Unit 3 Property Boom.ppt

UnitThreePropertyBoom 1 Lead in2 TextA BetweenaRockandaLivingSpace3 TextB BuildingExcitement Lead in Lead in Thesearepicturesofthetopsixskyscrapersintheworld Canyourecognizethem Matchthepictureswiththeirnames 1 2 3 5 4 6 Lead in 4 1 2 3 6 5 房地产英语常用词汇 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arelocatedunitorhousehold 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propertyownershipcertificate UsefulExpression A Whatisthesquareareaofyourproperty Howmanybedroomsandlivingrooms 你的单位面积有多大 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 B MayIknowthesize thelayoutofthehouse 可否告诉我那个单位的面积 间格怎样的 A Sure Theareaofthisflatisaroundninehundredsquarefeet Itisdesignedasonelivingroom onediningroom onemasterbedroomandtwobedrooms 当然可以 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 B Howaboutthepriceandthebankmortgage 售价和银行贷款如何 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的按揭给认购者 TextABetweenaRockandaLivingSpace SubprimeMortgage Atypeofmortgagethatisnormallymadeouttoborrowerswithlowercreditratings Asaresultoftheborrower sloweredcreditrating aconventionalmortgageisnotofferedbecausethelenderviewstheborrowerashavingalarger than averageriskofdefaultingontheloan Lendinginstitutionsoftenchargeinterestonsubprimemortgagesataratethatishigherthanaconventionalmortgageinordertocompensatethemselvesforcarryingmorerisk TheU S subprimemortgagecrisiswasanationwidebankingemergencythatcoincidedwiththeU S recessionofDecember2007 June2009 Itwastriggeredbyalargedeclineinhomeprices leadingtomortgagedelinquencies 按揭拖欠 andforeclosures 止赎 andthedevaluationofhousing relatedsecurities Declinesinresidentialinvestmentprecededtherecessionandwerefollowedbyreductionsinhouseholdspendingandthenbusinessinvestment Spendingreductionsweremoresignificantinareaswithacombinationofhighhouseholddebtandlargerhousingpricedeclines Thecrisishadsevere long lastingconsequencesfortheU S andEuropeaneconomies TheU S enteredadeeprecession withnearly9millionjobslostduring2008and2009 roughly6 oftheworkforce Oneestimateoflostoutputfromthecrisiscomesto atleast40 of2007grossdomesticproduct U S housingpricesfellnearly30 onaverageandtheU S stockmarketfellapproximately50 byearly2009 Europealsocontinuedtostrugglewithitsowneconomiccrisis withelevatedunemploymentandseverebankingimpairmentsestimatedat 940billionbetween2008and2012 BetweenaRockandaLivingSpace between and betweenthedevilandthedeepseabetweenarockandahardplace进退维谷 进退两难 StructuralAnalysis unprecedented Line 7 Para 1 adj neverhavehappenedbefore example anunprecedentedexpansioninpopulationandindustrySuchamoveisrare butnotunprecedented PartIWordsandExpressions lunatic Line7 Para 1 adj insane veryfoolishandpossiblydangerous疯狂的 愚蠢地example Hepleadsforsanity 明智 头脑清楚 inalunaticworld Theman slunaticbehaviorisamenacetosociety PartIWordsandExpressions underwriting Line3 Para 2 underwritev Ifaninstitutionorcompanyunderwritesanactivity theyagreetoprovideanymoneyneededtocoverlosses为 提供经济担保example Thegovernmentwillhavetocreateaspecialagencytounderwritesmallbusinessloans underwritern 保险公司 担保人 PartIWordsandExpressions odds Line 9 Para 2 n pl theprobabilityofaspecifiedoutcome可能性 几率example Whataretheoddsoffindingaparkingspacerightoutsidethedoor Theoddsarethatyouaregoingtofail PartIWordsandExpressions Someotherphrasesusing odds againstalloddssth happensorsucceedsalthoughitseemedimpossibleorveryunlikely尽管困难重重Somewomendomanagetoachievebusinesssuccessagainstallodds atoddsdisagreeingorquarrellingwitheachother不和 有矛盾HewasatoddswithhisPrimeMinister PartIWordsandExpressions default Line 9 Para 2 n actoffailingtomeetafinancialobligation违约 不履行example Thecompanyisindefaultontheloan Thecorporationmaybechargedwithdefaultonitscontractwiththegovernment PartIWordsandExpressions PartIQuestionsaboutPartI Q1 WhatdoestheRobertShiller sindextellus