中国房地产市场：中期校正和长期增长.doc

本科毕业设计（论文） 外 文 翻 译 原文： China’s Real Estate Market： Mid-Term Correction and Long-Term Growth Along with China’s economic slowdown and policy tightening, the real estate market has been experiencing a mid-term correction since late 2007. This round of property sector downturn is cyclical rather than secular and will last from two to two and a half years (September 2007–early 2010). From a longer-term perspective, the factors for sustainable growth of the housing market remain sound. These include relatively strong economic growth, positive demographic trends, urbanization, and upgrades in living standards. Along with the credit crunch and global economic recession in the United States, China’s gross domestic product (GDP) growth started to slow down in the second half of 2007 with the real estate market experiencing a mid-term correction since late 2007. Understanding the development and current state of this sector is important in answering questions regarding the pace of China’s overall growth and the likely government policies in the coming years. China’s Real Estate Market Development The real estate market began to take form after China’s Constitution was changed to permit transfer of state-owned land-use rights in 1988. Since the housing market reform from 1998 to 1999, commodity housing has come to China’ s property market, replacing and mainstreaming state-provided housing. Being market-oriented, private developers built mainly commodity housing, selling to a middle- to high-income group. The private sector’s incentive in the development of low-end housing is low due to lower profitability, lack of competition, and payment of a penalty for being lean and efficient. Therefore, government needs to take the initiative in the development of housing for the low- to middleincome group which would be considered as “quasi-public goods.” Real estate has become a political football, kicked in different directions by competing interest groups. Regulators find themsel