Unit3 Property Boom房地产泡沫

Unit3PropertyBoomCheckingCheckingReviewing(Unit2) disruptivechange asnowballeffect aturnoverof$3.8million aculthorror-filmmaker exertrigorouscontrol 男巫 令人感到压抑的生活 收益源 原地不动 每况愈下 Previewing(Unit3) debacle commercialproperty prophetsscorned regime adjustable-ratemortgage 房地产泡沫 宏观经济环境 系统性风险 投机性买房 资产负债表 CheckingReviewing(Unit2) disruptivechange asnowballeffect aturnoverof$3.8million aculthorror-filmmaker exertrigorouscontrol 男巫 令人感到压抑的生活 收益源 原地不动 每况愈下 Reviewing(Unit2) 颠覆性的改变 雪球效应 380万美元的营业额 狂热的恐怖电影制造商 实行严格的控制 awizard astiflinglife revenuestream stayput godownhill CheckingPreviewing(Unit3) debacle commercialproperty prophetsscorned regime adjustable-ratemortgage 房地产泡沫 宏观经济环境 系统性风险 投机性买房 资产负债表 Previewing(Unit3) 彻底失败 商用不动产 被藐视的预言者 管理体制;机制 可变利率抵押贷款 housingbubble macroeconomicenvironment systemicrisk speculativehomebuying balancesheet Unit3Lead-inThesearepicturesofthetopsixskyscrapersintheworld.Canyourecognizethem?Matchthepictureswiththeirnames.1)2)3)5)4)6)www.onedigitallife.com4)1)2)3)6)5) BURJDUBAI Theworld’stallestbuildingsituatedinthecityofDubai-828m Taipei101 FormerlyknownastheTaipeiWorldFinancialCenter:theworld'stallestfrom2004to2010-509m SWFC ShanghaiWorldFinancialCenterthesecondtallestbuildinginChina-492m ThePetronasTwinTowers SkyscrapersandtwintowersinKualaLumpur,Malaysia-452m TheSearsTower Theworld’sfifthtallestbuildinginthecityofChicago-442m IFCHongKong InternationalFinancialCenterthetallestbuildinginHongKong-420mwww.onedigitallife.comTextABetweenaRockandaLivingSpaceTitleBetweenaRockandaLivingSpace between___and___ betweenthedevilandthedeepsea betweenarockandahardplace 进退维谷,进退两难 BetweenaRockandaLivingSpace BetweenaRockandaHardPlace autobiographyofAronRalston publishedin2004 experiencebeingtrappedinBlueJohnCanyonintheUtahdesert amputatehisownrightarmwithadullmulti-tool armtrappedbyaboulder 左右为难 TextABetweenaRockandaLivingSpaceTitleTextABetweenaRockandaLivingSpaceStructureAnalysisStructureAnalysis Paras1-3 Anintroductionofthecurrentsituationofpropertyboomandabriefanalysisofreasonsandlessonslearnt. Paras4-15 Adetaileddiscussionofwhatpolicymakersandfinancialregulatorscoulddotocontrolthepropertybubblesandavoidthecrisis. Paras16-20 AsummaryoftheeconomicsituationbothintheUSandintheEuropeaftertheburstingofthebubblesandwhatwecanlearnfromit.TextABetweenaRockandaLivingSpaceDetailedReadingQuestion1 WhatdoesRobertShiller'sindextell?RobertShiller罗伯特•希勒 bornMarch29,1946 anAmericaneconomist,academic,andbest-sellingauthor aSterlingProfessorofEconomicsatYaleUniversity receivedthe2013NobelMemorialPrizeinEconomicSciences Question1 WhatdoesRobertShiller'sindextell? ItisanindexshowingthefluctuationofrealhousepricesinAmerica.realhouseprices inflation-adjustedhouseprices扣除通货膨胀后的房价 Question2 WhatconclusioncanwedrawfromstudyingRobertShiller'sindex? forthe100yearsorso(1890-1990) startinginthelate1990s inthemiddleofthefirstdecadeofthenewcenturyQuestion2 WhatconclusioncanwedrawfromstudyingRobertShiller'sindex? forthe100yearsorso(1890-1990) Pricesgoupanddownbutgainverylittleoverall.gain n.riseinrateorprice 增加Question2 WhatconclusioncanwedrawfromstudyingRobertShiller'sindex? forthe100yearsorso(1890-1990) Pricesgoupanddownbutgainverylittleoverall. startinginthelate1990s Housepricesprettymuchdoubleinrealtermswithinadecade.inrealterms 