中国八城市“限售”致地产股大幅下挫

Hong Kong-listed developers saw their share prices tumble on Monday as investors reacted to new property sales restrictions, which were imposed across eight major Chinese cities to calm rising house prices.

在香港上市的中国内地房地产开发商的股价周一大幅下挫，原因是投资者对新的房地产限售措施作出反应。为了给不断上涨的房价降温，中国8个大城市实施了新限售措施。

Evergrande’s stock fell as much as 11.2 per cent, while China Vanke’s dropped as much as 8.4 per cent and China Resources Land as much as 6.7 per cent.

恒大(Evergrande)股价一度下跌11.2%，万科(China Vanke)一度下跌8.4%，华润置地(China Resources Land)一度下挫6.7%。

The price drops came after seven provincial capitals and the sprawling municipality of Chongqing tightened controls on housing sales on Friday and over the weekend. State news reported that most had banned the reselling of homes within two to three years of purchase.

上周五和上周末，中国7个省会城市和面积庞大的直辖市重庆收紧了对住房销售的限制。官方媒体报道称，其中多数城市禁止新购房产在两到三年内转让。

“It’s very clear the government wants to control speculation,” said Rosealea Yao, property sector analyst at research consultancy Gavekal Dragonomics.

研究咨询公司龙洲经讯(Gavekal Dragonomics)房地产业分析师咬丽蔷(Rosealea Yao)表示：“显然，政府想管控投机。”

China’s government has made a priority over the past year of taming the country’s bubbly housing market, fearing that rampant speculation could trigger a market bust and problems for the whole economy.

过去一年，中国政府已把驯服该国存在泡沫的住房市场当作优先任务，担心猖獗的投机活动可能会引发市场崩盘、给整个经济带来问题。

Local governments this year have launched several waves of cooling measures, making it more difficult for individuals to buy houses. The government also cut property developers’ access to funding earlier in the year. As a result, price rises across major cities have slowed in 2017.

地方政府今年推出了多轮降温举措，加大了个人购房的难度。今年早些时候，政府还缩减了房地产开发商的融资渠道。其结果是，各大城市今年的房价上涨已有所放缓。

But the cooling measures, which were most severe in the biggest cities such as Beijing and Shanghai, have had the unintended side-effect of pushing demand into neighbouring provincial capitals and smaller cities, analysts say, since Chinese families still see housing as the must-have asset into which they pour their high levels of savings.

但分析师表示，这些降温举措(北京、上海等特大城市出台的最为严厉)产生了意想不到的副作用：促使需求流向临近的省会城市和中小城市，因为中国家庭仍视住房为必须拥有的资产，并把大量储蓄投入这类资产。

The recent measures in Changsha, Chongqing, Guiyang, Nanchang, Nanning, Shijiazhuang, Wuhan and Xi’an left traders wondering which city would be hit next, since previous cooling measures came in waves with more local governments joining in after initial tightening rounds.

长沙、重庆、贵阳、南昌、南宁、石家庄、武汉和西安最近采取的措施，令交易员思考下一个受到冲击的会是哪个城市，因为之前的降温举措就是一个接一个出台的，在最初的收紧举措出台后，有更多的地方政府加入进来。

Authorities in Shijiazhuang, the capital of Hebei province, which is next to Beijing, imposed particularly strict limits, requiring home buyers to wait for five years before reselling.

河北省会石家庄市政府出台的限制举措尤为严格，禁止购房者在5年内转让。

Ms Yao added that the latest restrictions did not change her view that the coming correction for housing prices in China would still be moderate compared with that seen in 2014 due to low inventories.

咬丽蔷补充称，最新的限制措施并未改变她的如下看法：由于库存低，中国房价即将到来的回调仍将比2014年温和。

“The market impact could be quite negative,” she said, “but the market could digest it fairly soon because the fundamentals are sound”.

“市场影响可能相当负面，”她表示，“但市场可能很快就会消化，因为基本面良好”。

Home price growth in August dipped to 8.3 per cent year-on-year, according to a weighted average from Reuters based on government data. That was the slowest pace in more than a year, with official figures showing price growth in top-tier cities such as Beijing and Shanghai experiencing substantial deceleration.

路透(Reuters)基于政府数据计算得出的加权平均值显示，8月份中国房价同比涨幅降至8.3%。这是一年多来的最低涨幅。官方数据显示，北京、上海等一线城市的房价涨幅大幅缩窄。

Despite the latest stock price falls, the Hang Seng Mainland Properties Index tracking Chinese developers listed in Hong Kong is up 98.3 per cent for the year to date.

尽管遭遇最新这波股价下跌，但今年迄今，追踪在港上市内地开发商的恒生中国内地地产指数(Hang Seng Mainland Properties Index)已累计上涨98.3%。