A BMW is hardly a sign of that times are tough. But in China, one Wenzhou property developer offered a free German-made car to would-be buyers to boost sales. China’s property boom and bust is one of the most debated topics in the world. Most observers agree that a slowdown, led by a government determined to stop the market getting out of control, is under way. Yet the stocks and bonds of many of the companies exposed are booming. 我们很难把宝马(BMW)车与不景气联系在一起。但在中国,温州一家房地产开发商却推出了“买房送宝马”的促销活动。中国房地产市场是将继续繁荣还是将走向萧条,这是世人议论最多的话题之一。多数观察人士都认为,在中国政府防止市场失控的决心的驱动下,房地产市场的增长正在减速。然而,许多房地产企业的股票和债券都涨势良好。
Shares of the five biggest Hong Kong-listed, China-domiciled developers by market capitalisation have jumped by an average 70 per cent since the beginning of October — shortly before the BMWs were thrown in. Their bonds, including those of Agile Property and Evergrande, have zoomed from trading at less than three-quarters of face value to nearly par. Agile is poised to sell $500m in new bonds this week at prices similar to those it paid in 2010. And yet China’s property market is clearly weakening. China Vanke, a domestically-listed sector bellwether, this month said contracted sales for the first two months of 2017 were down 27 per cent from last year. 去年10月初(“买房送宝马”活动推出前不久)以来,在香港上市的五大(以市值计)内地开发商的股价平均累计上涨了70%。五大开发商——包括雅居乐(Agile Property)和恒大地产(Evergrande)——的债券价格已从不到票面价格的四分之三骤升至接近票面价格。雅居乐计划在本周发行5亿美元新债,发行价格将与2010年的价格差不多。尽管如此,中国房地产市场走弱的势头仍很明显。在内地上市的万科(Vanke,地产板块领头羊)本月表示,今年头两个月的销售额同比下降了27%。
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