地产金融市场

在2008年席卷全球的金融危机爆发之前，REITs的高流动性、风险规避性、高收益性对全球房地产金融市场产生了深远的影响。

Before the 2008 financial crisis throughout the world , the high liquidity , risk aversion , together with the high profitability of REITs produced far-reaching effects to the global real estate financial market .

通过证券化的方式来活跃和完善我国的房地产金融市场已得到了广泛认同，REITs所需的市场基础也正在逐步加强，也就是说发展REITs的外部条件已经成熟。

It has been approbated widely to activate and perfect the real estate financial market through securitization . The market REITs needed is gradually strengthened , in other words , the outside condition for REITs ' development has already matured .

房地产金融市场发展的探讨

The discussion on the development of real estate finance market

我国房地产金融市场现状分析及改革方向

On the Actuality Analysis and Reform Orientation about the Real Estate Financial Market in China

城市土地市场的建立和发展，增加了政府的财政收入，促进了城市房产市场和房地产金融市场的发展。

The establishment and development increase finance income ; improve urban land market and real estate finance market .

从国外的房地产金融市场经验看，这些金融产品及其衍生工具需要定价技术和风险防范技术的支撑。

Accounting to foreign experiences of real estate finance , these finance products requires more complex financing pricing technical .

本文主要研究房地产金融市场的发展，通过以房地产金融市场为房地产市场提供充足资金，来促进其发展。

This paper mainly studies the real estate development of financial market which provides sufficient funds to promote its development .

本文从微观和宏观两方面分析了我国房地产金融市场现状。

The thesis analyzes the real estate financial market of our country from the tiny view and the macroscopic side .

在发达国家成熟的房地产金融市场中，房地产企业融资模式的多样化为房地产企业的发展提供了有力的资金保障。

The mature real estate financial markets of developed countries provide diversified financing modes which secure the fund supply of real estate enterprises .

本文对我国房地产金融市场中最重要、最核心的问题&住房抵押贷款证券化的提出了构想和建议。

This paper , to the most important and central question in the financial market of real estate of our country ~ Mortgage Backed Securitization , proposes the conceive and suggestions .

目前，中国房地产金融具有市场风险、财务风险、道德风险和信用风险等潜在风险。

Real estate banking in China is now facing significant risks , including overheated prices , developers'heavy debts , and fraudulent borrowings .

在中国1997到2003年间房地产市场与金融市场的月度数据基础上，建立了两个市场之间相互作用的误差修正模型（ECM模型）。

This paper presents the error correction model based on monthly data of the real estate market and financial market from 1997 to 2003 in China .

这一重大事件将对中国房地产市场和金融市场产生怎样的影响，是一个十分值得关注和研究的问题。

How did this important event impact the real estate market and the financial market in China ?

相信它的出现会大大促进我国房地产市场和金融市场的繁荣与发展。

We believe REITs will facilitate the emergence of Chinese real estate market and the financial markets greatly .

有利于发展房地产二级金融市场，分散银行风险；

It is favorable to the development of real estate 's secondary market of finance and diversification of bank risk ;

个人住房消费贷款市场风险直接来自于房地产市场和金融市场。

To the bank , it is more difficult to anticipate the market risk . The market risk of personal housing consumption loan directly comes from the real estate market and financial markets .

针对以上出现的问题，文章最后通过完善房地产市场、金融市场以及转变政府职能等三个方面提出政策建议。

To solve above problems , the article finally make some policy recommendations in three aspects through the improvement of the real estate market , financial markets , and the transform of government functions .

房地产市场与其它金融市场大同小异：价格预期由正常购买力比率不断推动房价上涨。

The housing market is like other financial markets : price expectations create momentum that drives prices arising from normal affordability ratios .

大部分原因是房地产，信贷和金融市场引发了大规模的失业。

This is in large part because of severe problems in our housing , credit , and financial markets , which have resulted in significant job losses .

从世界范围来看，房地产投资信托正在成为房地产金融市场新的融资途径，也正在成为投资者追捧的投资工具。

Nowadays , real estate investment trusts have been becoming a new financing way for the real estate industry around the world .

相对于国外发达的房地产投资信托而言，我国房地产金融市场的发展滞后，远远跟不上房地产业发展的步伐，严重制约了我国房地产业的发展。

Compared to REIT in abroad , the development of finance in real estate is laggard in China and restricts the development of real estate industry . REFT comes out in the form of in trust in China .

因此，如何根据房地产企业的特性，形成一个房地产多元化的金融市场，是化解房地产企业融资困难的关键。

Therefore , how the real estate business identity , a diversified real estate finance market is the key to resolving the difficulties of financing the real estate business .

它是房地产证券化的一种典型形式，是房地产行业和金融市场发展到成熟阶段时的金融创新的产物，对各国房地产市场和资本市场的发展起到了双重推动作用。

It is a real estate securitisation typical form , is the development of real estate industry and financial markets mature stage of financial innovation , and the products to global financial development plays a very important role .

2003年信托市场房地产信托项目的兴起和快速发展即是对房地产金融创新市场需求的积极响应，市场反映热烈，为中国房地产投资信托的推出奠定了良好的市场基础。

The need coming from these two aspects pushed the positive creation of real estate finance . The rapid growth of real estate trust project in 2003 met these needs and built a market base of Chinese REITs .

我国房地产开发中梗阻环节是房地产金融发展滞后，主要表现在房地产金融市场主体不足，中介机构匮乏，金融支持力度不大等。

The blocking link of Chinese real estate development is that the real estate financing development is backward it mainly indicates that the main body of the real estate financial market is not sufficient and the intermediaries are deficient and the financial support force is not enough ;

特别是在经济周期的上升阶段，房地产价格的上升极易导致市场的非理性繁荣，而且在房地产和金融两个市场的共同作用下，大有进一步扩张之势。

Especially in the rising stage of the economic cycle , the ascending of real estate price readily leads to the market irrational booming .

介绍了美国房地产借贷市场的框架构成、运作程序及框架的基本特征，以期对中国房地产金融市场的发展起借鉴作用。

This paper introduces the frame structure , operation procedure and basic characteristics of borrow and lend market of real estate in USA.

房地产投资信托基金在欧美及亚洲一些发达国家已经发展多年，它促进了这些国家房地产市场和金融市场的良性发展。

Real estate investment trusts have developed over the years in Europe and the United States and some Asian countries , which promoted the healthy development of these countries ' real estate market and financial market .

房地产投资信托（RealEstateInvestmentTrust，REITs，下同）是房地产证券化的一种典型形式，是房地产行业和金融市场发展到成熟阶段时现代金融创新的产物。

Real Estate Investment Trust ( REITs ) is a typical form of securitization of real estate asset , which mostly occurred at the mature stage of real estate market and finance market .

抵押贷款证券化拓展了房地产抵押贷款的二级市场，降低了投资于抵押贷款的流动性风险，房地产抵押贷款是房地产金融的一级市场，房地产抵押证券化属于二级市场。

MBS enlarge the second class market of Mortgage-Backed of real estate , lower the flow risk of investment on the Mortgage-Backed loan , Mortgage-Backed loan of real estate is the first class market of real estate finical market , MBS is the second class market .