China's great real-estate bust has begun, says Nomura. A combination of a huge oversupply of housing and a shortage of developer financing is producing a housing market downturn that could drive China's GDP to less than 6% this year.
野村(Nomura)称,中国房地产调整已经开始。大规模的住房供应过剩,再加上开发商资金短缺,造成了中国住房市场的滑坡,或拖累今年中国国内生产总值(GDP)增速放缓至6%以下。
'To us, it is no longer a question of 'if' but rather 'how severe' the property market correction will be,' three Nomura analysts wrote in a report released Monday. And there isn't much the government can do to head off problems.
野村分析师在周一公布的报告中称,对于野村来说,问题已经不是房地产市场是否会出现调整,而是这个调整会有多严重;而且,政府在应对相关问题上没有太多的回旋余地。
'There is no policy that is universally right,' says Nomura analyst Zhiwei Zhang.
野村分析师张智威表示,没有什么政策是适用于一切问题的。
For some time, Nomura has been among the most bearish of the big investment houses when it comes to China. And it has made some gutsy calls, although they haven't always turned out to be right. In early April, for instance, Nomura forecast that China's current account--the widest measure of trade--would be in the red in the first quarter of 2014. When the numbers came in recently, China still had a current account surplus, though at $7 billion, it was the smallest quarterly surplus in three years.
一段时间以内,野村都是最为看空中国的投资银行之一。野村曾经做过一些大胆预测,不过这些预测并不总是正确的。举例来说,野村曾在4月初时预计,2014年第一季度中国经常项目将出现赤字。这一数据近期得到公布,数据显示中国仍然处于经常项目盈余状态,不过只有70亿美元,为三年来最小的季度盈余规模。
So it remains to be seen whether Nomura this time will be Paul Revere warning of trouble ahead or Chicken Little, warning of trouble that never seems to occur.
本文关键字: 双语新闻 中国房地产泡沫已正式破裂
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