★以下是英語(yǔ)資源頻道為大家整理的《雙語(yǔ)新聞：中國(guó)債市通過(guò)地產(chǎn)壓力測(cè)試》，供大家參考。更多內(nèi)容請(qǐng)看本站英語(yǔ)資源頻道。
Asia’s fast-growing bond market faced its biggest challenge earlier this year, with the sudden fall from grace of Kaisa, the Shenzhen-based property developer.
今年早些時(shí)候，隨著深圳房地產(chǎn)開發(fā)商佳兆業(yè)(Kaisa)陷入困境，亞洲快速發(fā)展的債券市場(chǎng)面臨有史以來(lái)最為嚴(yán)峻的考驗(yàn)。 On Tuesday, Standard & Poor’s downgraded Kaisa to “D”, meaning default, after it missed two bond coupon payments — the latest twist in a tale that sent panic through the Chinese real estate sector just a few weeks earlier. Its ability to reach a quick deal with creditors remains “highly uncertain”, the rating agency said. 最近，在佳兆業(yè)未能償付兩筆債券利息之后，標(biāo)準(zhǔn)普爾(Standard & Poor’s)將其評(píng)級(jí)下調(diào)至違約級(jí)別的“D”級(jí)，這是僅僅數(shù)周前讓中國(guó)房地產(chǎn)領(lǐng)域感到恐慌的事件中的最新風(fēng)波。標(biāo)普表示，佳兆業(yè)能否與債權(quán)人快速達(dá)成協(xié)議依然“極不確定”。 Yet initial fears that contagion would spread through the credit market appear to have blown over. Bond prices have recovered, and investors are once again lending billions of dollars to Chinese homebuilders. So has this impromptu stress test been passed with flying colours?
然而，最初有關(guān)恐慌將在整個(gè)信貸市場(chǎng)蔓延的擔(dān)憂似乎已經(jīng)消散。債券價(jià)格已經(jīng)回升，投資者再次將數(shù)十億美元借給中國(guó)房地產(chǎn)公司。那么債市已經(jīng)成功通過(guò)了這次意外的壓力測(cè)試？ Before its blow-up, Kaisa was seen as a good barometer for the sector. It was profitable, medium-sized, possessed a BB credit rating, and held around $2.5bn in offshore debt. Its rapid decline called into question the investment thesis upon which tens of billions of dollars had been lent to Chinese developers over the past few years. 在爆發(fā)危機(jī)前，佳兆業(yè)曾被視為房地產(chǎn)行業(yè)的一個(gè)很好的風(fēng)向標(biāo)。那時(shí)，該公司盈利，中等規(guī)模，擁有BB信用評(píng)級(jí)，有大約25億美元的離岸債務(wù)。它的快速坍塌令人開始質(zhì)疑房地產(chǎn)這一投資主題——過(guò)去幾年投資者借給了中國(guó)房地產(chǎn)開發(fā)商數(shù)百億美元。 Negative headlines have not been restricted to Kaisa. A number of other Chinese developers have reported sharp drops in sales or abrupt executive departures, while the housing market has continued to weaken despite two rate cuts by the People’s Bank of China. 登上負(fù)面新聞?lì)^條的并不僅僅是佳兆業(yè)。其他許多中國(guó)房地產(chǎn)開發(fā)商都曝出了銷售大幅下降或者高管突然離職的消息，同時(shí)房地產(chǎn)市場(chǎng)繼續(xù)低迷，盡管中國(guó)人民銀行(PBOC)兩次下調(diào)了利率。 “It appears we’re nowhere close to the property market really beginning to turn around”, says Kenneth Akintewe, investment manager at Aberdeen Asset Management. 安本資產(chǎn)管理(Aberdeen Asset Management)的投資經(jīng)理肯尼斯•埃金特韋(Kenneth Akintewe)表示：“我們離房地產(chǎn)市場(chǎng)真正開始好轉(zhuǎn)似乎還遠(yuǎn)得很?！?However, the bond market has proven remarkably resilient. The JPMorgan Asian credit index (JACI) has risen 2.1 per cent this year, while even the high yield segment, which is dominated by Chinese real estate companies, is up 1.5 per cent. 然而，事實(shí)證明，債券市場(chǎng)的韌性非常強(qiáng)。摩根大通亞洲信貸指數(shù)(JACI)今年上漲2.1%，同時(shí)由中國(guó)房地產(chǎn)公司占據(jù)主導(dǎo)地位的高收益?zhèn)笖?shù)也上漲1.5%。 