China's property developers have shown themselves to be the great survivors of China's economy. After two years of having sales squeezed from one end and their supply of credit squeezed from the other, the industry has so far managed to hold out against steep price cuts and significant consolidation.
从中国房地产开发商的表现看,它们是中国经济的一大幸存者。在经历了两年的房屋销售下滑和信贷供应收紧这双重挤压之后,目前为止房地产行业并未被房价大幅下降和大规模的行业整合压垮。
In large part that's because developers have been able to tap non-traditional sources of finance -- albeit at a much higher cost -- even when Beijing thought it had turned off the tap. True to form, the sector has found itself new lenders of last resort to at least partially avoid the latest crunch, but assuming Beijing doesn't relax housing restrictions before the most recent round of financing matures, this time developers might have trouble avoiding selling off their assets or pushing apartments out the door at whatever they can get.
这很大程度上要归因于开发商一直能够利用非传统渠道进行融资(尽管成本要高很多)。即使是在北京认为自己已经切断了信贷供应之际。与以往历次宏观紧缩时期一样,房地产行业已给自己找到了新的最后贷款人,这让它们至少可以部分避免最新这轮信贷紧缩带来的冲击,但假如在开发商最新一轮融资的还款期到来之前,北京还没有放宽对楼市的限制措施,那么开发商可能将难以避免廉价甩卖楼盘的命运。
【中国开发商的债务包袱将转嫁给谁?】相关文章:
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