Some of the rally has been of the relief variety. Investors suddenly stampeded for the exits last summer yet the property market did not completely crash. And companies have also been preparing for the worst: many of them used buoyant markets early last year to refinance debt early, easing near-term strains. In the slump that followed the collapse of Lehman Brothers, net debt averaged 4 times earnings before interest, tax, depreciation and amortisation for the Hong Kong-listed groups. Now, that ratio is a far more manageable 2 times. 上述回升在某种程度上可视为触底反弹。去年夏天,投资者突然疯狂离场,但房地产市场并未完全崩盘。房地产企业也一直在做最坏的打算:去年早些时候,许多房企利用市场行情看涨之机提前对债券进行了再融资,以减轻近期的资金压力。雷曼兄弟(Lehman Brothers)倒闭后的萧条期,在港上市内地房企的净债务平均为税息折旧及摊销前利润的(EBITDA)的四倍;如今,这一比例已降为两倍,财务状况可控程度大大提高。
The rally has not been even, however. Shares of the smallest developers have risen by an average of just 6 per cent — a figure that covers performances ranging from a one-fifth fall to a two-fifths gain — as their big rivals uniformly leapt. A relief rally is one thing. But those new BMW owners have plenty of justification for still feeling nervous behind the wheel. 不过,上述回升并不均衡。小开发商的股价平均仅上涨6%(表现最差的股票价格下跌了五分之一,最好的上涨了五分之二),大开发商的股价则全部大幅上涨。尽管出现了反弹式回升,但那些宝马车的新主人们还是有很多理由继续感到不安。
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