中國限制房地產(chǎn)相關融資

China is introducing restrictions on property-related lending, as the central government takes the lead in efforts to head off a housing bubble.

中國正在對與房地產(chǎn)有關的借貸實施限制。中央政府引領著消除房地產(chǎn)泡沫的努力。

Property developers are facing curbs on their ability to raise finance by issuing debt or equity, after two government regulators were instructed to step in, it has emerged.

據(jù)悉，在兩個政府監(jiān)管機構(gòu)奉命介入后，房地產(chǎn)開發(fā)商通過發(fā)行債務或股票來融資的能力面臨限制。

The China Securities Regulatory Commission and the National Development and Reform Commission — China’s economic planner — have been instructed by high-level officials to restrict developers’ issuances in the Hong Kong stock market, in the Hong Kong bond market and in the Chinese interbank bond market, according to local news magazine Caixin.

據(jù)中國時事雜志《財新》報道，中國證券監(jiān)督管理委員會(CSRC)和國家發(fā)展和改革委員會(NDRC，中國的經(jīng)濟規(guī)劃機構(gòu))受到高層官員的指示，限制開發(fā)商在香港股市、香港債市和中國境內(nèi)銀行間債券市場的發(fā)行活動。

The news comes less than a week after the Shanghai Stock Exchange froze all bond issuances by property developers. Securities dealers told local media last Wednesday that they have been told to await tighter rules on which companies can issue debt. The exchange is drawing up the new rules under the supervision of the national securities regulator.

這個消息傳出不到一周前，上海證券交易所凍結(jié)了房地產(chǎn)開發(fā)商的所有債券發(fā)行計劃。證券交易商上周三告訴當?shù)孛襟w，他們被告知要等待有關哪些公司可以發(fā)行債務的更嚴格的規(guī)則。上交所正在國家證券監(jiān)管機構(gòu)的督導下起草新規(guī)則。

“This pattern of policymaking is very similar to what happened last year with the stock market crisis response,” said Li Tang, a housing analyst at NSBO China, an investment bank. “First, local governments acted, but in a soft way, and not much pain was inflicted. Then, after the politburo leaders give a direction from the top, we see a concerted national push.”

“這種政策制定模式與去年股市危機應對措施的情況非常相似，”投資銀行藍橡資本中國(NSBO China)的住房分析師Li Tang表示。“首先，地方政府采取了行動，但是是以一種柔性的方式，沒有造成太多痛苦。然后，在政治局領導人從頂層發(fā)出指示后，我們看到一種協(xié)調(diào)的全國努力。”

At least 22 local governments have already introduced new curbs on buying homes, with most of these policies being announced during the national holiday earlier this month following a summer of unusually high house price growth.

至少有22個地方政府已經(jīng)對購房出臺了新的限制措施，其中大部分政策是在本月早些時候的國慶假日期間公布的。今年夏天中國各地房價漲幅高得異常。

Growth in transaction volumes and prices has slowed in the most overheated 15 cities in recent weeks, but prices are still up more than 30 per cent in large cities such as Beijing and Shenzhen, shutting many out of the housing market.

最近幾周，最過熱的15個城市的交易量和價格增長有所放緩，但在北京和深圳等大城市，價格漲幅仍然超過30%，把許多人擋在房地產(chǎn)市場門外。

China’s top leadership has come to worry that an out-of-control property market could provoke future social unrest, according to local media reports of a meeting of the central government’s politburo at the end of September.

根據(jù)中國媒體對9月底一次中央政治局會議的報道，中國的頂層領導人開始擔心，房地產(chǎn)市場失控可能引發(fā)未來的社會不安定。

Soaring property prices have also encouraged a massive extension of loans to homebuyers and property developers in the formal and shadow lending markets.

樓價飆升還鼓勵了正規(guī)和影子貸款市場向購房者和房地產(chǎn)開發(fā)商大舉放貸。

Outstanding mortgage loans are at their highest level, rising 17 per cent to Rmb16.6tn ($2.5tn) in the first half of this year. Loans to property developers have been growing at an accelerating pace for the past three years, and increased by a quarter in the year to September, according to government data.

未償還按揭貸款處在歷史最高水平，今年上半年躍升17%，至16.6萬億元人民幣(合2.5萬億美元)。政府數(shù)據(jù)顯示，向房地產(chǎn)開發(fā)商發(fā)放的貸款在過去三年里加速增加，在截至今年9月的一年里增加了四分之一。

In its third-quarter conference last Friday, China’s bank regulator stated that one of its key missions this year was to “rigorously control the financial risks related to property markets”. This includes “prohibiting illegal lenders and those with funds from illicit sources from entering the property market”.

中國銀行業(yè)監(jiān)管機構(gòu)在上周五舉行的第三季度會議上表示，今年的主要任務之一是“嚴控房地產(chǎn)金融業(yè)務風險”。這包括“嚴禁違規(guī)發(fā)放或挪用信貸資金進入房地產(chǎn)領域”。

Online peer-to-peer lenders have been crowdfunding loans to pay the downpayment on a mortgage, thus helping potential homebuyers get past minimum downpayment restrictions in order to buy a house with less money upfront.

近來，中國在線個人對個人(P2P)貸款機構(gòu)通過眾籌貸款幫助支付按揭的首期付款，從而幫助潛在的購房者規(guī)避最低首付款限制，用較少的首期資金買下住房。

The bank regulator also said it would “strengthen the regulation of wealth management products and prevent banks from illegally using WMP funding to enter the property market”. WMPs are created from a pool of investments and often sold to bank retail customers.

銀行業(yè)監(jiān)管機構(gòu)還表示，將“加強理財資金投資管理，嚴禁銀行理財資金違規(guī)進入房地產(chǎn)領域”。理財產(chǎn)品(WMP)是用一個投資池創(chuàng)建的，往往銷售給銀行的零售客戶。