Issuance from the real estate sector has also returned after a brief hiatus. Country Garden and Shimao Property — both junk-rated borrowers — have together raised more than $2bn, while Sino-Ocean Land completed one of the sector’s biggest deals on record. In total, the sector has raised more than $3.5bn in new borrowing since Kaisa unravelled, according to Dealogic. 在短暫中斷之后，房地產(chǎn)業(yè)也重新開始發(fā)債。碧桂園(Country Garden)和世茂(Shimao)（評(píng)級(jí)均為垃圾級(jí)）總計(jì)籌得了逾20億美元的資金，同時(shí)遠(yuǎn)洋地產(chǎn)(Sino-Ocean Land)完成了房地產(chǎn)業(yè)有記錄以來(lái)規(guī)模之一的債券發(fā)售。Dealogic的數(shù)據(jù)顯示，自佳兆業(yè)爆發(fā)危機(jī)以來(lái)，中國(guó)房地產(chǎn)行業(yè)總計(jì)籌得了逾35億美元的新債務(wù)資金。 “Chinese real estate debt has rebounded surprisingly quickly,” says Haitham Ghattas, head of Asian high yield capital markets at Deutsche Bank. “That it can deal with a credit event like this does seem to demonstrate that the market has matured to some degree.” 德意志銀行(Deutsche Bank)的亞洲高收益資本市場(chǎng)主管海塞姆•加塔(Haitham Ghattas)表示：“中國(guó)房地產(chǎn)債券令人意外地迅速反彈。它能應(yīng)對(duì)佳兆業(yè)這樣的信用事件似乎的確表明，市場(chǎng)在某種程度上成熟了?！?Asia’s offshore debt markets have been growing rapidly during the past few years. Asian borrowers have raised $52.4bn in G3 currency bonds so far this year, according to Dealogic, compared with $18bn over the same period in 2010. 亞洲的離岸債券市場(chǎng)在過(guò)去幾年快速發(fā)展。Dealogic的數(shù)據(jù)顯示，今年迄今以來(lái)，亞洲借款人通過(guò)發(fā)行美元、歐元和日元債券籌集了524億美元的資金，相比之下，2010年同期的這一數(shù)據(jù)為180億美元。 That growth has drawn in new investors, something analysts say has dulled the threat of panic selling and helped the market ride out bad news. 這種增長(zhǎng)吸引了新的投資者，分析師認(rèn)為它減輕了恐慌性拋售的威脅，并有助于市場(chǎng)免受壞消息的影響。 “The investor base has changed significantly. You get a lot more local bids,” says Ben Sy, head of credit strategy at JPMorgan Private Bank in Asia. “They know the market better. They have a lot more holding power, so you don’t get selling across the sector.” 摩根大通私人銀行(JPMorgan Private Bank)駐亞洲信貸策略主管本•西(Ben Sy)表示：“投資者基礎(chǔ)發(fā)生了極大的改變。來(lái)自本地機(jī)構(gòu)的報(bào)價(jià)更多了。這些機(jī)構(gòu)更了解本地市場(chǎng)。他們有更大的粘著力，因此不會(huì)出現(xiàn)整個(gè)行業(yè)的拋售。” Investors have also drawn comfort from the fact that Kaisa’s problems have not led to a formal liquidation of the company — typically a drawn-out process that leaves bondholders nursing heavy losses. Deloitte estimated that Kaisa creditors would get less than 3 cents on the dollar if the company was wound up. 佳兆業(yè)的問題沒有導(dǎo)致該公司正式清算——正式清算是一個(gè)通常讓債券持有人蒙受重大損失的漫長(zhǎng)過(guò)程——這也讓投資者獲得些許慰藉。德勤(Deloitte)估計(jì)，如果佳兆業(yè)破產(chǎn)，該公司債權(quán)人的受償率將不足3%。 Over the weekend, the company said it would continue negotiations with its bondholders in order to reach a “consensual resolution” over a debt restructuring, another positive sign for investors. 佳兆業(yè)在周末表示，將繼續(xù)與債券持有人談判，以就債務(wù)重組達(dá)成一個(gè)“雙方一致同意的解決方案”，對(duì)投資者來(lái)說(shuō)，這又是一個(gè)積極的跡象。 