银行投资

Commercial banks dominate financing and there are no home-grown investment banks of scale.

商业银行占据了金融业的主体，且没有一家上规模的本土投资银行。

Subsequently, the paper indicated how the incompliant lending came from the bank and company sides, and summarized several common incompliant patterns based on personal experiences. Those patterns are as follows: firstly,"used shell to give birth to eggs"by the medium and small developer; secondly,"unified distribution"by large developer; thirdly,"do in the darkness"used in hyper-investment or roll development by developer. The paper summarized the characteristic and fund operation process for each mode, and analyzed the influence and risk of incompliant lending loan to both banks and real estate markets.

接着，从银行及企业两方面阐述房地产违规信贷的成因，并凭借个人实务经验总结出几种常见的违规信贷模式，一是中小型房地产商采用的借壳生蛋型，二是大型房地产商采用的统一调配型，三是在项目超投资或滚动开发时采用的暗渡陈仓型，对每一种模式归纳了特点及资金流转过程，并分析了违规信贷对银行和房地产市场的风险。

Wenzhou So when the surplus funds to invest in not only local and only bank deposits, the influx of a place on the disrupted eyes that stare only at the local consumption and investment capacity of the government, was severely hit the head of a wand After the government began to abandon the market economy, competition and capital flows, the basic principles, attempting to use a variety of fallacies, and various non-market administrative means Road erected firewalls, panic in the foreign capital inflow, will market any change Incrimination Wenzhou People in the real estate, rather than a review of the government's forecast of the market and management capabilities.

因此，当温州的盈余资金投资不仅当地，只有银行存款，流入地的破坏眼睛凝视只能在当地消费和投资能力的政府，是严重打击头部的魔杖后政府开始放弃市场经济，竞争和资本流动的基本原则，企图用各种歪理邪说，各种非市场的行政手段道架设防火墙，恐慌的外国资本流入，将市场的任何变化归罪温州人在房地产，而不是审查政府的预测，市场和管理能力。

There are two reasons for such a relation: one of reasons is the stimulating from getting benefit of investment is higher than from interest on deposit. The another one is that the interest rate adjusting down means loosen the supply of money. Just because of the large short wander capital flowing into stock market led the index number going up.

这中间可以观察到的原因主要有两个：证券投资的收益率高于银行存款利率是吸引投资者进行证券投资的因素之一；第二利率的调低也意味着银根的放松，通过游资释放的刺激，使大量的资金进入证券市场，从而形成一轮新的上升行情。

However, with the increase in foreign investment activities, Chinese enterprises gradually placing more importance on seeking profession services from investment banks, accounting firms, economic advisers and other intermediator. This is helping them to establish or improve their valuation models and price adjustment mechanisms for the Target company.

不过，随着对外投资活动的增多，国内企业也慢慢开始重视寻求投资银行、会计师事务所和经济顾问等中介机构的专业服务，帮助其建立或者完善对目标公司的估值模型以及交易价格调整机制

These include the Multilateral Investment Guarantee Agency of the World Bank, the international Bank for Reconstruction and Development; The International Finance Corporation which funds mostly private sector activities; and the International Development Association.

另外，免费汇出资本，利润和股息是政府额外的奖励，并且世界银行现已通过几个机构提供金融服务，这些机构包括：多边投资担保机构，国际复兴和开发银行；国际金融公司资金(主要给私营企业提供资金)和国际发展协会。

After more than a year of deliberation, the World Bank Group International Finance Corporation IFC and Shanghai's largest real estate finance and information services business - Anjia Group recently announced by the Group of 200 Anjia million in equity investment, IFC completed a real estate mortgage industry in China's first strategic investment.

经过一年多的酝酿，世界银行集团国际金融公司国际金融公司和上海最大的房地产金融和信息服务企业-安家集团最近宣布的安家集团的200万美元的股本投资，国际金融公司完成房地产抵押贷款业的中国的第一个战略投资。

However, most international investment bank to invest in Chinese real estate market cautious.

然而，大多数国际投资银行，投资于中国房地产市场持谨慎态度。

At present, the more successful cases of operation are: Australia's largest investment bank Macquarie Bank and Schroder Asian Property Fund has established the first China joint venture real estate development companies in the successful development of the Pudong project high-grade residential quarters.

目前，更多的成功案例的运作是：澳大利亚最大的投资银行麦格理银行和施罗德亚洲物业基金已建立了第一个中国合资企业的房地产开发企业的成功发展项目的浦东高档住宅小区。

In Beijing, the internationally renowned financial management and investment consultancy agencies meilin group to buy 30 million U.S. dollars in cash Beijing Yintai Center; Since then, investment banks Morgan Stanley dropped initial investment in Beijing, buy bodied man in the CBD; Japan Pacific Sim Transportation Company have signed a sale agreement with the glance; At the same time, Southeast Asia's largest real estate developers in the bar owned Shanghai early sell shares in the new Mau building projects, this year in February to 547.6 million yuan at the exclusive film Dongzhimen 14,700 square metres of land for the integrated development, early March, the bar owned and used 1.837 billion yuan to buy Central World Trade Center A, B two Grade a offices; Last April, the U.S. Keluoni Capital Group and the Shanghai Industrial Holdings Limited Shanghai Industrial Development Co., Ltd. subordinate co-sponsored Yangzi Fund spend 30 million U.S. dollars, the entire Beijing Cosco bought Block D offshore Shinkansen hotel-style apartments; Not long ago, China International Steel purchased a large class landmark building Zhongguancun Zhongguancun imposed financial center.

在北京，国际着名财务管理和顾问投资机构梅林集团以3000万美元现金入股北京银泰中心；此后，投资银行摩根士丹利在京投下首笔巨资，买下富力位于CBD的双子座；日本太平洋辛运公司与瞰都签下整售协议；与此同时，东南亚最大的房地产开发商凯德置地在年初卖掉上海新茂大厦项目股份之后，今年2月以5.476亿元人民币的高价独家拍得东直门1.47万平方米的综合开发用地，3月初，凯德置地又以18.37亿元买下中环世贸中心A、B两栋甲级写字楼；今年4月，由美柯罗尼资本集团和上海实业控股有限公司下属的上海实业发展股份有限公司共同发起的扬子基金斥资3000万美元，整栋购买了北京中远远洋新干线D座酒店式公寓；不久前，中钢国际出巨资购买了中关村5A级地标建筑中关村金融中心。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。