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2009年9月4日VOA经济报道 –商业地产可能是下一个经济威胁

楼主:Early Bird 日期: 回贴:7 浏览:

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ECONOMICS REPORT - Commercial Real Estate Could Be Next Economic Threat  

2009 9 4 VOA 经济报道 商业地产可能是下一个经济威胁。

This is the VOA Special English Economics Report.
这里是 VOA 特别英语的经济报道

The American housing collapse was a major cause of the recession. The housing market is showing new life after three years of falling prices and too much supply. But now there are worries that banks could face big losses next on business properties.

美国地产崩溃是衰退的一个主要原因。在经历了三年的价格下跌及太多供应之后,房产市场目前展现出生机。但是,目前的担心是下阶段银行可能面临商业地产的巨大损失。

For example, one effect of a weak economy is less demand for office space. As a result, property owners earn less and charge less in rent. This puts pressure especially on owners who borrowed a lot of money.

例如,疲弱经济的一个影响是办公场地需求减少。因此,业主赚钱少且租金低。这尤其加大了大量贷款业主的压力。

Easy credit helped fuel an explosion of development. The market hit a high point in two thousand seven.

宽松信贷催生了地产的爆炸式发展。地产市场在 2007 年创下新高。

Now, late payments are growing. Almost three percent of commercial mortgages were reported at least ninety days late between April and June. That was double a year earlier.

目前,延迟还款持续上升。在 4 - 6 月间,大约 3% 商业抵押至少延迟还款 90 天。这是去年同期的一倍。

One major lender lost more than a billion and a half dollars in the second quarter. Capmark Financial Group said it might seek bankruptcy protection from its creditors. Medium and small banks also face a growing risk.

主要贷款公司(嘉迈金融集团)在第二季度放款超过 15 亿美元,该集团指出,可能寻求债权人的破产保护。中等及小银行也面临持续上升的风险。

Banks hold one and a half of the three and a half trillion dollars in debt that supports the commercial real estate market. Housing debt is much higher. Still, around two trillion dollars in commercial mortgages are expected to come due for payment within the next five years.

在商业地产市场 3.5 万亿美元债务中,银行持有 1.5 万亿美元。房产债务可能更高。但是,商业抵押中大约 2 万亿美元预期在未来 5 年内会延迟还款。

Commercial properties face two serious problems. One is falling prices -- down by one-fourth since two thousand seven. The other is refinancing.

商业地产面临二个严重问题。一个是持续下跌的价格(自 2007 年以来,下跌了四分之一)。另一个是再融资。

Most commercial real estate loans have terms of ten years or less. They often end with a large payment, a balloon payment, which owners usually refinance. But lower property values and tighter lending requirements mean a harder time getting new loans.

大部分商业地产贷款的期限是十年或以下。这些贷款在到期时通常是大额还款,即分期付款中最后一笔大额付款,业主往往再融资。但是,地产价格低及趋紧的放款要求意味着获得新贷款更难。

One way to make capital available for new loans is to sell mortgage-backed securities. But since last year there has been little activity in the seven hundred fifty billion dollar market for commercial mortgage securities. The Federal Reserve recently extended into next year a loan program designed to get investors to buy more securities like these.

获得新贷款资金的一个途径是出售抵押类证券。但是,自去年以来, 7500 亿美元的商业抵押类证券市场鲜有交易。美联储最近将一项贷款计划延长至下一年度,该计划的目的是寻求投资人,购买更多的类似证券。

The United States is not alone. Commercial rents in Moscow, Hong Kong, Singapore and Mumbai have fallen thirty percent or more.

美国并非特此一家。莫斯科、香港、新加坡和孟买的商业地产已经下跌了 30% 或以上。

American housing sales, though, have improved in recent months, helped by lower prices and a tax credit for first-time buyers. The S&P/Case-Shiller national index of home prices rose in April, May and June. That was the first three-month increase in three years.

尽管由于价格低以及首次购房人的税收抵扣,美国地产销售近几个月持续向好,但是, 4 - 6 月的村普 / 凯斯-希尔(全美)房价指数上升。这是三年内首次出现为期三个月的(指数)上升。

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

这是由 Mario Ritter 编写的 VOA 特别英语经济报道。我是 Steve Ember 。

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最佳回复 该帖于2009年9月7日被版主推荐为精华帖。

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  第1楼 作者:liuling 创建: <编辑>  <引用>

2009.9.4--经济报道--商业地产或将成为下一个商业威胁
ECONOMICS REPORT - Commercial Real Estate Could Be Next Economic Threat


This is the VOA Special English Economics Report.
这里是VOA特别英语《经济报道》。

The American housing collapse was a major cause of the recession. The housing market is showing new life after three years of falling prices and too much supply. But now there are worries that banks could face big losses next on business properties.
美国房地产业的崩盘是这次经济衰退的主因。在经历长达三年的价格滑落和过量供应后,住宅市场正显露出新的生机。但是,现在还有诸多隐患,即银行将可能在商业地产方面面临巨额亏损。
 
