中國限制房地產相關融資

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有關的借貸實施限制。中央政府引領着消除房地產泡沫的努力。

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.

據悉，在兩個政府監管機構奉命介入後，房地產開發商通過發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.

據中國時事雜誌《財新》報道，中國證券監督管理委員會(CSRC)和國家發展和改革委員會（NDRC，中國的經濟規劃機構）受到高層官員的指示，限制開發商在香港股市、香港債市和中國境內銀行間債券市場的發行活動。

The news comes less than a week after the Shanghai Stock Exchange froze all bond issuances by property developers.

這個消息傳出不到一週前，上海證券交易所凍結了房地產開發商的所有債券發行計劃。

Securities dealers told local media last Wednesday that they have been told to await tighter rules on which companies can issue debt.

證券交易商上週三告訴當地媒體，他們被告知要等待有關哪些公司可以發行債務的更嚴格的規則。

The exchange is drawing up the new rules under the supervision of the national securities regulator.

上交所正在國家證券監管機構的督導下起草新規則。

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.

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。

First, local governments acted, but in a soft way, and not much pain was inflicted.

首先，地方政府採取了行動，但是是以一種柔性的方式，沒有造成太多痛苦。

Then, after the politburo leaders give a direction from the top, we see a concerted national push.

然後，在政治局領導人從頂層發出指示後，我們看到一種協調的全國努力。

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佈的。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，房地產市場失控可能引發未來的社會不安定。

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和影子貸款市場向購房者和房地產開發商大舉放貸。

Outstanding mortgage loans are at their highest level, rising 17 per cent to Rmb16.6tn ($2.5tn) in the first half of this year.

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）。

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.

政府數據顯示，向房地產開發商發放的貸款在過去三年裏加速增加，在截至今年9月的一年裏增加了四分之一。

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.

中國銀行業監管機構在上週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金融業務風險。

This includes prohibiting illegal lenders and those with funds from illicit sources from entering the property market.

這包括嚴禁違規發放或挪用信貸資金進入房地產領域。

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)貸款機構通過衆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.

銀行業監管機構還表示，將加強理財資金投資管理，嚴禁銀行理財資金違規進入房地產領域。

WMPs are created from a pool of investments and often sold to bank retail customers.

理財產品(WMP)是用一個投資池創建的，往往銷售給銀行的零售客戶。