扣除物价因素；按实质计算 growinrealterms实际增长 nationalincomeinrealterms实际国民收入Question2 WhatconclusioncanwedrawfromstudyingRobertShiller'sindex? forthe100yearsorso(1890-1990) Pricesgoupanddownbutgainverylittleoverall. startinginthelate1990s Housepricesprettymuchdoubleinrealtermswithinadecade.Question3 Howdoestheauthordescribetheincreaseinhouseprices? Therun-upinvalueswasnotjustunprecedented,itwasobviouslylunatic. run-up n.asubstantialincreaseoverarelativelyshortperiodoftime迅速增大unprecedented[,ʌn'presidəntid] adj.havingnoprecedent;novel空前的;无前例的 anunprecedentedsuccess空前的成功 lunatic['lju:nətik] adj.veryfoolishandpossiblydangerous极端愚蠢的;疯狂的 tolunaticextremes疯狂到极点 Question3 Howdoestheauthordescribetheincreaseinhouseprices? Therun-upinvalueswasnotjustunprecedented,itwasobviouslylunatic. 房价发生突然性的猛增不仅仅是前所未有的，而且这显然很疯狂。 Question2 WhatconclusioncanwedrawfromstudyingRobertShiller'sindex? forthe100yearsorso(1890-1990) Pricesgoupanddownbutgainverylittleoverall. startinginthelate1990s Housepricesprettymuchdoubleinrealtermswithinadecade. inthemiddleofthefirstdecadeofthenewcentury Afterhittingthesummit,housepricesstarttoplummet.plummet vi.decreasequicklybyalargeamount暴跌Question4 Whatlessonscanwelearnfromthecrisis? Theriskmanagementandunderwritingpracticesshouldbechanged. riskmanagement风险管理 underwritingpractices保险业务Question4 Whatlessonscanwelearnfromthecrisis? Theriskmanagementandunderwritingpracticesshouldbechanged: moreemphasisonaffordability morerigorousstress-testing betterpricingforborrowerswithmoreequitytoputinaffordability n.abilitytopay,capacitytopay支付能力；负担能力；可购性equity['ekwəti] Infinance,yourequityisthesumofyourassets,forexamplethevalueofyourhouse,onceyourdebtshavebeensubtractedfromit.资产净值Question4 Whatlessonscanwelearnfromthecrisis? Theriskmanagementandunderwritingpracticesshouldbechanged: moreemphasisonaffordability morerigorousstress-testing betterpricingforborrowerswithmoreequitytoputinQuestion5 Whatarethereasonsforthispropertyboom? Propertymarketisveryattractiveforbanks. Propertyexertsasiren-likeattractionforbanks.Siren InGreekmythology,theSirensweredangerousyetbeautifulcreatures,wholurednearbysailorswiththeirenchantingmusicandvoicestoshipwreckontherockycoastoftheirisland. [希腊神话] 塞任 半人半鸟的女海妖 常用美妙歌声引诱水手,令船触礁沉没Question5 Whatarethereasonsforthispropertyboom? Propertymarketisveryattractiveforbanks. Propertyexertsasiren-likeattractionforbanks.对于银行,房产有着海妖一般的诱惑力。Question6 Whyispropertysoappealingtobanks? First,propertyloansarerelativelylightoncapitalandbackedbyrealassets. 房屋产权贷款在基于不动产的基础上相对较容易得到资金。 Second,inretailbankmortgagesarethoughttoanchorlong-termrelationshipswithcustomers. 在银行的零售业务中,抵押贷款被认为是一项能有助于银行与客户建立长期关系的业务。 Third,lendingoncommercialpropertyislumpyenoughforasinglebigdealtogetsalesteamstotheirtargets. 对商业房地产的贷款也由于数额巨大能够一次性地使销售团队达到他们的目标。Question7 WhataretheprophetsmentionedinPara.4?prophet n.anauthoritativepersonwhodivinesthefuture先知;预言者Question7 WhataretheprophetsmentionedinPara.4? propertyvaluersinDubai 迪拜的产权估值专家 regulatorsinBritainandAmerica 英美两国的官方监管机构 whistle-blowersinsidebanks 来自银行内部的揭秘者Question8 Whatdidtheprophetsdo? propertyvaluersinDubai Advisedbanksthatthemarketwasoverheating. regulatorsinBritainandAmerica Issuedsimilarwarnings. whistle-blowersinsidebanks Presentedaforecastofaflathousingmarket. Question9 Howweretheprophetsscorned? propertyvaluersinDubai Wereignored. regulatorsinBritainandAmerica Weredisregarded. whistle-blowersinsidebanks Faredlitterbetter. fare v.proceedorgetalong进展 Whistle-blowersinsidebanksfaredlittlebetter.