However, the recovery in sentiment towards property sector bonds remains fragile, especially as the housing market itself shows renewed signs of sluggishness. Sales in the first two months of the year were “pretty weak”, said Gary Lau, credit analyst at Moody’s, something that will increasingly weigh on investors’ minds. 然而，投資者對(duì)房地產(chǎn)債券的情緒改善仍很脆弱，尤其是在房地產(chǎn)市場(chǎng)本身重新顯示出疲弱跡象之際。穆迪(Moody’s)信用分析師劉長(zhǎng)浩表示，今年頭兩個(gè)月的房地產(chǎn)銷售“相當(dāng)?shù)兔浴保@將給投資者帶來(lái)越來(lái)越大的壓力。 “The overall operating environment in the property market is declining. The weakening trend is making investors more cautious,” he said. 他說(shuō)：“房地產(chǎn)市場(chǎng)的整體運(yùn)營(yíng)環(huán)境日漸低迷。這種疲弱態(tài)勢(shì)讓投資者更加謹(jǐn)慎?！?Those worries have been manifested in a flight to quality. Despite the recent activity, just six developers have raised new debt this year, down from 20 over the same period in 2013. 這些擔(dān)憂還體現(xiàn)在“安全投資轉(zhuǎn)移”上。盡管最近房地產(chǎn)企業(yè)發(fā)行了債券，但今年發(fā)行新債的房地產(chǎn)開發(fā)商只有6家，遠(yuǎn)低于2013年同期的20家。 Investors are increasingly gravitating towards companies deemed better equipped for the slowdown — typically larger, state-backed builders. Smaller property borrowers are likely to face a bumpier road ahead. 投資者日益轉(zhuǎn)向那些被視為更能抵御市場(chǎng)低迷的公司，尤其是國(guó)有背景的較大型房地產(chǎn)公司。較小的房地產(chǎn)公司今后的日子可能更加難過(guò)。 Meanwhile, the Kaisa situation itself could yet drag on. The proposed rescue by rival homebuilder Sunac remains dependent on bondholders agreeing to defer interest payments and slash coupons on existing debts, which some analysts fear creates an unhealthy precedent if other developers run into trouble. 與此同時(shí)，佳兆業(yè)的情況本身可能會(huì)久拖不決。其競(jìng)爭(zhēng)對(duì)手融創(chuàng)(Sunac)提出的紓困舉措，依然取決于債券持有人是否同意延遲利息支付和降低現(xiàn)有債券利率，部分分析師擔(dān)心，如果未來(lái)其他開發(fā)商陷入困境，這會(huì)開創(chuàng)一個(gè)不好的先例。
Asia’s fast-growing bond market faced its biggest challenge earlier this year, with the sudden fall from grace of Kaisa, the Shenzhen-based property developer.
今年早些時(shí)候，隨著深圳房地產(chǎn)開發(fā)商佳兆業(yè)(Kaisa)陷入困境，亞洲快速發(fā)展的債券市場(chǎng)面臨有史以來(lái)最為嚴(yán)峻的考驗(yàn)。 On Tuesday, Standard & Poor’s downgraded Kaisa to “D”, meaning default, after it missed two bond coupon payments — the latest twist in a tale that sent panic through the Chinese real estate sector just a few weeks earlier. Its ability to reach a quick deal with creditors remains “highly uncertain”, the rating agency said. 最近，在佳兆業(yè)未能償付兩筆債券利息之后，標(biāo)準(zhǔn)普爾(Standard & Poor’s)將其評(píng)級(jí)下調(diào)至違約級(jí)別的“D”級(jí)，這是僅僅數(shù)周前讓中國(guó)房地產(chǎn)領(lǐng)域感到恐慌的事件中的最新風(fēng)波。標(biāo)普表示，佳兆業(yè)能否與債權(quán)人快速達(dá)成協(xié)議依然“極不確定”。 Yet initial fears that contagion would spread through the credit market appear to have blown over. Bond prices have recovered, and investors are once again lending billions of dollars to Chinese homebuilders. So has this impromptu stress test been passed with flying colours?
