Timberland ownership in the world, especially in the United States, has experienced significant changes in the past few decades. In this commentary, I reviewed a recently published book by Daowei Zhang under this theme. The book examined the driving forces of institutional timberland investment by compiling a number of landmark events through corporate reports and interviews with major parties involved. This helps us better understand the motivation, synergy, corporate strategy, competition, financing structure, organizational arrangement, broad impact of the ownership shift. The book also compared returns of timberland investment management organizations and real estate investment trusts, and provided an outlook of future research in timberland investment. As a summary, I positioned the book in the current literature of timberland investment and elaborated some lines of subsequent research.

在过去的几十年里，Timberland 的所有权在世界范围内，尤其是在美国发生了重大变化。在这篇评论中，我回顾了张道伟最近在这个主题下出版的一本书。该书通过公司报告和对主要相关方的采访，汇编了许多具有里程碑意义的事件，研究了机构林地投资的驱动力。这有助于我们更好地了解所有权转移的动机、协同作用、公司战略、竞争、融资结构、组织安排和广泛影响。该书还比较了林地投资管理机构和房地产投资信托的回报，并对林地投资的未来研究进行了展望。作为总结，