Unit-3-Property-Boom市公开课一等奖省赛课微课金奖课件

UnitThreePropertyBoom1/701.Lead-in2.TextA:BetweenaRockandaLivingSpace3.TextB:BuildingExcitement2/70Lead-in3/70Lead-inThesearepicturesofthetopsixskyscrapersintheworld.Canyourecognizethem?Matchthepictureswiththeirnames.1)2)3)5)4)6)4/70Lead-inBURJDUBAITheworld’stallestbuildingsituatedinthecityofDubai-828mTaipei101FormerlyknownastheTaipeiWorldFinancialCenter:theworld'stallestfromto-509mSWFCShanghaiWorldFinancialCenterthesecondtallestbuildinginChina-492mThePetronas（马石油）TwinTowersSkyscrapersandtwintowersinKuala（河口）Lumpur(吉隆坡),Malaysia-452mTheSears（西尔斯百货）TowerTheworld’sfifthtallestbuildinginthecityofChicago-442mIFCHongKongInternationalFinancialCenterthetallestbuildinginHongKong-420m4)1)2)3)6)5)5/70房地产英语惯用词汇

按揭贷款mortgageloan

按揭购房tobuyahouseonmortgage;tomortgageahouse

房屋空置率housingvacancyrate

安居工程ComfortableHousingProject

板楼，板式楼slab-typeapartmentbuilding

搬迁户arelocatedunitorhousehold6/70炒房者realestatespeculator

房改housingsystemreform

房管realestatemanagement

房产市场realestatemarket城镇住房公积金urbanhousingprovidentfund

低价住房low-costhousing

二手房second-handhouse

房产估价师realestateassessor

房产证propertyownershipcertificate7/70UsefulExpressionA：Whatisthesquareareaofyourproperty?Howmanybedroomsandlivingrooms?你单位面积有多大？有多少间睡房和客厅？

B：Itsgrossareaisapproximatelyninehundredsquarefeet.There'sonelivingroom,onediningroom,onemasterroomandtwobedrooms.建筑面积约九百平方英尺，有一个客厅、一个饭厅、一间主人套房和两间睡房。8/70

B：MayIknowthesize,thelayoutofthehouse？可否告诉我那个单位面积、间格怎样？

A：Sure.Theareaofthisflatisaroundninehundredsquarefeet.Itisdesignedasonelivingroom,onediningroom,onemasterbedroomandtwobedrooms.当然能够。房子面积约九百平方英尺，单位设计为一个客厅、一个饭厅、一个主人套房和两个睡房。9/70B：Howaboutthepriceandthebankmortgage？售价和银行贷款怎样？

A：TheaverageunitpriceisfivemillionHongKongdollars.Thereareeightdifferentbanksthatwillprovideaseventypercentmortgageloan.Also,thedeveloperwillofferanothertenpercentmortgagetopurchasers.平均售价约港币五百万元，。有八间银行提供七成按揭贷款，而发展商亦可提供另外一成按揭给认购者。10/70TextABetweenaRockandaLivingSpace11/70'SubprimeMortgage'

Atypeofmortgagethatisnormallymadeouttoborrowerswithlowercreditratings.Asaresultoftheborrower'slowered

creditrating,a

conventionalmortgage

isnotofferedbecausethelenderviewstheborrowerashavingalarger-than-averageriskofdefaultingontheloan.Lendinginstitutionsoftenchargeintereston

subprime

mortgagesataratethatishigherthanaconventionalmortgageinordertocompensatethemselvesforcarryingmorerisk.

12/70TheU.S.

subprimemortgagecrisis

wasanationwidebankingemergencythatcoincidedwiththeU.S.recessionofDecember–June.Itwastriggeredbyalargedeclineinhomeprices,leadingtomortgagedelinquencies(按揭拖欠）andforeclosures(止赎）andthedevaluationofhousing-relatedsecurities.Declinesinresidentialinvestmentprecededtherecessionandwerefollowedbyreductionsinhouseholdspendingandthenbusinessinvestment.Spendingreductionsweremoresignificantinareaswithacombinationofhighhouseholddebtandlargerhousingpricedeclines.

