日前，有媒体报道温州炒房客卷土重来，消息再度引起业内关注。一方面是被称为“史上最严厉”的调控政策这把“达摩克利斯”之剑高悬——从7月下旬开始，国务院派出了8个督察组对16个省市贯彻落实国务院房地产市场调控政策情况开展专项督察，根据督察反馈结果，北京、上海及部分二三线城市均顺利“过关”，验证了房地产调控政策的效果；另一方面，各地地王频出，在刺激着人们神经的同时，也激起很多人的质疑：到底是官方数据有误，还是民间资本判断失误？楼市调控的真实与谎言一直牵动着人们的眼球。

a，Media reports wenzhou Fried tenants stage a comeback，The news has once again aroused the attention。On the one hand is called“In the history of the most severe”The regulation of the policy“Damocles”The sword is high - from late July began，The state council sent the eight DuChaZu 16 provinces and cities to implement the state council the real estate market regulation and control policies to carry out special inspectors，According to inspector feedback results，Beijing、Shanghai and some two or three line city are smooth“pass”，Verify the real estate regulation policy effect；On the other hand，PinChu left around，In stimulating people nervous at the same time，Also arouses a lot of people question：What is the official wrong data，Or folk capital judgement？The property market regulation and control of truth and lies has been affects people's eye。

　　温州炒房客再炒高端地产 Wenzhou Fried tenants and stir-fry high-end real estate

　　《中国企业报》记者在采访中了解到，媒体所指温州炒房客卷土重来，其所炒房地产性质已经回避了国家调控下的住宅地产，转而投向一些高端商业地产。

《Chinese enterprises to》Reporter in the interview to understand，The media referred to wenzhou Fried tenants stage a comeback，The Fried real estate property has avoided the national regulation and control of residential property，Bentham some high-end commercial real estate。

　　综合公开信息来看，2012年8月，上海约有27个楼盘将开盘或加推房源，其中16个为改善型公寓、10个为别墅、1个为酒店式公寓。其中，改善型公寓面积多为90到150平方米的大户型。

Comprehensive public information to see，In August 2012，Shanghai about 27 building will be opened or addition push the houses，The 16 to improve type apartment、10 for villa、1 for hotel apartment。the，Improve type apartment area for more than 90 to 150 square meters of large family。

　　在融资压力不减的背景下，有部分楼盘以房地产信托投资等形式规避“限购”政策，达成成交实现回笼资金目的。另外还有开发商出于“过桥融资”的目的，短期内批量将房源出售给投资公司，约定在房价反弹后回购，双方按照一定比例分配房地产增值收益。这些公司背后有投资客或投资机构的支持，实际年收益率普遍在10%到15%左右，高的能达到15%到20%。

In the financing pressure is not under the background of reduction，Some buildings to real estate trust investment and other forms avoid“restricted”policy，Clinch a deal to achieve the collection of receivables purpose。In addition to developers out of“Bridge financing”purpose，In the short term batch will houses sold to the investment company，Agreement on the prices of the buyback bounce，Both sides according to certain proportion distribution real estate value-added income。The company behind the investment guest or the investment institution support，The actual annual return of common at 10% to 15%，High can reach 15% to 20%。

　　2012年2月以来，住宅成交总量中，小户型占比持续下降，而超大户型则连续上升。比如，7月9日到15日的一周内，上海单价在5万元/平方米以上的豪宅成交51套，环比大涨54.6%；新建别墅成交99套，环比上涨32%。

Since February 2012，Residential clinch a deal in total，Small family than for continued to decline，And large family is continuous rise。For example，July 9 to 15 days of a week，Shanghai unit price is in 50000 yuan/square meters of a person of extraordinary powers curtilage 51 set clinch a deal，Link rose 54.6%；New villa clinch a deal 99 sets，Link up 32%。

　　开发商也顺应了这一趋势。在这一周新增供应的9个项目中，套均面积在140平方米以上的项目有4个，房源预售、报价都低于2万元/平方米的只有两个。

Developers also complies with the trend。In this week of the new supply of nine project，Set in all area 140 square meters project has four，Pre-sale availability、Quotation is less than 20000 yuan/square meters of only two。

