Chinese real estate shares plunged and the stock market suffered its worst daily fall in 28 months yesterday after the government unveiled tough policies to damp a rebound in housing prices.

　　中国房地产股票昨日大跌，股市大盘出现28个月来最大单日跌幅，原因是政府出台了遏制房价反弹的严厉政策。

　　The State Council, China’s cabinet, on Friday detailed a series of “control measures” to rein in the real estate sector. Housing prices, which the Chinese government succeeded in stabilising last year, had started to surge in major cities in recent months.

　　中国国务院上周五公布了一系列旨在遏制房地产行业的“调控措施”。中国政府去年曾成功引导房价企稳，但近几个月各大城市的房价又开始飙升。

　　In the latest announcement, the government called for strict application of a 20 per cent capital gains tax on home sales, a rule that has been in place since 2005 but only patchily enforced. It also said that cities where prices had been rising too quickly should adopt targeted measures, including higher mandatory mortgage downpayments and restrictions on the purchases of second homes.

　　政府在最新宣布中要求，严格执行针对住房出售的20%的资本利得税，这条规则从2005年就开始生效，但迄今只得到零散的执行。政府还表示，近期房价上涨过快的城市，应当采取针对性措施，包括提高抵押贷款的首付门槛，以及限制购买第二套住房。

　　The CSI 300, an index of the top stocks on the Shanghai and Shenzhen exchanges, fell 4.6 per cent, its worst day since November 2010. The shares of most major developers tumbled 10 per cent, the daily maximum in China.

　　由上海和深圳证交所主要股票构成的沪深300(CSI 300)指数下跌4.6%，这是自2010年11月以来最大单日跌幅。各大开发商的股价下跌10%，这是中国允许的最大单日跌幅。

　　Investors and analysts had been bracing for government action to cool the housing market, but the package of policies “appears harsher than expected”, said Du Jinsong, property analyst with Credit Suisse.

　　此前投资者和分析师就准备迎接政府冷却楼市的行动，但瑞信(Credit Suisse)房地产分析师杜劲松表示，这套组合政策“似乎比预期更为严厉”。

　　Delivered on the eve of China’s annual parliament, which formally opens today, the announcement signified the importance Beijing attaches to preventing a housing bubble.

　　在今日正式开幕的中国全国人大年会前夕宣布新措施，突显中央政府对阻止楼市泡沫的高度重视。

　　Nevertheless, there was also much scepticism about how fective the latest official fort would be. Chinese media pointed out that it was the ninth set of “control measures” of the past 10 years, a decade during which house prices surged nationwide.

　　不过，对于官方的最新努力能够产生多大效果，各方相当怀疑。中国媒体指出，这是过去10年里出台的第9套“调控措施”，而这10年期间全国房价大幅上涨。

　　Lu Ting, an economist with Bank of America Merrill Lynch, warned that the capital gains tax could have unintended consequences. “These new measures may inadvertently shift demand of existing homes to new homes, pushing new home prices to rise even faster”.

　　美银美林(Bank of America Merrill Lynch)经济学家陆挺警告，资本利得税可能产生意外后果。“此类新措施可能在不经意间引导需求从二手房转向新房，从而进一步推高新建住房价格”。

　　Yin Bocheng, director of the real estate research centre in Fudan University, said there was also a question about whether cities would actually implement the tougher policies.

　　复旦大学房地产研究中心主任尹伯成表示，各城市会不会切实执行更严厉的政策也是一个问题。

　　“There is a fundamental contradiction. While the central government wants regulation, local governments want higher housing prices, which bring them land revenues.”

　　“这是一个根本的矛盾。中央政府希望调控，而地方政府希望房价上涨，因为土地给他们带来财政收入。”

　　Chen Li, head of China equity research at UBS Securities, described the property measures as a “catalyst for a pullback”.

　　瑞银证券(UBS Securities)中国股票研究主管陈李形容这些房地产调控政策为股市“回落的催化剂”。

　　“We’ve seen a very strong rally in recent months, so people needed a reason to take some profits. The property measures are not the only reason for this correction,” said Mr Chen. “I don’t think investors will be fully surprised by the news.”

　　“我们看到最近几个月出现一轮非常强劲的涨势，因此人们需要一个获利回吐的理由。这些房地产调控措施并非此次回调的唯一原因，”陈李表示。“我并不认为这个消息完全出乎投资者意料之外。”

　　From the first week of December to the end of February, the CSI 300 rose more than 30 per cent, with property stocks among the best performing. However, since the start of February the index has dropped more than 7 per cent, as investors grew nervous after the People’s Bank of China began taking liquidity out of the market following the lunar new year holiday, Mr Chen added.

　　从12月第一周到2月底，沪深300指数上涨逾30%，房地产股票是表现最佳的板块之一。不过，自2月初以来，该股指已经下跌逾7%。陈李补充说，投资者对中国央行在春节过后开始从市场回笼流动性感到紧张。

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