UnitThreePropertyBoom1/701.Lead-in2.TextA:BetweenaRockandaLivingSpace3.TextB:BuildingExcitement2/70Lead-in3/70Lead-inThesearepicturesofthetopsixskyscrapersintheworld.Canyourecognizethem?Matchthepictureswiththeirnames.1)2)3)5)4)6)4/70Lead-inBURJDUBAITheworld’stallestbuildingsituatedinthecityofDubai-828mTaipei101FormerlyknownastheTaipeiWorldFinancialCenter:theworld'stallestfromto-509mSWFCShanghaiWorldFinancialCenterthesecondtallestbuildinginChina-492mThePetronas（馬石油）TwinTowersSkyscrapersandtwintowersinKuala（河口）Lumpur(吉隆坡),Malaysia-452mTheSears（西爾斯百貨）TowerTheworld’sfifthtallestbuildinginthecityofChicago-442mIFCHongKongInternationalFinancialCenterthetallestbuildinginHongKong-420m4)1)2)3)6)5)5/70房地產(chǎn)英語(yǔ)慣用詞匯

按揭貸款mortgageloan

按揭購(gòu)房tobuyahouseonmortgage;tomortgageahouse

房屋空置率housingvacancyrate

安居工程ComfortableHousingProject

板樓，板式樓slab-typeapartmentbuilding

搬遷戶arelocatedunitorhousehold6/70炒房者realestatespeculator

房改housingsystemreform

房管realestatemanagement

房產(chǎn)市場(chǎng)realestatemarket城鎮(zhèn)住房公積金urbanhousingprovidentfund

低價(jià)住房low-costhousing

二手房second-handhouse

房產(chǎn)估價(jià)師realestateassessor

房產(chǎn)證propertyownershipcertificate7/70UsefulExpressionA：Whatisthesquareareaofyourproperty?Howmanybedroomsandlivingrooms?你單位面積有多大？有多少間睡房和客廳？

B：Itsgrossareaisapproximatelyninehundredsquarefeet.There'sonelivingroom,onediningroom,onemasterroomandtwobedrooms.建筑面積約九百平方英尺，有一個(gè)客廳、一個(gè)飯廳、一間主人套房和兩間睡房。8/70

B：MayIknowthesize,thelayoutofthehouse？可否告訴我那個(gè)單位面積、間格怎樣？

A：Sure.Theareaofthisflatisaroundninehundredsquarefeet.Itisdesignedasonelivingroom,onediningroom,onemasterbedroomandtwobedrooms.當(dāng)然能夠。房子面積約九百平方英尺，單位設(shè)計(jì)為一個(gè)客廳、一個(gè)飯廳、一個(gè)主人套房和兩個(gè)睡房。9/70B：Howaboutthepriceandthebankmortgage？售價(jià)和銀行貸款怎樣？

A：TheaverageunitpriceisfivemillionHongKongdollars.Thereareeightdifferentbanksthatwillprovideaseventypercentmortgageloan.Also,thedeveloperwillofferanothertenpercentmortgagetopurchasers.平均售價(jià)約港幣五百萬(wàn)元，。有八間銀行提供七成按揭貸款，而發(fā)展商亦可提供另外一成按揭給認(rèn)購(gòu)者。10/70TextABetweenaRockandaLivingSpace11/70'SubprimeMortgage'

Atypeofmortgagethatisnormallymadeouttoborrowerswithlowercreditratings.Asaresultoftheborrower'slowered

creditrating,a

conventionalmortgage

isnotofferedbecausethelenderviewstheborrowerashavingalarger-than-averageriskofdefaultingontheloan.Lendinginstitutionsoftenchargeintereston

subprime

mortgagesataratethatishigherthanaconventionalmortgageinordertocompensatethemselvesforcarryingmorerisk.

12/70TheU.S.

subprimemortgagecrisis

wasanationwidebankingemergencythatcoincidedwiththeU.S.recessionofDecember–June.Itwastriggeredbyalargedeclineinhomeprices,leadingtomortgagedelinquencies(按揭拖欠）andforeclosures(止贖）andthedevaluationofhousing-relatedsecurities.Declinesinresidentialinvestmentprecededtherecessionandwerefollowedbyreductionsinhouseholdspendingandthenbusinessinvestment.Spendingreductionsweremoresignificantinareaswithacombinationofhighhouseholddebtandlargerhousingpricedeclines.