　　温州商会一位人士向《中国企业报》记者透露，确实看到过一些温州炒房客开始炒房，但目前尚不能形成“团”。据其介绍，温州炒房客也已经成为业内一个品牌，所以，会有一些开发商主动找到他们，给他们一个很低的折扣价，然后再利用温州炒房客的名气，从而带动房地产的销售。

Wenzhou chamber of commerce to a person《Chinese enterprises to》Reporters revealed，Do see some wenzhou Fried tenants began to form，But the present is not formed“group”。According to its introduction，Wenzhou Fried tenants also has become a brand in the industry，so，There will be some developers actively find them，Give them a very low discount，Then reuse wenzhou Fried the tenant's fame，Thus promote the real estate sales。

　　《中国企业报》记者也从北京诺德中心的项目经理、北京诺德置业有限公司常务副总经理李新春处得到证实，定位高端写字楼的北京诺德一期早已售罄，而其中25%来自个人投资客。据李新春介绍，购买者有整栋楼买的，也有整层买的，独套买的反而很少。

《Chinese enterprises to》Reporters from the Beijing noble center project manager、Beijing noble real estate co., LTD., vice general manager LiXinChun place confirmed，Positioning high-end office building of Beijing noble a period already sold out，Of which 25% from individual investment guest。According to LiXinChun introduced，Buyers have bought the whole building，Also has the whole layer to buy，Single set of buy but rarely。

　　重回楼市的投资者，“抄”的是商业地产的“底”。据介绍，2011年3月到9月，上海就曾出现过一波商业地产的投资潮，市场最热时的7、8月，商业地产的成交量甚至超过普通住宅，不过，随着银监会叫停未竣工商业地产的按揭贷款，商业地产的炒作也戛然而止，产品也出现了严重的积压。正是看准商业地产困境能创造出比住宅更大的价差，很多原本只炒住宅的投资客如今都被吸引到了这一市场。

To return to the property market investors，“copy”Is the commercial real estate“bottom”。According to introducing，March 2011 to September，Shanghai has been a wave of commercial real estate investment boom，The hottest market of 7、August，Commercial real estate turnover and even more than average house，but，With the completion of the banking regulatory commission (CBRC) to stop not to commercial real estate mortgage loan，Commercial real estate speculation also stop abruptly，Products also appeared serious backlog。It is certain commercial real estate dilemma can create greater than the house price，A lot of only the original Fried residential investment guest today are attracted to this market。

　　21世纪不动产提供的数据显示，在上海纳入监测的110个写字楼项目中，2012年5、6月期间，多数出租率在90%以上，仅17个项目出租率在90%以下。

The 21st century real estate to provide the data display，In Shanghai into the monitoring of the 110 office building project，In May 2012、June，Most of the occupancy rate in more than 90%，Only 17 project occupancy rate under 90%。

　　著名企业战略专家、易居中国研发机构企业研究中心总经理、易居研究院院长助理周建成博士在接受《中国企业报》记者采访时表示，对于此轮商业地产投资热，不要放在房地产的层面看，而应该放在金融层面来理解，因为商业地产可以作为融资抵押。目前，很多资产持有者资金紧张时，会用商业地产抵押融资，这也因为商业地产自身价值比较高：如用商品房抵押，可能需要数套；同时，好的商业地产会有现金流回收，利润也有保障。

Famous enterprise strategic experts、Enjoysmart China r&d institutions enterprise research center general manager、Enjoysmart research institute President assistant ZhouJianCheng doctor in accepting《Chinese enterprises to》A reporter to interview said，For this round of commercial real estate investment craze，Do not put in real estate perspectives，But should put financial level to understand，Because the commercial real estate can be used as mortgage financing。At present，A lot of assets holders funds nervous，Will use commercial real estate mortgage financing，This also because of commercial real estate own value is high：If use commodity house mortgage，May need to several sets；At the same time，Good commercial real estate will have cash flow recovery，Profits have security。

