和以往一样,主要的借款人从事房地产业务。房地产通常是银行放贷账簿的核心,而房地产开发商和投资者明白,成功秘诀的一半在于杠杆。相应地,不得不接受纾困的银行,是那些对房地产敞口最大的银行。
Banks don’t just lend to property companies – they use property as security even when the facility is for something else entirely. It might be funding working capital, the marketing costs of a launch or even a personal holiday. The banking profession falls back on bricks and mortar as security for at least two-thirds of its loans if residential mortgages are included.
银行不只向房地产企业放贷,它们甚至在提供完全用于其他用途的融资时,也把房地产当作抵押品。房地产可能用于营运资本融资,产品发布营销成本甚至是个人度假费用。如果把住房抵押贷款计算在内,银行业至少三分之二的贷款抵押品是房地产。
There is historical logic in lending against a tangible asset such as property, but in many countries that unchallenged belief is taking a battering. The US, Spain, Ireland, Portugal and Greece have all suffered unprecedented property slumps in recent years. Property in Japan is still substantially below the price it commanded 30 years ago – even in nominal terms. And the rot is spreading. For forced sellers in most of France, Italy and Britain, excluding cities such as London, home values have also tumbled. Millions of home mortgages around the world are underwater, while tens – perhaps hundreds – of billions of commercial property loans are in trouble.
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