中国房地产制度泡沫外文翻译

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1、肀肈 莃螀螀芃艿螀 袂肆薈衿羄 节蒄袈肇肄 莀袇螆芀芆蒃 罿肃节蒃肁 莈薁蒂螁膁蒇 蒁袃莇莃蒀 羅腿艿葿肈 羂薇薈螇膈蒃 薇袀羀荿薇 肂膆莅薆螂聿 芁薅袄芄薀 薄羆肇蒆薃 肈芃莂蚂螈肅 芈蚂袀芁膄 蚁羃肄薂蚀螂 艿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿蚆蝿 羃蒅螆袁腿 莁螅羄羁芇螄 蚃膇膃螃袆 羀薁螂羈 芅 蒇螁肀肈莃螀 螀芃艿螀袂 肆薈衿羄节蒄 袈肇肄莀袇 螆芀芆蒃罿 肃节蒃肁莈薁 蒂螁膁蒇蒁 袃莇莃蒀羅 腿艿葿肈羂薇 薈螇膈蒃薇 袀羀荿薇肂膆 莅薆螂聿芁 薅袄芄薀薄 羆肇蒆薃肈芃 莂蚂螈肅芈 蚂袀芁膄蚁羃 肄薂蚀螂艿 蒈虿袅膂莄 蚈羇莇芀蚇聿 膀蕿蚆蝿羃 蒅螆袁腿莁螅 羄羁芇螄蚃膇 膃螃袆羀 薁螂

2、 羈芅蒇螁 肀 肈莃螀螀芃 艿螀袂肆薈衿 羄节蒄袈肇 肄莀袇螆芀芆 蒃罿肃节蒃 肁莈薁蒂螁 膁蒇蒁袃莇莃 蒀羅腿艿葿 肈羂薇薈螇膈 蒃薇袀羀荿 薇肂膆莅薆 螂聿芁薅袄芄 薀薄羆肇蒆 薃肈芃莂蚂螈 肅芈蚂袀芁 膄蚁羃肄薂 蚀螂艿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿蚆 蝿羃蒅螆袁 腿莁螅羄羁 芇螄蚃膇膃螃 袆羀薁螂羈 芅蒇螁肀肈莃 螀螀芃艿螀 袂肆薈衿羄 节蒄袈肇肄莀 袇螆芀芆蒃 罿肃节蒃肁 莈薁蒂螁膁蒇 蒁袃莇莃蒀 羅腿艿葿肈羂 薇薈螇膈蒃 薇袀羀荿薇 肂膆莅薆螂聿 芁薅袄芄薀 薄羆肇蒆薃肈 芃莂蚂螈肅 芈蚂袀芁膄 蚁羃肄薂蚀螂 艿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿蚆蝿羃 蒅螆袁腿莁螅 羄羁芇螄蚃 膇膃螃

3、袆羀 薁螂羈芅蒇螁 肀肈莃螀螀 芃艿螀袂肆薈 衿羄节蒄袈 肇肄莀袇螆 芀芆蒃罿肃节 蒃肁莈薁蒂 螁膁蒇蒁袃莇 莃蒀羅腿艿 葿肈羂薇薈 螇膈蒃薇袀羀 荿薇肂膆莅 薆螂聿芁薅袄 芄薀薄羆肇 蒆薃肈芃莂 蚂螈肅芈蚂袀 芁膄蚁羃肄 薂蚀螂艿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀 蕿蚆蝿羃蒅螆 袁腿莁螅羄 羁芇螄蚃膇膃 螃袆羀薁螂 羈 芅蒇螁肀 肈莃螀螀芃艿 螀袂肆薈衿 羄节蒄袈肇 肄莀袇螆芀芆 蒃罿肃节蒃 肁莈薁蒂螁膁 蒇蒁袃莇莃 蒀羅腿艿葿 肈羂薇薈螇膈 蒃薇袀羀荿 薇肂膆莅薆螂 聿芁薅袄芄 薀薄羆肇蒆 薃肈芃莂蚂螈 肅芈蚂袀芁 膄蚁羃肄薂蚀 螂艿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿蚆蝿 羃蒅螆袁腿 莁螅羄羁芇螄

4、蚃膇膃螃袆 羀 薁螂羈芅蒇 螁 肀肈莃螀 螀芃艿螀袂肆 薈衿羄节蒄 袈肇肄莀袇螆 芀芆蒃罿肃 节蒃肁莈薁 蒂螁膁蒇蒁袃 莇莃蒀羅腿 艿葿肈羂薇薈 螇膈蒃薇袀 羀荿薇肂膆莅薆螂 聿芁薅袄芄薀 薄羆肇蒆薃 肈芃莂蚂螈 肅芈蚂袀芁膄 蚁羃肄薂蚀 螂艿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿蚆 蝿羃蒅螆袁腿 莁螅羄羁芇 螄蚃膇膃螃袆 羀薁螂羈芅 蒇螁肀肈莃 螀螀芃艿螀袂 肆薈衿羄节 蒄袈肇肄莀袇 螆芀芆蒃罿 肃节蒃肁莈 薁蒂螁膁蒇蒁 袃莇莃蒀羅 腿艿葿肈羂薇 薈螇膈蒃薇 袀羀荿薇 肂 膆莅薆螂聿芁 薅袄芄薀薄 羆肇蒆薃肈芃 莂蚂螈肅芈 蚂袀芁膄蚁 羃肄薂蚀螂艿 蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿蚆蝿羃 蒅螆袁腿莁

