不过，尽管有着大规模的冲减，大部分商业房地产贷款人都有足够的资金流来维持还贷，或是进行再融资来争取更多的时间。
But despite big write-downs, most commercial-real-estate borrowers have had the cash flow to keep loan payments current or refinance to buy more time.
然而，一旦利率开始回升，房地产价格于2006- 2007年在美国许多地区开始适度下降，再融资变得更加困难。
However, once interest rates began to rise and housing prices started to drop moderately in 2006-2007 in many parts of the U.S., refinancing became more difficult.
一类模型是，对于风险的误读导致人们人们对于风险资产过度需求，尤其对诸如房地产以及某些金融资产的需求。
In one class of models, misperception of risk generates excessive demand for risky assets, housing and financial assets in particular.
如果投资者想抛售手中持有的房地产投资信托基金的话，他们随时都可以在交易市场上出售以套现，这样投资者将得以极其迅速的进行再融资。
REITs allowed investors to get out of their holdings if they wanted; they have been able to recapitalise pretty swiftly, too.
土地资产和金融资产，主要是通过有效地整合房地产行业实现的目标。
Land assets and financial assets, mainly through the effective integration of the real estate industry to achieve.
结果是，资本变得更加有价值，而较低的经济增速不足以让那些不拥有资本(比如房地产或金融资产)的人变得更加富有。
The result is that capital becomes ever more valuable, while there is not enough economic growth to make richer those who don't own capital (like real estate or financial assets).
除纯粹的金融资产外，农田和房地产也是传统的避险资产。
Away from purely financial assets are old standbys such as agricultural land or real estate.
随着我国房地产投融资体制的不断变化，房地产企业的资金链面临着日益严峻的挑战。
With the continues changes of investing and financing system of China, real estate finance faces the more and more difficult challenge.
积极推动房地产抵押贷款证券化可以有效地解决银行贷款风险分散、为投资者开拓新的投融资渠道等问题。
Actively propelling the securitization of the real estate mortgage can effectively decentralize the bank's loan risk and can provide new investing channel for the investors.
第二部分从三个方面分析房地产业中银行金融资本过度膨胀的原因、表现和由其而导致的房地产业风险和金融风险，提出本文所要解决的问题。
The second part analyses the reason, performance, and resulted real estate risks and financial risks of the over-expansion of financial capital, and bring forward the problems this paper is to solve.
因此，研究房地产银行金融资本过度膨胀所带来的风险，显得尤为重要了。
Therefore, it's particularly important to study the risk brought about by the excessive expansion of real estate capital.
然而，伴随着我国房地产银行金融资本的迅速扩张，与之相对应的是房地产价格的飞涨。
However, along with the rapid expansion of China's real estate banking and financial capital, the price of real estate is soaring.
然而，我国当前房地产业的一个软肋就是资金途径过于依赖银行金融资本。
However, China's current weakness is that the approach of real estate fund overly depends on banking and financial capital.
主要研究方向：资本运营与公司理财、房地产投融资。
Major Research Fields: Capital operation and corporate financial management, real estate investment and financing.
主要研究方向：资本运营与公司理财、房地产投融资。
Major Research Fields: Capital operation and corporate financial management, real estate investment and financing.
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