中國房地產(chǎn)市場的發(fā)展【外文翻譯】_第1頁
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1、本科畢業(yè)設(shè)計（論文）外文翻譯原文：原文：DevelopmentofChina’sRealEstateMarketOverthepasttwodecadesrealestatehasevolvedfromgovernmentcontrolledtoacommercialproductemergingdevelopingintoanimptantcomponentofChina’sfinancialmarkets.Althoughtheov

2、erallgrossdomesticproduct(GDP)incomelevelshavebeengrowingrapidlytheevenfasterrisinghousingcostshaveexacerbatedtheproblemofhousingaffdability.RealestatedevelopmenthasbecomeakeyfactinChina’seconomicgrowthasrealestatehasbec

3、omeanessentialpartoftheoverallfunctioningoftheeconomy.RecentsignsfollowingtheglobalfinancialcrisissuggestthatChina’srealestatemarkethasbottomedmaybeonitswaytoarebound.Inthelongrunthismarketofferslucrativeinvestmentopptun

4、itiesfdomesticfeigninvests.ThegovernmentownedcontrolledmanagedallrealestateinChinaunderasocialistcentralplanningsystemuntil1988whenrefminthissectstarted(FungHuangLiuShen2006).Sincethenamarketbasedrealestateindustryhasgra

5、duallydevelopedrelatedlegislationwasenactedvarioustypesofrealestateserviceshaveemerged.DuringthisperiodrealestateinChinahaschangedfromapublictoacommercialproduct.Althoughthestateremainstheowneroflinnametherightsofluselim

6、provementsarenowcommonlyprivatelyowned.TheprivatizationeffthasdriventhegrowthoftherealestateindustryhasmadeitpossiblefmanymodernbusinesspracticestobeintroducedintoChina.InrecentyearsChina’srealestatemarkethasdemonstrated

7、increasingintegrationwithrealestatemarketsinotherpartsofthewldwithalmostsynchronousebbsflows.Thisgaverisetoimbalancesbetweensupplydemincreasingrealestatepricevolatility.InadditiontheChineseeconomyhasbeginninginthesecondh

8、alfof2007China’srealestatemarkettookabigtumbleresultinginsubstantiallossesfrealestateinvests.Therecentcyclicalchangesintherealestatemarkettheglobalfinancialcrisisexemplifytheinherentriskinrealestateinvestments.Howevermuc

9、hliketheChinesewd“crisis”composedofthesignsf“danger”“opptunity”challengesopptunitiesgohinh.OpptunitiesDuetothespecialfeaturesofitspoliticaldecisionmakingsystemtheChinesegovernmenthasquicklyfmulatedputintoeffectnumerouspo

10、liciesregulationstoaddressthesharpdeclineintherealestatemarket.“Chinaisunusualinthatithasthisincrediblecapacitytomobilizeallitsinstitutions”saidVikramNehrutheWldBank’schiefeconomistfAsia(Batson2009).Becausethedownturntha

11、tbeganinthesecondhalfof2007causedmanyeconomicsocialproblemsmanypoliciesregulationsfavabletorealestatemarketparticipantswereenactedbyboththecentrallocalgovernmentstookeffectin2008.Theseincludedreducingmtgageinterestratesl

12、oweringpaymentrequirementsextendingmtgageloantermsrelaxingeliminatingthecapsonloansfromthehousingPublicAccumulationFundconversionofcommercialmtgageloanstogovernmentbackedonesreducingremovingthehousingdeedtaxofferingdirec

13、tsubsidiestohousebuyersrelaxingregulationsonsecondhousepurchaseseliminatingtherealestatestamptax(Fungetal.2006).Bytheendofthefirstquarterof2009therealestatemarketinChinahadstartedtoshowsignsofrecovery.Althoughhousingpric

14、esstillremainatarelativelylowlevelCheng(2009)reptedthatmanycitiessawincreasesinhousingtransactionsascomparedtothesameperiodlastyearincludingBeijing(6.28percent)Shanghai(27.89percent)Tianjin(15.77percent)Nanjing(9.17perce

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