　调控政策效果显现， Regulation policy effect appeared，

　　谁最满意？ Who is the most satisfied with？

　　从督察组给出的评价上看，大部分省市的楼市成交均较为稳定，并未出现暴涨局面。

From DuChaZu given on the evaluation，The majority of provinces and cities in the housing market are relatively stable clinch a deal，Did not appear jump situation。

　　但是市场数据显示，房价上涨的动力依然强劲。8月初，中国指数研究院发布的报告显示，7月全国100个城市（新建）住宅平均价格为8717元/平方米，环比6月上涨0.33%。其中有70个城市环比上涨，30个城市环比下跌。但与上月相比，环比上涨的城市个数增加25个。从数据上看，7月房价环比上涨的城市较6月有明显增多，环比0.33%的涨幅也超过6月0.05%的涨幅。

But the market data display，House prices rising power is still strong。Early August，China index research institute report shows，July 100 cities across the country（new）Residential average price for 8717 yuan/square meters，Link June rose 0.33%。There are 70 cities link up，30 cities link down。But compared with last month，Link up city number increase 25。From the data on the，July house prices link rising city is June have markedly increased，Link 0.33% have also jumped by more than 0.05% of the increase in June。

　　从易居中国的研究结果看，周建成博士向《中国企业报》记者肯定地表示，考虑通胀的因素，住宅地产是稳中有降，虽如此，降价与达到老百姓的预期还是有一定距离。

From the results of the study in China is easy to see，Dr ZhouJianCheng to《Chinese enterprises to》Reporter certainly said，Considering factors of inflation，Residential property is steady have fall，Is so，Price cut and achieve common people expected to still have a certain distance。

　　周建成博士同时表示，目前的房地产行业投资已经不再会有原来的那种两年翻一番、一年翻一番的暴利，但从长远看，中国人对于房地产的认识与其他国家不同，因此，仍可以作为投资品种，其投资价值会比存款收益高，当然，要避开房源过剩的城市，一些一线城市的房地产还是有投资价值的。

ZhouJianCheng doctor also said，The real estate industry investment is no longer there will be the original that two years double、In a double profits，But in the long run，The Chinese real estate for the understanding of the different with other countries，therefore，Can still as investment varieties，The investment value than deposit income will be high，Of course，To avoid excess houses the city，Some one line city real estate or have the value of the investment。

　　对于房地产市场的起起落落，特别是7月份市场在二季度回暖之后再次回落，住建部政策研究中心主任秦虹日前在参加博鳌房地产论坛时表示，不需特别担心。秦虹认为，政府对房地产的调控不会放松，抑制投资、投机需求，满足合理化自住需求是一整套政策，可能在相当长的一段时间内会坚持。因此，中国的房地产市场不可能靠投资性需求来支撑。投资、投机性需求去掉以后，剩下的主要是自住性需求，自住性需求在三五年内应该是常数，今年不买，可能明年就要买。这不像投资性、投机性需求可以买四五套，也可以买四五十套，那是没法估计的。所以，市场在三五年的周期中大致是稳定的，没必要为成交量短期内的上升下降而担忧。

For the real estate market's ups and downs，Especially in July in the second quarter, the market fell again after milder，Live JianBu policy research center director QinHong recently in the boao real estate BBS said，Do not need to worry about special。QinHong think，The government to the real estate regulation will not relax，Inhibition investment、Speculative demand，Meet the rationalization self living demand is a set of policy，May for quite a long time will insist on。therefore，China's real estate market is not likely to investment demand to support。investment、The speculative demand after removed，The rest of the main is self living sexual needs，Since the sexual needs to live in 35 years should be constant，Don't buy this year，May need to buy next year。It's not like investment、The speculative demand can buy four or five sets，Also can buy forty or fifty sets，That is can't estimated。so，The market in 35 years of cycle is roughly stable，There's no need to short-term trading volume of the up and down and anxiety。