来自银行内部的揭秘者进展得也不顺利。SentenceTranslation Anex-employeeofCountrywide,aparticularlygung-hoAmericanlender,recallspresentingaforecastofaflathousingmarkettoameetingatthebankin2006andbeingshouteddownbysalespeople,whoarguedthatiftheypricedforcreditriskonthatbasistheywouldbeoutofbusiness.gung-ho['gʌŋ'həu] adj.veryenthusiasticanddedicated起劲的，热心的aforecastofaflathousingmarket 公寓房屋市场的预测shoutdown v.todrown,overwhelm,orsilencebyshoutingortalkingloudly(通过大声说话来)淹没其他声音creditrisk Creditriskreferstotheriskthataborrowerwilldefaultonanytypeofdebtbyfailingtomakepaymentswhichitisobligatedtodo.信用风险；信贷风险SentenceTranslation Anex-employeeofCountrywide,aparticularlygung-hoAmericanlender,recallspresentingaforecastofaflathousingmarkettoameetingatthebankin2006andbeingshouteddownbysalespeople,whoarguedthatiftheypricedforcreditriskonthatbasistheywouldbeoutofbusiness. 一位来自美国一家特别活跃的贷款公司的雇员回忆起曾在2006年向一场会议提交了公寓房屋市场的预测，但是他的报告被销售人员的声音所淹没，这些销售人员认为如果他们在那个基础上为信用风险定价，他们将会被踢出这个商业圈。Question10 Whatarethethreeleversthatpolicymakerscanresorttoinordertobetterregulateapropertymarket? Thefirstleveristheinstitutionalframeworkcontrolledbythegovernment—thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault. Thesecondleveristhesystemofmortgagefinancing. Thethirdleveristheideaofmacroprudentialregulationwhichisalreadycommoninsomepartsoftheworld.SentenceTranslation Thefirstistheinstitutionalframeworkthatiscontrolledbygovernments—thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault.recourse[ri'kɔ:s] n.somethingorsomeoneturnedtoforassistanceorsecurity追索权;依赖SentenceTranslation Thefirstistheinstitutionalframeworkthatiscontrolledbygovernments—thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault. 第一种杠杆是由政府控制的体制框架——像税收减免、住房津贴、土地供应和有关违约追诉的法律等等。Questions11 WhatarethecharacteristicsoftheDanishsystem? Itfeaturesspecializedmortgagelendersthatobservestrictloan-to-valuelimits. Itprotectsborrowersfrominterest-rateriskbyofferinglong-termfixed-ratemortgages. Ithasanimplicitgovernmentguarantee. loan-to-value n.theratiobetweenthesumofmoneylentinamortgageagreementandthelender'svaluationofthepropertyinvolved房产信贷价值比率fixed-ratemortgage Afixed-ratemortgage(FRM),oftenreferredtoasa"vanillawafer"mortgageloan,isafullyamortizingmortgageloanwheretheinterestrateonthenoteremainsthesamethroughthetermoftheloan,asopposedtoloanswheretheinterestratemayadjustor"float".Asaresult,paymentamountsandthedurationoftheloanarefixedandthepersonwhoisresponsibleforpayingbacktheloanbenefitsfromaconsistent,singlepaymentandthestufftoplanabudgetbasedonthisfixedcost.固定利率抵押贷款implicit adj.beingwithoutdoubtorreserve无保留的；绝对的Questions11 WhatarethecharacteristicsoftheDanishsystem? Itfeaturesspecializedmortgagelendersthatobservestrictloan-to-valuelimits. 这种模式的特点在于由专业从事抵押贷款业务的银行对放贷比率进行严格控制。 Itprotectsborrowersfrominterest-rateriskbyofferinglong-termfixed-ratemortgages. 它通过提供长期固定利率按揭来保护借方不受利率风险的影响。 Ithasanimplicitgovernmentguarantee. 它拥有政府对银行做出的完全担保。 