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1、本科畢業(yè)設(shè)計(jì)（論文）外文翻譯原文：原文：China’sRealEstateMarket：TermCrectionLongTermGrowthAlongwithChina’seconomicslowdownpolicytighteningtherealestatemarkethasbeenexperiencingatermcrectionsincelate2007.Thisroundofpropertysectdownturniscycl

2、icalratherthansecularwilllastfromtwototwoahalfyears(September2007–early2010).Fromalongertermperspectivethefactsfsustainablegrowthofthehousingmarketremainsound.Theseincluderelativelystrongeconomicgrowthpositivedemographic

3、trendsurbanizationupgradesinlivingstards.AlongwiththecreditcrunchglobaleconomicrecessionintheUnitedStatesChina’sgrossdomesticproduct(GDP)growthstartedtoslowdowninthesecondhalfof2007withtherealestatemarketexperiencingater

4、mcrectionsincelate2007.UnderstingthedevelopmentcurrentstateofthissectisimptantinansweringquestionsregardingthepaceofChina’soverallgrowththelikelygovernmentpoliciesinthecomingyears.China’sRealEstateMarketDevelopmentTherea

5、lestatemarketbegantotakefmafterChina’sConstitutionwaschangedtopermittransferofstateownedluserightsin1988.Sincethehousingmarketrefmfrom1998to1999commodityhousinghascometoChina’spropertymarketreplacingmainstreamingstatepro

6、videdhousing.Beingmarketientedprivatedevelopersbuiltmainlycommodityhousingsellingtoadletohighincomegroup.Theprivatesect’sincentiveinthedevelopmentoflowendhousingislowThedrivingfcesofthesharpcrectioninthestockmarketinclud

7、e:(1)interestratehikesaswellasothercreditinvestmenttighteningmeasuresreducingliquiditycomingintothestockmarket(2)thenegativeexternaloutlook(3)theprospectofasurgingsupplyofsharesproducedbytheunfreezingofnontradablesharesn

8、ewshareissuance.Thepropertysecthadbeenhithard.Consequentlyrealestateinvestmentyeartodate(YTD)growthslowedsubstantiallyfrom33.5percentto22.7percentyeartoyearintheperiodfromJanuarytoNovember2008inthelowsingledigitsintheper

9、iodfromJulytoNovember2008.Ithastriggereddiminishingdemfkeyconstructionmaterialssuchassteelcementaluminumhousingrelatedconsumerdurablegoods.Theslowdowninproductionofkeymaterialshasbeenexacerbatedbyasuddencollapseincommodi

10、typrices.ThiswascausedbytheglobalfinancialcrisisingeneralbydeleveraginginparticularwhichhadintensifiedsinceSeptember2008leadingtoamassivedestockingofrawmaterialinputs.Asubstantialeconomicslowdownwasunderwaybythesecondhal

11、fof2008.Threefactscausedtherathersharpslowdownincluding(inderofimptance):(1)coolingdowninrealestateinvestment(2)massivedestockingofrawmaterialinputs(3)slowdowninexternaldem.Inourviewweakeningexternaldemisnottheprimaryrea

12、sonfthesharpdeteriationbecausedecelerationinexptshasbeentakingplacegraduallysince2007.Itwouldhavebeenan“imptedsoftling”inactionhadtherenotbeentheheavyhedtighteningmeasuresagainstthepropertysect.Thepolicyinduceddeclineinr

13、ealestateinvestmentgrowthgivesrisetorisksofa“domesticmadehardling.”Againstthisbacktheauthitiesmadeadrasticchangeinpolicyientationinthefourthquarterof2008byimplementingexpansionarymoaryfiscalpoliciesaswellasrollingbackama

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