13/70Thecrisishadsevere,long-lastingconsequencesfortheU.S.andEuropeaneconomies.TheU.S.enteredadeeprecession,withnearly9millionjobslostduringand,roughly6%oftheworkforce.Oneestimateoflostoutputfromthecrisiscomesto"atleast40%ofgrossdomesticproduct".U.S.housingpricesfellnearly30%onaverageandtheU.S.stockmarketfellapproximately50%byearly.Europealsocontinuedtostrugglewithitsown

economiccrisis,withelevatedunemploymentandseverebankingimpairmentsestimatedat€940billionbetweenand14/70BetweenaRockandaLivingSpacebetween___and___betweenthedevilandthedeepseabetweenarockandahardplace进退维谷,进退两难15/70StructuralAnalysisPara.MainTopicsPara.1-3Anintroductionofthecurrentsituationofpropertyboomandabriefanalysisofreasonsandlessonslearnt.Para.4-15Adetaileddiscussionofwhatpolicymakersandfinancialregulatorscoulddotocontrolthepropertybubblesandavoidthecrisis.Para.16-20AsummaryoftheeconomicsituationbothintheUSandintheEuropeaftertheburstingofthebubblesandwhatcanwelearnfromit.16/70unprecedented(Line.7,Para.1)

adj.neverhavehappenedbefore…example:anunprecedentedexpansioninpopulationandindustrySuchamoveisrare,butnotunprecedented.

PartI

WordsandExpressions17/70lunatic(Line7,Para.1)adj.

insane,veryfoolishandpossiblydangerous疯狂，愚蠢地example:Hepleadsforsanity

（明智；头脑清楚）ina

lunatic

world.The

man’s

lunatic

behavior

isa

menace

to

society.PartI

WordsandExpressions18/70underwriting(Line3,Para.2)underwrite

v.

Ifaninstitutionorcompanyunderwritesanactivity,theyagreetoprovideanymoneyneededtocoverlosses为…提供经济担保example:Thegovernmentwillhavetocreateaspecialagencytounderwritesmallbusinessloans.

underwritern.保险企业，担保人PartI

WordsandExpressions19/70odds(Line.9,Para.2)

n.(pl.)

theprobabilityofaspecifiedoutcome可能性，几率

example:Whatarethe

odds

offindingaparkingspacerightoutsidethedoor?The

odds

arethatyouaregoingtofail.PartI

WordsandExpressions20/70Someotherphrasesusing“odds”againstalloddssth.

happensorsucceedsalthoughitseemedimpossibleorveryunlikely

尽管困难重重Somewomendomanagetoachievebusinesssuccessagainstall

odds.

atodds

disagreeingorquarrellingwitheachother不和，有矛盾Hewasat

odds

withhisPrimeMinister.PartI

WordsandExpressions21/70default(Line.9,Para.2)

n.actoffailingtomeetafinancialobligation违约，不推行

example:Thecompanyisin

default

ontheloan.Thecorporationmaybechargedwithdefaultonitscontractwiththegovernment.PartI

WordsandExpressions22/70PartI

QuestionsaboutPartI

Q1.WhatdoestheRobertShiller’sindextellus?ItisanindexshowingthefluctuationofrealhousepricesinAmerica.Accordingtoit,thehousepricesdidnotchangemuchduringthe100yearsbetween1890-1990,however,startingfromthelate1990s,housepricesnearlydoubledwithinadecade,whichwasquitedramatic.23/70PartI

QuestionsaboutPartIQ2.Whatlessonscanwelearnfromthecrisis?

Theriskmanagementandunderwritingpracticesshouldbechanged,withmoreemphasisonaffordability,morerigorousstress-testing,andbetterpricingforborrowerswithmoreequitytoputin.24/70PartI

QuestionsaboutPartI

Q3.Whatarethereasonsforthispropertyboom?Propertymarketisveryattractiveforbanksforseveralreasons.First,theloanstopropertyarerelativelylightoncapitalandguaranteedbyrealassets;Second,themortgagesarethoughttotightenalong-termrelationshipwithcustomers;Third,lendingoncommercialpropertywillhelpthesalesteamsofabanktomeettheirtargeteasily.25/70

…heisworkingonwaystorelatecustomers’creditscorestothemacroeconomicenvironmentsothatlenderscanjudgehowtheoddsofdefaultchangewhen,say,unemploymentgoesupordown.(Line7,Para.2)

Heisanalyzingtherelationbetweencustomers’creditscoresandthemacroeconomicsituation.Therefore,withtheinformationofchangeinunemploymentrate,bankscanfindoutthepossibilitiesofwhetheraborrowerwouldrepayordefaultthebankloan.PartI

SentenceInterpretation26/70

Lendingoncommercialpropertyislumpyenoughforasinglebigdealtogetsalesteamstotheirtargets.(Line4,Para.3)

Lendingoncommercialpropertyusuallyinvolvesalargeamountofcapital,thereforeasingledealisbigenoughforthesalesteamstomeettheirsalestargets.PartI

SentenceInterpretation27/70fare(Para.4)v.proceedorgetalong进展,经历example:

