自杀事件预警中国开发商面临“生死考验” The suicides warning China developers face“Death trial”

　　由于被高利贷者逼得走投无路，曾经风光无限的包头市房地产大王，最终再也承受不住巨大压力。当地警方说，6月，魏刚入住一家酒店，在那里上吊自杀。

Because be usurer cornered，Once the unlimited scenery of baotou in real estate，Finally can bear great pressure。Local police said，June，WeiGang check in a hotel，There commit suicide by hanging suicide。

　　魏刚的故事集中体现了小型开发商的无奈与绝望。国内房地产中介说，魏刚任董事长的公司，是包头最大的房地产开发企业。他在1996年通过参与包头震后重建发了一笔财。该企业的旗舰开发项目，是一个5期中高端住宅楼盘，按计划要在明年完工。

The story of WeiGang embodies the small developers helplessness and despair。Domestic real estate agent said，WeiGang as chairman of the company，Is the biggest real estate development enterprise baotou。In 1996 he through participating in baotou after the earthquake reconstruction made a fortune。This enterprise's flagship development project，Is a five midterm high-end residential building estate，In the next year as planned to finish。

　　但据魏刚的一个朋友和包头房地产业内人士说，魏刚从高利贷者手中借了很多钱，今年开始还款出现困难。据这位朋友说，他还曾因为被放高利贷的人殴打，而住院一个月。

But according to a friend of WeiGang baotou and real estate industry insiders said，WeiGang from the hands of usury borrowed a lot of money，The beginning of this year reimbursement difficulties。According to the friend said，He was also a moneylender because it was beaten，And be in hospital a month。

　　据警方说，6月6日，有人发现魏刚的遗体悬挂在东河区金驼酒店的一间客房内。前述这位朋友说，“得知魏刚的死讯我非常震惊，他会选择结束自己的生命，我完全无法想象。”

Police said，June 6,，Someone found the body of the WeiGang hanging in the east area of gold camel hotel a guest rooms。The foregoing the friend said，“The death of the WeiGang that I was very shocked，He will choose to end her life，I couldn't imagine。”

　　魏刚自杀事件发生前，中国的信贷收紧政策已持续两年，小型房地产开发商的融资压力正与日俱增。中国政府收紧信贷的目的，是打击房地产市场的投机活动，让房价趋于合理水平。

WeiGang before the suicide event，China's credit tightening policy has continued for two years，Small real estate developers financing pressure is growing。The Chinese government credit tightening purpose，Is real estate market blow speculation，Let the house prices tend to a reasonable level。

　　一些开发商与魏刚一样，向放高利贷的人求助。高利贷利息最高可达每月5%，这是违反中国法律规定的。

Some developers and WeiGang，To the fangs of people for help。Usury interest can be as high as 5% a month，This is in violation of provisions of Chinese law。

　　标准普尔评级服务公司的报告说，由于一批短期房地产贷款将在今年到期，中国超过8万家房地产开发商，可能面临一场生死存亡的考验。

Standard &poor's, a rating services company reports said，Because a number of short-term real estate loan will be in expires this year，China's more than 8 real estate developers，May face a life and death to the test。

　　报告称，预计借了大量信托贷款的开发商，将会通过大幅降价或出售资产来偿债，估计房价将会平均下降10%。

The report says，Through a lot of trust is expected to the developer of the loan，Will through the cuts or selling assets to debt service，Estimates that house prices will fall 10% on average。

　　但报告还说，当压力开始让某些人承受不住时，这些企业有可能会孤注一掷地违约，良性让价有可能演变成一场价格战。

But the report also said，When the pressure to let the some people can't take，The enterprise may put all your eggs in one basket to breach of contract，Benign let price may develop into a price war。

许多开发商无力偿还各种贷款 Many developers unable to repay all kinds of loans

　　但靠信托公司获得融资的房地产开发商的问题更大。信托公司是一种财富管理公司，在中国政府去年加紧了对银行放贷的限制后，信托公司已成房地产行业新的合法贷款的主要来源。近几个月，中国银行(601988,股吧)监管机构几乎已禁止信托公司给开发商贷款续期。

But by the trust company real estate developers get financing to more of a problem。Trust company is a kind of wealth management company，In China last year the government tightened restrictions on bank lending，Trust company has become a real estate industry the main source of new legal loan。In recent months，The bank of China(601988,Shares it)Regulators have banned the trust company to almost developers loan renewal。

　　中国国际金融有限公司估计，今年将有2230亿元人民币的信托贷款到期，其中约一半将在7～9月到期，另外有2820亿元的信托贷款将在明年到期两者相加，相当于房地产行业2011年末所有未偿信托贷款的75%。

China international financial Co., LTD estimate，This year there will be 223 billion yuan RMB loans out of the trust，About half of them will be in seven to nine month，Another 282 billion yuan of the trust of the loan will expire next year both adding together，The real estate industry is equivalent to the end of 2011 all outstanding trust 75% of the loans。

　　传统上，中资银行一直不愿强迫贷款者进入破产程序。但中国的信托公司则不同，它们要求开发商申请贷款时，提供大量担保，有时，担保价值甚至高达实际贷款额的3倍，以防止开发商违约。

traditionally，Chinese bank has been reluctant to force lenders into bankruptcy procedures。But China's trust company is different，They ask to develop business to apply for a loan，Provide lots of guarantee，sometimes，Collateral value is as high as the actual of loan specified amount three times，To prevent developers to breach of contract。

