【雙語閱讀】中國房地產(chǎn)調(diào)控重挫股市.

　　Chinese real estate shares plunged and the stock market suffered its worst daily fall in 28 months yesterday after the government unveiled tough policies to damp a rebound in housing prices.

　　中國房地產(chǎn)股票昨日大跌，股市大盤出現(xiàn)28個月來最大單日跌幅，原因是政府出臺了遏制房價反彈的嚴厲政策。

　　The State Council, China’s cabinet, on Friday detailed a series of “control measures” to rein in the real estate sector. Housing prices, which the Chinese government succeeded in stabilising last year, had started to surge in major cities in recent months.

　　中國國務(wù)院上周五公布了一系列旨在遏制房地產(chǎn)行業(yè)的“調(diào)控措施”。中國政府去年曾成功引導房價企穩(wěn)，但近幾個月各大城市的房價又開始飆升。

　　In the latest announcement, the government called for strict application of a 20 per cent capital gains tax on home sales, a rule that has been in place since 2005 but only patchily enforced. It also said that cities where prices had been rising too quickly should adopt targeted measures, including higher mandatory mortgage downpayments and restrictions on the purchases of second homes.

　　政府在最新宣布中要求，嚴格執(zhí)行針對住房出售的20%的資本利得稅，這條規(guī)則從2005年就開始生效，但迄今只得到零散的執(zhí)行。政府還表示，近期房價上漲過快的城市，應(yīng)當采取針對性措施，包括提高抵押貸款的首付門檻，以及限制購買第二套住房。

　　The CSI 300, an index of the top stocks on the Shanghai and Shenzhen exchanges, fell 4.6 per cent, its worst day since November 2010. The shares of most major developers tumbled 10 per cent, the daily maximum in China.

　　由上海和深圳證交所主要股票構(gòu)成的滬深300(CSI 300)指數(shù)下跌4.6%，這是自2010年11月以來最大單日跌幅。各大開發(fā)商的股價下跌10%，這是中國允許的最大單日跌幅。

　　Investors and analysts had been bracing for government action to cool the housing market, but the package of policies “appears harsher than expected”, said Du Jinsong, property analyst with Credit Suisse.

　　此前投資者和分析師就準備迎接政府冷卻樓市的行動，但瑞信(Credit Suisse)房地產(chǎn)分析師杜勁松表示，這套組合政策“似乎比預期更為嚴厲”。

　　Delivered on the eve of China’s annual parliament, which formally opens today, the announcement signified the importance Beijing attaches to preventing a housing bubble.

　　在今日正式開幕的中國全國人大年會前夕宣布新措施，突顯中央政府對阻止樓市泡沫的高度重視。

　　Nevertheless, there was also much scepticism about how fective the latest official fort would be. Chinese media pointed out that it was the ninth set of “control measures” of the past 10 years, a decade during which house prices surged nationwide.

　　不過，對于官方的最新努力能夠產(chǎn)生多大效果，各方相當懷疑。中國媒體指出，這是過去10年里出臺的第9套“調(diào)控措施”，而這10年期間全國房價大幅上漲。

　　Lu Ting, an economist with Bank of America Merrill Lynch, warned that the capital gains tax could have unintended consequences. “These new measures may inadvertently shift demand of existing homes to new homes, pushing new home prices to rise even faster”.

　　美銀美林(Bank of America Merrill Lynch)經(jīng)濟學家陸挺警告，資本利得稅可能產(chǎn)生意外后果?！按祟愋麓胧┛赡茉诓唤?jīng)意間引導需求從二手房轉(zhuǎn)向新房，從而進一步推高新建住房價格”。

　　Yin Bocheng, director of the real estate research centre in Fudan University, said there was also a question about whether cities would actually implement the tougher policies.

　　復旦大學房地產(chǎn)研究中心主任尹伯成表示，各城市會不會切實執(zhí)行更嚴厲的政策也是一個問題。

　　“There is a fundamental contradiction. While the central government wants regulation, local governments want higher housing prices, which bring them land revenues.”

　　“這是一個根本的矛盾。中央政府希望調(diào)控，而地方政府希望房價上漲，因為土地給他們帶來財政收入?！?/p>

　　Chen Li, head of China equity research at UBS Securities, described the property measures as a “catalyst for a pullback”.

　　瑞銀證券(UBS Securities)中國股票研究主管陳李形容這些房地產(chǎn)調(diào)控政策為股市“回落的催化劑”。

　　“We’ve seen a very strong rally in recent months, so people needed a reason to take some profits. The property measures are not the only reason for this correction,” said Mr Chen. “I don’t think investors will be fully surprised by the news.”

　　“我們看到最近幾個月出現(xiàn)一輪非常強勁的漲勢，因此人們需要一個獲利回吐的理由。這些房地產(chǎn)調(diào)控措施并非此次回調(diào)的唯一原因，”陳李表示?！拔也⒉徽J為這個消息完全出乎投資者意料之外?！?/p>

　　From the first week of December to the end of February, the CSI 300 rose more than 30 per cent, with property stocks among the best performing. However, since the start of February the index has dropped more than 7 per cent, as investors grew nervous after the People’s Bank of China began taking liquidity out of the market following the lunar new year holiday, Mr Chen added.

　　從12月第一周到2月底，滬深300指數(shù)上漲逾30%，房地產(chǎn)股票是表現(xiàn)最佳的板塊之一。不過，自2月初以來，該股指已經(jīng)下跌逾7%。陳李補充說，投資者對中國央行在春節(jié)過后開始從市場回籠流動性感到緊張。