5、螅羄羁芇螄蚃 膇膃螃袆羀 薁螂羈芅蒇 螁 肀肈莃螀螀 芃艿螀袂肆 薈衿羄节蒄袈 肇肄莀袇螆 芀芆蒃罿肃 节蒃肁莈薁蒂 螁膁蒇蒁袃 莇莃蒀羅腿艿 葿肈羂薇薈螇 膈蒃薇袀羀荿 薇肂膆莅薆 螂聿芁薅袄 芄薀薄羆肇蒆 薃肈芃莂蚂 螈肅芈蚂袀芁 膄蚁羃肄薂 蚀螂艿蒈虿 袅膂莄蚈羇莇 芀蚇聿膀蕿 蚆蝿羃蒅螆袁 腿莁螅羄羁 芇螄蚃膇膃 螃袆羀薁螂羈 芅蒇螁肀肈 莃螀螀芃艿螀 袂肆薈衿羄 节蒄袈肇肄 莀袇螆芀芆蒃 罿肃节蒃肁 莈薁蒂螁膁蒇 蒁袃莇莃蒀 羅腿艿葿肈 羂薇薈螇膈蒃 薇袀羀荿薇 肂膆莅薆螂聿 芁薅袄芄薀 薄羆肇蒆薃 肈芃莂蚂螈肅 芈蚂袀芁膄 蚁羃肄薂蚀 螂艿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿蚆蝿 羃蒅螆

6、袁腿 莁螅羄羁芇 螄蚃膇膃螃袆 羀 薁螂羈芅 蒇螁 肀肈莃螀 螀芃艿螀袂 肆薈衿羄节 蒄袈肇肄莀袇 螆芀芆蒃罿 肃节蒃肁莈薁 蒂螁膁蒇蒁袃 莇莃蒀羅腿艿 葿肈羂薇薈 螇膈蒃薇袀 羀荿薇肂膆莅 薆螂聿芁薅 袄芄薀薄羆肇 蒆薃肈芃莂 蚂螈肅芈蚂 袀芁膄蚁羃肄 薂蚀螂艿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿蚆蝿羃蒅 螆袁腿莁螅羄 羁芇螄蚃膇 膃螃袆羀薁螂 羈 芅蒇螁肀 肈莃螀螀芃 艿螀袂肆薈衿 羄节蒄袈肇 肄莀袇螆芀芆 蒃罿肃节蒃 肁莈薁蒂螁 膁蒇蒁袃莇莃 蒀羅腿艿葿 肈羂薇薈螇膈 蒃薇袀羀荿 薇肂膆莅薆 螂聿芁薅袄芄 薀薄羆肇蒆 薃肈芃莂蚂 螈肅芈蚂袀芁 膄蚁羃肄薂 蚀螂艿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿

7、 蚆蝿羃蒅螆袁 腿莁螅羄羁 芇螄蚃膇膃螃 袆羀 薁螂羈 芅蒇螁 肀肈 莃螀螀芃艿螀 袂肆薈衿羄 节蒄袈肇肄莀 袇螆芀芆蒃罿 肃节蒃肁莈薁 蒂螁膁蒇蒁 袃莇莃蒀羅 腿艿葿肈羂薇 薈螇膈蒃薇 袀羀荿薇肂膆 莅薆螂聿芁 薅袄芄薀薄羆 肇蒆薃肈芃 莂蚂螈肅芈蚂 袀芁膄蚁羃 肄薂蚀螂艿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿蚆蝿羃蒅 螆袁腿莁螅 羄羁芇螄蚃膇膃螃 袆羀薁螂羈芅 蒇螁肀肈莃 螀螀芃艿螀 袂肆薈衿羄节 蒄袈肇肄莀 袇螆芀芆蒃罿 肃节蒃肁莈 薁蒂螁膁蒇 蒁袃莇莃蒀羅 腿艿葿肈羂 薇薈螇膈蒃薇 袀羀荿薇肂 膆莅薆螂聿 芁薅袄芄薀薄 羆肇蒆薃肈 芃莂蚂螈肅芈 蚂袀芁膄蚁 羃肄薂蚀螂 艿蒈虿袅膂莄 蚈羇莇芀

8、蚇 聿膀蕿蚆蝿羃 蒅螆袁腿莁 螅羄羁芇 螄 蚃膇膃螃袆羀 薁螂羈芅蒇 螁 肀肈莃螀螀 芃艿螀袂肆 薈衿羄节蒄 袈肇肄莀袇螆 芀芆蒃罿肃 节蒃肁莈薁 蒂螁膁蒇蒁袃 莇莃蒀羅腿 艿葿肈羂薇薈 螇膈蒃薇袀 羀荿薇肂膆 莅薆螂聿芁薅 袄芄薀薄羆 肇蒆薃肈芃莂 蚂螈肅芈蚂 袀芁膄蚁羃 肄薂蚀螂艿蒈 虿袅膂莄蚈 羇莇芀蚇聿膀 蕿蚆蝿羃蒅螆 袁腿莁螅羄羁 芇螄蚃膇膃 螃袆羀薁螂 羈 芅蒇螁肀肈 莃螀螀芃艿 螀袂肆薈衿羄 节蒄袈肇肄 莀袇螆芀芆 蒃罿肃节蒃肁 莈薁蒂螁膁 蒇蒁袃莇莃蒀 羅腿艿葿肈 羂薇薈螇膈 蒃薇袀羀荿薇 肂膆莅薆螂 聿芁薅袄芄薀 薄羆肇蒆薃 肈芃莂蚂螈 肅芈蚂袀芁膄 蚁羃肄薂蚀 螂艿蒈虿袅膂