13/70Thecrisishadsevere,long-lastingconsequencesfortheU.S.andEuropeaneconomies.TheU.S.enteredadeeprecession,withnearly9millionjobslostduringand,roughly6%oftheworkforce.Oneestimateoflostoutputfromthecrisiscomesto"atleast40%ofgrossdomesticproduct".U.S.housingpricesfellnearly30%onaverageandtheU.S.stockmarketfellapproximately50%byearly.Europealsocontinuedtostrugglewithitsown

economiccrisis,withelevatedunemploymentandseverebankingimpairmentsestimatedat€940billionbetweenand14/70BetweenaRockandaLivingSpacebetween___and___betweenthedevilandthedeepseabetweenarockandahardplace進(jìn)退維谷,進(jìn)退兩難15/70StructuralAnalysisPara.MainTopicsPara.1-3Anintroductionofthecurrentsituationofpropertyboomandabriefanalysisofreasonsandlessonslearnt.Para.4-15Adetaileddiscussionofwhatpolicymakersandfinancialregulatorscoulddotocontrolthepropertybubblesandavoidthecrisis.Para.16-20AsummaryoftheeconomicsituationbothintheUSandintheEuropeaftertheburstingofthebubblesandwhatcanwelearnfromit.16/70unprecedented(Line.7,Para.1)

adj.neverhavehappenedbefore…example:anunprecedentedexpansioninpopulationandindustrySuchamoveisrare,butnotunprecedented.

PartI

WordsandExpressions17/70lunatic(Line7,Para.1)adj.

insane,veryfoolishandpossiblydangerous瘋狂，愚蠢地example:Hepleadsforsanity

（明智；頭腦清楚）ina

lunatic

world.The

man’s

lunatic

behavior

isa

menace

to

society.PartI

WordsandExpressions18/70underwriting(Line3,Para.2)underwrite

v.

Ifaninstitutionorcompanyunderwritesanactivity,theyagreetoprovideanymoneyneededtocoverlosses為…提供經(jīng)濟(jì)擔(dān)保example:Thegovernmentwillhavetocreateaspecialagencytounderwritesmallbusinessloans.

underwritern.保險(xiǎn)企業(yè)，擔(dān)保人PartI

WordsandExpressions19/70odds(Line.9,Para.2)

n.(pl.)

theprobabilityofaspecifiedoutcome可能性，幾率

example:Whatarethe

odds

offindingaparkingspacerightoutsidethedoor?The

odds

arethatyouaregoingtofail.PartI

WordsandExpressions20/70Someotherphrasesusing“odds”againstalloddssth.

happensorsucceedsalthoughitseemedimpossibleorveryunlikely

盡管困難重重Somewomendomanagetoachievebusinesssuccessagainstall

odds.

atodds

disagreeingorquarrellingwitheachother不和，有矛盾Hewasat

odds

withhisPrimeMinister.PartI

WordsandExpressions21/70default(Line.9,Para.2)

n.actoffailingtomeetafinancialobligation違約，不推行

example:Thecompanyisin

default

ontheloan.Thecorporationmaybechargedwithdefaultonitscontractwiththegovernment.PartI

WordsandExpressions22/70PartI

QuestionsaboutPartI

Q1.WhatdoestheRobertShiller’sindextellus?ItisanindexshowingthefluctuationofrealhousepricesinAmerica.Accordingtoit,thehousepricesdidnotchangemuchduringthe100yearsbetween1890-1990,however,startingfromthelate1990s,housepricesnearlydoubledwithinadecade,whichwasquitedramatic.23/70PartI

QuestionsaboutPartIQ2.Whatlessonscanwelearnfromthecrisis?