Hefaredwellonhistrip.ItisunlikelythattherealestateindustrywillfareanybetterinSeptember.PartII

WordsandExpressions28/70recourse(Para.6)n.actofturningtoforassistanceorsth/someoneturnedtoforassistanceorsecurity求援，求援对象,（商业，法律）追索权Synonym:resortexample:

Hisonlyrecoursewasthepolicy.ThefoundingoftheUnitedNationsenableditsmemberstosettletheirdifferenceswithoutrecoursetowar.PartII

WordsandExpressions29/70subdue(Para.6)v.Putdownbyforceorauthority制服

to~feelingsmeanstomakethemlessstrong抑制（情感），抑制example:

Seniorgovernmentofficialsadmittheyhavenotbeenabletosubduetherebels.Heforcedhimselftosubdueandovercomehisfears.PartII

WordsandExpressions30/70fiscal(Para.6)

adj.involvingfinancialmattersorsththatrelatedtogovernmentmoneyorpublicmoney,especiallytaxes会计，财政example:

fiscaldeficit财政赤字fiscalpolicy财政政策fiscalrevenue财政收入fiscalyear财政年度PartII

WordsandExpressions31/70disentangle(Para.7)v.Separatefromthingsthataretwistedorknottedaround,ormakeiteasiertounderstandormanagetounderstandit,byclearlyrecognizingeachseparateelement解开，摆脱或者了解（复杂情况）example:

Shakeyourropeandletitdisentanglegradually.It’simpossibletodisentanglethemythfromreality.PartII

WordsandExpressions32/70liquidity(Para.8)n.Infinance,acompany’sliquidityistheamountofcashorliquidassetsithaseasilyavailable流动资产，资产折现力，偿债能力example:

marketliquidity

市场流动性excessliquidity

流动性过剩HongKong'sfinancialmarketsarecharacterizedbyahighdegreeof

liquidity.

PartII

WordsandExpressions33/70legitimate(Para.12)

adj.lawful,basedonknownstatementsorinaccordancewithrecognizedoracceptedstandardsorprinciples正当，正当，合理example:

Sicknessisa

legitimate

reasonforaskingforleave.TheNewYorkTimeshasa

legitimate

claimtobeanationalnewspaper.

PartII

WordsandExpressions34/70speculative(Para.13)

adj.itisusedtodescribeactivitieswhichinvolvebuyinggoodsorshares,orproperties,inthehopeofbeingabletosellthemagainatahigherpriceandmakeaprofit.投机example:

speculativebusiness投机生意Thehotelwasbuiltasa

speculative

venturebutnevercompleted.

PartII

WordsandExpressions35/70Q1.Whatarethethreeleversthatpolicymakerscanpulltomakepropertysafe(Para.5-13)?Thefirstleveristheinstitutionalframework–thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault.Thesecondleveristhesystemofmortgagefinancing.Thethirdleveristheideamacroprudentialregulationwhichisalreadycommoninsomepartsoftheworld.PartII

QuestionsaboutPartII36/70Q2.

WhatarethecharacteristicsoftheDanishsystem?(Para.8-11)

Itfeaturesspecializedmortgagelendersthatobservestrictloan-to-valuelimits.Italsoprotectsborrowersfrominterest-rateriskbyofferinglong-termfixed-ratemortgages.Ithasanimplicitgovernmentguarantee.PartII

QuestionsaboutPartII37/70Q3.

Whatmightbetheconsequencesofimposingrigidlimitsontheamountpeoplecanborrow?(Para.12)Itdeprivesfirst-timebuyersandtheself-employedoftheirrighttoraiseabankloan.Or,itrisksencouragingthemtoseekmoreexpensiveandunsecuredmethodoffinancing.

Somelendersalsofretthatifunderwritingbecomestoodirective,borrowersarerelievedoftakingresponsibilityfortheirownactions.

PartII

QuestionsaboutPartII38/70Q4.

Whymacroprudentialregulationishardtoimplement?(Para.14)Firstitisdifficulttospotthebubblesbeforetheyburst.Andassoonasthepropertyboomsgetgoing,theyarehardtocalmdown.Alsothiskindofregulationmightbemoresuitableforemergingmarketsthandevelopedmarkets.PartII

QuestionsaboutPartII39/70

thefirstistheinstitutionalframeworkthatiscontrolledbygovernments–thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault.(Line1,Para.6)Thefirstleverthatpolicymakerscanpullisbyadjustingtheoverallsystem–thingslikepreferentialpoliciesontax,housingsubsidies,landsupplyandthelawstoresorttoifsomeonefailstofulfillhisfinancialobligation.PartII