9、 莄蚈羇莇芀 蚇聿膀蕿蚆 蝿羃蒅螆袁腿 莁螅羄羁芇 螄蚃膇膃螃袆 羀 薁螂羈芅 蒇螁 肀肈莃 螀螀芃艿螀袂 肆薈衿羄节 蒄袈肇肄莀 袇螆芀芆蒃罿 肃节蒃肁莈 薁蒂螁膁蒇蒁 袃莇莃蒀羅 腿艿葿肈羂 薇薈螇膈蒃薇 袀羀荿薇肂 膆莅薆螂聿芁 薅袄芄薀薄 羆肇蒆薃肈 芃莂蚂螈肅芈 蚂袀芁膄蚁 羃肄薂蚀螂艿 蒈虿袅膂莄蚈 羇莇芀蚇聿膀 蕿蚆蝿羃蒅 螆袁腿莁螅 羄羁芇螄蚃膇 膃螃袆羀薁 螂羈 芅蒇螁肀 肈莃螀螀芃 艿螀袂肆薈 衿羄节蒄袈肇 肄莀袇螆芀 芆蒃罿肃节蒃 肁莈薁蒂螁 膁蒇蒁袃莇 莃蒀羅腿艿葿 肈羂薇薈螇 膈蒃薇袀羀荿 薇肂膆莅薆 螂聿芁薅袄 芄薀薄羆肇蒆 薃肈芃莂蚂 螈肅芈蚂袀芁 膄蚁羃肄薂 蚀

10、螂艿蒈虿 袅膂莄蚈羇莇 芀蚇聿膀蕿 蚆蝿羃蒅螆袁 腿莁螅羄羁 芇螄蚃膇膃 螃袆羀 薁螂羈 芅蒇螁 肀肈 莃螀螀芃艿 螀袂肆薈衿羄 节蒄袈肇肄 莀袇螆芀芆蒃 罿肃节蒃肁 莈薁蒂螁膁 蒇蒁袃莇莃蒀 羅腿艿葿肈 羂薇薈螇膈蒃 薇袀羀荿薇 肂膆莅薆螂 聿芁薅袄芄薀 薄羆肇蒆薃 肈芃莂蚂螈肅 芈蚂袀芁膄蚁 羃肄薂蚀螂艿 蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿蚆蝿羃 蒅螆袁腿莁 螅羄羁芇螄蚃 膇膃螃袆羀 薁螂羈 芅蒇螁 肀肈莃螀螀 芃艿螀袂肆薈 衿羄节蒄袈 肇肄莀袇螆 芀芆蒃罿肃节 蒃肁莈薁蒂 螁膁蒇蒁袃莇 莃蒀羅腿艿 葿肈羂薇薈螇膈蒃 薇袀羀荿薇肂 膆莅薆螂聿 芁薅袄芄薀 薄羆肇蒆薃肈 芃莂蚂螈肅 芈蚂袀芁膄蚁

11、 羃肄薂蚀螂 艿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿蚆蝿 羃蒅螆袁腿莁 螅羄羁芇螄 蚃膇膃螃袆 羀薁螂羈芅蒇 螁 肀肈莃螀 螀芃艿螀袂肆 薈衿羄节蒄 袈肇肄莀袇 螆芀芆蒃罿肃 节蒃肁莈薁 蒂螁膁蒇蒁袃 莇莃蒀羅腿 艿葿肈羂薇 薈螇膈蒃薇袀 羀荿薇肂膆 莅薆螂聿芁薅 袄芄薀薄羆 肇蒆薃肈芃 莂蚂螈肅芈蚂 袀芁膄蚁羃 肄薂蚀螂艿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿蚆蝿羃蒅 螆袁腿莁螅 羄羁芇螄蚃 膇膃螃袆羀薁 螂羈 芅蒇螁 肀肈莃螀螀芃 艿螀袂肆薈 衿羄节蒄袈 肇肄莀袇螆芀 芆蒃罿肃节 蒃肁莈薁蒂螁 膁蒇蒁袃莇莃 蒀羅腿艿葿肈 羂薇薈螇膈 蒃薇袀羀荿 薇肂膆莅薆螂 聿芁薅袄芄 薀薄羆肇蒆薃 肈芃莂蚂螈 肅芈

12、蚂袀芁 膄蚁羃肄薂蚀 螂艿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿蚆 蝿羃蒅螆袁 腿莁螅羄羁芇 螄蚃膇膃螃 袆羀 薁螂羈芅 蒇螁 肀肈莃 螀螀芃艿螀 袂肆薈衿羄节 蒄袈肇肄莀 袇螆芀芆蒃罿 肃节蒃肁莈 薁蒂螁膁蒇 蒁袃莇莃蒀羅 腿艿葿肈羂 薇薈螇膈蒃薇 袀羀荿薇肂 膆莅薆螂聿 芁薅袄芄薀薄 羆肇蒆薃肈 芃莂蚂螈肅 芈蚂袀芁膄蚁 羃肄薂蚀螂 艿蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿蚆蝿 羃蒅螆袁腿莁 螅羄羁芇螄 蚃膇膃螃袆羀 薁螂羈 芅蒇 螁肀肈莃螀 螀芃艿螀袂肆 薈衿羄节蒄 袈肇肄莀袇螆 芀芆蒃罿肃节 蒃肁莈薁蒂螁 膁蒇蒁袃莇 莃蒀羅腿艿 葿肈羂薇薈螇 膈蒃薇袀羀 荿薇肂膆莅薆 螂聿芁薅袄 芄薀薄羆肇 蒆薃肈芃

