央行在8月3日发布的2012年第二季度中国货币政策执行报告中指出，要继续严格执行差别化的各项住房信贷政策，支持保障性住房、中小套型普通商品住房建设和居民首套自住普通商品房消费，坚决抑制投机投资性购房需求。而在刚刚召开的中共中央政治局工作会议中，房地产调控也再次被突出强调。此次会议指出，要坚定不移地贯彻执行房地产市场调控政策，坚决抑制投机投资性需求，切实防止房价反弹，增加普通商品房特别是中小套型住房供应，抓好保障性安居工程建设，满足居民合理的自住性住房需求。从调控内容来看，“有保有压”的房地产调控思路和“坚定不移”的调控力度再次被突出。面对愈发严峻的房地产调控局面，不减的调控力度，不变的调控思路能否实现国家既定的房地产调控目标？

The central bank released on August 3 of the second quarter of 2012, China's monetary policy implementation report，To continue to strictly carry out the policy of differentiation housing credit，Support affordable housing、Small-scale commercial housing construction and ordinary people since the first set of live ordinary commodity house consumption，Firmly suppress speculative investment pent-up demand。And in just held the CPC central committee's political bureau work in a meeting，Real estate regulation also highlight again。The meeting points out that，We will unswervingly implement the real estate market adjustment and control policies，Firmly suppress speculative investment demand，To prevent prices rebound，Add a normal commodity house especially small-scale housing supply，Pay special attention to the security live project construction，Meet residents reasonable self living sex housing needs。By controlling the content and see，“Have keep pressure”Real estate regulation of thinking and“firm”The control power was again outstanding。With the tightening of real estate control of the situation，No loss of control power，Constant regulation thinking could realize the established national real estate control target？

　　首先，仍需要强调的是房地产市场风险不容忽视。从目前情况来看，不仅房地产开发商“跃跃欲试”，通过取消优惠、涨价、捂盘等手段制造市场“回暖”氛围，部分地方政府也按捺不住，纷纷“暗度陈仓”，各种“救市”、“托市”招术花样百出。由中国社会科学院财经战略研究院“住房问题研究”课题组发布的《中国住房发展（2012年中）报告》（以下简称“《报告》”）一文就显示，目前住房成交量已经回暖，价格环比出现反弹。《报告》同时指出，房价的回涨会给下半年的调控增加复杂性和难度。对此，中国社会科学院财经战略研究院博士邹琳华认为，房地产市场目前处于“快速反弹”阶段，如果短期内没有出现更强有力的调控措施，那么因快速反弹所产生的风险将极大。

first，Still need to emphasize that the real estate market risk cannot be neglected。From the current situation，Not only real estate developers“To try”，Through the cancel preferential、prices、Wu dish wait for means manufacturing market“warmed”atmosphere，Some local governments also can't restrain，have“AnDuChenCang”，various“Help city”、“demonic”Strut pattern。By the Chinese academy of social sciences financial strategy research institute“Housing research”Group released《China's housing development（2012 years）report》（Hereinafter referred to as“《report》”）Are showed that，Current house turnover has warmed，Price annulus comparing rebounded。《report》But also points out that，House prices in the second half of the year HuiZhang will give control increasing complexity and difficulty。this，The Chinese academy of social sciences financial strategy research institute ZouLinHua think dr，Now in the real estate market“Fast rebound”stage，If the short term did not appear more powerful control measures，So for fast rebound from the risk that will greatly。

　　这种风险不仅体现在房地产市场自身将积累严重的资产泡沫，也体现在银行资产坏账增加上。根据国家宏观调控的方向，银行业监管部门鼓励商业银行向资质和市场信誉良好的房地产企业发放贷款，用于建设保障性住房或中小户型、中低价位的普通商品住房。中国社会科学院财经战略研究院博士高广春表示，目前所掌握的情况是，房地产开发企业今年上半年对高档住宅的投入资金力度加大，与此同时，对90平方米以下中小户型资金投入却呈现一个下降态势。考虑到高档住宅的开发大都带有投资、投机的性质，这也说明，部分银行信贷资金存在进入投资、投机领域的可能。此外，结合目前我国房地产市场处于复杂而又关键的调控期内，继续流入房地产市场的银行信贷资金便面临着极大风险。这主要表现在：如开发商资金链出现紧绷，那么将使商业银行面临房地产开发贷款到期难以收回的信用风险，同时，为了维持资金链继续运转，房地产开发企业也有可能采取诱骗手段获取贷款，由此诱发道德风险和操作风险。

The risk is not only reflected in the real estate market itself will accumulate serious asset bubble，Also reflect in the bank assets increase in bad loans。According to the national macroeconomic regulation and control of the direction，Banking regulators encourage the commercial bank to license and the market prestige good real estate enterprise for a loan，For the construction of affordable housing or medium and small family model、Low price of common commodity housing。The Chinese academy of social sciences financial strategy research institute GaoGuangChun said dr，Now that hold the situation is，Real estate development enterprise in the first half of this year to high-grade residential investment intensified，At the same time，Below 90 square meters for small and medium-sized family money into but present a decline situation。Considering the high-grade residential development with most of the investment、Speculative nature，This means that，Part of the bank credit capital existence into the investment、Speculation of the field may be。In addition，Based on the real estate market in China is in complex and key control period，Continue to flow into the real estate market credit funds of the bank was faced with a great risk。This mainly displays in：Such as the developers capital chain appear tight，So will make commercial Banks are facing real estate development loans out hard to back the credit risk，At the same time，In order to maintain financial chain continue to operate，Real estate development enterprise may also take lure means for loans，Thus induce moral risk and operational risk。

