China’s home prices rose at their fastest clip in almost two years in February thanks to red-hot demand in big cities, but risks of overheating in some places combined with weak growth in smaller cities threaten to put more stress on an already slowingeconomy.

　　由于一线城市楼市火爆，中国2月份的房价增速达近两年内最高。但是三，四线城市楼市过热，再加上经济低迷，给本就放缓的经济更大压力。

　　Average new home prices in 70 major cities climbed 3.6 percent in February from a year ago, quickening from January’s 2.5 percent rise, according to Reuters calculations based on data released by the National Statistics Bureau (NBS) on Friday.

　　路透社根据中国国家统计局的数据分析称，与去年相比，2月份，70个大中城市的平均房价上升了3.6%，和1月份的2.5%增速相比，大幅上升。

　　That was the quickest year-on-year increase since June 2014, and encouragingly, 32 of 70 major cities tracked by the NBS saw annual price gains, up from 25 in January.

　　这是自2014年6月以来，同比增速最快的一次，国家统计局的数据还显示，70个大中城市中，32个城市同比上涨，1月份有25个城市上涨。

　　Ordinarily, that should be welcome news for policymakers who have rolled out a raft of stimulus measures to support an economy growing at its slowest pace in a quarter of a century.

　　一般来说，对于采取了一系列刺激经济增长的政府来说，这应该是振奋人心的消息，中国的经济增速已经达到了25年来的最低。

　　But the divergence in home prices - surging values in bigger cities and depressedmarkets in smaller cities plagued by a supply glut - makes Beijing’s job harder as it looks to reanimate growth without inflating asset bubbles.

　　但是，一二线楼市的火爆，三四线城市市场过剩且楼市低迷，市场分化持续严重，这也使中国政府想在控制房产泡沫的同时恢复经济发展，变得异常困难。

　　"The government’s all-out encouragement of housing sales seems to be working, but at the cost of surging prices in big cities," said Rosealea Yao, an economist at Gavekal Dragonomics in Beijing.

　　北京龙洲经讯经济学家姚丽蔷称，中国对房地产销售的全力支持，似乎已经起了效果，但代价就是大城市房价的上涨。

　　"These surges in big cities are not sustainable and would increase uncertainties and instability in the overall housing market."

　　这些大城市房价并不是可持续的，而且可能增加整个房地产市场的不确定性和不稳定性。

　　The data showed tier 1 cities, including Shenzhen, Shanghai and Beijing, remained the top performers, with prices surging 56.9 percent, 20.6 percent and 12.9 percent respectively.

　　数据显示，中国一线城市包括深圳、上海、北京领涨，分别上升了56.9%，20.6%，12.9%。

　　SMALLER CITIES, BIGGER HEADACHES

　　小城市 大头痛

　　"Prices in first-tier cities are very expensive now, it’s hard for new families to afford a home," said Tan Huajie, vice president China’s biggest property firm Vanke .

　　中国最大房地产公司万科副主席谭华杰称，一线城市现在房价特别高，新组建的家庭根本买不起。

　　The trouble is that speculators and ordinary investors, who have been shaken by the summer crash in mainland stock markets, are increasingly ploughing their money into the housing market - most of it going to the frothy sector in big centres.

　　现在的问题是，在中国内地夏季股市的动荡中深受影响的投机者以及普通投资者，现在正不断地把资金投向房地产市场，大部分是流向大城市泡沫严重的地区。

　　A slowing economy has also meant most jobs are in the biggest cities, drawing more people into these places and feeding the insatiable demand for homes.

　　经济发展缓慢也意味着大城市里才会有更多的工作，也就会吸引更多的人涌入大城市，使大城市楼市有源源不断的需求。

　　A breakdown of NBS data showed that a slew of government measures and increased lending has failed to arrest persistent softness in property markets in smaller cities where a glut of unsold houses have weighed on prices.

　　中国国家统计局的数据显示，政府一系列的刺激措施以及增加信贷，并没能解决三四线城市楼市疲软的情况，在这些小城市房屋库存已经给房价带来巨大压力。

　　Most third-tier cities still saw on-year prices drops in February, though the declines eased from the previous month.

　　2月份，大部分三线城市同比仍然下降，尽管降幅有所收窄。

　　POLICY CHALLENGE

　　对政策的挑战

　　With the broader economy decelerating amid weak exports, factory overcapacity, slowing investment and high debt levels, authorities are hoping the property market will help stabilise growth.

　　随着出口下降，产能过剩，投资放缓以及负债率升高，中国经济出现广范围地下滑，政府希望能通过房地产来帮助稳定经济。

　　But signs that some places may be overheating even as prices remain depressed in smaller cities complicate matters for policymakers.

　　但是有些地方房地产过热，而有些小城市的房价仍然低迷，这些现象的出现，对于政策制定者来说，使得事情更为复杂。

　　While fears of a hardlanding for China’s economy have abated in recent weeks, Beijing cannot afford a housing market crash in the big cities given the real estate industry and related investment activities account for 15 percent of gross domestic product.

　　最近几个星期，对于中国经济“硬着陆”的担心已经逐渐减少。但是，鉴于房地产产业以及相关投资占国内生产总值15个百分点，北京无法承担房地产市场崩溃的后果。

　　Underscoring the importance of the sector to the $10 trillion economy, Friday’s home data helped fuel strong gains in steel and iron ore futures in Shanghai.

　　由于这个接近10万亿产业的重要性，周五的数据使钢铁和铁矿石期货行情火热。

　　Senior Chinese officials raised alarm over the country’s overheated housing marketduring an annual parliament meeting last week.

　　在上星期举行的全国人大年度例会中，一位中国高级官员对过热的房地产市场发出警告。

　　In an effort to deter speculation, some officials have suggested the release of morepublic land for sale in areas with the hottest price rises, while others have vowed to crack down on players illegally lending home-buyers to make downpayments.

　　为了抑制投机行为，一些官员建议，在房价过热的地区提供更多土地，另外一些人，宣誓要打击房屋贷款中的非法借贷行为。

　　China’s housing Minister Chen Zhenggao acknowledged on Tuesday that price divergence in China’s big and small cities poses a challenge for housing market policy controls.

　　中国住建部部长陈政高承认，大城市和小城市楼市分化的现象给楼市政策的制定带来挑战。

　　"Now one important task for us is to stabilise home prices in tier 1 cities and some tier 2 cities," said Chen.

　　陈政高表示，现在对我们来说最重要的任务就是稳定一线城市，以及一些二线城市的房价。

（编辑：何莹莹）