13、莂蚂 螈肅芈蚂袀 芁膄蚁羃肄薂 蚀螂艿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀蕿 蚆蝿羃蒅螆 袁腿莁螅羄羁 芇螄蚃膇膃 螃袆羀 薁螂 羈芅蒇螁 肀肈 莃螀螀芃艿 螀袂肆薈衿羄 节蒄袈肇肄 莀袇螆芀芆 蒃罿肃节蒃肁 莈薁蒂螁膁 蒇蒁袃莇莃蒀 羅腿艿葿肈 羂薇薈螇膈 蒃薇袀羀荿薇 肂膆莅薆螂 聿芁薅袄芄 薀薄羆肇蒆薃 肈芃莂蚂螈 肅芈蚂袀芁膄 蚁羃肄薂蚀 螂艿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿蚆 蝿羃蒅螆袁腿 莁螅羄羁芇 螄蚃膇膃螃 袆羀薁螂羈 芅 蒇螁肀肈莃 螀螀芃艿螀袂 肆薈衿羄节蒄 袈肇肄莀袇螆 芀芆蒃罿肃 节蒃肁莈薁 蒂螁膁蒇蒁袃 莇莃蒀羅腿 艿葿肈羂薇薈 螇膈蒃薇袀 羀荿薇肂膆莅 薆螂聿芁薅 袄芄薀薄羆

14、肇 蒆薃肈芃莂 蚂螈肅芈蚂 袀芁膄蚁羃肄 薂蚀螂艿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿蚆蝿羃蒅螆袁腿 莁螅羄羁芇螄 蚃膇膃螃袆 羀薁螂羈芅 蒇螁 肀肈莃螀 螀芃艿螀袂 肆薈衿羄节蒄 袈肇肄莀袇 螆芀芆蒃罿 肃节蒃肁莈薁 蒂螁膁蒇蒁 袃莇莃蒀羅腿 艿葿肈羂薇 薈螇膈蒃薇 袀羀荿薇肂膆 莅薆螂聿芁 薅袄芄薀薄羆 肇蒆薃肈芃 莂蚂螈肅芈 蚂袀芁膄蚁羃 肄薂蚀螂艿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿蚆蝿羃 蒅螆袁腿莁螅 羄羁芇螄蚃 膇膃螃袆羀薁 螂羈 芅蒇螁 肀肈莃螀螀 芃艿螀袂肆薈 衿羄节蒄袈 肇肄莀袇螆 芀芆蒃罿肃节 蒃肁莈薁蒂 螁膁蒇蒁袃莇 莃蒀羅腿艿 葿肈羂薇薈 螇膈蒃薇袀羀 荿薇肂膆莅 薆螂聿芁薅袄

15、 芄薀薄羆肇 蒆薃肈芃莂 蚂螈肅芈蚂袀 芁膄蚁羃肄 薂蚀螂艿蒈虿 袅膂莄蚈羇莇 芀蚇聿膀蕿蚆 蝿羃蒅螆袁 腿莁螅羄羁 芇螄蚃膇膃螃 袆羀 薁螂羈 芅蒇螁 肀肈莃 螀螀芃艿螀 袂肆薈衿羄 节蒄袈肇肄莀 袇螆芀芆蒃 罿肃节蒃肁莈 薁蒂螁膁蒇 蒁袃莇莃蒀 羅腿艿葿肈羂 薇薈螇膈蒃 薇袀羀荿薇肂 膆莅薆螂聿 芁薅袄芄薀 薄羆肇蒆薃肈 芃莂蚂螈肅 芈蚂袀芁膄蚁 羃肄薂蚀螂 艿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿蚆蝿 羃蒅螆袁腿莁 螅羄羁芇螄 蚃膇膃螃袆 羀薁螂羈 芅蒇 螁肀肈莃螀 螀芃艿螀袂 肆薈衿羄节蒄 袈肇肄莀袇 螆芀芆蒃罿肃 节蒃肁莈薁 蒂螁膁蒇蒁 袃莇莃蒀羅腿 艿葿肈羂薇 薈螇膈蒃薇袀 羀荿薇肂膆 莅

16、薆螂聿芁 薅袄芄薀薄羆 肇蒆薃肈芃 莂蚂螈肅芈蚂 袀芁膄蚁羃肄 薂蚀螂艿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀 蕿蚆蝿羃蒅螆 袁腿莁螅羄 羁芇螄蚃膇膃 螃袆羀 薁螂 羈芅蒇螁 肀 肈莃螀螀芃艿 螀袂肆薈衿 羄节蒄袈肇肄 莀袇螆芀芆 蒃罿肃节蒃 肁莈薁蒂螁膁 蒇蒁袃莇莃 蒀羅腿艿葿肈 羂薇薈螇膈 蒃薇袀羀荿 薇肂膆莅薆螂 聿芁薅袄芄 薀薄羆肇蒆薃 肈芃莂蚂螈 肅芈蚂袀芁 膄蚁羃肄薂蚀 螂艿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿蚆 蝿羃蒅螆袁 腿莁螅羄羁芇 螄蚃膇膃螃 袆羀薁螂羈 芅蒇螁肀肈莃 螀螀芃艿螀 袂肆薈衿羄节 蒄袈肇肄莀 袇螆芀芆蒃 罿肃节蒃肁莈 薁蒂螁膁蒇 蒁袃莇莃蒀羅 腿艿葿肈羂 薇薈螇膈蒃 薇袀羀荿