然而，最初有關(guān)恐慌將在整個(gè)信貸市場(chǎng)蔓延的擔(dān)憂似乎已經(jīng)消散。債券價(jià)格已經(jīng)回升，投資者再次將數(shù)十億美元借給中國(guó)房地產(chǎn)公司。那么債市已經(jīng)成功通過(guò)了這次意外的壓力測(cè)試？ Before its blow-up, Kaisa was seen as a good barometer for the sector. It was profitable, medium-sized, possessed a BB credit rating, and held around $2.5bn in offshore debt. Its rapid decline called into question the investment thesis upon which tens of billions of dollars had been lent to Chinese developers over the past few years. 在爆發(fā)危機(jī)前，佳兆業(yè)曾被視為房地產(chǎn)行業(yè)的一個(gè)很好的風(fēng)向標(biāo)。那時(shí)，該公司盈利，中等規(guī)模，擁有BB信用評(píng)級(jí)，有大約25億美元的離岸債務(wù)。它的快速坍塌令人開始質(zhì)疑房地產(chǎn)這一投資主題——過(guò)去幾年投資者借給了中國(guó)房地產(chǎn)開發(fā)商數(shù)百億美元。 Negative headlines have not been restricted to Kaisa. A number of other Chinese developers have reported sharp drops in sales or abrupt executive departures, while the housing market has continued to weaken despite two rate cuts by the People’s Bank of China. 登上負(fù)面新聞?lì)^條的并不僅僅是佳兆業(yè)。其他許多中國(guó)房地產(chǎn)開發(fā)商都曝出了銷售大幅下降或者高管突然離職的消息，同時(shí)房地產(chǎn)市場(chǎng)繼續(xù)低迷，盡管中國(guó)人民銀行(PBOC)兩次下調(diào)了利率。 “It appears we’re nowhere close to the property market really beginning to turn around”, says Kenneth Akintewe, investment manager at Aberdeen Asset Management. 安本資產(chǎn)管理(Aberdeen Asset Management)的投資經(jīng)理肯尼斯•埃金特韋(Kenneth Akintewe)表示：“我們離房地產(chǎn)市場(chǎng)真正開始好轉(zhuǎn)似乎還遠(yuǎn)得很?！?However, the bond market has proven remarkably resilient. The JPMorgan Asian credit index (JACI) has risen 2.1 per cent this year, while even the high yield segment, which is dominated by Chinese real estate companies, is up 1.5 per cent. 然而，事實(shí)證明，債券市場(chǎng)的韌性非常強(qiáng)。摩根大通亞洲信貸指數(shù)(JACI)今年上漲2.1%，同時(shí)由中國(guó)房地產(chǎn)公司占據(jù)主導(dǎo)地位的高收益?zhèn)笖?shù)也上漲1.5%。 Issuance from the real estate sector has also returned after a brief hiatus. Country Garden and Shimao Property — both junk-rated borrowers — have together raised more than $2bn, while Sino-Ocean Land completed one of the sector’s biggest deals on record. In total, the sector has raised more than $3.5bn in new borrowing since Kaisa unravelled, according to Dealogic. 在短暫中斷之后，房地產(chǎn)業(yè)也重新開始發(fā)債。碧桂園(Country Garden)和世茂(Shimao)（評(píng)級(jí)均為垃圾級(jí)）總計(jì)籌得了逾20億美元的資金，同時(shí)遠(yuǎn)洋地產(chǎn)(Sino-Ocean Land)完成了房地產(chǎn)業(yè)有記錄以來(lái)規(guī)模之一的債券發(fā)售。Dealogic的數(shù)據(jù)顯示，自佳兆業(yè)爆發(fā)危機(jī)以來(lái)，中國(guó)房地產(chǎn)行業(yè)總計(jì)籌得了逾35億美元的新債務(wù)資金。 “Chinese real estate debt has rebounded surprisingly quickly,” says Haitham Ghattas, head of Asian high yield capital markets at Deutsche Bank. “That it can deal with a credit event like this does seem to demonstrate that the market has matured to some degree.” 德意志銀行(Deutsche Bank)的亞洲高收益資本市場(chǎng)主管海塞姆•加塔(Haitham Ghattas)表示：“中國(guó)房地產(chǎn)債券令人意外地迅速反彈。它能應(yīng)對(duì)佳兆業(yè)這樣的信用事件似乎的確表明，市場(chǎng)在某種程度上成熟了?！?Asia’s offshore debt markets have been growing rapidly during the past few years. Asian borrowers have raised $52.4bn in G3 currency bonds so far this year, according to Dealogic, compared with $18bn over the same period in 2010. 亞洲的離岸債券市場(chǎng)在過(guò)去幾年快速發(fā)展。Dealogic的數(shù)據(jù)顯示，今年迄今以來(lái)，亞洲借款人通過(guò)發(fā)行美元、歐元和日元債券籌集了524億美元的資金，相比之下，2010年同期的這一數(shù)據(jù)為180億美元。 