China is introducing restrictions¹ on property-related lending, as the central government takes the lead in efforts to head off a housing bubble.

中国正在对与房地产有关的借贷实施限制。中央政府引领着消除房地产泡沫的努力。

Property developers are facing curbs² on their ability to raise finance by issuing debt or equity³, after two government regulators were instructed to step in, it has emerged.

据悉，在两个政府监管机构奉命介入后，房地产开发商通过发行债务或股票来融资的能力面临限制。

The China Securities Regulatory Commission and the National Development and Reform Commission — China’s economic planner — have been instructed by high-level officials to restrict developers’ issuances in the Hong Kong stock market, in the Hong Kong bond market and in the Chinese interbank bond market, according to local news magazine Caixin.

据中国时事杂志《财新》报道，中国证券监督管理委员会(CSRC)和国家发展和改革委员会（NDRC，中国的经济规划机构）受到高层官员的指示，限制开发商在香港股市、香港债市和中国境内银行间债券市场的发行活动。

The news comes less than a week after the Shanghai Stock Exchange froze all bond issuances by property developers.

这个消息传出不到一周前，上海证券交易所冻结了房地产开发商的所有债券发行计划。

Securities dealers⁴ told local media last Wednesday that they have been told to await tighter rules on which companies can issue debt.

证券交易商上周三告诉当地媒体，他们被告知要等待有关哪些公司可以发行债务的更严格的规则。

The exchange is drawing up the new rules under the supervision⁵ of the national securities regulator.

上交所正在国家证券监管机构的督导下起草新规则。

This pattern of policymaking is very similar to what happened last year with the stock market crisis response, said Li Tang, a housing analyst⁶ at NSBO China, an investment bank.

这种政策制定模式与去年股市危机应对措施的情况非常相似，投资银行蓝橡资本中国(NSBO China)的住房分析师Li Tang表示。

First, local governments acted, but in a soft way, and not much pain was inflicted⁷.

首先，地方政府采取了行动，但是是以一种柔性的方式，没有造成太多痛苦。

Then, after the politburo leaders give a direction from the top, we see a concerted national push.

然后，在政治局领导人从顶层发出指示后，我们看到一种协调的全国努力。

At least 22 local governments have already introduced new curbs on buying homes, with most of these policies being announced during the national holiday earlier this month following a summer of unusually high house price growth.

至少有22个地方政府已经对购房出台了新的限制措施，其中大部分政策是在本月早些时候的国庆假日期间公布的。今年夏天中国各地房价涨幅高得异常。

Growth in transaction volumes and prices has slowed in the most overheated 15 cities in recent weeks, but prices are still up more than 30 per cent in large cities such as Beijing and Shenzhen, shutting many out of the housing market.

最近几周，最过热的15个城市的交易量和价格增长有所放缓，但在北京和深圳等大城市，价格涨幅仍然超过30%，把许多人挡在房地产市场门外。

China’s top leadership has come to worry that an out-of-control property market could provoke future social unrest, according to local media reports of a meeting of the central government’s politburo at the end of September.

根据中国媒体对9月底一次中央政治局会议的报道，中国的顶层领导人开始担心，房地产市场失控可能引发未来的社会不安定。

Soaring property prices have also encouraged a massive extension of loans to homebuyers and property developers in the formal and shadow lending markets.

楼价飙升还鼓励了正规和影子贷款市场向购房者和房地产开发商大举放贷。

Outstanding mortgage loans are at their highest level, rising 17 per cent to Rmb16.6tn ($2.5tn) in the first half of this year.

未偿还按揭贷款处在历史最高水平，今年上半年跃升17%，至16.6万亿元人民币（合2.5万亿美元）。

Loans to property developers have been growing at an accelerating pace for the past three years, and increased by a quarter in the year to September, according to government data.

政府数据显示，向房地产开发商发放的贷款在过去三年里加速增加，在截至今年9月的一年里增加了四分之一。

In its third-quarter conference last Friday, China’s bank regulator stated that one of its key missions this year was to rigorously control the financial risks related to property markets.

中国银行业监管机构在上周五举行的第三季度会议上表示，今年的主要任务之一是严控房地产金融业务风险。

This includes prohibiting illegal lenders and those with funds from illicit⁸ sources from entering the property market.

这包括严禁违规发放或挪用信贷资金进入房地产领域。

Online peer-to-peer lenders have been crowdfunding loans to pay the downpayment on a mortgage, thus helping⁹ potential homebuyers get past minimum downpayment restrictions in order to buy a house with less money upfront.

近来，中国在线个人对个人(P2P)贷款机构通过众筹贷款帮助支付按揭的首期付款，从而帮助潜在的购房者规避最低首付款限制，用较少的首期资金买下住房。

The bank regulator also said it would strengthen the regulation of wealth management products and prevent banks from illegally using WMP funding to enter the property market.

银行业监管机构还表示，将加强理财资金投资管理，严禁银行理财资金违规进入房地产领域。

WMPs are created from a pool of investments and often sold to bank retail¹⁰ customers.

理财产品(WMP)是用一个投资池创建的，往往销售给银行的零售客户。