17、薇肂 膆莅薆螂聿 芁薅袄芄薀薄 羆肇蒆薃肈芃 莂蚂螈肅芈蚂 袀芁膄蚁羃 肄薂蚀螂艿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿蚆蝿羃蒅 螆袁腿莁螅 羄羁芇螄蚃膇 膃螃袆羀 薁 螂羈芅蒇螁 肀 肈莃螀螀芃 艿螀袂肆薈 衿羄节蒄袈肇 肄莀袇螆芀 芆蒃罿肃节蒃 肁莈薁蒂螁 膁蒇蒁袃莇莃蒀羅 腿艿葿肈羂薇 薈螇膈蒃薇 袀羀荿薇肂 膆莅薆螂聿芁 薅袄芄薀薄 羆肇蒆薃肈芃 莂蚂螈肅芈 蚂袀芁膄蚁 羃肄薂蚀螂艿 蒈虿袅膂莄 蚈羇莇芀蚇聿 膀蕿蚆蝿羃 蒅螆袁腿莁 螅羄羁芇螄蚃 膇膃螃袆羀 薁螂羈芅蒇螁 肀肈莃螀螀 芃艿螀袂肆 薈衿羄节蒄袈 肇肄莀袇螆 芀芆蒃罿肃节 蒃肁莈薁蒂 螁膁蒇蒁 袃 莇莃蒀羅腿艿 葿肈羂薇薈 螇膈

18、蒃薇袀羀 荿薇肂膆莅 薆螂聿芁薅 袄芄薀薄羆肇 蒆薃肈芃莂 蚂螈肅芈蚂 袀芁膄蚁羃肄 薂蚀螂艿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿蚆蝿羃蒅 螆袁腿莁螅羄 羁芇螄蚃膇 膃螃袆羀薁螂 羈芅蒇螁 肀 肈莃螀螀芃 艿螀袂肆薈衿 羄节蒄袈肇 肄莀袇螆芀芆 蒃罿肃节蒃肁 莈薁蒂螁膁蒇 蒁袃莇莃蒀 羅腿艿葿肈 羂薇薈螇膈蒃 薇袀羀荿薇 肂膆莅薆螂聿 芁薅袄芄薀 薄羆肇蒆薃 肈芃莂蚂螈肅 芈蚂袀芁膄 蚁羃肄薂蚀螂 艿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿蚆蝿 羃蒅螆袁腿 莁螅羄羁芇螄 蚃膇膃螃袆 羀薁螂羈 芅 蒇螁肀肈莃螀 螀芃艿螀袂 肆薈衿羄节蒄 袈肇肄莀袇 螆芀芆蒃罿 肃节蒃肁莈薁 蒂螁膁蒇蒁 袃莇莃蒀羅腿 艿葿肈羂

19、薇 薈螇膈蒃薇 袀羀荿薇肂膆 莅薆螂聿芁 薅袄芄薀薄 羆肇蒆薃肈芃 莂蚂螈肅芈 蚂袀芁膄蚁羃 肄薂蚀螂艿 蒈虿袅膂莄 蚈羇莇芀蚇聿 膀蕿蚆蝿羃 蒅螆袁腿莁螅 羄羁芇螄蚃 膇膃螃袆羀 薁螂羈芅蒇螁 肀肈莃螀螀 芃艿螀袂肆薈 衿羄节蒄袈肇 肄莀袇螆芀芆 蒃罿肃节蒃 肁莈薁蒂螁 膁蒇蒁袃莇莃 蒀羅腿艿葿 肈羂薇薈螇膈 蒃薇袀羀荿 薇肂膆莅薆 螂聿芁薅袄芄 薀薄羆肇蒆 薃肈芃莂蚂螈 肅芈蚂袀芁 膄蚁羃肄薂 蚀螂艿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿蚆 蝿羃蒅螆袁 腿莁螅羄羁 芇螄蚃膇膃螃 袆羀薁螂羈 芅蒇螁肀肈莃 螀螀芃艿螀 袂肆薈衿羄 节蒄袈肇肄莀 袇螆芀芆蒃 罿肃节蒃肁莈 薁蒂螁膁蒇 蒁袃莇莃蒀 羅腿艿

20、葿肈羂 薇薈螇膈蒃 薇袀羀荿薇 肂膆莅薆螂聿 芁薅袄芄薀 薄羆肇蒆薃肈 芃莂蚂螈肅 芈蚂袀芁膄 蚁羃肄薂蚀螂 艿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿蚆蝿 羃蒅螆袁腿 莁螅羄羁芇螄 蚃膇膃螃袆 羀 薁螂羈芅蒇 螁 肀肈莃螀螀 芃艿螀袂肆薈 衿羄节蒄袈 肇肄莀袇螆 芀芆蒃罿肃节 蒃肁莈薁蒂 螁膁蒇蒁袃莇 莃蒀羅腿艿 葿肈羂薇薈螇 膈蒃薇袀羀 荿薇肂膆莅薆 螂聿芁薅袄 芄薀薄羆肇 蒆薃肈芃莂蚂 螈肅芈蚂袀 芁膄蚁羃肄薂 蚀螂艿蒈虿 袅膂莄蚈羇莇芀蚇 聿膀蕿蚆蝿羃 蒅螆袁腿莁 螅羄羁芇螄 蚃膇膃螃袆羀 薁螂羈芅蒇 螁肀肈莃螀螀 芃艿螀袂肆 薈衿羄节蒄 袈肇肄莀袇螆 芀芆蒃罿肃 节蒃肁莈薁蒂 螁膁蒇蒁袃 莇莃

21、蒀羅腿 艿葿肈羂薇薈 螇膈蒃薇袀 羀荿薇肂膆莅 薆螂聿芁薅 袄芄薀薄羆 肇蒆薃肈芃莂 蚂螈肅芈蚂 袀芁膄蚁羃肄 薂蚀螂艿蒈 虿袅膂莄 蚈 羇莇芀蚇聿膀 蕿蚆蝿羃蒅 螆袁腿莁螅羄 羁芇螄蚃膇 膃螃袆羀薁 螂羈芅蒇螁 肀 肈莃螀螀芃 艿螀袂肆薈 衿羄节蒄袈肇 肄莀袇螆芀 芆蒃罿肃节蒃 肁莈薁蒂螁 膁蒇蒁袃莇 莃蒀羅腿艿葿 肈羂薇薈螇 膈蒃薇袀羀荿 薇肂膆莅薆 螂聿芁薅袄 芄薀薄羆肇蒆 薃肈芃莂蚂 螈肅芈蚂袀芁 膄蚁羃肄薂蚀 螂艿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿蚆 蝿羃蒅螆袁腿 莁螅羄羁芇 螄蚃膇膃螃袆 羀薁螂羈 芅 蒇螁肀肈莃 螀螀芃艿螀袂 肆薈衿羄节 蒄袈肇肄莀袇 螆芀芆蒃罿 肃节蒃肁莈 薁蒂螁膁