Question12 Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow? Itdisenfranchisessome--first-timebuyersandtheself-employedtendtosuffermost.disenfranchise[,disin'fræntʃaiz] v.depriveofvotingrightsorotherrightsthatmostotherpeoplehave剥夺(某人群的)权利Question12 Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow? Itdisenfranchisessome--first-timebuyersandtheself-employedtendtosuffermost. Itdeprivesfirst-timebuyersandtheself-employedoftheirrighttoraiseabankloan. 对人们能借多少进行生硬的限制不仅剥夺了那些首次购买者的公民权利,也使得那些个体劳动者受到最大伤害。Question12 Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow? Itrisksencouragingthemtofindawayaroundtherulesbytoppinguptheirborrowingwithmoreexpensive,unsecuredfinancing. 对人们能借多少进行生硬的限制会促使他们绕过规则，通过更高成本和不安全的融资来提高他们借款额度。Question12 Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow? Somelendersalsofretthatifunderwritingbecomestooprescriptive,borrowersarerelievedoftakingresponsibilityfortheirownactions.fret v.worryunnecessarilyorexcessively烦恼；焦急prescriptive adj.pertainingtogivingdirectivesorrules指令性的;规定性的Question12 Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow? Somelendersalsofretthatifunderwritingbecomestooprescriptive,borrowersarerelievedoftakingresponsibilityfortheirownactions. Itisalsoworriedbysomelendersthatifbanksimposetoostrictrulestoguaranteethepaymentofloans,theborrowerswouldnotbearresponsibilityfortheirownactions.Question12 Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow? Itdeprivesfirst-timebuyersandtheself-employedoftheirrighttoraiseabankloan. Asaconsequence,theyareencouragedtoseekmoreexpensiveandunsecuredmethodoffinancing. Somelendersalsofretthatifunderwritingbecomestooprescriptive,borrowersarerelievedoftakingresponsibilityfortheirownactions.Question13 Whyismacroprudentialregulationhardtoimplement?macroprudentialregulation Thetermcharacterizestheapproachtofinancialregulationaimedtomitigatetheriskofthefinancialsystemasawhole.宏观审慎监管Question13 Whyismacroprudentialregulationhardtoimplement? Firstitisdifficulttospotthebubblesbeforetheyburst. Andassoonasthepropertyboomsgetgoing,theyarehardtocalmdown. Alsothiskindofregulationmightbemoresuitableforemergingmarketsthandevelopedmarkets.Question14 Whydoregulatorshavetoresistpressureswhenthepropertyboomisunderway? Thankstotransactiontaxes,propertybubblesarehelpfultoexchequersandthejobsmarketwhentheyfirstgetgoing.exchequer[iks'tʃekə;'eks-] n.thefundsofagovernmentorinstitutionorindividual国库;财政部Question14 Whydoregulatorshavetoresistpressureswhenthepropertyboomisunderway? Thankstotransactiontaxes,propertybubblesarehelpfultoexchequersandthejobsmarketwhentheyfirstgetgoing. 由于交易税的功劳，地产泡沫在产生初期对国库和求职市场非常有利。 Question15 WhatisthecurrentsituationinAmericaafterthepropertycrisis? TheworsteffectsareprobablyoverinAmerica. Themostaffectedbanksaresmallerlendersandthegovernmentiswillingtoprovidesupporttoresidentialmarkets. Thedroppinghousingpricemightslowdowntheeconomicrecovery.Question16 WhatisthecurrentsituationinEuropeafterthepropertycrisis? Thelong-termeffectsmightlingerforyearsinEurope. Housingpricecontinuestofall; CertainEuropeanbanksandgovernments’abilitytocopewithlossesarereallydoubtful; Theriskofinterest-raterisesgraduallyoccurs.TextABetweenaRockandaLivingSpaceParaphrasingRewriting Disentanglingthevariouscausesofthepropertybubbleisextremelydifficult,...disentangle Ifyoudisentangleacomplicatedorconfusedsituation,youmakeiteasiertounderstandormanagetounderstandit,byclearlyrecognizingeachseparateelement.