2019年11月20日 02:23:53|来源:国际在线|编辑:搜索咨询
China’s two biggest property companies are joining forces to buy land and develop new projects, the latest sign of how the real estate industry is adapting to the end of a housing market boom.中国两大地产公司将联合拿地和合作开发新项目,这是中国房地产业适应地产泡沫终结的最新表象。China Vanke, the country’s largest homebuilder by revenue, and Dalian Wanda, owner of China’s top commercial developer, on Thursday announced a “strategic co-operation agreement” that will cover both domestic and international markets.周四,中国营收最高的住宅建筑商万科(Vanke)和大连万达(Dalian Wanda)公布了一份《战略合作框架协议》,该协议将同时涵盖国内和国际市场。“This alliance between two prominent real estate players spearheads a new direction for the domestic real estate industry,” they said in a joint statement.两家公司在一份联合声明中表示,两家知名房地产商的结盟,为国内房地产业开辟了新的方向。As the multiyear boom in China’s property market has come to an end, developers have started to shift away from simply building and selling property towards business models based on income from rental and property management services.随着持续多年的中国房地产市场繁荣走向终结,开发商已开始从简单的修建和出售物业,向基于出租收入和物业管理务收入的商业模式转型。While both Vanke and Wanda are investing heavily overseas, the two have little overlap inside China.尽管万科和万达都对海外开展了大量投资,两家企业在中国国内的业务却没什么冲突。 /201505/375350After years of promises followed by manufacturing delays, a major automaker finally appears on the verge of beginning sustained exports from China to the ed States.多年来前景良好,但屡屡受制于生产滞后的一家大型汽车制造商,终于即将开始从中国向美国持续出口其产品。The Volvo Car Corporation announced at the Detroit auto show on Monday that it planned to begin shipping a midsize sedan from Chengdu in the next several months. Volvo, which a Chinese investor bought from the Ford Motor Company in 2010, said it would ship 1,500 to 2,000 cars to the ed States this year, with increases in subsequent years based on demand.在周一的底特律车展上,沃尔沃汽车集团(Volvo Car Corporation)宣布将在未来几个月开始出售一款在成都生产的中型轿车。2010年被中国投资者从福特汽车公司(Ford Motor Company)手中买下的沃尔沃称,今年将向美国交付1500到2000辆汽车,接下来几年里会根据需求增加数量。Volvo aly makes the same model, the S60 Inscription sedan, for the Chinese market, albeit under a different name, the S60L. It sells about 26,000 cars there, so Volvo can add production for the American market at a modest cost.沃尔沃此前已经在中国市场开售这款S60 Inscription轿车,不过名称为S60L。它在这里的销量约为2.6万辆,因此沃尔沃为美国市场增产的成本不高。Li Shufu, a self-made automotive tycoon, owns a controlling stake in Geely Auto and separately owns Volvo through his personal holding company. Mr. Li has talked for a decade of exporting cars from China to the ed States, and Geely Auto has repeatedly said that it would like to undertake its own exports.白手起家的汽车巨子李书福拥有吉利汽车控股权,而沃尔沃是他通过自己的个人控股公司持有的。过去十年里,李书福一直在说要把中国的汽车出口到美国,吉利汽车也反复表示会展开自己的出口业务。These plans have been consistently delayed. Geely initially struggled with quality issues and the Chinese government had warned its automakers not to export until they were completely y to meet Western quality and safety standards. The global financial crisis and the long slowdown it produced in the American auto market further delayed Geely and Mr. Li.这些计划被不断推迟。吉利一开始遇到了质量问题,而中国政府曾警告本国车厂,在达到西方质量和安全标准之前,不要贸然出口。全球金融危机以及美国汽车市场由此出现的漫长衰退,也令吉利和李书福的计划一推再推。Volvo aly has a reputation for quality and for safety, making it easier for Mr. Li to allay the Chinese government’s concerns. Several years ago, China’s commerce ministry set 2015 as its goal for China to begin exporting cars to the West.