Incredibly low interest rates have propped up real estate values everywhere. But one day rates will rise – and that will put more downward pressure on property prices.
极低的利率支撑了各地的房地产价值。但总有一天利率将会上涨,届时房地产价格将会承受更多的下行压力。
Meanwhile property valuation remains a dark art, and with few transactions, owners and lenders can get away without marking prices down to honest levels. No doubt many banks, funds and companies would be bust if they did. This is the “extend and pretend game, where everyone in the daisy chain carries on the charade – because to admit default would declare the participants insolvent and throw the staff out of work.
与此同时,房地产估价依然是一种黑箱操作,在交易很少的情况下,业主和放贷者可以得过且过,而无需下调价格至诚实水平。无疑,如果他们诚实计价,许多银行、基金和公司将会破产。这是“延期和粉饰的游戏,参与游戏的各方都不承认违约,因为承认违约就得宣布参与者资不抵债,并导致员工失业。
More than half of all institutional property value in Britain is represented by shops. Landlords and banks appear in denial about the earthquake ripping through the retail sector. The digital revolution means many more chains will go bust in the next few years. Dozens – perhaps hundreds – of malls and retail parks will become redundant. What of retail yields then?
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