理解(复杂混乱的状况) It'simpossibletodisentanglethemythfromreality.分清神话和现实是不可能的。Rewriting Disentanglingthevariouscausesofthepropertybubbleisextremelydifficult,... Itisnoteasytofindoutthereasonsforthepropertybubble,Rewriting ...orrisksencouragingthemtofindawayaroundtherulesbytoppinguptheirborrowingwithmoreexpensive,unsecuredfinancing. ...orincreasestherisksforthoseresortingtoamoreexpensive,unsecuredwayoffinancinginordertobypasstheregulation.Rewriting ...,lotsofcleverpeopleinfinanceandinthecorridorsofpowerpersuadedthemselvesthatthingsweredifferentthistime. ...,lotsoffinanciersandpoliticianstriedtoconvincethemselvesthatthingswerenotthatbadthistime.Rewriting Still,thepoliticsofdampeningboomsiseasierinemergingmarkets,... Still,itisrelativelyeasytocooldownthepropertyboomsinemergingmarkets,...Rewriting Regulatorswillthereforeneedtohaveaveryclearmandate... Thereforefinancialregulatorsshouldbegivenclearauthorizedpower...SentenceTransformation Moreliberalfinancingregimesareoftenagoodthing(askanyyoungIntalianwhowantstobuyahome),butonlyasbasicunderwritingstandardscontinuetobemet. Onlyifbasicguaranteestandardscontinuetobemet,canmoreliberalfinancingregimesbeagoodthing(askanyyoungItalianwhowantstobuyahome).SentenceTransformation TheDanishsystem,liketheAmericanone,alsoprotectsborrowersfrominterest-rateriskbyofferinglong-termfixed-ratemortgages. Long-termfixed-ratemortgagesareadoptedbytheDanishsystem,justliketheAmericanone,toprotectborrowersfromtherisksofinterest-ratefluctuation.SentenceTransformation Somelendersalsofretthatifunderwritingbecomestooprescriptive,borrowersarerelievedoftakingresponsibilityfortheirownactions. Itisalsoworriedbysomelendersthatifbanksimposetoostrictrulestoguaranteethepaymentofloans,theborrowerswouldnotbearresponsibilityfortheirownactions.SentenceTransformation Propertymaybepronetoexcesseverywherebutthepolicyresponsetotheeventsofthepastdecadewill—andshould—varyfromcountrytocountry. Differentfromtheuniversalexcessivenessofpropertyeverywhere,thepolicyresponsetothepropertyboomsinthepastdecadewillandshouldnotbethesameindifferentcountries.SentenceTransformation Uppingtheamountofequitythatbankshavetoholdisonewayofkeepingdowntheamountofdebtthatfindsitswayintoproperty. Inordertolowertheamountofdebtwhichisunavoidableinproperty,bankshavetoincreasetheamountofequitytheyhold.TextABetweenaRockandaLivingSpaceSentenceTranslationSentenceTranslation Inretailbankingmortgagesarethoughttoanchorlong-termrelationshipswithcustomers.Lendingoncommercialpropertyislumpyenoughforasinglebigdealtogetsalesteamstotheirtargets. 在银行的零售业务中，抵押贷款被认为是一项能有助于银行与客户建立长期关系的业务。对商业房地产的贷款也由于数额巨大能够一次性地使销售团队达到他们的目标。SentenceTranslation Thefirstistheinstitutionalframeworkthatiscontrolledbygovernments—thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault. 第一种杠杆是由政府控制的体制框架——像税收减免、住房津贴、土地供应和有关违约追诉的法律等等。SentenceTranslation UnderdraftproposalsforpruningAmerica’sbudgetdeficit,mortgageinterestwillenjoyfewertaxadvantages. 根据旨在削减美国的预算赤字而起草的提案，抵押贷款的利息所享受的税务优惠将会减少。SentenceTranslation ManyobserverswarmlycommendtheDanishmodel,whichfeaturesspecialisedmortgagelendersthatobservestrictloan-to-valuelimits. 许多经济观察家极力推荐丹麦模式，这种模式的特点在于由专业从事抵押贷款业务的银行对放贷比率进行严格控制。