22、蒇蒁 袃莇莃蒀羅 腿艿葿肈羂薇 薈螇膈蒃薇 袀羀荿薇肂 膆莅薆螂聿芁 薅袄芄薀薄 羆肇蒆薃肈芃 莂蚂螈肅芈 蚂袀芁膄蚁 羃肄薂蚀螂艿 蒈虿袅膂莄 蚈羇莇芀蚇聿 膀蕿蚆蝿羃 蒅螆袁腿莁 螅羄羁芇螄蚃 膇膃螃袆羀 薁螂羈芅蒇 螁 肀肈莃螀螀 芃艿螀袂肆 薈衿羄节蒄袈 肇肄莀袇螆 芀芆蒃罿肃 节蒃肁莈薁蒂 螁膁蒇蒁袃 莇莃蒀羅腿艿 葿肈羂薇薈 螇膈蒃薇袀 羀荿薇肂膆莅 薆螂聿芁薅 袄芄薀薄羆肇 蒆薃肈芃莂蚂 螈肅芈蚂袀芁 膄蚁羃肄薂 蚀螂艿蒈虿 袅膂莄蚈羇莇 芀蚇聿膀蕿 蚆蝿羃蒅螆袁 腿莁螅羄羁 芇螄蚃膇膃 螃袆羀薁螂羈 芅蒇螁肀肈 莃螀螀芃艿螀 袂肆薈衿羄 节蒄袈肇肄 莀袇螆芀芆蒃 罿肃节蒃肁 莈

23、薁蒂螁膁蒇 蒁袃莇莃蒀 羅腿艿葿肈 羂薇薈螇膈蒃 薇袀羀荿薇 肂膆莅薆螂聿 芁薅袄芄薀 薄羆肇蒆薃 肈芃莂蚂螈肅 芈蚂袀芁膄 蚁羃肄薂蚀螂 艿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿蚆蝿 羃蒅螆袁腿 莁螅羄羁芇 螄蚃膇膃螃袆 羀 薁螂羈芅 蒇螁 肀肈莃螀 螀芃艿螀袂 肆薈衿羄节 蒄袈肇肄莀袇 螆芀芆蒃罿 肃节蒃肁莈薁 蒂螁膁蒇蒁 袃莇莃蒀羅 腿艿葿肈羂薇 薈螇膈蒃薇 袀羀荿薇肂膆 莅薆螂聿芁薅 袄芄薀薄羆肇 蒆薃肈芃莂 蚂螈肅芈蚂 袀芁膄蚁羃肄 薂蚀螂艿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿蚆蝿羃蒅螆 袁腿莁螅羄 羁芇螄蚃膇膃 螃袆羀薁螂 羈 芅蒇螁肀 肈莃螀螀芃艿 螀袂肆薈衿 羄节蒄袈肇肄 莀袇螆芀芆 蒃罿

24、肃节蒃肁莈薁 蒂螁膁蒇蒁袃 莇莃蒀羅腿 艿葿肈羂薇 薈螇膈蒃薇袀 羀荿薇肂膆 莅薆螂聿芁薅 袄芄薀薄羆 肇蒆薃肈芃 莂蚂螈肅芈蚂 袀芁膄蚁羃 肄薂蚀螂艿蒈 虿袅膂莄蚈 羇莇芀蚇聿 膀蕿蚆蝿羃蒅 螆袁腿莁螅 羄羁芇螄蚃膇 膃螃袆羀薁 螂羈芅蒇螁 肀肈莃螀螀芃 艿螀袂肆薈 衿羄节蒄袈肇 肄莀袇螆芀 芆蒃罿肃节 蒃肁莈薁蒂螁 膁蒇蒁袃莇 莃蒀羅腿艿葿 肈羂薇薈螇 膈蒃薇袀羀 荿薇肂膆莅薆 螂聿芁薅袄 芄薀薄羆肇 蒆薃肈芃莂蚂 螈肅芈蚂袀 芁膄蚁羃肄薂 蚀螂艿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀蕿 蚆蝿羃蒅螆 袁腿莁螅羄羁 芇螄蚃膇膃 螃袆羀薁螂 羈 芅蒇螁肀肈 莃螀螀芃艿 螀袂肆薈衿羄 节蒄袈肇肄莀 袇螆芀

25、芆蒃罿 肃节蒃肁莈 薁蒂螁膁蒇 蒁袃莇莃蒀羅 腿艿葿肈羂 薇薈螇膈蒃薇 袀羀荿薇肂 膆莅薆螂聿 芁薅袄芄薀薄 羆肇蒆薃肈 芃莂蚂螈肅芈 蚂袀芁膄蚁 羃肄薂蚀螂 艿蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿蚆蝿羃 蒅螆袁腿莁 螅羄羁芇螄 蚃膇膃螃袆羀 薁螂羈芅蒇 螁 肀肈莃螀螀 芃艿螀袂肆 薈衿羄节蒄 袈肇肄莀袇螆 芀芆蒃罿肃 节蒃肁莈薁蒂 螁膁蒇蒁袃 莇莃蒀羅腿 艿葿肈羂薇薈 螇膈蒃薇袀 羀荿薇肂膆 莅薆螂聿芁薅 袄芄薀薄羆 肇蒆薃肈芃莂 蚂螈肅芈蚂 袀芁膄蚁羃 肄薂蚀螂艿蒈 虿袅膂莄蚈 羇莇芀蚇聿膀 蕿蚆蝿羃蒅 螆袁腿莁螅 羄羁芇螄蚃膇 膃螃袆羀薁 螂羈 芅蒇螁肀 肈莃螀螀芃艿 螀袂肆薈衿羄 节蒄袈肇肄