ItisanindexshowingthefluctuationofrealhousepricesinAmerica Accordingtoit thehousepricesdidnotchangemuchduringthe100yearsbetween1890 1990 however startingfromthelate1990s housepricesnearlydoubledwithinadecade whichwasquitedramatic PartIQuestionsaboutPartI Q2 Whatlessonscanwelearnfromthecrisis Theriskmanagementandunderwritingpracticesshouldbechanged withmoreemphasisonaffordability morerigorousstress testing andbetterpricingforborrowerswithmoreequitytoputin PartIQuestionsaboutPartI Q3 Whatarethereasonsforthispropertyboom Propertymarketisveryattractiveforbanksforseveralreasons First theloanstopropertyarerelativelylightoncapitalandguaranteedbyrealassets Second themortgagesarethoughttotightenalong termrelationshipwithcustomers Third lendingoncommercialpropertywillhelpthesalesteamsofabanktomeettheirtargeteasily heisworkingonwaystorelatecustomers creditscorestothemacroeconomicenvironmentsothatlenderscanjudgehowtheoddsofdefaultchangewhen say unemploymentgoesupordown Line7 Para 2 Heisanalyzingtherelationbetweencustomers creditscoresandthemacroeconomicsituation Therefore withtheinformationofchangeinunemploymentrate bankscanfindoutthepossibilitiesofwhetheraborrowerwouldrepayordefaultthebankloan PartISentenceInterpretation Lendingoncommercialpropertyislumpyenoughforasinglebigdealtogetsalesteamstotheirtargets Line4 Para 3 Lendingoncommercialpropertyusuallyinvolvesalargeamountofcapital thereforeasingledealisbigenoughforthesalesteamstomeettheirsalestargets PartISentenceInterpretation fare Para 4 v proceedorgetalong进展 经历example Hefaredwellonhistrip ItisunlikelythattherealestateindustrywillfareanybetterinSeptember PartIIWordsandExpressions recourse Para 6 n actofturningtoforassistanceorsth someoneturnedtoforassistanceorsecurity求助 求助对象 商业 法律 追索权Synonym resortexample Hisonlyrecoursewasthepolicy ThefoundingoftheUnitedNationsenableditsmemberstosettletheirdifferenceswithoutrecoursetowar PartIIWordsandExpressions subdue Para 6 v Putdownbyforceorauthority制服to feelingsmeanstomakethemlessstrong克制 情感 抑制example Seniorgovernmentofficialsadmittheyhavenotbeenabletosubduetherebels Heforcedhimselftosubdueandovercomehisfears PartIIWordsandExpressions fiscal Para 6 adj involvingfinancialmattersorsththatrelatedtogovernmentmoneyorpublicmoney especiallytaxes会计的 财政的example fiscaldeficit财政赤字fiscalpolicy财政政策fiscalrevenue财政收入fiscalyear财政年度 PartIIWordsandExpressions disentangle Para 7 v Separatefromthingsthataretwistedorknottedaround ormakeiteasiertounderstandormanagetounderstandit byclearlyrecognizingeachseparateelement解开 摆脱或者理解 复杂的状况 example Shakeyourropeandletitdisentanglegradually It simpossibletodisentanglethemythfromreality PartIIWordsandExpressions liquidity 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 sfinancialmarketsarecharacterizedbyahighdegreeofliquidity PartIIWordsandExpressions legitimate Para 12 adj lawful basedonknownstatementsorinaccordancewithrecognizedoracceptedstandardsorprinciples合法的 正当的 合理的example Sicknessisalegitimatereasonforaskingforleave TheNewYorkTimeshasalegitimateclaimtobeanationalnewspaper PartIIWordsandExpressions speculative Para 13 adj itisusedtodescribeactivitieswhichinvolvebuyinggoodsorshares orproperties inthehopeofbeingabletosellthemagainatahigherpriceandmakeaprofit 投机的example speculativebusiness投机生意Thehotelwasbuiltasaspeculativeventurebutnevercompleted PartIIWordsandExpressions Q1 Whatarethethreeleversthatpolicymakerscanpulltomakepropertysafe Para 5 13 Thefirstleveristheinstitutionalframework thingsliketaxbreaks housingsubsidies landsupplyandthelawsonrecourseintheeventofdefault Thesecondleveristhesystemofmortgagefinancing Thethirdleveristheideamacroprudentialregulationwhichisalreadycommoninsomepartsoftheworld PartIIQuestionsaboutPartII Q2 WhatarethecharacteristicsoftheDanishsystem Para 8 11 Itfeaturesspecializedmortgagelendersthatobservestrictloan to valuelimits