经济学人337:韩国住房市场 多轨并行

　　Finance and economics
财经商业
South Korea's housing market
韩国住房市场
Lumping it
多轨并行
Landlords are having to ditch a century-old rental¹ system
房东们正不得不抛弃持续了一个世纪的租房系统
Jeonse's future is hazy²
Jeonse的租房方式看不到未来
2_副本.jpgMOST South Korean urbanites would leap at the chance to part with $150,000 to rent a smallish flat for three years in Seoul, the capital.
大多数韩国城市居民可能利用这一机会放弃在其首都首尔以150,000美元的价格租住一间小型公寓三年。
These days, however, most Korean landlords would spurn³ such a measly deposit.
然而，近日大多数韩国的房东可能摒弃这一少得可怜的保证金。
Korea's unusual rental system, known as jeonse, does not involve monthly rental payments.
韩国特殊的租房系统，被称为Jeonse，并不支持付月租。
Instead, tenants⁴ provide landlords with a deposit, typically between a quarter and half of the property's value, to invest for the duration of the lease.
相反，房客向房东提供一笔保证金，保证金的数额一般在房产价值的四分之一到一半，让他们在租期进行投资。
Property owners keep the returns and then repay the lump sum at the end of the tenancy.
房产所有者保存收益并在租期结束后，退还总额。
Average deposits have now risen for 76 consecutive⁵ weeks in Korea, the longest streak⁶ ever.
韩国平均保证金现在已经连续上升了76周，这是有史以来历时最长的增长。
Thousands of jeonse leases in the capital are now as high as 90% of the value of the house; they sometimes exceed it in areas where property prices have fallen since leases were agreed.
在首都成千上万的Jeonse 租约价值现在高达房屋价值的90%，在有些房价下降的地区，他们有时候超过这个比例，因为租约在过去已经达成。
The jeonse system was once prized by both tenants and landlords.
Jeonse体系曾广受租客和房东的赞誉。
In the 1960s rapid urbanisation drew farmers to Korea's thriving cities, boosting demand for homes at a time when capital was being mobilised for state-led industrial development.
在1960年，高速的城市化促使农民前往新兴城市，对房屋的需求在资本因为政府主导的工业发展而被调动起来时呈现爆炸性的增长。
The government thought property unproductive, so restricted banks from lending to developers, homeowners and tenants, says Son Jae-young, a professor of real estate at Konkuk University in Seoul.
首尔建国大学不动产方面的Son Jae-young教授这样说道：政府认为房产对于生产力发展增益不大，因此限制银行向开发商、房屋所有人和租客贷款。
In response jeonse emerged as a self-help funding mechanism⁷.
Jeonse 体系因此衍生为一个自助融资机制。
Tenants' deposits financed landlords' properties, interest-free, while pushing renters to pool savings⁸: over time, the deposit would become their own home-purchase fund. For decades, monthly rental was synonymous with poverty.
租客的保证金增长了房东的财产，而且没有利息，同时促使租房者积蓄存款；随着时间的发展，这些保证金会成为他们自己的购房基金。在过去的几十年时间里，付月租是贫穷的代名词。
Yet interest rates and property prices have sunk since 2008.
然而利率以及房价自从2008年开始已经下降。
To earn a decent return on their investments, landlords have been raising jeonse prices.
为了赢取一个可观的投资回报，房主一直在提高 Jeonse的价格。
Tenants have tended to take out low-interest loans to cover the hike.
房客趋向于用低息贷款来支付不断攀高的价格。
Since 2009 such borrowing has almost doubled, from 33.5 trillion won to 60 trillion won, according to the Bank of Korea, the central bank.
根据韩国中央银行—韩国银行的统计，自2009年以来，这样的借款几乎加倍，从33.5万亿韩元（31.5亿美元）增长到了60万亿韩元。
That undermines one of the main advantages of this unusual system.
该举削弱了这个独特系统的一个主要优势。
Previously⁹ the large cash deposits that tenants had to build up helped shelter the Korean property market from bubbles, by restraining price increases, and from busts¹⁰, by providing buyers with ready pots of cash.
之前租客累积的大额现金保证金通过限制价格上涨避免韩国房产市场的泡沫并通过为卖方提供大量准备的现金防止破产。
It also helped protect the banking¹¹ system from losses on risky¹² mortgages.
它也有助于保护银行系统，免受高风险抵押贷款的威胁。
Long considered a deal between individuals, the deposits are still not included in Korea's household debt statistics, nor in calculations of average loan-to-value ratios.
因为长期以来被认为是个体间的交易，这项保证金既不被纳入韩国家庭债务统计，也不被用于计算平均住房担保贷款率中。
Central bank data on jeonse loans only go back to 2009.
中央银行有关jeonse贷款的数据只能追溯到2009年。
But Sun Dae-in, the author of a recent book on Korea's housing market, says the deposits held by landlords must be seen as debts.
但是，近期出版的有关韩国住房市场一书的作者Sun Dae-in 这样说道：被房东持有的保证金必须被视作为债务。
He estimates that about half of all jeonse money is used to finance a second or third property.
他估计大约一半的Jeonse被用作购进第二或第三处房产。
If added to housing loans, the average LTV ratio would jump from just under 50% to over 75%.
如果增加到住房贷款，平均住房担保贷款 比率会从低于50%的水平攀升至超过75%。
Last November the Bank of Korea estimated that a tenth of Korea's 3.7m jeonse landlords may find it hard to repay tenants' deposits.
上个十一月份，韩国银行估计370万 Jeonse房东的十分之一或许会发现支付租客的保证金有困难。
Already more landlords are choosing to rent their properties for a monthly fee: 40% did so last year, up from 34% in 2012.
已经有越来越多的房东选择按月费的方式来出租他们的房产。
But some homeowners would rather not ditch jeonse entirely¹³: more than a quarter are using its hefty sums to pay off a mortgage on the rented property, according to the Bank of Korea.
但是一些房屋所有者不愿意完全放弃Jeonse：根据韩国银行的数据，超过四分之一的人正通过其庞大的总量来偿还抵押他们已经出租的房产的贷款。
They often offer tenants the option to substitute a monthly payment for an increase in the deposit.
他们通常提供租客用月付方式来替代保证金的增长的选择。
A hybrid¹⁴ system, still unique to Korea, is taking root.
一个依然有着韩国特色的混合系统正在生根发芽。
1.invest for 投资
Invest for future and be loyal to reality.
投资将来的人是忠于现实的人。
What happens if one year I choose to use my money to buy a car instead of invest for retirement¹⁵?
如果某一年我选择用我的钱买辆车而不是为退休投资，那么会发生什么呢？
2.at the end of 在…结尾
Reparation normally comes at the end of a conflict.
赔偿通常是在一场冲突结束后开始的。
Participants kept their winnings at the end of the experiment.
参与者可以保留他们的奖金在实验结束后。
3.draw to 对…感兴趣
I am draw to that girl; I get good vibration¹⁶ from her.
我被那女孩吸引住了，她使我产生良好的感觉。
In practice, strong real growth and high inflation are a draw to foreign capital, adding more fuel to the fire.
但实际上，强劲的实际增长和高通胀却通过吸引外资，给过热经济火上浇油。
4.real estate 不动产，土地；房地产
The second is the faltering¹⁷ real estate market.
第二方面是房地产市场步履维艰。
This is a lot simpler than buying physical real estate.
这比购买实物不动产简单多了。