　　其次，应该看到地方政府“微调”举动是调控的主要干扰因素。邹琳华向记者表示，今年房地产市场在国家宏观调控强调稳定的基础上出现“躁动”，从目前情况来看，特别是一线城市房价反弹的压力很大。那么为何会出现这种情况？有专家解释说，上半年房地产市场走势偏离调控目标，主要是宏观政策微调导致的预期调整与市场恐慌引起的，而不是宏观政策微调实际作用导致。

second，Should see the local government“fine-tuning”Action is the main interference factors control。ZouLinHua told reporters，This year the housing market in the national macro-control emphasize the basis of stability to appear“restless”，From the current situation，Especially in a city house prices rebound under a lot of pressure。So why will appear this kind of circumstance？Experts explained，The real estate market movements in the first half from control target，Main is fine-tuning the expected to macro adjustment and markets panicked，Instead of macro policy fine-tuning the actual role which。

　　我们注意到满足刚需不仅是房地产开发商顺利渡过“逆境”的金科玉律，也是地方政府实施微调的主要借口。其实作为预期调整的主要推手，地方政府敢于“冒天下之大不韪”，表面上是担心调控“打压刚需”、“误伤经济”，背后的原因其实是地方政府借助房地产市场来拉动地方经济。因此与其让地方政府借满足刚需之名再掀房地产热浪，不如彻底断了地方政府的“念头”。

We pay attention to meet just need is not only real estate developers smoothly through“adversity”The golden rule of，Where is the government implemented the fine-tune the main excuse。In fact as a key driver of the expected adjustment，Local governments dare to“Centre”，On the surface, worry about regulation“Down just need to”、“Friendly fire from the economic”，The reason behind is actually the local government with the real estate market to drive the local economy。So rather than allow the local government to borrow meet just the name of real estate again lift the heat，As thoroughly broken local government“idea”。

　　对于目前房地产调控的主要任务，“住房问题研究”课题组专家也表示，通过强化和完善调控政策，扭转房地产回涨的局面，防止报复性反弹，及时预防和化解金融风险，确保房地产市场回归理性和“软着陆”，为经济平稳增长和“软着陆”做贡献；同时，为房地产长期内实现健康、稳定、均衡发展创造条件，而当务之急是扭转预期。

For the present regulation of the real estate main task，“Housing research”Experts also said group，Through the strengthen and perfect control policies，Real estate HuiZhang reverse the situation，To prevent reprisal rebound，Timely prevention and defuse financial risks，Ensure that the real estate market back to reason and“Soft landing”，For economic growth and“Soft landing”Do contribution；At the same time，For real estate realized in long-term health、stability、Balanced development create conditions，And that the reverse is expected。

　　最后，在房地产调控力度不减、思路不变的大背景下，扭转预期是关键，同时也要防范风险转移，特别是向金融机构转移。值得注意的一点是，根据央行7月份公布的2012年上半年金融机构贷款投向统计报告，6月末，房地产贷款余额11.32万亿元，同比增长10.3%，增速比上季度末高0.2个百分点。而同样根据央行统计数据可知，2011年中国房地产贷款增速总体回落。调控期内，房地产信贷资金增长呈现出从增速不断下滑到回升的态势，这种态势应引起相关部门的重视。

finally，In real estate control power don't reduce、Thinking of the same background，Reverse expected is the key，Also want to guard against the risk transfer，Especially transfer to financial institutions。Thing to note，According to the central bank released in July in the first half of 2012 financial institutions to loan statistics reports，6 month，Real estate loan balance of 11.32 trillion yuan，Year-on-year growth of 10.3%，Growth is 0.2% higher than the quarter。According to the statistical data and also the central bank balance，In 2011 the China real estate loan growth overall fall back。Regulation period，Real estate credit capital growth presents from growth have been declining to back up the situation，This situation should cause the attention of the appropriate departments。

　　对此，高广春建议，监管部门应对进入房地产企业的信贷资金流向进行细分。划分的依据是信贷资金是否真正进入满足中低收入家庭需要的保障性住房、中小户型住宅建设等住房消费领域，还是用于开发高档楼盘的投资、投机领域。这将有助于监管部门、银行机构以及研究机构有效地管控风险。

this，GaoGuangChun Suggestions，Regulators into real estate enterprise to the credit capital flows subdivided。Division was based on credit capital is not really into meet low-income family in need of affordable housing、Small and medium-sized family residence construction, housing consumption field，Or for the development of high-grade building dish investment、Speculative field。This will help supervision department、Banking institutions and research institutions effectively control risk。

　　从认清风险到防范风险，从继续调控到重视微调的负面效果，面对严峻而又复杂的房地产调控局面，只有直面调控的问题所在，“不减”、“不变”的调控力度、思路才能尽快发挥应有的作用。

To guard against the risk from recognize risk，Continue to pay attention to fine tune from the control of the negative effect，Facing a serious and complex real estate control of the situation，To face the problem of control only，“Don't reduce”、“unchanged”Control power of、Ideas can play its role as soon as possible。