Officials in one of China’s hottest property markets have banned developers from borrowing money to buy land, as local governments embrace increasingly drastic measures to curb¹ soaring home prices.

中国最热楼市之一的地方政府已禁止开发商借款购地。目前中国各地的地方政府正采取越来越严厉的措施来遏止房价飙升。

Prices of new residential² properties in Nanjing, capital of eastern Jiangsu province, were up 40 per cent year on year in September, in line with increases in other big cities.

在华东的江苏省首府南京，9月新建住宅价格同比上涨40%，与其他大城市楼价涨幅相仿。

Over recent months, local governments have tried to cool residential property prices by making it more difficult for people to buy homes.

近几个月来，地方政府试图通过加大购房难度来给房价降温。

The unprecedented³ decision by officials in Nanjing to cut off developers’ access to the banking⁴ system for land purchases highlights how local governments’ policy focus is shifting to real estate⁵ companies and their funding sources.

南京官员们作出前所未有的决定，阻止开发商在购地时利用银行体系的资金，此举突显地方政府的政策重点正在转向房地产公司及其资金来源。

Highly leveraged⁶ developers, colloquially⁷ known as land kings, have driven prices to record levels in many Chinese cities over the past year.

有地王之称、杠杆水平极高的开发商，在过去一年里把中国许多城市的房价推高至创纪录水平。

Local governments were initially⁸ reluctant to act, as auctions⁹ of land are an important part of their revenue base.

地方政府最初不愿意采取行动，因为土地拍卖是其重要的财政收入来源。

In September, however, the government and central bank ordered local governments to cool overheated property markets.

然而在9月份，中央政府和央行勒令地方政府给过热的房地产市场降温。

Bidders¹¹ must use their own funds [at auctions], Nanjing’s land bureau said.

南京市国土资源局发出通知称，竞买人拿地须用自有资金。

The notice banned developers from bidding with funds from banks, trust companies and insurers.

该通知禁止开发商利用来自银行、信托公司和保险公司的资金进行投标。

They were also banned from using money raised either on capital markets or through the issuance of wealth management products and other unregulated funds.

它们也被禁止使用在资本市场上募集的资金，或使用通过发行理财产品等募集的违规资金。

Nanjing was due yesterday to hold its first land auction¹⁰ since late September, when central government directives to cool markets began to take effect.

南京定于昨日举行自9月下旬（当时中央政府有关降温市场的指令开始生效）以来的第一次土地拍卖。

Last month China’s securities and banking regulators began to restrict real estate developers’ ability to issue new shares and bonds.

上月，中国的证券和银行业监管机构开始限制房地产开发商发行新股和债券的能力。

All the relevant [national] regulators and government departments have intervened to curb developers’ financing, said Jonas Short at NSBO, a policy research group.

所有相关的（国家）监管机构和政府部门都进行了干预，以抑制开发商的融资，政策研究团体蓝橡资本英国(NSBO)的乔纳斯.肖特(Jonas Short)表示。

It is an example of the concerted action that you get when [Beijing] is convinced something must be done.

这是在（北京方面）确信必须有所作为时，你会看到的那种协调行动的一个例子。

Corporate¹² bond sales by real estate developers have come to a complete halt this month while their issuance of trust products fell by a quarter in October compared with September.

房地产开发商的公司债券发售本月已完全停止，而它们在10月的信托产品发行量也比9月下降了四分之一。

Trust products bundle corporate loans and other assets that are sold on to a variety of investors¹³, including bank depositors.

信托产品把公司贷款和其他资产捆绑打包，然后出售给各类投资者，包括银行储户。

Thomas Gatley at Gavekal Dragonomics said the immediate¹⁴ impact on many developers would be limited.

龙洲经讯(Gavekal Dragonomics)的托马斯.加特利(Thomas Gatley)表示，对许多开发商来说，直接影响将是有限的。

Property developers are cash-rich from excellent sales this year, said Mr Gatley.

今年极佳的销售表现使房地产开发商现金充足，加特利说。

Only the smaller ones will be affected¹⁵.

只有较小的开发商会受到影响。

More broadly, it is high demand for housing in China’s top cities that drives both land and house price growth.

整体而言，推动地价和房价双双上涨的因素是人们对一线城市的住宅需求居高不下。