然而，中国房地产行业在历经多年的过热发展后，正艰难度过寒冬期。从这一点能够看出，万科发行的债券也并非毫无风险。

But the Chinese property business is going through a painful retrenchment after years of overbuilding, which suggests Vanke's bonds are not without their risks.

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但这一次金融系统妥协了：一家苏格兰银行已经倒下；爱丁堡的基金经理们将迎来寒冬期；苏格兰的各家公司也亟需银行的贷款。

But this time the financial system is compromised: one Scottish bank is already down; Edinburgh fund managers will suffer; and Scottish firms too need bank loans.

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柳树、桦树、杨树早早就进入了冬眠期，只有青松还在傲立寒冬。

Willow, birch, poplar early on into the hibernation period, only the pine is still standing proudly winter.

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