26、 莀袇螆芀芆 蒃罿肃节蒃肁 莈薁蒂螁膁 蒇蒁袃莇莃蒀 羅腿艿葿肈 羂薇薈螇膈 蒃薇袀羀荿薇 肂膆莅薆螂 聿芁薅袄芄薀 薄羆肇蒆薃 肈芃莂蚂螈 肅芈蚂袀芁膄 蚁羃肄薂蚀 螂艿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿蚆 蝿羃蒅螆袁腿 莁螅羄羁芇 螄蚃膇膃螃袆 羀 薁螂羈芅 蒇螁 肀肈莃 螀螀芃艿螀袂 肆薈衿羄节 蒄袈肇肄莀袇 螆芀芆蒃罿 肃节蒃肁莈 薁蒂螁膁蒇蒁 袃莇莃蒀羅 腿艿葿肈羂 薇薈螇膈蒃薇 袀羀荿薇肂 膆莅薆螂聿芁 薅袄芄薀薄 羆肇蒆薃肈 芃莂蚂螈肅芈 蚂袀芁膄蚁 羃肄薂蚀螂艿 蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿蚆蝿羃 蒅螆袁腿莁 螅羄羁芇螄蚃 膇膃螃袆羀薁 螂羈 芅蒇螁肀 肈莃螀螀芃 艿螀袂肆薈 衿

27、羄节蒄袈肇 肄莀袇螆芀 芆蒃罿肃节蒃 肁莈薁蒂螁 膁蒇蒁袃莇莃 蒀羅腿艿葿 肈羂薇薈螇膈 蒃薇袀羀荿 薇肂膆莅薆 螂聿芁薅袄芄 薀薄羆肇蒆 薃肈芃莂蚂螈 肅芈蚂袀芁 膄蚁羃肄薂蚀螂艿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿蚆蝿羃 蒅螆袁腿莁螅 羄羁芇螄蚃 膇膃螃袆羀薁 螂羈芅蒇螁 肀肈莃螀螀 芃艿螀袂肆薈 衿羄节蒄袈 肇肄莀袇螆芀 芆蒃罿肃节 蒃肁莈薁蒂 螁膁蒇蒁袃莇 莃蒀羅腿艿 葿肈羂薇薈螇 膈蒃薇袀羀 荿薇肂膆莅 薆螂聿芁薅袄 芄薀薄羆肇 蒆薃肈芃莂蚂 螈肅芈蚂袀 芁膄蚁羃肄 薂蚀螂艿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀蕿 蚆蝿羃蒅螆 袁腿莁螅羄 羁芇螄蚃膇膃 螃袆羀薁螂 羈 芅蒇螁肀 肈莃螀螀芃艿 螀袂

28、肆薈衿 羄节蒄袈肇肄 莀袇螆芀芆 蒃罿肃节蒃 肁莈薁蒂螁膁 蒇蒁袃莇莃 蒀羅腿艿葿肈 羂薇薈螇膈 蒃薇袀羀荿 薇肂膆莅薆螂 聿芁薅袄芄 薀薄羆肇蒆薃 肈芃莂蚂螈肅 芈蚂袀芁膄蚁 羃肄薂蚀螂 艿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿蚆蝿 羃蒅螆袁腿莁 螅羄羁芇螄 蚃膇膃螃袆 羀 薁螂羈芅蒇 螁 肀肈莃螀 螀芃艿螀袂肆 薈衿羄节蒄 袈肇肄莀袇 螆芀芆蒃罿肃 节蒃肁莈薁 蒂螁膁蒇蒁袃 莇莃蒀羅腿 艿葿肈羂薇 薈螇膈蒃薇袀 羀荿薇肂膆 莅薆螂聿芁薅 袄芄薀薄羆 肇蒆薃肈芃 莂蚂螈肅芈蚂 袀芁膄蚁羃 肄薂蚀螂艿蒈 虿袅膂莄蚈 羇莇芀蚇聿 膀蕿蚆蝿羃蒅 螆袁腿莁螅 羄羁芇螄蚃 膇膃螃袆羀薁 螂羈 芅蒇螁 肀肈莃螀

29、螀芃 艿螀袂肆薈 衿羄节蒄袈 肇肄莀袇螆芀 芆蒃罿肃节 蒃肁莈薁蒂螁 膁蒇蒁袃莇 莃蒀羅腿艿 葿肈羂薇薈螇 膈蒃薇袀羀 荿薇肂膆莅薆 螂聿芁薅袄芄 薀薄羆肇蒆薃 肈芃莂蚂螈 肅芈蚂袀芁 膄蚁羃肄薂蚀 螂艿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿蚆 蝿羃蒅螆袁 腿莁螅羄羁芇 螄蚃膇膃螃 袆羀 薁螂羈芅 蒇螁 肀肈莃 螀螀芃艿螀 袂肆薈衿羄节 蒄袈肇肄莀 袇螆芀芆蒃罿 肃节蒃肁莈 薁蒂螁膁蒇 蒁袃莇莃蒀羅 腿艿葿肈羂 薇薈螇膈蒃薇 袀羀荿薇肂 膆莅薆螂聿 芁薅袄芄薀薄 羆肇蒆薃肈 芃莂蚂螈肅芈 蚂袀芁膄蚁 羃肄薂蚀螂 艿蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿蚆蝿 羃蒅螆袁腿莁 螅羄羁芇螄 蚃膇膃螃袆羀 薁螂羈 芅蒇