Italsoprotectsborrowersfrominterest rateriskbyofferinglong termfixed ratemortgages Ithasanimplicitgovernmentguarantee PartIIQuestionsaboutPartII Q3 Whatmightbetheconsequencesofimposingrigidlimitsontheamountpeoplecanborrow Para 12 Itdeprivesfirst timebuyersandtheself employedoftheirrighttoraiseabankloan Or itrisksencouragingthemtoseekmoreexpensiveandunsecuredmethodoffinancing Somelendersalsofretthatifunderwritingbecomestoodirective borrowersarerelievedoftakingresponsibilityfortheirownactions PartIIQuestionsaboutPartII Q4 Whymacroprudentialregulationishardtoimplement Para 14 Firstitisdifficulttospotthebubblesbeforetheyburst Andassoonasthepropertyboomsgetgoing theyarehardtocalmdown Alsothiskindofregulationmightbemoresuitableforemergingmarketsthandevelopedmarkets PartIIQuestionsaboutPartII thefirstistheinstitutionalframeworkthatiscontrolledbygovernments thingsliketaxbreaks housingsubsidies landsupplyandthelawsonrecourseintheeventofdefault Line1 Para 6 Thefirstleverthatpolicymakerscanpullisbyadjustingtheoverallsystem thingslikepreferentialpoliciesontax housingsubsidies landsupplyandthelawstoresorttoifsomeonefailstofulfillhisfinancialobligation PartIISentenceInterpretation Disentanglingthevariouscausesofthepropertybubbleisextremelydifficult butfewwoulddisputethateasycreditplayedapartindrivinguppricesandmakingthebustworse Line1 Para 7 Itisverydifficulttoanalyzeandfindoutthevariouscausesofthepropertybubble butonethingisclearthateasyonlendingbybanksplayedanimportantpartindrivinguphousingpricesandmakingresultoftheburstevenworse PartIISentenceInterpretation Thathasundoubtedappealforpolicymakersincountrieswherefloating ratemortgagesexposeborrowerstotheriskofpaymentshocksasratesrise Line4 Para 9 Withthefloating ratemortgages borrowersneedtopaymorewheninterest raterises whichmightbequickashockforthem ThereforetheDanishsystemoffixed ratemortgagesseemsveryattractive PartIISentenceInterpretation Thesearelegitimateworries buttheycarryalarmingechoesofargumentsputforwardbybankersattheheightofthehousingboomjustgone Line7 Para 12 Thesearereasonableworries butweshouldbealarmedthatduringthehousingboomwhichhadjustburst alotofbankersalsoarguedagainstrigidlimitsonhowmuchpeoplecanborrowandhaddifferentopinionsaboutthem PartIISentenceInterpretation leverage Line2 Para 19 n investingwithborrowedmoneyasawaytoamplifypotentialgains attheriskofgreaterlosses 杠杆效应 举债经验example leverageeffectfinancialleverageOneofthedefinitionofleverageistheabilitytodomorewithless PartIIIWordsandExpressions discretionary Line8 Para 19 adj discretionarythingsarenotfixedbyrulesbutaredecidedonbypeopleinauthority whoconsidereachindividualcase 酌情决定的example Thecommissionhasdiscretionarypowertoawardextrafunds OfcourseIhavediscretionaryincome 可随意支配收入 PartIIIWordsandExpressions Q1 WhatisthecurrentsituationinAmericaafterthepropertycrisis Para 16 TheworsteffectsareprobablyoverinAmerica Themostaffectedbanksaresmallerlendersandthegovernmentiswillingtoprovidesupporttoresidentialmarkets Althoughthedroppinghousingpricemightslowdowntheeconomicrecovery PartIIIQuestionsaboutPartIII Q2 WhataboutEurope Para 17 Thelong termeffectsmightlingerforyearsinEurope Housingpricecontinuestofall certainEuropeanbanksandgovernments abilitytocopewithlossesarereallydoubtfulandtheriskofinterest raterisesgraduallyoccurs PartIIIQuestionsaboutPartIII Aspropertyweighsdownbanks balance sheets first timebuyers struggletogetonthehousingladderandbuildingsinsecond ratelocationsslowlydecay Line5 Para 17 Aspropertyloanstakeupalargeproportionofbanksassets ononehandfirst timebuyershavetostruggletopayfortheloanandrisinginterests ontheotherhandbuildingsinnotsofavorablelocationswillbeleftwithoutbuyers PartIIISentenceInterpretation Uppingtheamountofequitythatbankshavetoholdisonewayofkeepingdowntheamountofdebtthatfindsitswayintoproperty Line2 Para 19 