To investors stocks represent fractional ownership of underlying businesses and bonds are loans to those businesses.

对投资者而言，股票代表的是对应企业的部分所有权，而债券是这些企业的贷款。

youdao

Clubs that offer "fractional ownership" of jets have been popular for some time, and now the concept has extended to other high-end luxuries like exotic cars and fine art.

提供“部分所有权”的俱乐部曾经风靡一时，现在这个概念被沿用到像进口车和优雅的艺术品这些高档的奢侈品中。

youdao

Alongside this “selective extravagance” is the growth of “fractional ownership”: time-shares in luxury goods and services formerly available only to those paying full price.

这种“有选择性奢侈消费”的“少量奢侈品拥有者”人数保持增长。 以前仅为全价购物的传统主顾提供的服务，现在他们也能够享有。

youdao

"In the major time-share developments, the major fractional developments or full ownership, more than half of those purchases are from Americans."

VOA: special.2011.06.13

There are also some fractional ownership properties available, but they are not as common.

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The one outlier is Avantair, which provides fractional ownership of a very fuel-efficient turboprop called the Piaggio Avanti.

FORBES: Anecdotes On The Economy

Although, the concept of fractional ownership has a clear non-tax economic logic to it, there is a particularly compelling tax argument to go this route, thanks to this ruling.

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