That growth has drawn in new investors, something analysts say has dulled the threat of panic selling and helped the market ride out bad news. 這種增長(zhǎng)吸引了新的投資者，分析師認(rèn)為它減輕了恐慌性拋售的威脅，并有助于市場(chǎng)免受壞消息的影響。 “The investor base has changed significantly. You get a lot more local bids,” says Ben Sy, head of credit strategy at JPMorgan Private Bank in Asia. “They know the market better. They have a lot more holding power, so you don’t get selling across the sector.” 摩根大通私人銀行(JPMorgan Private Bank)駐亞洲信貸策略主管本•西(Ben Sy)表示：“投資者基礎(chǔ)發(fā)生了極大的改變。來(lái)自本地機(jī)構(gòu)的報(bào)價(jià)更多了。這些機(jī)構(gòu)更了解本地市場(chǎng)。他們有更大的粘著力，因此不會(huì)出現(xiàn)整個(gè)行業(yè)的拋售。” Investors have also drawn comfort from the fact that Kaisa’s problems have not led to a formal liquidation of the company — typically a drawn-out process that leaves bondholders nursing heavy losses. Deloitte estimated that Kaisa creditors would get less than 3 cents on the dollar if the company was wound up. 佳兆業(yè)的問題沒有導(dǎo)致該公司正式清算——正式清算是一個(gè)通常讓債券持有人蒙受重大損失的漫長(zhǎng)過(guò)程——這也讓投資者獲得些許慰藉。德勤(Deloitte)估計(jì)，如果佳兆業(yè)破產(chǎn)，該公司債權(quán)人的受償率將不足3%。 Over the weekend, the company said it would continue negotiations with its bondholders in order to reach a “consensual resolution” over a debt restructuring, another positive sign for investors. 佳兆業(yè)在周末表示，將繼續(xù)與債券持有人談判，以就債務(wù)重組達(dá)成一個(gè)“雙方一致同意的解決方案”，對(duì)投資者來(lái)說(shuō)，這又是一個(gè)積極的跡象。 However, the recovery in sentiment towards property sector bonds remains fragile, especially as the housing market itself shows renewed signs of sluggishness. Sales in the first two months of the year were “pretty weak”, said Gary Lau, credit analyst at Moody’s, something that will increasingly weigh on investors’ minds. 然而，投資者對(duì)房地產(chǎn)債券的情緒改善仍很脆弱，尤其是在房地產(chǎn)市場(chǎng)本身重新顯示出疲弱跡象之際。穆迪(Moody’s)信用分析師劉長(zhǎng)浩表示，今年頭兩個(gè)月的房地產(chǎn)銷售“相當(dāng)?shù)兔浴保@將給投資者帶來(lái)越來(lái)越大的壓力。 “The overall operating environment in the property market is declining. The weakening trend is making investors more cautious,” he said. 他說(shuō)：“房地產(chǎn)市場(chǎng)的整體運(yùn)營(yíng)環(huán)境日漸低迷。這種疲弱態(tài)勢(shì)讓投資者更加謹(jǐn)慎?！?Those worries have been manifested in a flight to quality. Despite the recent activity, just six developers have raised new debt this year, down from 20 over the same period in 2013. 這些擔(dān)憂還體現(xiàn)在“安全投資轉(zhuǎn)移”上。盡管最近房地產(chǎn)企業(yè)發(fā)行了債券，但今年發(fā)行新債的房地產(chǎn)開發(fā)商只有6家，遠(yuǎn)低于2013年同期的20家。 Investors are increasingly gravitating towards companies deemed better equipped for the slowdown — typically larger, state-backed builders. Smaller property borrowers are likely to face a bumpier road ahead. 投資者日益轉(zhuǎn)向那些被視為更能抵御市場(chǎng)低迷的公司，尤其是國(guó)有背景的較大型房地產(chǎn)公司。較小的房地產(chǎn)公司今后的日子可能更加難過(guò)。 Meanwhile, the Kaisa situation itself could yet drag on. The proposed rescue by rival homebuilder Sunac remains dependent on bondholders agreeing to defer interest payments and slash coupons on existing debts, which some analysts fear creates an unhealthy precedent if other developers run into trouble. 與此同時(shí)，佳兆業(yè)的情況本身可能會(huì)久拖不決。其競(jìng)爭(zhēng)對(duì)手融創(chuàng)(Sunac)提出的紓困舉措，依然取決于債券持有人是否同意延遲利息支付和降低現(xiàn)有債券利率，部分分析師擔(dān)心，如果未來(lái)其他開發(fā)商陷入困境，這會(huì)開創(chuàng)一個(gè)不好的先例。