SentenceInterpretation40/70

Disentanglingthevariouscausesofthepropertybubbleisextremelydifficult,butfewwoulddisputethateasycreditplayedapartindrivinguppricesandmakingthebustworse.(Line1,Para.7)Itisverydifficulttoanalyzeandfindoutthevariouscausesofthepropertybubble,butonethingisclearthateasyonlendingbybanksplayedanimportantpartindrivinguphousingpricesandmakingresultoftheburstevenworse.PartII

SentenceInterpretation41/70

Thathasundoubtedappealforpolicymakersincountrieswherefloating-ratemortgagesexposeborrowerstotheriskofpaymentshocksasratesrise.(Line4,Para.9)

Withthefloating-ratemortgages,borrowersneedtopaymorewheninterest-raterises,whichmightbequickashockforthem.ThereforetheDanishsystemoffixed-ratemortgagesseemsveryattractive.PartII

SentenceInterpretation42/70

Thesearelegitimateworries,buttheycarryalarmingechoesofargumentsputforwardbybankersattheheightofthehousingboomjustgone.(Line7,Para.12)Thesearereasonableworries,butweshouldbealarmedthatduringthehousingboomwhichhadjustburst,alotofbankersalsoarguedagainstrigidlimitsonhowmuchpeoplecanborrowandhaddifferentopinionsaboutthem.PartII

SentenceInterpretation43/70leverage(Line2,Para.19)

n.investingwithborrowedmoneyasawaytoamplifypotentialgains(attheriskofgreaterlosses)杠杆效应，举债经验example:

leverageeffectfinancialleverageOneofthedefinitionofleverageistheabilitytodomorewithless.PartIII

WordsandExpressions44/70discretionary(Line8,Para.19)

adj.discretionarythingsarenotfixedbyrulesbutaredecidedonbypeopleinauthority,whoconsidereachindividualcase.

酌情决定example:

Thecommissionhasdiscretionarypowertoawardextrafunds.OfcourseIhavediscretionaryincome（可随意支配收入）.PartIII

WordsandExpressions45/70Q1.

WhatisthecurrentsituationinAmericaafterthepropertycrisis?(Para.16)?

TheworsteffectsareprobablyoverinAmerica.Themostaffectedbanksaresmallerlendersandthegovernmentiswillingtoprovidesupporttoresidentialmarkets.Althoughthedroppinghousingpricemightslowdowntheeconomicrecovery.PartIII

QuestionsaboutPartIII46/70Q2.

WhataboutEurope?(Para.17)

Thelong-termeffectsmightlingerforyearsinEurope.Housingpricecontinuestofall;certainEuropeanbanksandgovernments’abilitytocopewithlossesarereallydoubtfulandtheriskofinterest-raterisesgraduallyoccurs.PartIII

QuestionsaboutPartIII47/70

Aspropertyweighsdownbanks’balance-sheets,first-timebuyers’struggletogetonthehousingladderandbuildingsinsecond-ratelocationsslowlydecay.(Line5,Para.17)

Aspropertyloanstakeupalargeproportionofbanksassets,ononehandfirst-timebuyershavetostruggletopayfortheloanandrisinginterests,ontheotherhandbuildingsinnotsofavorablelocationswillbeleftwithoutbuyers.PartIII

SentenceInterpretation48/70

Uppingtheamountofequitythatbankshavetoholdisonewayofkeepingdowntheamountofdebtthatfindsitswayintoproperty.(Line2,Para.19)Increasingtheamountofnetassetsthatbankshavetoholdasguaranteeisonewayofkeepingdowntheamountofdebtthatisinevitableinpropertyfinancing.PartIII

SentenceInterpretation49/70III.Paraphrasing1.Rewriting:Rewritetheunderlinedpartofeachsentenceinyourownwords.1)Itisnoteasytofindoutthereasonsforthepropertybubble,butfewwoulddisputethateasycreditplayedapartindrivinguppricesandmakingthebustworse.2)Imposingrigidlimitsonhowmuchpeoplecanborroweitherdisenfranchisessome—first-timebuyersandtheself-employedtendtosuffermost—orincreasesthe

risksforthoseresortingtoamoreexpensive,unsecuredwayoffinancinginordertobypasstheregulation.3)DespitetheevidenceofMr.Shiller‘schart,lotsoffinanciersandpoliticianstriedto