Increasingtheamountofnetassetsthatbankshavetoholdasguaranteeisonewayofkeepingdowntheamountofdebtthatisinevitableinpropertyfinancing PartIIISentenceInterpretation III Paraphrasing1 Rewriting Rewritetheunderlinedpartofeachsentenceinyourownwords 1 Itisnoteasytofindoutthereasonsforthepropertybubble butfewwoulddisputethateasycreditplayedapartindrivinguppricesandmakingthebustworse 2 Imposingrigidlimitsonhowmuchpeoplecanborroweitherdisenfranchisessome first timebuyersandtheself employedtendtosuffermost orincreasestherisksforthoseresortingtoamoreexpensive unsecuredwayoffinancinginordertobypasstheregulation 3 DespitetheevidenceofMr Shiller schart lotsoffinanciersandpoliticianstriedtoconvincethemselvesthatthingswerenotthatbadthistime 4 Still itisrelativelyeasytocooldownthepropertyboomsinemergingmarkets wherethereareusuallymorepeopletohelpintohomesthanthereareexistinghomeowners 5 Thereforefinancialregulatorsshouldbegivenclearauthorizedpowertoresistthepressurestheywillfacewhenthenextboomisunderway 2 SentenceTransformation Completethefollowingsentencesbasedonthestructuresgiven 1 Onlyifbasicguaranteestandardscontinuetobemet canmoreliberalfinancingregimesbeagoodthing askanyyoungItalianwhowantstobuyahome 2 long termfixed ratemortgagesareadoptedbytheDanishsystem justliketheAmericanone toprotectborrowersfromtherisksofinterest ratefluctuation 3 Itisalsoworriedbysomelendersthatifbanksimposetoostrictrulestoguaranteethepaymentofloans theborrowerswouldnotbearresponsibilityfortheirownactions 4 Differentfromtheuniversalexcessivenessofpropertyeverywhere thepolicyresponsetothepropertyboomsinthepastdecadewillandshouldnotbethesameindifferentcountries 5 Inordertolowertheamountofdebtwhichisunavoidableinproperty bankshavetoincreasetheamountofequitytheyhold IV Translation1 SentenceTranslation1 在银行的零售业务中 抵押贷款被认为是一项能有助于银行与客户建立长期关系的业务 而商业房地产的贷款则由于数额巨大能够一次性地使销售团队达到他们的目标 2 第一种杠杆是由政府控制的体制框架 像税收减免 住房津贴 土地供应和有关违约追诉的法律等等 3 根据旨在削减美国的预算赤字而起草的提案 抵押贷款的利息所享受的税务优惠将会减少 4 许多经济观察家热情推荐丹麦模式 这种模式的特点在于由专业从事抵押贷款业务的银行对放贷比率进行严格控制 5 中国 新加坡以及其他国家和地区的政府和调控部门好像一直都在采取调整放贷的比率 限制用于投机性房产购置的贷款数量 对在一定期限内抛售的房产征税等措施 2 PassageTranslationForthepasttwodecadesormore urbanizationinChinahascomerelativelyeasily Asthecountryproudlyclaims slumsandshantytownsarerarecomparedwithotherdevelopingcountries Butensuringacontinuingnetinflowofmigrantsintothecitiesastheyoungestcohortshrinkswillmeangivingworkersfromthecountrysidemoreincentivestostaypermanently suchasaffordablehousingandschooling Moremoneyisbeingspentonthese butnotyetenough Citiessaytheywelcomemigrants butsomefindroundaboutwaysofkeepingthemfromsettling Beijingrecentlylaunchedasetofextraordinarymeasurestotamepropertypricesandeasetrafficcongestionthatincludedallbutbanningmigrants one thirdofthecity spopulation frombuyinghomesorcars Inthenameofimprovingsafety ithasstartedclosingdownbasementdwellingswheremigrantsoftenlive TextBBuildingExcitement CanChinaavoidabubble 什么是合理房价 国外常用房价收入比的概念来界定 即房屋总价与居民家庭年收入的比值 尽管房价收入比是一个全球通用的指标 但其合理范围却没有严格界定 世界银行认为 合理的房价收入比应该为3 6倍 图11998 2013年全国商品住宅房价收入比情况 来自新浪财经 StructuralAnalysis I DiscussionQuestions1 Whatarethetwoprimaryworriesforforeigninvestorsconcerningemergingmarkets Howtoavoidtherisksofoversupply ExercisesI Speaking Legalissuesandtherushofnewsupply Onewaytomanagetheriskofoversupplyistotakecapitaloutofemergingmarketsasquicklyaspossible Anotheristogoforthelesscrowdedpartsofthemarket suchasthelogisticssectororshoppingcenters ExercisesI Speaking 2 WhatphenomenahavebeennoticedbyanalystssuggestingacrashofChina spropertymarket ExercisesI Speaking InJanuarythreeofthetenbiggestshortpositionsinHongKong listedmainlandcompanieswereheldinpropertyfirms Nationally incomesinChinahavelargelykeptpacewithrisingprices butanIMFreportinDecembersaidthatinsomebigcitiesprices appeartobeincreasinglydisconnectedfromfundamentals ExercisesI Speaking 3 WhatmeasureshavebeentakenbytheChinesego