While I am on the topic of bank lending, I would like to add a few words about commercial real estate (CRE).
当我谈到银行贷款时，我想顺便谈一下商业房地产（CRE）。
In other words, you start saving and you own stocks and bonds, and real estate, and other things.
换言之，你有存款了，有股票和债券，房产，以及其他东西。
Ask anyone in real estate long term (or any other business, for that matter) and they will tell you the two most important words for survival are: "cash flow."
如果你去问任何一个做长线的房地产投资者，他们会告诉你做这行得以生存下来的最重要的三个字：现金流。
Actually before the words, real estate market has been few of new investors yet.
其实在他说之前，房地产市场上已经很少有新的投资者在进入了。
However, the words like "villa", "luxury home", or "the last magnificence" in real estate advertisements show that we want few.
然而“豪宅”、“巨筑”、“巅峰巨献”这样的房地产广告字眼却显示，我们想要的其实又很少。
I still remembered one of his words, Each building or a real estate project likes a living man.
在会上，我依然记得他在席间说的一句话：“任何一座建筑或者是房地产项目，都像是一个有血有肉的人。
In other words, there exists no evident leverage effect among the real estate market and the stock market in China.
换言之，我国的房市和股市都不存在明显的杠杆效应。
In other words, there exists no evident leverage effect among the real estate market and the stock market in China.
换言之，我国的房市和股市都不存在明显的杠杆效应。
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