政府工作报告释放房产政策宽松预期

Industry insiders anticipate eased policies covering the realty market after the Government Work Report delivered by Premier Li Keqiang on Thursday featured a softer tone on the industry.

中国国务院总理李克强3月5日所作的政府工作报告对房地产业用语缓和。业内人士据此表示，房地产市场政策有望放松。

The report omitted any mention of "curbing investment and speculative demand", which had appeared in previous reports, and mentioned only "people's demand for housing for personal use and second homes", which was interpreted by market players as a signal of further policy easing and other steps to boost demand.

在前几年的政府工作报告出现过的“抑制投机投资性需求”在今年的报告中只字未提，只是谈到“居民自住和改善性住房需求”。 在行业企业看来，这是进一步放宽政策、刺激需求的信号。

"We believe the softer tone paves the way for further policy easing, including a cut in the down payment requirement. The government also plans to increase support for government-subsidized housing, including via the purchase of existing housing stock," said Wang Tao, chief economist in China with UBS AG.

中国首席经济学家兼瑞士联合银行副总裁王涛表示：“我们相信，温和的表述能为降低首付款要求等进一步的宽松政策铺路。政府还计划增加对保障性住房的支持，包括购买现有存量房。”

China will stabilize property market with tailored, market-based policies to guide "stable and healthy development", the report said.

政府工作报告称，中国要因地施策引导房地产业“稳定、健康地发展”， 以稳定房地产市场。

The market went through tough times last year, with slumping prices and sales in many cities.

2017年，中国的房地产市场经历了一段艰难期，很多城市都遭遇价格和销售额的双滑坡，。

According to the National Bureau of Statistics, property investment growth slid to 10.5 percent in 2017 from 19.8 percent in 2013. Slower investment growth and sluggish apartment sales have affected industries ranging from iron ore to banking, and small and medium-sized developers have been under particular pressure.

据中国国家统计局统计，房地产投资增量由2013年的19.8%跌至2017年10.5%。较低的投资增长和萧条的房屋销售对包括铁矿和银行在内的多个行业造成影响。特别是中小型开发商，压力尤大。

Developers said that the Government Work Report provided insights that may lead them to seek opportunities in niche markets.

开发商认为，政府工作报告将引导他们在利基市场中寻找机会。

Yang Keng, a member of the National Committee of the Chinese People's Political Consultative Conference and head of a Chengdu-based developer in Sichuan province, said his enterprises have been shifting their focus to apartments with basic fittings such as plumbing, rather than bare shells, for consumers who wish to upgrade.

中国人民政治协商会议全国委员会委员，四川省成都市的开发商代表杨铿表示，为满足改善住房客户的需求，他的企业已将建房重点转向配有水管装置等基本设施的公寓，而不是豪华的住房。

"I think the current market needs (basic) apartments, not luxurious, spacious houses," he said.

“我认为现在的市场需要的是普通住宅，而不是奢侈豪华的住宅，”他说道。

Analysts said the realty market will benefit from the report's guidance in 2017 in various ways.

分析人士表示，房地产市场将在2017年从多方面受益于工作报告的引导性表述。

"There may be further reserve ratio requirement cuts (for banks) by the end of 2017. In first-tier cities such as Shanghai, prices of apartments may climb some 10 percent based on solid demand ... while the prices of large luxury homes may rise between 5 and 8 percent," said Jenny Wu, director and head of residential services in eastern China for DTZ, a property services provider.

房地产服务提供商戴德梁的华东区住宅服务负责人吴娟仪表示：“到2017年末，（银行的）存款准备金率可能会进一步下调。在包括上海在内的一线城市，由于需求较大，普通住宅的价格可能攀升10%……而豪华住宅的价格升幅则可能在5%到8%之间。”

Although the government aims to stabilize the market, it may not be willing to end purchase limits in cities such as Beijing and Shanghai.

虽然政府意在稳定市场，但可能不会结束北京和上海等城市的购房限制政策。

Vocabulary：

curb：遏制

speculative：投机的

down payment：首付

slumping：下跌的

sluggish：萧条的

niche market：利基市场，指那些被市场中的统治者/有绝对优势的企业忽略的某些细分市场