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1、本科毕业设计（论文）外文翻译原文：DevelopmentofChina’sRealEstateMarketOverthepasttwodecades,realestatehasevolvedfromgovernmentcontrolledtoacommercialproduct,emerginganddevelopingintoanimportantcomponentofChina’sfinancialmarkets.Althoughtheoverallgrossdomesticproduct(GDP)andincome
2、levelshavebeengrowingrapidly,theeven-fasterrisinghousingcostshaveexacerbatedtheproblemofhousingaffordability.RealestatedevelopmenthasbecomeakeyfactorinChina’seconomicgrowth,asrealestatehasbecomeanessentialpartoftheoverallfunctioningoftheeconomy.Recentsignsfollowi
3、ngtheglobalfinancialcrisissuggestthatChina’srealestatemarkethasbottomedandmaybeonitswaytoarebound.Inthelongrun,thismarketofferslucrativeinvestmentopportunitiesfordomesticandforeigninvestors.Thegovernmentowned,controlled,andmanagedallrealestateinChinaunderasociali
4、stcentral-planningsystemuntil1988,whenreforminthissectorstarted(Fung,Huang,Liu,andShen2006).Sincethen,amarket-basedrealestateindustryhasgraduallydeveloped,relatedlegislationwasenacted,andvarioustypesofrealestateserviceshaveemerged.Duringthisperiod,realestateinChi
5、nahaschangedfromapublictoacommercialproduct.Althoughthestateremainstheowneroflandinname,therightsoflanduseandlandimprovementsarenowcommonlyprivatelyowned.Theprivatizationefforthasdriventhegrowthoftherealestateindustry,andhasmadeitpossibleformanymodernbusinessprac
6、ticestobeintroducedintoChina.Inrecentyears,China’srealestatemarkethasdemonstratedincreasingintegrationwithrealestatemarketsinotherpartsoftheworld,withalmostsynchronousebbsandflows.Thisgaverisetoimbalancesbetweensupplyanddemand,increasingrealestatepricevolatility.
7、Inaddition,theChineseeconomyhasbeengrowingatoneofthefastestratesintheworld,leadingtorisingdisposableincomelevels.Theincreaseinhousingpriceshaveactuallyoutpacedincomegrowth,therebyexacerbatingtheaffordabilityproblem.Acomparisonbetweentheinlandareaandthemoreaffluen
8、tcoastalareafindsthatthelatter’shousingaffordabilityproblemhasbeenmoresevere.Nevertheless,since1997,theheavyinvestmentintherealestatesectorhasprovidedanimporta