　　尽管违约可能会让信托公司获得意外之财，但信托公司仍希望开发商能及时还款。因为它们需要在贷款到期时，立刻向投资者进行支付。

Although breach of trust companies will likely make an unexpected gain，But the trust company still hope that developers can seasonable reimbursement。Because they need a loan expires，To pay for investors to immediately。

　　最近几个月，中国一些财务状况较好的开发商（更容易通过银行贷款和债券市场获得融资的开发商）回到了土地市场，利用目前远低于2010年峰值的价格补充库存。但由于1～5月房屋销量同比下降9%，许多开发商没有足够收入，用以支付到期的信托贷款。他们正寻找其他资金来源。

In recent months，Some Chinese financial condition good developers（More easily through the bank loans and bonds get financing to market the developers）Back to the land market，Using the far below the 2010 peak prices added inventory。But because 1 ~ 5 month sales houses 9% year-on-year drop，Many developers don't have enough income，Due to pay of the trust of the loans。They are looking for other sources of funding。

　　开发商们正寻求从一些新成立的房地产投资基金，以及资产管理公司那里融资。资产管理公司也被称为“坏账银行”。

Developers are looking for some new established from the real estate investment funds，And asset management company there financing。Asset management companies also called“Bad bank”。

　　十几年前设立资产管理公司的初衷，就是为清理中资银行的坏账。房地产投资基金安泰盘实股权投资管理有限公司董事长蓬钢说，希望从他那里获得融资的开发商数量太多了，他根本无力提供这么多资金。

Ten years ago the establishment of an asset management company's original intention，For Chinese Banks is clear of bad loans。Real estate investment fund antai dish real equity investment management limited company President peng steel said，Hope to get financing from him, the developer of the quantity too much，He was unable to provide so much money。

　　蓬钢曾掌管美林公司在中国的房地产投资。他在去年第三季度完成了基金的第一轮资金募集，从国内投资者手中融资人民币10亿元，并计划在明年年中以前完成30亿元投资。

Peng steel had over merrill lynch in China's real estate investment。He finished in the third quarter of the year of the first round of the fund raise the capital，From domestic investor hand financing of RMB 1 billion yuan，In the middle of next year and plans to finish 3 billion yuan investment。

　　安泰盘实基金的预期年回报率至少为25%，远高于信托基金10%～20%的回报率。该基金以接近完工的项目为目标，要求开发商提供大量担保，以确保基金在房价大幅下降时，仍有高额回报。蓬钢说，“去年，开发商对我们的利率还有些抵触，现在他们已是穷途末路。”

Antai dish funds expecting annual return of at least 25%，The trust fund is far higher than 10% ~ 20% returns。The fund to close to completion of the project for the target，Ask to develop business to offer a guarantee，To ensure that funds in house prices fell sharply，There are still high returns。Peng steel said，“Last year，Developers to our interest rates also some resistance，Now they have is at an end。”

昔日“坏账银行”变身地产业“救世主” former“Bad bank”Change to real estate“savior”

　　信托公司经理人、基金经理和分析人士说，到目前为止，中国的4家资产管理公司，已成为低迷房地产市场的最重要角色，如果没有其参与，信托公司就会缺乏偿还投资者需要的资金。

Trust company managers、Fund managers and analysts said，So far，China's four asset management companies，The real estate market has become the most important downturn role，If no its participation，Trust company will repay investors need to lack of money。

　　中国的信托公司主要受银行、其他重要国企或地方政府控制，但一些外资金融机构也持有少数股权。截至今年3月底，它们管理的资产有5.3万亿元，是两年前水平的两倍多。

China's trust company mainly by the bank、Other important state-owned enterprises or local government control，But some foreign financial institutions also hold minority stakes。By the end of march this year，They management assets are 5.3 trillion yuan，It was two years ago that level of two times more。

　　中国的4家“坏账银行”设立于世纪之交，分别是信达资产管理股份有限公司、华融资产管理公司、东方资产管理公司和长城资产管理公司。

China's four“Bad bank”Set up at the turn of the century，Were the asset management Co., LTD、Huarong asset management company、Orient asset management companies and Great Wall asset management company。

　　在其他国家，类似机构在处理完坏账之后就会关闭。但中国的“坏账银行”，已演变成整个经济体中几家规模最大、最多元化的金融机构。

In other countries，Similar agencies in dealing with the bad loans after will shut down。But China's“Bad bank”，The economy has evolved into a few's largest、The most diversified financial institutions。

　　“坏账银行”的参与方式之一，是在开发商破产前进入，事实上接管信托贷款，但要求的回报更高、期限更长。它们同样也可以收购开发商的应付账款等其他债务，同时要求开发商提供抵押，这样做同样也可以让开发商腾出手来，偿还信托贷款。

“Bad bank”In one of the way，The developers into bankruptcy is before，In fact to take over the trust loans，But asked for higher returns、Longer term。They can also purchase the developers of accounts payable and other debt，Also ask to develop business to offer mortgage，Do this also can let developers make your hand，Trust loan repayment。

　　不过，资产管理公司不太可能愿意救助每一笔信托贷款。东方资产管理公司副总裁李欣说，“我们的目的不是帮助开发商开发房地产，而是解决短期流动性吃紧问题。”

but，Asset management companies are unlikely to be willing relief each trust loans。Orient asset management company vice President li xin said，“Our purpose is not to help developers of real estate development，But with a tight short-term liquidity problems。”

　　美国“市场观察”网站

The United States“Market observation”website