After bank loans started getting hard to come by in late 2010, the developers turned to trust companies for financing on a massive scale. The banking regulator started tightening trust financing mid-last year, and more recently has made it difficult for trusts to roll over loans to developers that are maturing. According to data from the China Trustee Association, outstanding trust financing to the property sector at the end of March was down from the end of last year (in Chinese). That's the first ever decline since early 2010, when data first became available.
2010年底银行贷款开始变得难以获得后,开发商转向信托公司寻求大规模的融资。去年年中银行业监管机构开始收紧对信托融资的控制,最近又限制信托公司给开发商即将到期的贷款提供续期。中国信托业协会的数据显示,3月底房地产行业未偿信托融资规模较去年底有所下滑。这是2010年初有数据以来的首次下滑。
'The government's crackdown on trust funding as an artery for financing is just the latest of its measures to force developers to bring down property prices,' said Richard David, chief executive of Shanghai-based real estate firm Treasury China Trust. 'There is going to be significant disruption to developers that rely on trust funding.'
位于上海的房地产公司华瑞中国地产信托(Treasury China Trust)的首席执行长戴维(Richard David)说,政府打击作为重要融资渠道的信托融资,这是迫使开发商降低房价的最新举措;对依靠信托融资的开发商将造成严重冲击。
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