毕业论文外文翻译--房地产制度泡沫

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1、英文原文：HowRealIsChina’sRealEstateBubbleAnd What Should Be Done about ItThinkU.S.housingpriceshavegoneberserk?TrythoseinShanghaiandBeijing,wherethecostofhomeshasbeenrisinganestimated25%annuallyinrecentyears.That’stwicethejumpinthemediansalepriceofexistingU.S.homesoverthepastyear,andasignt

2、hatChina’srealestatemarketisinthemidstofwhatsomeobserversviewasapotentiallyexplosivebubble.　　ThebubbleisrootedinsuchfactorsasChina’sstrongeconomicgrowthsince1990andinvestorbetsthatChina’scurrency,theyuan,willberevaluedupwardinthenearfuture.Butsuchspeculationishelpingpushthepriceofhomes

3、beyondthereachofmiddleclasscitizensinkeyChinesecitiesandraisingtheprospectofasuddenmarketcollapsethatcouldthreatenthecountry’sshakybankingsectorandwipeoutthelifesavingsofmanyfamilies.　　SomeseetheincreasinginvolvementofU.S.investorsinChina--includingtherecentmovebyBankofAmericatobuya9%s

4、takeinChinaConstructionBank--asahopefuldevelopmentwhenitcomestocalmingthecountry’srealestatescene.Andgiventheprospectofsocialunreststemmingfromeithercontinuedpricehikesoratoo-fastpricedecline,theChinesegovernmenthastakenactiontocooldownthemarket.　　ButBeijing’seffortssofarmaynotbeenough

5、toreinintherisingrealestateprices,saysWhartonmarketingprofessorJohnZhang.Hewarnsthatthegovernmentmustbecarefulinwhatevermovesitmakesnext.“Managingtheprocessofburstingthebubbleisreallysomethingdelicate,”hesays.　　　　InconsistentData　　China’srealestatemarketisrelativelynew.Afteryearsofprop

6、ertybeingunderthestrictcontrolofthecommunistgovernment,Chinaphasedoutfreegovernment-providedhousesintheearly1990s.Butevennow,thereisalegacyofthecommunistsystem.Thestatetechnicallyownsthecountry’sland:Individualsessentiallybuyrightstobuildontopofthelandorownstructuresalreadythere.　　　　As

7、withothermeasuresoftheChineseeconomy,it’shardtogetaprecisegaugeonhowhousingpriceshavebeenchanginginthecountry.Lastyear,thecountry'saveragehousingpriceroseby14.4%,accordingtoastoryinJunebyofficialChinesenewsagencyXinhuacitingthecountry’sNationalBureauofStatistics.ThestoryalsosaidthatB