For example, one effect of a weak economy is less demand for office space. As a result, property owners earn less and charge less in rent. This puts pressure especially on owners who borrowed a lot money.
举个例子来说,疲软经济的一个表现就是对办公场地需求减少。而后,结果就是,资产的所有者们会挣得更少并租金更低。这样,压力会堆积到尤其是哪些背负大量贷款的资产持有者身上。

Easy credit helped fuel an explosion of development. The market hit a high point in two thousand seven.
宽松易得的借贷曾经助燃过爆炸式的发展。在2007年,这一市场曾经冲击到一个高点。

Now, late payments are growing. Almost three percent of commercial mortgages were reported at least ninety days late between April and June. That was double a year earlier.
现今,预期付款状况正在增多。几乎有3%的商业抵押贷款被报道在4至6月里延期支付至少达90天。这是去年同期的两倍。

One major lender lost more than a billion and a half dollars in the second quarter. Capmark Financial Group said it might seek bankruptcy protection from its creditors. Medium and small banks also face a growing risk.
一个主要的贷款机构(Capmark Financial Group)在第二季度损失超过十五亿美元。这一集团已然声称其有可能会寻求来自其债权人的破产保护。中小型银行更是面临着逐步增加的风险。

Banks hold one and a half of the three and a half trillion dollars in debt that supports the commercial real estate market. Housing debt is much higher. Still, around two trillion dollars in commercial mortgages are expected to come due for payment within the next five years.
银行方面持有这批用来支撑商业地产市场的3.5万亿美元债务的1.5万亿。住宅市场的债务则更高。另外,大约两万亿美元的商业抵押贷款被期望在五年内能到期给付。

Commercial properties face two serious problems. One is falling prices -- down by one-fourth since two thousand seven. The other is refinancing.
商业地产面临两大严重问题。其一就是价格持续下滑--自2007年价格下滑了1/4.另一个则是再融资问题。

Most commercial real estate loans have terms of ten years or less. They often end with a large payment, a balloon payment, which owners usually refinance. But lower property values and tighter lending requirements mean a harder time getting new loans.
大部分商业地产的贷款是十年期或者更短。这些贷款到期时常需要大额还款,即分期付款中最后一笔较大金额的付款。贷款人通常需要再融资。但是,缩水的资产价值和更为苛刻的信贷条件意味着获取新贷款更为艰难。

One way to make capital available for new loans is to sell mortgage-backed securities. But since last year there has been little activity in the seven hundred fifty billion dollar market for commercial mortgage securities. The Federal Reserve recently extended into next year a loan program designed to get investors to buy more securities like these.
使资本变现以获取新贷款的一个方法就是卖掉抵押担保的有价证券。但是,自去年起,7500亿美元市值的商业抵押证券就鲜有人问津。近期,美联储将一个旨在吸引投资者购买更多以上类型证券的贷款计划宽延到了下一个年度。

The United States is not alone. Commercial rents in Moscow, Hong Kong, Singapore and Mumbai have fallen thirty percent or more.
(这种局面的)并非只有美国一个。莫斯科,香港,新加坡以及孟买的商业租赁都已经下跌30%甚至更多。

American housing sales, though, have improved in recent months, helped by lower prices and a tax credit for first-time buyers. The S&P/Case-Shiller national index of home prices rose in April, May and June. That was the first three-month increase in three years.
虽然,美国的住宅销售在近期数月有了增长,(赖于价格下降和对首次置业者的课税扣除)。关于房产价格的S&P/Case-Shiller全国指数在4,5和6月有所升高。这是三年来首次连续三个月增加。

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.
以上是VOA特别英语《经济报道》,由Mario Ritter编写。我是Steve Ember。

以上红字一段总觉得译的不够顺畅,请高手指点,大家探讨!

2楼 作者:longjie 创建: <编辑>  <引用>
THX~~
3楼 作者:justlikeu999 创建: <编辑>  <引用>

译的确实不错,如Easy credit helped fuel an explosion of development. 宽松信贷催生了地产的爆炸式发展。狠准确.

以下有点不见看法,商榷

Banks hold one and a half of the three and a half trillion dollars in debt that supports the commercial real estate market. Housing debt is much higher. Still, around two trillion dollars in commercial mortgages are expected to come due for payment within the next five years.

在支撑商业地产市场的 3.5 万亿美元债务中,银行持有1.5 万亿美元,以房抵债的高一些。然而,在商业抵押中约有2万亿美元预计会在今后5年内会付款到期。

4楼 作者:justlikeu999 创建: <编辑>  <引用>
会在今后5年内到付款期。
5楼 作者:justlikeu999 创建: <编辑>  <引用>
Housing debt 住房债务  还是Housing--debt 没想明白,整句也没想清里面的逻辑,高手看看...
6楼 作者:Early Bird 创建: <编辑>  <引用>
Commercial Real Estate:是指商业地产,用于办公等;而Housing是指普通住宅。Housing debt 普通住宅债务。
7楼 作者:jessiewang 创建: <编辑>  <引用>
That was double a year earlier 这是去年同期的一倍,还是2倍呀
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