1、Chinese property中国房地产报告For whom the bubble blows泡沫为谁而破House prices are soaring in big cities, but oversupply plagues much of the country大城市房价飙涨，但产能过剩才是全国性的问题SHANGHAI, China’s financial centre, does not make it easy on outsiders wishing to buy homes. Non-residents who are single areban
2、ned from buying property. The married are welcome but only so long as they have paid local taxes for two years and make nearlya third of the purchase in cash. Shenyang, China’s biggest northern city, is far more welcoming. Anyone can buy a home there. All tolittle effect: housing pric
3、es in Shanghai, five times more expensive than those in Shen-Yang, have risen by 20% over the past year;those in the northern city have edged down.上海是中国的金融中心，对于外来打工者来说，想在这里安家置业绝对不是一件容易的事。单身的非长驻居民不允许在这里买房。已婚人士购房是欢迎的，但前提是已经向地方政府上缴了两年税款并现金支付至少三分之一的购房款。中国北方最大的城市沈阳远比上海“热情好客”。任何人都可以在沈阳买房。但仍
4、然无济于事，上海的房价比沈阳贵5倍，并且在去年一年里增长了20%，与此同时，北方城市房价却小幅下降。This bifurcation is a worry for the government, which wants to spur growth without inflating bubbles. A divergence in housing pricesbetween wealthy cities and the hinterland is a familiar problem in other countries—just look at London
5、and Lincolnshire, say, or NewYork and Nebraska. But the divisions are starker in China. In its most prosperous cities, already giddy prices continue to shoot up,while unsold flats pile up in markets where valuations were low to begin with. Moreover, construction has long been one of t
6、heeconomy’s main engines, accounting for as much as a quarter of GDP growth until recently. This makes it especially important thatthe government get the balance right. Doing so is proving hard.政府希望既能刺激经济又不引发通胀，因此对两极分化的现象感到担忧。一线城市和欠发达地区的房价分化现象在其他国家也不少见：例如伦敦和林肯郡、纽约和内布拉斯加州。然而这种分化在中国表现得更
7、明显。一边是在中国最繁华的城市里持续飙涨的房价，另一边则是本来市值就低的房子待售成堆。而且建筑行业一直是国家经济增长的主要引擎之一，直到最近仍占GDP增长的四分之一。因此，对于政府来说，保持平衡至关重要却也困难重重。Over the past half-year, the government has unveiled a series of measures to support the housing market that specifically excludeChina’s five hottest markets (Beijing, Guangzhou
