正失衡；开始鼓励更强劲、更能干的公司吞并小公司。

Meanwhile, Australia continues to throw up targets for global infrastructure investors. Half of the top 10 completed infrastructure deals done in the Asia Pacific region this year had an Australian component, Dealogic data shows.

同时，澳大利亚继续向全球基建投资者们抛出诱饵。Dealogic的数据显示，亚太地区今年完成的前10大交易有一半都有澳大利亚的份。

'Privatizations continue to be a strong driver of M&A activity in Australia with several large infrastructure assets sold in the past two years, many more in the pipeline and the new Federal government quickly announcing the sale of Medibank Private,' said Richard Wagner, Morgan Stanley's head of investment banking in Australia. Medibank Private is Australia's largest private health insurer and analysts say it could sell for as much as $3.8 billion.

摩根士丹利(Morgan Stanley)的澳大利亚投资银行部门负责人瓦格纳(Richard Wagner)称，私有化继续成为澳大利亚并购活动的强大引擎：过去两年卖掉了数项大型基础设施资产，还有更多在等待出售，而且新一届联邦政府很快宣布了Medibank Private的出售消息。Medibank Private是澳大利亚最大的私营医疗保险商，分析师们称其售价最高或达38亿美元。

As far as global infrastructure deals go, Mr. Wagner expects Australia to be a leader in merger-and-acquisition activity, given the country's state governments are mulling selling assets to raise funds in order to invest in new projects in their states. Should New South Wales, the state where Sydney is located, decide to sell its electricity poles and wires, such a deal could be worth more than $10 billion.

就全球基建交易而言，鉴于澳大利亚多个州政府考虑出售资产来为本州的新项目投资筹钱，瓦格纳预计该国将成为并购活动方面的领头羊。一旦悉尼所在的新南威尔士州决定出售电线杆和电网，那么相关交易可能价值100亿美元以上。

The infrastructure and privatization pipeline in Australia is currently much larger than what is seen in Europe or the U.S. In Europe, many of the governments privatized their state-owned assets some 10 years ago and in the U.S., there isn't as much of a culture of privatization of infrastructure,' Mr. Wagner said.

目前，澳大利亚的潜在基础设施和私有化交易比欧洲、美国都要多得多。瓦格纳称，在欧洲，许多政府在大约10年前就已将国有资产私有化，而美国则没有那么强的基础设施私有化的文化。