外文翻译金融危机对房地产的影响文档格式.docx
- 文档编号:4918405
- 上传时间:2023-05-04
- 格式:DOCX
- 页数:14
- 大小:27.68KB
外文翻译金融危机对房地产的影响文档格式.docx
《外文翻译金融危机对房地产的影响文档格式.docx》由会员分享,可在线阅读,更多相关《外文翻译金融危机对房地产的影响文档格式.docx(14页珍藏版)》请在冰点文库上搜索。
Sub-LoanCrisis"
begantoemergefromthespringof2006.FromAugustof2007,itstartedtosweepthroughtheUnitedStates,theEuropeanUnion,Japan,andothermajorfinancialmarketsintheworld.
Sub-loanmeans"
subprimemortgageloan"
.“Sub”meansthepoorsidecorrespondingto“high”and“excellent”,whileinthe"
sub-loancrisis"
itreferstothelowcreditandlowdebt-repayingcapacity.
Subprimemortgageloanisahigh-riskandhigh-yieldindustry,whichreferstotheloansofferedbyanumberoflendinginstitutionstotheborrowerswithpoorcreditandlowincome.Comparingtothetraditionalstandardmortgageloans,thesubprimemortgageloansdemandlowlevelsontheborrowers’credithistoryandrepayingability,butitscorrespondinglendingrateismuchhigherthanthenormalmortgageloans.Thosewhoarerefusedonhigh-grademortgageloansbythebankfortheirbadcredithistoryorweakrepayingabilitymayapplyforthesubprimemortgageloanstobuyhouses.
Whenthehousepriceisgoingup,thesubprimemortgageloansbusinessisbooming.Eveniftheborrower’scashflowcannotrepaytheloan,theymayobtainre-loansfromthevalue-addedrealestatetofillthegap.However,whenthehousepricemaintainsorgoesdown,therewillbeafundinggapandthenthebaddebts.
Thesubprimemortgageloanisakindofhousingmortgagesabroad,tosupplyloanstothepeoplewithlessincomeorlower-levelcredithistory.Thereasonforsupplyingloanstothesepeopleisthatthelendinginstitutionscanreceiveamortgageinteresthigherthanthegoodcreditmortgage.Whenthehousepricesrise,theloanswillhavenoproblemsasaresultofadequatevalueinpledge;
butwhenthehousepricesfall,valueinpledgeisnolongersufficient,whilethemortgagerhaslessincome,thustheloancontractmaybebreachedandthehousemaybereturnedtothebank.Itwillcausetheincreaseinthebaddebtsofthemortgager,thecollapsedcasesofthemortgageprovidersandtherisksinthefinancialmarkets.
Theaddedvalueofrealestateindustryaccountsformorethan5%ofthegrossdomesticproduct(GDP)inourcountry.Asapillarindustry,ithasplayedanimportantroleinthenationaleconomy.
YuXiuqin,thespokeswomanofBeijingMunicipalBureauofStatisticssaidonOctober14,2004,thatBeijing’sGDPinthefirstquarterincreased13%overthesameperiodofthepreviousyear.ThereleasedRealEstateInvestmentReportbytheFixedAssetsInvestmentDivisionofBeijingMunicipalDevelopmentandReformCommissiononOctober15indicatedthattheinvestmentgrowthrateinthefirstthreequartersreducedto20.3%from40.6%inthefirstquarter,"
rankinginamorereasonablerange."
ButtheReportalsopointedoutthatthegreatdroppingintherealestateinvestment"
leadingindicators(landdevelopment,etc.)”undoubtedlyaffectedthepotentialgrowthofinvestmentinrealestate.Thedelayedimpactfrommacro-controlmeasuresshallbepaidattentionsto."
ThisReportobviouslyremindedthatthedevelopmentandinvestmentinrealestatemaymaintainthedownwardtrendduetotheimpactofmacro-control,anditmayfurtherhaveacertainimpactonBeijing’seconomicgrowth
Whatimpactcanmacro-controlbringonBeijing’sGDP?
DingXiangyang,DirectorofBeijingMunicipalDevelopmentandReformCommission,saidwhenhereportedtoBeijingPeople'
sCongressStandingCommitteeontheimplementationofnationaleconomicandsocialdevelopmentplanduringthefirsthalfyear,thataseriesoflandpoliciesinBeijingsuchasthemoratoriumonagriculturallandrequisition,theceasingofagreedlandtransfer,andtheclean-upofinvestmentprojectsindevelopmentzones,aswellasthemacro-control,hadprobablyeffectedaninvestmentofaboutRMB120billionyuan,withabout2-3percentagepointsonaffectingtheannualeconomicgrowthinthenextfewyears.TheReportoftheFixedAssetsInvestmentDivisionfinallyshowedthatfromtheinvestmentinrecentyears,theproportionofrealestateinvestmenthadalwaysbeenmaintainedatabove55%,whichdidnotmatchthedirectionofindustrialrestructuringondevelopinghigh-techindustriesandmodernmanufacturingsectors.Inordertomaintaintheconsecutiveandstableeconomicgrowthofthecityandoptimizetheindustrialstructure,itisnecessarytointensifytheinvestmentstructureadjustmentandincreasetheproportionofindustrialinvestment,especiallyunderthecircumstancesthatthepotentialsintherealestateindustryareaffected
Wecanseesuchalogicrelationship:
therealestateinvestmentmaintainsahighproportioninrecentyears,whilethemacro-controlreducestherealestateinvestmentgrowthrate,whichwillannuallydecreaseseveralpercentagepointsofBeijing’sGDPinthenextfewyears.RealestatehasanextraordinaryimpactonBeijing'
seconomy.
