中國(guó)八城市“限售”致地產(chǎn)股大幅下挫

Hong Kong-listed developers saw their share prices tumble on Monday as investors reacted to new property sales restrictions, which were imposed across eight major Chinese cities to calm rising house prices.

在香港上市的中國(guó)內(nèi)地房地產(chǎn)開(kāi)發(fā)商的股價(jià)周一大幅下挫，原因是投資者對(duì)新的房地產(chǎn)限售措施作出反應(yīng)。為了給不斷上漲的房?jī)r(jià)降溫，中國(guó)8個(gè)大城市實(shí)施了新限售措施。

Evergrande’s stock fell as much as 11.2 per cent, while China Vanke’s dropped as much as 8.4 per cent and China Resources Land as much as 6.7 per cent.

恒大(Evergrande)股價(jià)一度下跌11.2%，萬(wàn)科(China Vanke)一度下跌8.4%，華潤(rùn)置地(China Resources Land)一度下挫6.7%。

The price drops came after seven provincial capitals and the sprawling municipality of Chongqing tightened controls on housing sales on Friday and over the weekend. State news reported that most had banned the reselling of homes within two to three years of purchase.

上周五和上周末，中國(guó)7個(gè)省會(huì)城市和面積龐大的直轄市重慶收緊了對(duì)住房銷(xiāo)售的限制。官方媒體報(bào)道稱(chēng)，其中多數(shù)城市禁止新購(gòu)房產(chǎn)在兩到三年內(nèi)轉(zhuǎn)讓。

“It’s very clear the government wants to control speculation,” said Rosealea Yao, property sector analyst at research consultancy Gavekal Dragonomics.

研究咨詢(xún)公司龍洲經(jīng)訊(Gavekal Dragonomics)房地產(chǎn)業(yè)分析師咬麗薔(Rosealea Yao)表示：“顯然，政府想管控投機(jī)。”

China’s government has made a priority over the past year of taming the country’s bubbly housing market, fearing that rampant speculation could trigger a market bust and problems for the whole economy.

過(guò)去一年，中國(guó)政府已把馴服該國(guó)存在泡沫的住房市場(chǎng)當(dāng)作優(yōu)先任務(wù)，擔(dān)心猖獗的投機(jī)活動(dòng)可能會(huì)引發(fā)市場(chǎng)崩盤(pán)、給整個(gè)經(jīng)濟(jì)帶來(lái)問(wèn)題。

Local governments this year have launched several waves of cooling measures, making it more difficult for individuals to buy houses. The government also cut property developers’ access to funding earlier in the year. As a result, price rises across major cities have slowed in 2017.

地方政府今年推出了多輪降溫舉措，加大了個(gè)人購(gòu)房的難度。今年早些時(shí)候，政府還縮減了房地產(chǎn)開(kāi)發(fā)商的融資渠道。其結(jié)果是，各大城市今年的房?jī)r(jià)上漲已有所放緩。

But the cooling measures, which were most severe in the biggest cities such as Beijing and Shanghai, have had the unintended side-effect of pushing demand into neighbouring provincial capitals and smaller cities, analysts say, since Chinese families still see housing as the must-have asset into which they pour their high levels of savings.

但分析師表示，這些降溫舉措(北京、上海等特大城市出臺(tái)的最為嚴(yán)厲)產(chǎn)生了意想不到的副作用：促使需求流向臨近的省會(huì)城市和中小城市，因?yàn)橹袊?guó)家庭仍視住房為必須擁有的資產(chǎn)，并把大量?jī)?chǔ)蓄投入這類(lèi)資產(chǎn)。

The recent measures in Changsha, Chongqing, Guiyang, Nanchang, Nanning, Shijiazhuang, Wuhan and Xi’an left traders wondering which city would be hit next, since previous cooling measures came in waves with more local governments joining in after initial tightening rounds.

長(zhǎng)沙、重慶、貴陽(yáng)、南昌、南寧、石家莊、武漢和西安最近采取的措施，令交易員思考下一個(gè)受到?jīng)_擊的會(huì)是哪個(gè)城市，因?yàn)橹暗慕禍嘏e措就是一個(gè)接一個(gè)出臺(tái)的，在最初的收緊舉措出臺(tái)后，有更多的地方政府加入進(jìn)來(lái)。

Authorities in Shijiazhuang, the capital of Hebei province, which is next to Beijing, imposed particularly strict limits, requiring home buyers to wait for five years before reselling.

河北省會(huì)石家莊市政府出臺(tái)的限制舉措尤為嚴(yán)格，禁止購(gòu)房者在5年內(nèi)轉(zhuǎn)讓。

Ms Yao added that the latest restrictions did not change her view that the coming correction for housing prices in China would still be moderate compared with that seen in 2014 due to low inventories.

咬麗薔補(bǔ)充稱(chēng)，最新的限制措施并未改變她的如下看法：由于庫(kù)存低，中國(guó)房?jī)r(jià)即將到來(lái)的回調(diào)仍將比2014年溫和。

“The market impact could be quite negative,” she said, “but the market could digest it fairly soon because the fundamentals are sound”.

市場(chǎng)影響可能相當(dāng)負(fù)面，”她表示，“但市場(chǎng)可能很快就會(huì)消化，因?yàn)榛久媪己?rdquo;。

Home price growth in August dipped to 8.3 per cent year-on-year, according to a weighted average from Reuters based on government data. That was the slowest pace in more than a year, with official figures showing price growth in top-tier cities such as Beijing and Shanghai experiencing substantial deceleration.

路透(Reuters)基于政府?dāng)?shù)據(jù)計(jì)算得出的加權(quán)平均值顯示，8月份中國(guó)房?jī)r(jià)同比漲幅降至8.3%。這是一年多來(lái)的最低漲幅。官方數(shù)據(jù)顯示，北京、上海等一線(xiàn)城市的房?jī)r(jià)漲幅大幅縮窄。

Despite the latest stock price falls, the Hang Seng Mainland Properties Index tracking Chinese developers listed in Hong Kong is up 98.3 per cent for the year to date.

盡管遭遇最新這波股價(jià)下跌，但今年迄今，追蹤在港上市內(nèi)地開(kāi)發(fā)商的恒生中國(guó)內(nèi)地地產(chǎn)指數(shù)(Hang Seng Mainland Properties Index)已累計(jì)上漲98.3%。