留学生硕士论文 英国论文 日语论文 澳洲论文 Turnitin剽窃检测 英语论文发表 留学中国 欧美文学特区 论文寄售中心 论文翻译中心 我要定制

Bussiness ManagementMBAstrategyHuman ResourceMarketingHospitalityE-commerceInternational Tradingproject managementmedia managementLogisticsFinanceAccountingadvertisingLawBusiness LawEducationEconomicsBusiness Reportbusiness planresearch proposal


ResumeRecommendation LetterMotivation LetterPSapplication letterMBA essayBusiness Letteradmission letter Offer letter



英语论文开题报告英语毕业论文写作指导英语论文写作笔记handbook英语论文提纲英语论文参考文献英语论文文献综述Research Proposal代写留学论文代写留学作业代写Essay论文英语摘要英语论文任务书英语论文格式专业名词turnitin抄袭检查









论文作者:meisishow论文属性:硕士毕业论文 thesis登出时间:2014-09-17编辑:meisishow点击率:13802

论文字数:2983论文编号:org201409162030362075语种:英语 English地区:加拿大价格:免费论文

关键词:golden eramarket黄金时代中国房地产SOHO中国property markets





AFTER years of talking up China’s gravity-defying property markets, local land kings are now singing a darker tune. On May 26th Yu Liang, the president of Vanke, China’s biggest developer, declared that the “golden era” in which “everybody makes money out of property is gone.” That came on the heels of comments by Pan Shiyi, the boss of Soho China, another property firm, likening the country’s real-estate sector to the Titanic: “It will soon hit an iceberg.”

Official data show the country’s property market is indeed coming down to earth. During the first four months of this year, the value of residential sales fell by nearly 10% versus a year ago, and construction activity on new homes fell by a quarter. The decline on a month-to-month basis is even more striking (see chart).

Why is the market losing steam? One explanation is that there is too much building going on. Until recently this argument was dismissed by property bulls, who pointed to wave upon wave of rural migrants moving to cities and soaking up supply. Gavekal Dragonomics, a consultancy, estimates that China has been at or near its sustainable level of “peak supply” of housing for many months.

Cooling demand is another culprit. Despite a cultural affinity for property—no bachelor can hope to win over a desirable bride if he does not own a home—it seems that punters may now be ready to put off their purchases. After years of double-digit growth, the economy is slowing. More importantly, recent price cuts of a third or more being offered by developers in some markets have started to worry would-be buyers. These bargains are now available in wealthy coastal cities and not just in smaller cities in the boondocks.

Zhiwei Zhang of Nomura, an investment bank, acknowledges the problem of structural oversupply but still believes that recent policy shifts are the main factor. Pointing to a close correlation between property-market behaviour and money supply, he says the market correction was triggered mainly by the monetary-policy tightening that began in the middle of 2013.

Not everyone is worried. “This is clearly the beginning of a downturn, the third in eight years, but it is not a bubble bursting,” insists Michael Spencer of Deutsche Bank. Joe Zhou of Jones Lang LaSalle, a property-services firm, points to previous weak periods near the end of 2011. In 2012 the central bank cut the lending rate and nudged state-run banks to make mortgages more readily available. Coming on top of price cuts, this led to a strong rally in sales volumes and prices.

Some think the price cuts will lead to another market rebound. Others hope policy easing will do the trick. Cities are starting to reverse previous bans on owning multiple homes, for example, and the central bank has once again recently encouraged banks to extend mortgages. Many big cities still en论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

共 1/7 页首页上一页1234567下一页尾页

英国英国 澳大利亚澳大利亚 美国美国 加拿大加拿大 新西兰新西兰 新加坡新加坡 香港香港 日本日本 韩国韩国 法国法国 德国德国 爱尔兰爱尔兰 瑞士瑞士 荷兰荷兰 俄罗斯俄罗斯 西班牙西班牙 马来西亚马来西亚 南非南非