Last week, Moody’s Investors Service upgraded its outlook for China’s property sector,forecasting modest housing sales growth of up to 5 percent in the next 12 months, comparedwith a decline of 7.8 percent in 2014.
上周,穆迪投资者服务公司(Moody's Investors Service)上调了对中国房地产行业的展望,预计中国的房屋销售额在未来12个月中会出现5%的适度增长。相比之下,2014年的房产销售额下降了7.8%。
That is good news for developers and for banks that issue mortgages. But it does not mean aflurry of new construction will follow. China’s huge oversupply of unsold homes — mostlyoutside the biggest cities — and builders’ large holdings of undeveloped land mean that thepotential lift from rising housing prices for the broader economy will be muted.
对于开发商和发放抵押贷款的银行来说,这是个好消息。不过,它并不意味着新的建设项目会接踵而至。中国的待售房屋大大过剩——大多在大城市以外的地方——地产商也握有大量未开发土地。这意味着,房价上升提振宏观经济的可能性不大。
For example, China’s least-developed cities, so-called Tier 3 and 4 localities, have nearly threeyears’ worth of sales in unsold homes on the market, according to a recent paper published bythe International Monetary Fund.
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