中国房地产业的隐性负债 双语.docVIP

Chinas Hidden Housing Debt 中国房地产业的隐性负债 2012年 05月 10日 08:59 By?TOM ORLIK Chinas property sector might be sinking in the sand of mounting liabilities.中国房地产行业或许正在慢慢陷入不断增加的负债。liabilitiesLifes greatest liabilities is a debt of human sympathy. 人生最大的债务是人情债。 The official data suggest that loans to Chinas thousands of developers at the end of the first quarter totaled a manageable 3.6 trillion yuan ($570 billion), equal to just 6.3% of total yuan loans in the banking system. 从官方数据看，截至今年一季度末，中国数千家开发商所借贷款为人民币3.6万亿元（合5,700亿美元），只相当于银行系统人民币贷款总额的6.3%，尚处可控范围。A look at the financials of 159 mainland-listed developers, though, suggests the official numbers are not telling the whole story. Numbers from Wind—a China data provider—show total liabilities for this subset ballooned to 1.8 trillion yuan in the first quarter of 2012. Thats more than 100% higher than the level when the government first pointed its policy needle at the property bubble in early 2010. subset 子集 不过从159家内地上市开发商的财务状况来看，官方数据反映的情况并不全面。中国数据商万得资讯(Wind)的数据显示，此类开发商2012年一季度的总负债已膨胀至1.8万亿元，相比2010年年初政府首次将其政策之针刺向房地产泡沫时的水平高出100%有余。 Mounting liabilities reflect a variety of factors. In 2010, despite declaring war on house prices, the government was slow to clamp down on credit. By 2011, loans were in short supply but developers allowed other liabilities like supplier invoices to mount. Most recently, lending rebounded in the first quarter of 2012, listed developers borrowed 48 billion yuan, more than twice the figure for all of 2011. clamp down强行限制; 进行取缔 不断增加的债务是多种因素的反映。2010年政府虽对房价宣战，但迟迟没有收紧信贷。到2011年前，贷款供应不足，但开发商却放任供应商货款等其他负债不断增加。而在最近的2012年一季度，伴随着贷款的反弹，上市开发商借入资金480亿元，超过2011年全年数字的两倍。 Official data might also understate the banks exposure to property. Alongside bona fide developers, state-owned enterprises are sometimes tempted to dabble, either as developers or speculators. Some loans intended for building blast furnaces or shipping fleets actually end up as luxury apartments. 官方数据可能还低估了银行的房地产敞口。除了真正的开发商以外，国有企业有时候也禁不住诱惑搞起了房地