8月份中國部分城市房價繼續下行

New home prices fell across China in August, underscoring the severity of a property market slowdown that some analysts say presents one of the greatest threats to the global economy.

8月份全中國新公佈的房價都出現了下跌，表明中國房地產市場增長嚴重放緩。部分分析師表示，這次放緩是全球經濟的最大威脅之一。

According to data from China's National Bureau of Statistics, new home prices declined in 68 of 70 cities surveyed in August, including the wealthy cities of Beijing, Shanghai and Guangzhou.

根據中國國家統計局(National Bureau of Statistics)發佈的數據，在被調查的70個城市中，8月份有68個城市的房價出現下跌，其中包括北京、上海和廣州等富裕城市。

This compared to a price fall across 64 of the cities in July.

相比之下，7月份有64個城市的房價下跌。

On average, prices fell 1.1 per cent in August from July, according to a Reuters calculation based on the data.

路透社(Reuters)從這些數據計算得出，8月份房價平均比7月份下跌1.1%。

China's property market is slowing following a multi-year, investment driven boom. The downturn has not only threatened global miners' profits by contributing to a slump in the price of steelmaking material iron ore. A prolonged property slowdown may also exacerbate stress on Chinese banks and the unregulated "shadow" lenders, such as trust companies, which extend credit to higher-risk borrowers including real estate developers.

在多年投資驅動的熱潮之後，中國房地產市場的增長正在放緩。這次下行導致鍊鋼原料鐵礦石價格的下跌，從而威脅到全球礦商的盈利。不僅如此，樓市長期低迷還可能加重中國各銀行及“影子”銀行的壓力。所謂“影子”銀行是指信託公司之類不受監管的金融機構，這些信託公司會向包括房地產開發商在內的高風險借款人發放貸款。

As Beyondbrics guest blogger Andrew Collier, of Orient Capital Research, wrote in August following his analysis of trust loans: “The real problem area is property. Given that over 90 per cent of Trusts are invested in local real estate and infrastructure projects (according to our earlier examination of Trust Prospectuses), it is not surprising that the dominant source of defaults in the first wave of Trusts has been in the property sector. ”

Beyondbrics特邀博主、Orient Capital Research的安德魯•科利爾(Andrew Collier)8月份在分析信託貸款後曾寫道：“真正有問題的領域是房地產。根據我們早先對信託公司章程的調查，逾90%的信託公司都投資於地方房地產及基建項目。考慮到這一點，房地產業成爲第一波信託公司違約的主要發源地毫不讓人意外。”

Mr Collier added a follow-on problem was the "web of guarantees and collateral" in trust loan contracts, having found that only 32 per cent of trust loans had persuaded borrowers to pledge land as security in cases where they could not repay.

科利爾補充說，還有一個後續問題是信託貸款合同中“擔保人和質押品構成的網絡”。他發現只有32%的信託貸款曾說服借款人，將土地作爲無法還款時的抵押品。