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一、境外资本流入加剧资产转移波动近年来,在人民币强升值预期以及中国楼市持续升温的双重刺激下,境外资本大规模进入中国房地产市场。统计数据显示,2002年以来,境外资本流入中国房地产市场的规模不断扩大,特别是2005年至2007年间,以年均58.72%的增长幅度迅速扩张,由2005年的258亿元上升到2007年的650亿元(见图1)。2008年以来,虽然国内房地产行业的银行贷款增速出现了趋势性下降,但即使在国际金融危机背景下,境外资本仍然看好中国楼市的前景,大量涌入中国房地产市场,其中不乏短期投机
First, the inflow of foreign capital intensified asset transfer volatility In recent years, the strong appreciation of the renminbi is expected and China’s property market continued to heat up the dual stimulus, large-scale overseas capital into the Chinese real estate market. Statistics show that since 2002, the scale of overseas capital inflows into the real estate market in China has been constantly expanding, especially from 2005 to 2007, with an annual average growth rate of 58.72%, expanding from 25.8 billion yuan in 2005 to 2007 65 billion yuan (see Figure 1). Since 2008, although the growth rate of bank loans in the domestic real estate industry has been declining, even in the context of the international financial crisis, overseas capital is still optimistic about the prospect of China’s property market and flooding into China’s real estate market. Many of them are short-term speculative