1 rental   

n.租赁，出租，出租业

参考例句：

• The yearly rental of her house is 2400 yuan.她这房子年租金是2400元。
• We can organise car rental from Chicago O'Hare Airport.我们可以安排提供从芝加哥奥黑尔机场出发的租车服务。

2 hazy   

adj.有薄雾的，朦胧的；不肯定的，模糊的

参考例句：

• We couldn't see far because it was so hazy.雾气蒙蒙妨碍了我们的视线。
• I have a hazy memory of those early years.对那些早先的岁月我有着朦胧的记忆。

3 spurn   

v.拒绝，摈弃；n.轻视的拒绝；踢开

参考例句：

• They spurn all our offers of help.他们拒绝接受我们提出的一切援助。
• As an armyman,I spurn fearlessly at all danger and the enemy.作为一个军人，一切危险和敌人丝毫不在我的眼。

4 tenants   

n.房客( tenant的名词复数 )；佃户；占用者；占有者

参考例句：

• A number of tenants have been evicted for not paying the rent. 许多房客因不付房租被赶了出来。
• Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。

5 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

6 streak   

n.条理，斑纹，倾向，少许，痕迹；v.加条纹，变成条纹，奔驰，快速移动

参考例句：

• The Indians used to streak their faces with paint.印第安人过去常用颜料在脸上涂条纹。
• Why did you streak the tree?你为什么在树上刻条纹？

7 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

8 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

9 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

10 busts   

半身雕塑像( bust的名词复数 )； 妇女的胸部； 胸围； 突击搜捕

参考例句：

• Dey bags swells up and busts. 那奶袋快胀破了。
• Marble busts all looked like a cemetery. 大理石的半身象，简直就象是坟山。

11 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

12 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

13 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。

14 hybrid   

n.(动，植）杂种，混合物

参考例句：

• That is a hybrid perpetual rose.那是一株杂交的四季开花的蔷薇。
• The hybrid was tall,handsome,and intelligent.那混血儿高大、英俊、又聪明。

15 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

16 vibration   

n.颤动，振动；摆动

参考例句：

• There is so much vibration on a ship that one cannot write.船上的震动大得使人无法书写。
• The vibration of the window woke me up.窗子的震动把我惊醒了。

17 faltering   

犹豫的，支吾的，蹒跚的

参考例句：

• The economy shows no signs of faltering. 经济没有衰退的迹象。
• I canfeel my legs faltering. 我感到我的腿在颤抖。