紧缩政策产生负面影响 中国“地王”岌岌可危
<p><span word="The">The</span> <span word="days">days</span> <span word="of">of</span> <span word="Chinese">Chinese</span> <span word="developers">developers</span> <span word="snatching">snatching</span> <span word="up">up</span> <span word="premium">premium</span> <span word="properties">properties</span> <span word="with">with</span> <span word="record">record</span>-<span word="breaking">breaking</span> <span word="offers">offers</span> <span word="are">are</span> <span word="coming">coming</span> <span word="to">to</span> <span word="an">an</span> <span word="end">end</span> <span word="as">as</span> <span word="cooling">cooling</span> <span word="measures">measures</span> <span word="bite">bite</span> <span word="and">and</span> <span word="sale">sale</span> <span word="prices">prices</span> <span word="are">are</span> <span word="squeezed">squeezed</span>, <span word="ending">ending</span> <span word="the">the</span> <span word="reign">reign</span> <span word="of">of</span> <span word="a">a</span> <span word="handful">handful</span> <span word="of">of</span> "<span word="land">land</span> <span word="kings">kings</span>" <span word="in">in</span> <span word="the">the</span> <span word="world">world</span>'<span word="s">s</span> <span word="second">second</span>-<span word="largest">largest</span> <span word="economy">economy</span>.</p><p><span word="First">First</span> <span word="coined">coined</span> <span word="during">during</span> <span word="the">the</span> <span word="stimulus">stimulus</span>-<span word="fuelled">fuelled</span> 2009 <span word="real">real</span>-<span word="estate">estate</span> <span word="boom">boom</span>, <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="expression">expression</span> <span word="is">is</span> <span word="used">used</span> <span word="to">to</span> <span word="describe">describe</span> <span word="developers">developers</span> - <span word="at">at</span> <span word="the">the</span> <span word="time">time</span> <span word="mostly">mostly</span> <span word="state">state</span>-<span word="owned">owned</span> <span word="companies">companies</span> - <span word="willing">willing</span> <span word="to">to</span> <span word="pay">pay</span> <span word="whatever">whatever</span> <span word="it">it</span> <span word="took">took</span> <span word="to">to</span> <span word="secure">secure</span> <span word="land">land</span> <span word="banks">banks</span>.</p><p><span word="A">A</span> <span word="string">string</span> <span word="of">of</span> <span word="records">records</span> <span word="were">were</span> <span word="broken">broken</span> <span word="at">at</span> <span word="auctions">auctions</span> <span word="late">late</span> <span word="last">last</span> <span word="year">year</span>, <span word="when">when</span> <span word="private">private</span>-<span word="sector">sector</span> <span word="real">real</span>-<span word="estate">estate</span> <span word="companies">companies</span> <span word="increased">increased</span> <span word="their">their</span> <span word="presence">presence</span> <span word="in">in</span> <span word="the">the</span> <span word="market">market</span>.</p><p><span word="But">But</span> <span word="while">while</span> <span word="the">the</span> <span word="cost">cost</span> <span word="of">of</span> <span word="land">land</span> <span word="in">in</span> <span word="premier">premier</span> <span word="markets">markets</span>, <span word="or">or</span> <span word="first">first</span>-<span word="tier">tier</span> <span word="cities">cities</span> <span word="such">such</span> <span word="as">as</span> <span word="Beijing">Beijing</span> <span word="and">and</span> <span word="Shanghai">Shanghai</span>, <span word="soared">soared</span> 135 <span word="percent">percent</span> <span word="in">in</span> <span word="the">the</span> <span word="third">third</span> <span word="quarter">quarter</span> <span word="from">from</span> <span word="a">a</span> <span word="year">year</span> <span word="earlier">earlier</span>, <span word="property">property</span> <span word="sale">sale</span> <span word="prices">prices</span> <span word="inched">inched</span> <span word="up">up</span> <span word="just">just</span> 15 <span word="percent">percent</span>, <span word="according">according</span> <span word="to">to</span> <span word="BNP">BNP</span> <span word="Paribas">Paribas</span>.</p><p><span word="The">The</span> <span word="already">already</span> <span word="high">high</span> <span word="costs">costs</span> <span word="and">and</span> <span word="the">the</span> <span word="prospect">prospect</span> <span word="of">of</span> <span word="slowing">slowing</span> <span word="property">property</span> <span word="sales">sales</span> <span word="mean">mean</span> <span word="the">the</span> <span word="days">days</span> <span word="of">of</span> <span word="records">records</span> <span word="being">being</span> <span word="set">set</span> <span word="at">at</span> <span word="land">land</span> <span word="auctions">auctions</span> <span word="are">are</span> <span word="coming">coming</span> <span word="to">to</span> <span word="a">a</span> <span word="close">close</span>, <span word="analysts">analysts</span> <span word="say">say</span>.</p><p><span word="Signs">Signs</span> <span word="of">of</span> <span word="a">a</span> <span word="slowdown">slowdown</span>, <span word="from">from</span> <span word="weaker">weaker</span> <span word="home">home</span> <span word="price">price</span> <span word="data">data</span> <span word="to">to</span> <span word="developers">developers</span> <span word="cutting">cutting</span> <span word="prices">prices</span>, <span word="have">have</span> <span word="already">already</span> <span word="rattled">rattled</span> <span word="financial">financial</span> <span word="markets">markets</span> <span word="in">in</span> <span word="recent">recent</span> <span word="weeks">weeks</span>. <span word="Real">Real</span> <span word="estate">estate</span> <span word="investment">investment</span> <span word="accounts">accounts</span> <span word="for">for</span> 15 <span word="percent">percent</span> <span word="of">of</span> <span word="China">China</span>'<span word="s">s</span> <span word="gross">gross</span> <span word="domestic">domestic</span> <span word="product">product</span>.</p><p>"<span word="Developers">Developers</span> <span word="will">will</span> <span word="be">be</span> <span word="more">more</span> <span word="rational">rational</span> <span word="when">when</span> <span word="bidding">bidding</span> <span word="for">for</span> <span word="land">land</span> <span word="this">this</span> <span word="year">year</span>, <span word="unlike">unlike</span> <span word="the">the</span> <span word="huge">huge</span> <span word="number">number</span> <span word="of">of</span> <span word="land">land</span> <span word="kings">kings</span> <span word="we">we</span> <span word="saw">saw</span> <span word="the">the</span> <span word="year">year</span> <span word="before">before</span>," <span word="said">said</span> <span word="Lin">Lin</span> <span word="Bo">Bo</span>, <span word="vice">vice</span>-<span word="research">research</span> <span word="director">director</span> <span word="at">at</span> <span word="real">real</span> <span word="estate">estate</span> <span word="information">information</span> <span word="provider">provider</span> <span word="CRIC">CRIC</span>. "<span word="Considering">Considering</span> <span word="the">the</span> <span word="risks">risks</span> <span word="and">and</span> <span word="costs">costs</span>, <span word="major">major</span> <span word="developers">developers</span> <span word="are">are</span> <span word="not">not</span> <span word="willing">willing</span> <span word="to">to</span> <span word="pay">pay</span> <span word="for">for</span> <span word="premium">premium</span> <span word="land">land</span> <span word="now">now</span>."</p>
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