Theriskmanagementandunderwritingpracticesshouldbechanged,withmoreemphasisonaffordability,morerigorousstress-testing,andbetterpricingforborrowerswithmoreequitytoputin.24/70PartI

QuestionsaboutPartI

Q3.Whatarethereasonsforthispropertyboom?Propertymarketisveryattractiveforbanksforseveralreasons.First,theloanstopropertyarerelativelylightoncapitalandguaranteedbyrealassets;Second,themortgagesarethoughttotightenalong-termrelationshipwithcustomers;Third,lendingoncommercialpropertywillhelpthesalesteamsofabanktomeettheirtargeteasily.25/70

…h(huán)eisworkingonwaystorelatecustomers’creditscorestothemacroeconomicenvironmentsothatlenderscanjudgehowtheoddsofdefaultchangewhen,say,unemploymentgoesupordown.(Line7,Para.2)

Heisanalyzingtherelationbetweencustomers’creditscoresandthemacroeconomicsituation.Therefore,withtheinformationofchangeinunemploymentrate,bankscanfindoutthepossibilitiesofwhetheraborrowerwouldrepayordefaultthebankloan.PartI

SentenceInterpretation26/70

Lendingoncommercialpropertyislumpyenoughforasinglebigdealtogetsalesteamstotheirtargets.(Line4,Para.3)

Lendingoncommercialpropertyusuallyinvolvesalargeamountofcapital,thereforeasingledealisbigenoughforthesalesteamstomeettheirsalestargets.PartI

SentenceInterpretation27/70fare(Para.4)v.proceedorgetalong進(jìn)展,經(jīng)歷example:

Hefaredwellonhistrip.ItisunlikelythattherealestateindustrywillfareanybetterinSeptember.PartII

WordsandExpressions28/70recourse(Para.6)n.actofturningtoforassistanceorsth/someoneturnedtoforassistanceorsecurity求援，求援對(duì)象,（商業(yè)，法律）追索權(quán)Synonym:resortexample:

Hisonlyrecoursewasthepolicy.ThefoundingoftheUnitedNationsenableditsmemberstosettletheirdifferenceswithoutrecoursetowar.PartII

WordsandExpressions29/70subdue(Para.6)v.Putdownbyforceorauthority制服

to~feelingsmeanstomakethemlessstrong抑制（情感），抑制example:

Seniorgovernmentofficialsadmittheyhavenotbeenabletosubduetherebels.Heforcedhimselftosubdueandovercomehisfears.PartII

WordsandExpressions30/70fiscal(Para.6)

adj.involvingfinancialmattersorsththatrelatedtogovernmentmoneyorpublicmoney,especiallytaxes會(huì)計(jì)，財(cái)政example:

fiscaldeficit財(cái)政赤字fiscalpolicy財(cái)政政策fiscalrevenue財(cái)政收入fiscalyear財(cái)政年度PartII

WordsandExpressions31/70disentangle(Para.7)v.Separatefromthingsthataretwistedorknottedaround,ormakeiteasiertounderstandormanagetounderstandit,byclearlyrecognizingeachseparateelement解開(kāi)，擺脫或者了解（復(fù)雜情況）example:

Shakeyourropeandletitdisentanglegradually.It’simpossibletodisentanglethemythfromreality.PartII

WordsandExpressions32/70liquidity(Para.8)n.Infinance,acompany’sliquidityistheamountofcashorliquidassetsithaseasilyavailable流動(dòng)資產(chǎn)，資產(chǎn)折現(xiàn)力，償債能力example:

marketliquidity

市場(chǎng)流動(dòng)性excessliquidity

流動(dòng)性過(guò)剩HongKong'sfinancialmarketsarecharacterizedbyahighdegreeof

liquidity.

PartII

WordsandExpressions33/70legitimate(Para.12)

adj.lawful,basedonknownstatementsorinaccordancewithrecognizedoracceptedstandardsorprinciples正當(dāng)，正當(dāng)，合理example:

Sicknessisa

legitimate

reasonforaskingforleave.TheNewYorkTimeshasa

legitimate

claimtobeanationalnewspaper.