Theproportionofrealestateinvestmentistoolarge?
AccordingtotheplanningofNationalDevelopmentandReformCommission,BeijingCityhascleanedupthefixedassetsprojectsinthecity.FromtheinformationofBeijingMunicipalDevelopmentandReformCommission,therearemorethan6000projectsbeingcleanedup,inwhichmorethan600projectsinvolvedinviolations.Amongthem,thereare53projectsbeingstoppedtheconstructionorcancelledand554projectsbeingsuspendedtheconstructionforrectification,withatotalinvestmentamountofRMB164billionyuan,accountingfor1/5ofthetotalnumberinourcountry.Fromtheprojectclean-upsituation,thereisstillmorethan50%ofinvestmentconcentratedintherealestatefieldamongallthecity'
sinvestmentprojectsbeingconstructedorplannedforconstruction.FiguresshowthattherealestateinvestmentinBeijingaccountsfor56.5%ofthetotalinvestmentintheentiresociety,farexceedingthenationalaveragelevelof18%.TheReportoftheFixedAssetsInvestmentDivisionofBeijingMunicipalDevelopmentandReformCommissionsuggeststhattheproportionofrealestateinvestmentistoolarge,"
andthisdoesnotmatchthedirectionofindustrialrestructuringondevelopinghigh-techindustriesandmodernmanufacturingsectors."
However,RenZhiqiang,PresidentofHuayuanGroupwhoresearchesmuchontheeconomicindexessaid,"
Beijingoriginallyhasalotoflandsforuse,buttheCapitalhasnotimplementedconstructionsforalongtime,andnowtheconstructiondevelopsafterconqueringgreatdifficulties,ahigherproportionofrealestateinvestmentisnormal."
ProfessorYeJianping,HeadoftheLandManagementDivisionofRenminUniversityofChina,consideredthatdemandsforhousingandthesupplyinBeijinginrecentyearshadpromotedtheproportiongrowthofinvestment,althoughthisproportionof56.5%wasmuchhigherthantheinternationalaveragelevel.However,itisverydifficulttoevaluatewhetheritisrightornotatspecialstagesinaspecificperiod."
Nevertheless,theremustbeproblemsifsuchproportionmaintainsinalongperiod."
SomeoneintheFixedAssetsInvestmentDivisionofBeijingMunicipalDevelopmentandReformCommissionsaidthatahigherproportioninrealestateinvestmenthascertainrationalityatthepresentstageonacceleratingurbantransformation,urbanizationandeconomicgrowth.Andnowallaspectsoftherealestateindustryarestillwithinthesafetylineingeneral.Alargenumberofbubblephenomenonsuchashousingvacancyorpriceskyrocketinghavenotoccurred.Buthealsopointedoutatthesametimethatitwasveryeasytoemergebubblesastherealestateindustrywasgreatlyaffectedbythepolicy.ThereforeBeijing,asalarge-sizedcity,iftheproportionofrealestateinvestmentistoolarge,thecity’swholeeconomywillaccordinglybecomemorevulnerable.
WhoisthelargestcontributortoGDP?
TheofficialdatafromBeijingMunicipalDevelopmentandReformCommissionshowthatthedirectpullingroleofrealestateonBeijing’sGDPisbetween5%and10%.ExpertsbelievethatthedirectcontributionoftherealestateindustrytoGDPcompletelyresultsfromthedemandgrowthintherealestatemarket.ItisreportedthatthevolumeofdemolitioninBeijingreducesattheannualrateof20%for5consecutiveyears.Therewereabout100,000removinghouseholdsinBeijing5yearsago,butin2004therewereonly20,000.InthepastaconsiderableportionofthedemandinBeijingrealestatemarketconsistsofurbanrenewal,infrastructureconstructionaswellasalargenumberofdemolitionsinvestedbythegovernment.Nowalthoughthegovernmentdemolitionsdeclinealot,theconsumptionamounthasnotreduced,thustherealestatemarketremainsastrongdemand."
Withthisdemand,therelativelyhighproportionofrealestateinGDPisquitenormal,becauseBeijing'
srealestateisnotforBeijingCityonly,butforthewholecountryandeventheworld."
InadditiontothepullingroleofthestrongdemandsinrealestatemarketonBeijing’sGDP,itiswellknownthattherealestateindustrydrivesitsupstreamanddownstreamindustries.SomeoneinBeijingMunicipalDevelopmentandReformCommissiondisclosed:
"
Accordingtothesalesestimation,theproportionofrealestateandtherelevantindustriessuchasitsdrivenrawmaterialsandserviceindustryisabout1:
1.2."
Realestateinvestmentcandriveadozenoforahundredofrelatedi
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 外文 翻译 金融危机 房地产 影响