It's not just the developers that face a liquidity crisis, but the trusts as well. While a loan default would deliver a trust a windfall in collateral -- sometimes up to three times the value of the loans -- the trusts need to repay their investors immediately. It might take months to find a buyer for a stake in a property development, or even longer -- and at depressed prices - if a wave of such assets came onto the market at once.
不仅仅是开发商面临流动性危机,信托公司也一样。尽管如果开发商到期未还贷款,信托公司将在抵押品上大赚一笔,抵押品的价值有时最高可达贷款价值的三倍,但信托公司需要立即向其投资者付款。如果这类作为抵押品的资产如潮水般一齐挂牌出售,可能需要数月甚至更长的时间才能为房地产开发项目的股权找到买家,而且价格也会很低。
The emergence of the AMCs has helped avert a potential liquidity crunch among the lightly capitalized trusts. Still, market watchers say it's likely that some trusts will still need to dip into their own capital to meet redemptions.
资产管理公司的出现一定程度上避免了那些资金较少的信托公司可能遭遇的流动性危机。但市场观察人士说,有些信托公司可能仍需要动用自有资金来应对赎回请求。
So far the AMCs would appear not to be overly exposed to property.
到目前为止,资产管理公司对房地产市场的敞口似乎并不是很多。
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