沃尔沃在质量和安全方面已经享有盛誉,这样就方便李书福去说中国政府,减轻他们的担忧。中国商务部多年前制定的计划是中国从2015年开始向西方出口汽车。China is aly a huge supplier of low-cost auto parts to assembly plants and car repair shops in the ed States. But its exports of fully assembled cars have been negligible, even as China has emerged as the world’s largest auto market and largest assembler of cars.中国已经是低端汽车零件的巨型供货商,向美国的组装厂和汽车修理店供应零件。但它的整车出口规模微不足道,尽管中国本身已经成为世界最大汽车市场和最大的汽车组装国。A big reason for the country’s slowness in exporting cars to the ed States lies in the dominance in the Chinese market of joint ventures between multinationals, like Volkswagen, General Motors and Ford, and their state-owned Chinese partners. The multinationals have been wary of antagonizing powerful unions in their home countries — the ed Automobile Workers in the ed States and its counterparts in Germany in particular — by bringing in Chinese cars. And the state-owned manufacturers are too reliant on the multinationals’ designs and technology to export cars to the West on their own.中国向美国出口汽车的进展之所以如此缓慢,主要是因为中国市场是以跨国合资企业为主导,比如大众(Volkswagen)、通用汽车(General Motors)和福特(Ford),以及它们的中国国有企业合作伙伴。一直以来,跨国公司因为怕得罪各自国内势力强大的工会——尤其是美国的全美汽车工人联合会(ed Automobile Workers)以及德国的相应组织——不敢引入中国产汽车。而国有车厂又过分依赖跨国公司的设计和技术,无法向西方出口自己生产的汽车。Volvo does not have these constraints. At the same time, beginning exports to the ed States could give Mr. Li a considerable increase in prestige within China, even as Geely has been facing challenges at home.沃尔沃没有这些制约。与此同时,向美国出口也可以让李书福在中国竖立更高的威望,尽管目前吉利在国内也面临着挑战。Several large Chinese cities have joined Beijing, Shanghai and Guangzhou in recent months in limiting the issuance of new car license plates in response to severe air pollution and chronic traffic jams. Geely and other indigenous producers, like BYD, of inexpensive, often utilitarian cars have lost market share as buyers have chosen costlier models from multinationals when they are able to obtain scarce license plates through auctions or lotteries.为应对严重的空气污染和交通堵塞,最近几个月,又有几座大城市加入到北京、上海和广州的行列中,开始限制新车上牌数量。吉利以及比亚迪这类本土车厂的市场份额开始流失,因为它们主打廉价的、往往偏重实用的车型,而当购车者能够通过拍卖或摇号拿到一块宝贵的牌照时,他们会选择购买跨国公司生产的更昂贵车型。Yale Zhang, the managing director of Automotive Foresight, a consulting firm in Shanghai, said that the S60 Inscription was fairly big for a midsize sedan and thus was a better choice for exports to the ed States than to Europe.上海咨询公司汽车市场预测(Automotive Foresight)总监张豫(Yale Zhang)说,S60 Inscription在中型轿车中是比较大的,因此出口到美国比到欧洲更理想。“Chinese consumers, like U.S. consumers, like something bigger, so exporting this to the ed States makes sense,” Mr. Zhang said.“中国的消费者和美国消费者一样,喜欢大一点的,所以它出口到美国是有道理的,”张豫说。Other automakers and various consulting firms have said that factories in China can match quality levels in the West when producing cars according to the designs and procedures of multinationals. Chinese brand automakers have lagged on quality, although they are closing the gap; they have tended to design high-quality parts, but still lack the engineering expertise to integrate the many systems required for a modern car.还有一些车厂和咨询公司说,只要根据跨国公司的设计和流程来生产,中国的工厂可以制造出质量水平和西方相当的车。中国自主品牌车厂在质量上是落后的,不过它们在缩小差距;它们一般能够设计出高品质的零件,但至今仍然缺乏将多个系统整合成一辆现代化汽车的工程能力。Volvo, which is still based in Sweden, said that its Chengdu factory was just as good as its European factories. “Levels of installed technology and equipment are the same as the company’s European facilities, as are the working environment, safety and environmental performance standards,” Volvo said.