英语新闻丨Targeted easing steps for real estate sector in offing

Expanding effective housing demand and improving market expectations will be among the top priorities of policymakers to stabilize the property market, a sector key to reviving the recovery of the world's second-largest economy, experts said.

专家表示，扩大有效住房需求和改善市场预期将是政策制定者稳定房地产市场的首要任务之一。房地产市场是重振全球第二大经济体复苏的关键领域。

The real estate sector, which accounts for about 7 percent of the nation's GDP and about 60 percent of urban households' assets, serves as the pillar industry with spillovers to other segments of the economy. Thus promoting the stable and healthy development of the sector will play a key role in stabilizing economic growth, they said.

房地产行业约占全国GDP的7%，约占城镇家庭资产的60%，是外溢性较强的国民经济支柱产业。专家表示，由此，促进该行业的稳定健康发展将在稳定经济增长方面发挥关键作用。

Considering the policymakers' more supportive stance, they said that targeted property sector easing is in the offing, such as easing purchase restrictions for people wanting to buy a second house and reducing down payment ratios for first-time homebuyers in first-tier and second-tier cities. More efforts will also be made to guard against risks in the property market and explore a new development model for the realty sector.

考虑到政策制定者更支持的立场，他们表示，有针对性的房地产行业宽松政策即将出台，比如放宽对希望购买第二套房子的人的购买限制，降低一线和二线城市首次购房者的首付比例。政府将更注重进一步防范房地产市场风险，探索房地产行业新的发展模式。

Earlier, President Xi Jinping emphasized the importance of ensuring the stable development of the property sector.

早些时候，习近平主席强调了确保房地产行业稳定发展的重要性。

In an article published in February in Qiushi Journal, the flagship magazine of the Communist Party of China Central Committee, Xi, who is also general secretary of the CPC Central Committee, said the property sector has a significant impact on economic growth, employment, government revenue, public wealth and financial stability. He called for efforts to effectively forestall and defuse systemic risks arising in the property sector.

在2月发表于中国共产党中央委员会主办的旗舰杂志《求是》的一篇文章中，中共中央总书记习近平表示，房地产对经济增长、就业、财税收入、居民财富、金融稳定都具有重大影响。他提出要努力有效地阻止和化解房地产行业出现的系统性风险。

A meeting of the Political Bureau of the CPC Central Committee on July 24, which set the policy tone for the second half of the year, said it is imperative to adjust and improve property policies in a timely manner and make use of the targeted policies in different cities, considering the fundamental change in the supply-demand situation in the real estate sector.

7月24日的中共中央政治局会议定调下半年的政策，表示必须适时调整优化房地产政策，因城施策用好政策工具箱，适应我国房地产市场供求关系发生重大变化的新形势。

Xiong Yuan, chief economist at Guosheng Securities, said policymakers will prioritize better meeting residents' demand for basic housing and their need for improved housing with more targeted efforts, as the overheating risk has subsided and the property sector is facing deteriorating demand.

国盛证券首席经济学家熊园表示，随着经济过热风险消退，房地产行业的需求恶化，决策者需因城施策用好政策工具箱，更好满足居民刚性和改善性住房需求。

Data from the National Bureau of Statistics showed that investment in property development fell nearly 8 percent year-on-year in the first half of this year. Investment in the residential segment was down more than 7 percent year-on-year in the same period.

国家统计局的数据显示,今年上半年全国房地产开发投资同比下降近8%。住宅投资同比下降超7%。

Amid worsening growth prospects in the property sector, Zheng Houcheng, chief macroeconomist at Yingda Securities, said it is necessary to roll out new rounds of policy adjustments and optimizations, which will significantly boost market confidence and promote a gradual improvement in property investment. Zheng said he also expects to see a further reduction in the over-five-year loan prime rate, on which lenders base their mortgage rates.

在房地产行业增长前景不断恶化之际，英大证券研究所所长郑后成表示，有必要推出新一轮的政策调整和优化，这将显著提振市场信心，促进房地产投资逐步改善。他还预计5年期贷款市场报价利率还将继续下调，其贷款人基于抵押贷款利率。

China has repeatedly pledged efforts to stabilize the housing market. The People's Bank of China, the country's central bank, has vowed to further tamp down interest rates and down payment ratios of new mortgages while guiding banks to adjust the interest rates of existing mortgages.

中国一再承诺要努力稳定房地产市场。中国人民银行称将进一步降低利率和新抵押贷款的支付比率，同时指导银行调整现有抵押贷款的利率。

Ni Hong, minister of housing and urban-rural development, recently called for fully implementing favorable measures, including lowering down payment ratios and mortgage rates for first-time homebuyers, and qualifying buyers owning no home as first-time homebuyers.

住房和城乡建设部部长部长倪虹近日强调要全面实施优惠措施，进一步落实好降低购买首套住房首付比例和抵押贷款利率，“认房不用认贷”等政策措施。

Xiong from Guosheng Securities said some existing restrictive measures in first-tier and second-tier cities will be eased in the near term.

国盛证券首席经济学家熊园表示，近期将放宽一二线城市现有的一些限制性措施。

Bai Wenxi, chief economist at IPG China, said that China should drive the transformation of the property sector from the old model of "three highs" — high leverage, high debt and high turnover — to a new development model, which requires strengthening land supply management, promoting integrated urban-rural development, advancing the housing system reforms, and increasing efforts to construct and develop the rental market.

IPG中国首席经济学家柏文喜表示，中国应推动房地产行业从高杠杆、高负债推动高周转的旧模式，转向加强土地供应管理、促进城乡一体化发展、推进住房制度改革、加大力度建设和发展租赁市场的新发展模式。

Looking into the future, Bai said that China will likely move ahead with the pilot property tax scheme with the gradual recovery in the housing market.

展望未来，柏文喜表示，随着房地产市场的逐步复苏，中国可能会推进房产税试点计划。

Entrepreneurs said the era for large-scale construction and demolition was over, adding that the focus has shifted to meeting the functional requirements of cities and there are many areas where property companies can seek new opportunities.

企业家们表示大拆大建的时代已经结束，并补充说，重点已经转移到满足城市功能需求上，在许多领域房地产公司可以寻找新的机会。

Wang Shi, founder of China Vanke Co, told a meeting held in late July that entrepreneurs must shift their perspective and consider future trends, such as integrating sports facilities, kindergartens and other amenities into office buildings.

万科集团创始人王石在7月底举行的一次会议上表示，企业家必须改变自己的观点，考虑未来的趋势，比如将体育设施、幼儿园和其他设施整合到办公楼中。

Estate

英/ɪ'steɪt/美/ɪ'stet/

n.房地产

Morgage

英/'mɔːgɪdʒ/美/'mɔːgɪdʒ/

n.抵押贷款