郑朝锐外文翻译.docx
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郑朝锐外文翻译.docx
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郑朝锐外文翻译
ChinaRealEstate:
ABoomoraBubble?
While2009sawaglobalmeltdowninpropertymarketsworldwide,therealestatesectorintheAsiandragonpaintedanentirelydifferentpicture.Flushwithliquidityfromthegovernment’smassive$586billionstimulusandenthusedbyfavorablepolicymeasures,realestatehadalmostliterallybecome‘hotproperty’inChina.Propertypricesracedupwardsatafuriouspaceevenasrealestatedevelopersandhomebuyersjumpedontheboomingsector’sbandwagon.
Risinginvestmentboostsrealestateprices
Thelatterhalfof2008andearly2009sawatemporarydampeninginpropertypriceswiththeonsetoftheeconomicslowdown.Butastheeconomicstimulusseepedintotheeconomy,Chinesebanks,undergovernmentdirection,loosenedtheirpursestrings,creatingampleliquidity,withasignificantportionfindingitswayintotherealestatesector.PriceshaveclimbedunabatedsinceApril2009,crossingthedoubledigitgrowthratemarkinFebruarythisyear.Residentialandcommercialrealestatepricessoared10.7%inFebruary,thefastestpaceobservedinalmosttwoyears.Thiscomesasnosurprise,asthissectorhasbeenattractinginvestmentatafreneticpacesincelastyear.
Whileinvestmentintherealestatesectorhasmorethandoubledtoahighof$156.2billionin2009,thefirsttwomonthsofthisyeartoosawinvestmentworth314.4billionYuan($46billion)pouringin,clockingahandsome31%growthrateoverthepreviousyear.
Infact,ShanghaihasbeenratedasthetopinvestableAsiaPacificcityfor2010intermsofrealestateinvestmentprospectsaccordingtoastudybyPriceWaterhouseCoopersandtheUrbanLandInstitute.CapitalcityBeijingsnatchedthethirdpositionintheAsia-Pacificregion,whileGuangzhou,SouthernChina’skeytradingportaswellastransportationhub,ranked12thaccordingtoattractivenessforrealestateinvestment.
Urbanizationandeconomicreformsdrivetherealestatesector
ThedevelopmentoftheChineserealestatesectorhasitsrootsintheprocessoffast-pacedurbanization,setintomotionsince1978.Withtheusheringinofwidespreadeconomicreformsin1985,aimedatcreatingmarketinstitutions,themovementtowardsurbancentersfurtherintensified.Thismarkedawatershedtransitionfromacommandeconomytoamarket-orientedeconomy,wherepriceswouldactastheprimarysignalsforeconomicdecision-making.TheChineseeconomyalsoopeneduptotheexternalworld,therebydevelopinglinkagesoftradeandinvestmentwiththeglobaleconomy.
Witheconomicreformslargelyimpactingtheurbanareas,realestatepriceszoomedasteep71%from1985-87.Tocooldowntheoverheatedrealestatemarket,thegovernmentresortedtomonetarytighteningandalsoreliedonits“welfarehousing”program,orfulifenfangforstateemployees.However,asthetransitiontoamarketeconomygatheredmomentum,thegovernmentstartedcuttingbackexpenditurestothisprogram.Theyear1998markedapivotalyearwhentheChineseperceptionofpersonalpropertychanged.Privatedwellingsbecameacommodity,givingthepurchaserorthedeveloperofpropertytherighttoownanewlybuilthouseoranewlydevelopedpropertyforaperiodof70years.Thisusheredinawaveofprivatizationintherealestatesector,makinginvestmentinpropertyasoundfinancialdecision.
Privatizationbolstersrealestateinvestmentandpricessoar
Withhomeownershipbecomingaviableaswellasalucrativefinancialinvestment,propertypricesinChinabeganwitnessingaphenomenalacceleration.Theresidentialrealestatemarketwasboominginthesuburbanareas,particularlysurroundingthefirstandsecond-tierChinesecities.Whilethefirst-tiercitiesexperiencingsky-rocketinggrowthincludedShanghai,Beijing,GuangzhouandShenzhen,provincialcapitalsaswellascoastalportsthatconstitutedthesecond-tiercitieswerenotfarbehind.In2007,Chinawitnessedthehighestascentinresidentialpropertypricesintheworld.Inthepastsixyears,thefieryupwardpaceofhousingpriceshadfarexceededtheriseinincomes,by30%inShanghaiand80%inBeijingaccordingtoastudybyGoldmanSachs.
Theglobalfinancialcrisistriggersanotherroundofpriceescalation
Propertybubbleconcernsin2007ledthegovernmenttointroducestricterhousingpolicies,includingnewpropertytaxesandtighterlending.Thesemeasures,alongwiththeglobaleconomicslump,firstledtoslowdowninhousepricesinthefirsthalfof2008followedbyfallingresidentialrealestatepricesinthesecondhalfof2008.Tocombattheeconomiccrisis,whichhitChina’sexport-orientedeconomyhard,andtostokeupdomesticdemand,thegovernmentreverseditstighterhousingpolicies.Themassive$586billionstimuluspackagealsohadspecificallocationsforhousingandinfrastructure.
Thefavorablepolicyframeworkforencouragingtherealestatesectorincludedmeasuressuchas:
•Reductioninpropertytaxesforfirsttimebuyers,whilestampdutyandlandvalue-addedtaxwaswaivedforpurchasersofresidentialpropertybetweenJanuary-December2009.