convincethemselvesthatthingswerenotthatbadthistime.4)Still,itisrelativelyeasytocooldownthepropertyboomsinemergingmarkets,wherethereareusuallymorepeopletohelpintohomesthanthereareexistinghomeowners.5)Thereforefinancialregulatorsshouldbegivenclearauthorizedpowertoresistthepressurestheywillfacewhenthenextboomisunderway.50/702.SentenceTransformation:Completethefollowingsentencesbasedonthestructuresgiven.1)Onlyifbasicguaranteestandardscontinuetobemet,canmoreliberalfinancingregimesbeagoodthing(askanyyoungItalianwhowantstobuyahome).2)long-termfixed-ratemortgagesareadoptedbytheDanishsystem,justliketheAmericanone,toprotectborrowersfromtherisksofinterest-ratefluctuation.3)Itisalsoworriedbysomelendersthatifbanksimposetoostrictrulestoguarantee

thepaymentofloans,theborrowerswouldnotbearresponsibilityfortheirown

actions.4)Differentfromtheuniversalexcessivenessofpropertyeverywhere,thepolicy

responsetothepropertyboomsinthepastdecadewillandshouldnotbethesamein

differentcountries.5)Inordertolowertheamountofdebtwhichisunavoidableinproperty,bankshavetoincreasetheamountofequitytheyhold.51/70IV.Translation1.SentenceTranslation1)在银行零售业务中，抵押贷款被认为是一项能有利于银行与客户建立长久关系业务。而商业房地产贷款则因为数额巨大能够一次性地使销售团体到达他们目标。2)第一个杠杆是由政府控制体制框架——像税收减免、住房津贴、土地供给和相关违约追诉法律等等。3)依据意在削减美国预算赤字而起草提案，抵押贷款利息所享受税务优惠将会降低。4)许多经济观察家热情推荐丹麦模式，这种模式特点在于由专业从事抵押贷款业务银行对放贷比率进行严格控制。5)中国、新加坡以及其它国家和地域政府和调控部门好像一直都在采取调整放贷比率，限制用于投机性房产购置贷款数量，对在一定时限内抛售房产征税等办法。52/702.PassageTranslationForthepasttwodecadesormore,urbanizationinChinahascomerelativelyeasily.Asthecountryproudlyclaims,slumsandshantytownsarerarecomparedwithotherdevelopingcountries.Butensuringacontinuingnetinflowofmigrantsintothecitiesastheyoungestcohortshrinkswillmeangivingworkersfromthecountrysidemoreincentivestostaypermanently(suchasaffordablehousingandschooling).Moremoneyisbeingspentonthese,butnotyetenough.Citiessaytheywelcomemigrants,butsomefindroundaboutwaysofkeepingthemfromsettling.Beijingrecentlylaunchedasetofextraordinarymeasurestotamepropertypricesandeasetrafficcongestionthatincludedallbutbanningmigrants(one-thirdofthecity‘spopulation)frombuyinghomesorcars.

Inthenameofimprovingsafety,ithasstartedclosingdownbasementdwellingswheremigrantsoftenlive.53/70

TextBBuildingExcitement--CanChinaavoidabubble?54/70 什么是合理房价，国外惯用房价收入比概念来界定，即房屋总价与居民家庭年收入比值。尽管房价收入比是一个全球通用指标，但其合理范围却没有严格界定。世界银行认为，合理房价收入比应该为3-6倍55/70 图1

1998-年全国商品住宅房价收入比情况（来自新浪财经）56/70StructuralAnalysisPara.MainTopicsPara.1-3Abriefillustrationofthedifferenceinpropertymarketbetweentherich-worldandtheemergingmarket.Para.4-7AdetailedexplanationofwhymanypeoplearenervousaboutthestateoftheChinesepropertymarket.Para.8-15ReasonsforChineseoverheatedpropertymarketandmeasurestakenbythegovernmenttocoolitdown.Para.16-17AcomparisonbetweensomeplacesinChinaandplacessuchasDubai.57/70I.DiscussionQuestions1.Whatarethetwoprimaryworriesforforeigninvestorsconcerningemergingmarkets?Howtoavoidtherisksofoversupply?Exercises

I.Speaking58/70Legalissuesandtherushofnewsupply.Onewaytomanagetheriskofoversupplyistotakecapitaloutofemergingmarketsasquicklyaspossible.Anotheristogoforthelesscrowdedpartsofthemarket,suchasthelogisticssectororshoppingcenters.Exercises

I.Speaking59/702.WhatphenomenahavebeennoticedbyanalystssuggestingacrashofChina’spropertymarket?Exercises

I.Speaking60/70InJanuarythreeofthetenbiggestshortpositionsinHongKong-listedmainlandcompanieswereheldinpropertyfirms.Nationally,incomesinChinahavelargelykeptpacewithrisingprices,butanIMFreportinDecembersaidthatinsomebigcit