PartII

WordsandExpressions34/70speculative(Para.13)

adj.itisusedtodescribeactivitieswhichinvolvebuyinggoodsorshares,orproperties,inthehopeofbeingabletosellthemagainatahigherpriceandmakeaprofit.投機(jī)example:

speculativebusiness投機(jī)生意Thehotelwasbuiltasa

speculative

venturebutnevercompleted.

PartII

WordsandExpressions35/70Q1.Whatarethethreeleversthatpolicymakerscanpulltomakepropertysafe(Para.5-13)?Thefirstleveristheinstitutionalframework–thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault.Thesecondleveristhesystemofmortgagefinancing.Thethirdleveristheideamacroprudentialregulationwhichisalreadycommoninsomepartsoftheworld.PartII

QuestionsaboutPartII36/70Q2.

WhatarethecharacteristicsoftheDanishsystem?(Para.8-11)

Itfeaturesspecializedmortgagelendersthatobservestrictloan-to-valuelimits.Italsoprotectsborrowersfrominterest-rateriskbyofferinglong-termfixed-ratemortgages.Ithasanimplicitgovernmentguarantee.PartII

QuestionsaboutPartII37/70Q3.

Whatmightbetheconsequencesofimposingrigidlimitsontheamountpeoplecanborrow?(Para.12)Itdeprivesfirst-timebuyersandtheself-employedoftheirrighttoraiseabankloan.Or,itrisksencouragingthemtoseekmoreexpensiveandunsecuredmethodoffinancing.

Somelendersalsofretthatifunderwritingbecomestoodirective,borrowersarerelievedoftakingresponsibilityfortheirownactions.

PartII

QuestionsaboutPartII38/70Q4.

Whymacroprudentialregulationishardtoimplement?(Para.14)Firstitisdifficulttospotthebubblesbeforetheyburst.Andassoonasthepropertyboomsgetgoing,theyarehardtocalmdown.Alsothiskindofregulationmightbemoresuitableforemergingmarketsthandevelopedmarkets.PartII

QuestionsaboutPartII39/70

thefirstistheinstitutionalframeworkthatiscontrolledbygovernments–thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault.(Line1,Para.6)Thefirstleverthatpolicymakerscanpullisbyadjustingtheoverallsystem–thingslikepreferentialpoliciesontax,housingsubsidies,landsupplyandthelawstoresorttoifsomeonefailstofulfillhisfinancialobligation.PartII

SentenceInterpretation40/70

Disentanglingthevariouscausesofthepropertybubbleisextremelydifficult,butfewwoulddisputethateasycreditplayedapartindrivinguppricesandmakingthebustworse.(Line1,Para.7)Itisverydifficulttoanalyzeandfindoutthevariouscausesofthepropertybubble,butonethingisclearthateasyonlendingbybanksplayedanimportantpartindrivinguphousingpricesandmakingresultoftheburstevenworse.PartII

SentenceInterpretation41/70

Thathasundoubtedappealforpolicymakersincountrieswherefloating-ratemortgagesexposeborrowerstotheriskofpaymentshocksasratesrise.(Line4,Para.9)

Withthefloating-ratemortgages,borrowersneedtopaymorewheninterest-raterises,whichmightbequickashockforthem.ThereforetheDanishsystemoffixed-ratemortgagesseemsveryattractive.PartII

SentenceInterpretation42/70

Thesearelegitimateworries,buttheycarryalarmingechoesofargumentsputforwardbybankersattheheightofthehousingboomjustgone.(Line7,Para.12)Thesearereasonableworries,butweshouldbealarmedthatduringthehousingboomwhichhadjustburst,alotofbankersalsoarguedagainstrigidlimitsonhowmuchpeoplecanborrowandhaddifferentopinionsaboutthem.PartII

SentenceInterpretation43/70leverage(Line2,Para.19)

n.investingwithborrowedmoneyasawaytoamplifypotentialgains(attheriskofgreaterlosses)杠桿效應(yīng)，舉債經(jīng)驗(yàn)example:

leverageeffectfinancialleverageOneofthedefinitionofleverageistheabilitytodomorewithless.PartIII

WordsandExpressions44/70discretionary(Line8,Para.19)

adj.discretionarythingsarenotfixedbyrulesbutaredecidedonbypeopleinauthority,whoconsidereachindividualcase.