SentenceTranslation GovernmentsandregulatorsinChina,HongKong,Singaporeandelsewherealwaysseemtobeadjustingloan-to-valueratios,restrictingtheavailabilityofcreditforspeculativehomebuying,imposingtaxesonhomesthatareflippedwithinacertainperiodandsoon. 中国、新加坡以及其他国家和地区的政府和调控部门好像一直都在采取调整放贷的比率，限制用于投机性房产购置的贷款数量，对在一定期限内抛售的房产征税等措施。TextABetweenaRockandaLivingSpaceWords&Expressionshousingbubble 房地产泡沫 美国著名经济学家查尔斯·P·金德伯格认为：房地产泡沫可理解为房地产价格在一个连续的过程中的持续上涨，这种价格的上涨使人们产生价格会进一步上涨的预期，并不断吸引新的买者--随着价格的不断上涨与投机资本的持续增加，房地产的价格远远高于与之对应的实体价格，由此导致房地产泡沫。泡沫过度膨胀的后果是预期的逆转、高空置率和价格的暴跌，即泡沫破裂，它的本质是不可持续性。inflation-adjustedhouseprices 扣除通货膨胀后的房价begaquestion 提出了一个问题 Suchsuccess,ofcourse,begsaquestion:Arefeatsofcourage,liketripstothecrematorium,necessarytonurturechampions?当然,这样的成功也带来了一个问题：诸如到火葬场之类的勇武行为是否是培养冠军所必需的?intervene[,intə'vi:n] v.getinvolved,soastoalterorhinderanaction,orthroughforceorthreatofforce干涉；干预 Thesituationcalmeddownwhenpoliceintervened.警察干预后，局势平静了下来。pop v.causetoburstwithaloud,explosivesound(使)爆开 Thechildpoppedtheballoon.nexttimeround 下一次 Onthecontrary,theywilltryevenhardernexttimeround.他们反而会重整旗鼓、再接再厉。prompt v.giveanincentiveforaction促进；激起 Thebigstormisalsopromptingchangesinspace.太空的工作也因大风暴来临而作出及时调整debacle[di'bɑ:kəl] n.aneventorattemptthatisacompletefailure彻底失败 Peoplebelieveditwasaprivilegetodieforyourcountry,butafterthedebacleofthewartheyneverfeltthesameagain.人们曾相信为国捐躯是一种荣幸,但是经过战争的彻底失败,他们再也不这样想了。relate...to... v.havetodowithorberelevantto与…有关 Otherrecommendationsrelatetothedetailsofhowsuchdataisstored.其他建议与如何存储这种数据的一些细节有关。customers'creditscores 客户的信用评分macroeconomicenvironment 宏观经济环境oddsofdefault theprobabilityoffailingtoperformataskorfulfillanobligation,especiallyafinancialobligation违约的可能性mortgage n.aloanofmoneywhichyougetfromabankorsavingsandloanassociationinordertobuyahouse房屋抵押贷款anchor vt.fixfirmlyandstably使固定 Inretailbankingmortgagesarethoughttoanchorlong-termrelationshipswithcustomers.在银行的零售业务中，抵押贷款被认为是一项能有助于银行与客户建立长期关系的业务。commercialproperty Thetermcommercialproperty(alsocalledinvestmentorincomeproperty)referstobuildingsorlandintendedtogenerateaprofit,eitherfromcapitalgainorrentalincome.商业财产，商用不动产lumpy adj.likeorcontainingsmallstickylumps结成块的 Lendingoncommercialpropertyislumpyenoughforasinglebigdealtogetsalesteamstotheirtargets.对商业房地产的贷款也由于数额巨大能够一次性地使销售团队达到他们的目标。HSBC TheHongkongandShanghaiBankingCorporationLimited汇丰银行impose vt.enforce;compeltobehaveinacertainway强制实行book n.recordinwhichcommercialaccountsarerecorded帐簿 Tokeepitundercontrol,HSBCimposesaglobal12.5%capitaloncommercial-propertyassetsasaproportionofitsoverallbook.为了保持控制，汇丰银行对他全球的商业性地产资产施以限制，要求这笔资产低于总量的12.5%frothy['frɔθi] adj.relatingtoorcontaininggasbubbles多泡的；起泡的 Thecrisishasmadeitobviousthatwhenthingsgetfrothy,banksfinditdifficulttoholdback.当泡沫出现时,银行会发现要想控制局面会变得很难。这场灾难已经让这点变得很明显了。overheating n./adj.excessiveheating过热 PropertyvaluersinDubaiwhoadvisedbanksthatthemarketwasoverheatingwereignored.迪拜的产权估值专家曾经向银行提出了市场过热的建议，但是却被无视。regulator n.apersonororganizationappointedbyagovernmenttoregulateanareaofactivitysuchasbankingorindustry监管人;监管机构disregard v.givelittleornoattentionto忽视;不理 RegulatorsinBritainandAmericawhoissuedsimilarwarningsweredisregarded.英美两国的官方监管机构也曾发表过类似的警告,但最终还是被无视了。whistle-blower['hwisl,bləuə] n.aninformantwhoexposeswrongdoingwithinanorganizationinthehopeofstoppingit揭发者,告密者fare v.proceedorgetalong进展 Whistle-blowersinsideban