总部仍在瑞典的沃尔沃称,其成都工厂和公司在欧洲的工厂一样出色。“它的技术和设备,和公司在欧洲的工厂处在同等水平,工作环境、安全和环保标准也是一样的,”沃尔沃说。The company also announced at the Detroit show that it would introduce two other models in the American market this year, both made in Ghent, Belgium: the S60 Cross Country, a sedan with some of the same rugged designs as the company’s Cross Country wagons, and the XC90 R-Design, a seven-seat sport utility vehicle.在底特律车展上,公司还宣布今年将向美国市场推出另外两款车,都在比利时根特生产,分别是S60 Cross Country,一款借鉴了沃尔沃Cross Country旅行车的坚固设计的轿车,以及XC90 R-Design,一款七座越野车。 /201501/354164

It is scarily circular when a company can lend money that may end up financing the buying of its own shares. At Chinese brokerages this might easily happen: nearly one-fifth of the free float of their shares is owned by investors who have borrowed money to buy them (otherwise known as buying on margin.) Across the market as a whole, margin lending in China’s mainland A share markets has quintupled in a year, to reach 0bn. That is one-tenth of the market’s free float, according to broker estimates.如果一家公司贷款的成果只是为购买自己的股票融资,那将形成一个可怕的循环。这种事情可能正发生在中国券商身上:它们近五分之一的自由流通股由借钱购股(这被称为融资交易)的投资者所有。从整个市场来看,中国内地A股市场的融资规模在一年内增长4倍,至3500亿美元。根据券商的估计,这占市场自由流通股规模的十分之一。Such statistics should frighten, and the market is finally scared. Last Friday the Shenzhen and Shanghai indices dropped 7 per cent apiece. A correction was overdue. Before last friday, Shanghai’s index had returned 40 per cent in the year to date. Racier mainland sibling Shenzhen — which holds more technology and healthcare companies — had doubled in the same period. The indices were no longer cheap. Shenzhen trades at 30 times 2016 earnings estimates, half again as much as the US Nasdaq, although it offers more earnings growth. Still, the growth prospects have not inspired the rally: that has mostly come from a liquidity-driven re-rating. Economic recovery has yet to materialise.这些数据应该让人害怕,而市场终于感到害怕了。上周五,沪深股指各下跌7%。市场回调早该出现了。在上周五之前,上综指今年迄今的回报率为40%。表现更为活跃的深成指(拥有更多科技和医疗企业)同期翻了一番。中国的股指不再廉价。深圳股市2016年预期市盈率为30倍,两倍于美国纳斯达克指数(Nasdaq),尽管它提供较高的盈利增速。然而,推动股市近期上涨的原因并非增长前景:此轮涨势的主要推动力是由流动性驱动的价值重估。经济复苏尚未成真。Not all Chinese stocks look pricey. Further south languishes Hong Kong, where the China-related H share index trades on a mere 8 times 2016 earnings. It has returned a relatively paltry 11 per cent this year. With reason, perhaps. Its companies — mostly banks, property and carmakers — are not as sexy as cousins across the border (such as Shenzen’s Wuhan Golden Laser, trading on 666 times historic earnings).并非所有中国股票看上去都很昂贵。再往南一点的香港股市处于低迷状态,与中国内地相关的H股指数的2016年预期市盈率只有8倍。该指数今年的回报率只有区区11%。这或许是有原因的。该指数的成分股(多数为、房地产公司和汽车制造商)并不像边界另一侧的深圳股市那样令人兴奋(例如深圳上市的武汉金运激光(Wuhan Golden Laser),历史市盈率高达666倍)。Away from the H shares, Hong Kong has more opportunities. Boring, old-fashioned businesses, including circuit board maker Kingboard Chemical, or glassmaker Xinyi Glass , trade on single-digit multiples of 2016 earnings. They yield nearly 4 per cent. Despite this week’s scary headlines, not all Chinese stocks should engender fear.抛开H股,香港有着更多机遇。乏味、老派企业的2016年预期市盈率为个位数,包括电路板制造商建滔化工(Kingboard Chemical)或玻璃制造商信义玻璃(Xinyi Glass)。它们的股息收益率接近4%。尽管上周的新闻很可怕,但并非所有中国股票都应当带来恐惧。 /201507/383529

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