第一部分阐述房地产金融体系概念、结构以及结构中三个层次的关系，并给出了房地产金融体系层次图。
The first part, expatiate financial system in real estate concept, construction and relations of three levels of structures, then gave the financial system in real estate level of structure diagram.
我们的金融体系已经崩溃了，房地产泡沫破灭了，所以我们处于一个很大的困境中。
The financial system has collapsed. The house of cards has come unglued and that’s why we’re in such trouble.
一部分问题与房地产行业中的杠杆水平日益上升有关，这加大了房地产销量和价格一旦大幅下滑将通过金融体系造成连锁效应的风险。
Part of the issue concerns rising levels of leverage within the sector, raising the risk of knock-on effects through the financial system from any slump in real estate sales and prices.
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