•Aprovisionstatingthatifresidentialpropertywasheldformorethantwoyears,thesellerwasexemptedfromthe5.5%businesstax.
•Homeloanrates,whichwerebenchmarkedtothekeylendingrate,alsocamedownwithmonetaryeasing.
•Banksweregivenadirectivebythegovernmenttoboostlendingandtherebystimulateinvestmentanddemand.
Theseencouragingmeasures,alongwiththeampleliquiditydose,whettedtheappetiteofhomebuyersaswellaspropertydevelopersalike.Withpropertydemandrevitalized,Chinesepropertypriceswitnessedanotherupwardspiralin2009.
Curbingspeculation
Thenewestroundofrisingpropertypricesintheaftermathoftheglobalfinancialcrisispromptedthegovernmenttoyetagainoutlinepoliciestoreinintheescalatingpricesandpreventaspeculativehousingbubble.
•Thegovernmentre-imposedasalestaxonhomessoldwithinfiveyearsoftheirpurchasefromJanuarythisyear.InJanuary2009,thisperiodwascutbacktotwoyearstostimulatedemand.
•Tocurtailindiscriminatelending,especiallytospeculators,bankreserverequirementshavealreadybeenincreasedtwicethisyear,whilethetotalamountofloansistobescaleddownby22%to7.5trillionYuan($1.09trillion)in2010.
•China’scentralbank,ThePeople’sBankofChina,hasintroducednewmeasureswhereinbanksareonlyallowedtoextendloanstopropertydeveloperswithongoingcommercialorresidentialpropertiesascollateral,insteadofamere“stretchofland”.
•Thecentralbankisalsoencouragingbankstocarryoutfieldinspectionsbeforesanctioningloans.
•TheMinistryofLandandResourceshasintroducedastipulation,whichrequiresadownpaymentfromdevelopersforlandpurchasesequalto50%ofaplot’sprice.Thisdownpaymentmustbemadewithinamonthofsigningacontractforthelandpurchase.•Whenparticipatinginlandauctions,buyersarealsorequiredtopayadepositamountingto20%oftheminimumpriceoftheland.
•Inabidtomakehousingmoreaffordabletothecommonpopulace,theministryalsodirecteddeveloperstoutilizeatleast70%ofthenewlandsupplyforaffordablehousingandsmallerapartments,puttingarestraintonvillaconstruction.
•Developersalsohavetosubmitthedatespertainingtothestartandcompletionofhousingprojectstotheministry,providingexplanationsforanydelays.Anyfailuretocomplywiththiswillresultintheexclusionfromlandauctionsforatleastayear.
Pocketsofprosperity
RealestatehasbeenthrivinginChineseurbancitiesandtowns,largelyconcentratedintheEasterncoastalareas,andsomepocketsinNorthernaswellasCentralWesternChina.Thetypicalrealestatehubsinthecountry,whichhaveseenpricessurgingatarapidpaceinclude:
YangtzeRiverDelta:
Shanghai,Suzhou,Nanjing,Ningbo,Nanchang,Hangzhou,Zhanjiang,Wuxi,Hefei
PearlRiverDelta:
Shenzhen,Guangzhou,Zhongshan,Foshan,Zhuhai,Changsha,Xiamen,Foshan,Dongguan
Bohai-Rim:
Beijing,Tianjin,Jinan,Shenyang,Dalian,Qingdao,Changchun
WesternRegion:
Xian,Chengdu,Chongqing
NorthernRegion:
Changchun,Shenyang,Dalian,Qingdao
Marketstructure:
Keyplayersinasnapshot
TheChineserealestatemarketremainshighlyfragmentedwithanestimated50,000propertydevelopers.Whilethepropertymarketisstillevolving,severalofitskeyplayershavebeenlappinguptheopportunitiesbroughtaboutthrougheconomicdevelopmentandreforms.Needlesstosay,thereisconsiderablescopeforconsolidation,withlargerentitiesseekingtoscoopupsmall-scaledevelopersstarvedofcapital.
CHINAVANKE-Thetopmostrealestateplayerinthecountry,ChinaVanke,hasbeenvotedtheworld’sleadingdeveloperinresidentialpropertyfor2009byEuromoney.Almost90%ofitsrevenueswerederivedfromtheprosperousPearlRiverDelta,YangtzeRiverDeltaandtheBohai-Rimregion.ThecorecitiesofShenzhen,Guangzhou,Shanghai,BeijingandTianjinaccountedforover44%ofrevenueandnetprofit.WithhousingpricesrisingsteeplyinmanyofChina’sprimecitiesin2009,thecompanyadoptedacautiousapproach,locatingmostofits44newlylaunchedprojectsinsecondandthirdtiercities.
CHINAOVERSEASLAND&INVESTMENT-TheonlyHongKongBlueChipCompanyintheChineserealestateindustry,ChinaOverseasLand&Investment(COLI),isthesubsidiaryofChinaStateConstructionEngineeringCorporation,thelargestconstructionconglomerateinChina.AconstituentoftheHangSengIndexaswellastheStandard&Poor’sGlobalProperty40Index,thefirmisinvolvedinthesalesofhomeandofficepropertyprojectsin22Chinesecities,includingBeijing,Shanghai,G
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