With only a small sliver of their own capital to protect them, many owners were quickly pushed into negative equity when property prices fell.

由于可以保护自己的自有资本只占一小部分，因此当房地产价格下跌时，许多业主被迅速推入负资产的境地。

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"Sentiment will be negative as investors begin to worry about slumping property sales and the pace of new share sales," analyst Liu Haobo said.

该公司分析师刘浩波表示，由于投资者开始担忧房地产交易量大幅下跌和新股发行的节奏，市场情绪料将保持悲观。

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And last year, while the MSCI World Index of global share prices suffered a negative return of 40.3%, commercial property lost just 10.1%.

并且就在去年，当全球股票价格MSCI全球指数遭遇40.3%的负收益时，商业地产损失却只有10.1%。

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If anything, the Obama administration flubbed its opportunity to stimulate housing by succoring poor, disenfranchised homeowners carrying negative equity on their property these past skinny years.

FORBES: How To Play Housing's Recovery

That situation produced chronic inflation and low, even negative, real interest rates that sent property prices into the stratosphere.

CNN: The Cost of a Pegged Dollar

He maintained a negative investment rating on Singapore's developers and the residential property sector, citing a large supply of unsold apartments, rising vacancies in the rental market and the continued risk of more government intervention.

WSJ: DBS Says Singapore Property Curbs to Hurt Growth