酌情決定example:

Thecommissionhasdiscretionarypowertoawardextrafunds.OfcourseIhavediscretionaryincome（可隨意支配收入）.PartIII

WordsandExpressions45/70Q1.

WhatisthecurrentsituationinAmericaafterthepropertycrisis?(Para.16)?

TheworsteffectsareprobablyoverinAmerica.Themostaffectedbanksaresmallerlendersandthegovernmentiswillingtoprovidesupporttoresidentialmarkets.Althoughthedroppinghousingpricemightslowdowntheeconomicrecovery.PartIII

QuestionsaboutPartIII46/70Q2.

WhataboutEurope?(Para.17)

Thelong-termeffectsmightlingerforyearsinEurope.Housingpricecontinuestofall;certainEuropeanbanksandgovernments’abilitytocopewithlossesarereallydoubtfulandtheriskofinterest-raterisesgraduallyoccurs.PartIII

QuestionsaboutPartIII47/70

Aspropertyweighsdownbanks’balance-sheets,first-timebuyers’struggletogetonthehousingladderandbuildingsinsecond-ratelocationsslowlydecay.(Line5,Para.17)

Aspropertyloanstakeupalargeproportionofbanksassets,ononehandfirst-timebuyershavetostruggletopayfortheloanandrisinginterests,ontheotherhandbuildingsinnotsofavorablelocationswillbeleftwithoutbuyers.PartIII

SentenceInterpretation48/70

Uppingtheamountofequitythatbankshavetoholdisonewayofkeepingdowntheamountofdebtthatfindsitswayintoproperty.(Line2,Para.19)Increasingtheamountofnetassetsthatbankshavetoholdasguaranteeisonewayofkeepingdowntheamountofdebtthatisinevitableinpropertyfinancing.PartIII

SentenceInterpretation49/70III.Paraphrasing1.Rewriting:Rewritetheunderlinedpartofeachsentenceinyourownwords.1)Itisnoteasytofindoutthereasonsforthepropertybubble,butfewwoulddisputethateasycreditplayedapartindrivinguppricesandmakingthebustworse.2)Imposingrigidlimitsonhowmuchpeoplecanborroweitherdisenfranchisessome—first-timebuyersandtheself-employedtendtosuffermost—orincreasesthe

risksforthoseresortingtoamoreexpensive,unsecuredwayoffinancinginordertobypasstheregulation.3)DespitetheevidenceofMr.Shiller‘schart,lotsoffinanciersandpoliticianstriedto

convincethemselvesthatthingswerenotthatbadthistime.4)Still,itisrelativelyeasytocooldownthepropertyboomsinemergingmarkets,wherethereareusuallymorepeopletohelpintohomesthanthereareexistinghomeowners.5)Thereforefinancialregulatorsshouldbegivenclearauthorizedpowertoresistthepressurestheywillfacewhenthenextboomisunderway.50/702.SentenceTransformation:Completethefollowingsentencesbasedonthestructuresgiven.1)Onlyifbasicguaranteestandardscontinuetobemet,canmoreliberalfinancingregimesbeagoodthing(askanyyoungItalianwhowantstobuyahome).2)long-termfixed-ratemortgagesareadoptedbytheDanishsystem,justliketheAmericanone,toprotectborrowersfromtherisksofinterest-ratefluctuation.3)Itisalsoworriedbysomelendersthatifbanksimposetoostrictrulestoguarantee

