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中国中小城市的房地产去库存将在2018年基本完成,这一转折标志着经济运行基本正常化,并将对大类资产市场产生重要影响。2009年-2011年中国经历了全面的房地产价格的快速上涨和泡沫化,这刺激了供应的过度增长,并随后导致库存的大量积累。由于过去2-3年的努力,重点城市库存基本已经完成去化,其他中小城市的库存水平仍然偏高,
The de-stocking of real estate in small and medium-sized cities in China will basically be completed in 2018, a turning point that basically normalizes the operation of the economy and will have a major impact on the broad asset market. From 2009 to 2011, China experienced a full-scale rapid rise and bubble in real estate prices, which stimulated the excessive growth of supply and subsequently led to the accumulation of large inventories. Due to the efforts of the past 2-3 years, the inventory of key cities has basically been completed and the inventory levels of other small and medium-sized cities are still at a high level.