thepaymentofloans,theborrowerswouldnotbearresponsibilityfortheirown

actions.4)Differentfromtheuniversalexcessivenessofpropertyeverywhere,thepolicy

responsetothepropertyboomsinthepastdecadewillandshouldnotbethesamein

differentcountries.5)Inordertolowertheamountofdebtwhichisunavoidableinproperty,bankshavetoincreasetheamountofequitytheyhold.51/70IV.Translation1.SentenceTranslation1)在銀行零售業(yè)務(wù)中，抵押貸款被認(rèn)為是一項(xiàng)能有利于銀行與客戶建立長(zhǎng)久關(guān)系業(yè)務(wù)。而商業(yè)房地產(chǎn)貸款則因?yàn)閿?shù)額巨大能夠一次性地使銷售團(tuán)體到達(dá)他們目標(biāo)。2)第一個(gè)杠桿是由政府控制體制框架——像稅收減免、住房津貼、土地供給和相關(guān)違約追訴法律等等。3)依據(jù)意在削減美國(guó)預(yù)算赤字而起草提案，抵押貸款利息所享受稅務(wù)優(yōu)惠將會(huì)降低。4)許多經(jīng)濟(jì)觀察家熱情推薦丹麥模式，這種模式特點(diǎn)在于由專業(yè)從事抵押貸款業(yè)務(wù)銀行對(duì)放貸比率進(jìn)行嚴(yán)格控制。5)中國(guó)、新加坡以及其它國(guó)家和地域政府和調(diào)控部門(mén)好像一直都在采取調(diào)整放貸比率，限制用于投機(jī)性房產(chǎn)購(gòu)置貸款數(shù)量，對(duì)在一定時(shí)限內(nèi)拋售房產(chǎn)征稅等辦法。52/702.PassageTranslationForthepasttwodecadesormore,urbanizationinChinahascomerelativelyeasily.Asthecountryproudlyclaims,slumsandshantytownsarerarecomparedwithotherdevelopingcountries.Butensuringacontinuingnetinflowofmigrantsintothecitiesastheyoungestcohortshrinkswillmeangivingworkersfromthecountrysidemoreincentivestostaypermanently(suchasaffordablehousingandschooling).Moremoneyisbeingspentonthese,butnotyetenough.Citiessaytheywelcomemigrants,butsomefindroundaboutwaysofkeepingthemfromsettling.Beijingrecentlylaunchedasetofextraordinarymeasurestotamepropertypricesandeasetrafficcongestionthatincludedallbutbanningmigrants(one-thirdofthecity‘spopulation)frombuyinghomesorcars.

Inthenameofimprovingsafety,ithasstartedclosingdownbasementdwellingswheremigrantsoftenlive.53/70

TextBBuildingExcitement--CanChinaavoidabubble?54/70?什么是合理房?jī)r(jià)，國(guó)外慣用房?jī)r(jià)收入比概念來(lái)界定，即房屋總價(jià)與居民家庭年收入比值。盡管房?jī)r(jià)收入比是一個(gè)全球通用指標(biāo)，但其合理范圍卻沒(méi)有嚴(yán)格界定。世界銀行認(rèn)為，合理房?jī)r(jià)收入比應(yīng)該為3-6倍55/70?圖1

1998-年全國(guó)商品住宅房?jī)r(jià)收入比情況（來(lái)自新浪財(cái)經(jīng)）56/70StructuralAnalysisPara.MainTopicsPara.1-3Abriefillustrationofthedifferenceinpropertymarketbetweentherich-worldandtheemergingmarket.Para.4-7AdetailedexplanationofwhymanypeoplearenervousaboutthestateoftheChinesepropertymarket.Para.8-15ReasonsforChineseoverheatedpropertymarketandmeasurestakenbythegovernmenttocoolitdown.Para.16-17AcomparisonbetweensomeplacesinChinaandplacessuchasDubai.57/70I.DiscussionQuestions1.Whatarethetwoprimaryworriesforforeigninvestorsconcerningemergingmarkets?Howtoavoidtherisksofoversupply?Exercises

I.Speaking58/70Legalissuesandtherushofnewsupply.Onewaytomanagetheriskofoversupplyistotakecapitaloutofemergingmarketsasquicklyaspossible.Anotheristogoforthelesscrowdedpartsofthemarket,suchasthelogisticssectororshoppingcenters.Exercises

I.Speaking59/702.WhatphenomenahavebeennoticedbyanalystssuggestingacrashofChina’spropertymarket?Exercises

I.Speaking60/70InJanuarythreeofthetenbiggestshortpositionsinHongKong-listedmainlandcompanieswereheldinpropertyfirms.Nationally,incomesinChinahavelargelykeptpacewithrisingprices,butanIMFreportinDecembersaidthatinsomebigcit