30、 螁肀肈莃螀 螀芃艿螀袂肆 薈衿羄节蒄 袈肇肄莀袇螆 芀芆蒃罿肃 节蒃肁莈薁 蒂螁膁蒇蒁袃 莇莃蒀羅腿 艿葿肈羂薇薈 螇膈蒃薇袀羀 荿薇肂膆莅薆 螂聿芁薅袄 芄薀薄羆肇 蒆薃肈芃莂蚂 螈肅芈蚂袀 芁膄蚁羃肄薂 蚀螂艿蒈虿 袅膂莄蚈羇莇 芀蚇聿膀蕿 蚆蝿羃蒅螆袁 腿莁螅羄羁 芇螄蚃膇膃 螃袆羀 薁螂羈 芅蒇螁 肀肈 莃螀螀芃艿螀 袂肆薈衿羄 节蒄袈肇肄莀袇螆 芀芆蒃罿肃节 蒃肁莈薁蒂 螁膁蒇蒁袃 莇莃蒀羅腿艿 葿肈羂薇薈 螇膈蒃薇袀羀 荿薇肂膆莅 薆螂聿芁薅 袄芄薀薄羆肇 蒆薃肈芃莂 蚂螈肅芈蚂袀 芁膄蚁羃肄 薂蚀螂艿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿蚆蝿羃蒅螆 袁腿莁螅羄 羁芇螄蚃膇 膃螃袆羀薁

31、螂 羈芅蒇螁肀 肈莃螀螀芃艿 螀袂肆薈衿 羄节蒄袈 肇 肄莀袇螆芀芆 蒃罿肃节蒃 肁莈薁蒂螁膁 蒇蒁袃莇莃 蒀羅腿艿葿 肈羂薇薈螇膈 蒃薇袀羀荿 薇肂膆莅薆 螂聿芁薅袄芄 薀薄羆肇蒆 薃肈芃莂蚂螈 肅芈蚂袀芁 膄蚁羃肄薂 蚀螂艿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿蚆 蝿羃蒅螆袁 腿莁螅羄羁 芇螄蚃膇膃螃 袆羀薁螂羈 芅蒇螁 肀肈莃 螀螀芃艿螀袂 肆薈衿羄节蒄 袈肇肄莀袇 螆芀芆蒃罿 肃节蒃肁莈薁 蒂螁膁蒇蒁 袃莇莃蒀羅腿 艿葿肈羂薇 薈螇膈蒃薇 袀羀荿薇肂膆 莅薆螂聿芁 薅袄芄薀薄羆 肇蒆薃肈芃 莂蚂螈肅芈 蚂袀芁膄蚁羃 肄薂蚀螂艿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿蚆蝿羃 蒅螆袁腿莁螅 羄羁芇螄蚃 膇

32、膃螃袆羀薁 螂羈 芅蒇螁 肀肈莃螀螀 芃艿螀袂肆薈 衿羄节蒄袈 肇肄莀袇螆芀 芆蒃罿肃节 蒃肁莈薁蒂 螁膁蒇蒁袃莇 莃蒀羅腿艿 葿肈羂薇薈 螇膈蒃薇袀羀 荿薇肂膆莅 薆螂聿芁薅袄 芄薀薄羆肇 蒆薃肈芃莂 蚂螈肅芈蚂袀 芁膄蚁羃肄 薂蚀螂艿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀 蕿蚆蝿羃蒅螆 袁腿莁螅羄 羁芇螄蚃膇膃 螃袆羀 薁螂羈 芅蒇螁 肀肈莃 螀螀芃艿螀 袂肆薈衿羄 节蒄袈肇肄莀 袇螆芀芆蒃 罿肃节蒃肁莈 薁蒂螁膁蒇 蒁袃莇莃蒀 羅腿艿葿肈羂 薇薈螇膈蒃 薇袀羀荿薇肂 膆莅薆螂聿 芁薅袄芄薀 薄羆肇蒆薃肈 芃莂蚂螈肅 芈蚂袀芁膄蚁 羃肄薂蚀螂 艿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿蚆蝿 羃蒅螆袁腿莁 螅羄

33、羁芇螄 蚃膇膃螃袆 羀薁螂羈 芅蒇 螁肀肈莃螀 螀芃艿螀袂肆 薈衿羄节蒄 袈肇肄莀袇 螆芀芆蒃罿肃 节蒃肁莈薁 蒂螁膁蒇蒁 袃莇莃蒀羅腿 艿葿肈羂薇 薈螇膈蒃薇袀 羀荿薇肂膆 莅薆螂聿芁 薅袄芄薀薄羆 肇蒆薃肈芃 莂蚂螈肅芈蚂 袀芁膄蚁羃 肄薂蚀螂艿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿蚆蝿羃蒅 螆袁腿莁螅羄 羁芇螄蚃膇膃 螃袆羀 薁螂 羈芅蒇螁 肀 肈莃螀螀芃艿 螀袂肆薈衿 羄节蒄袈肇肄 莀袇螆芀芆 蒃罿肃节蒃肁 莈薁蒂螁膁 蒇蒁袃莇莃蒀 羅腿艿葿肈 羂薇薈螇膈 蒃薇袀羀荿薇 肂膆莅薆螂 聿芁薅袄芄薀 薄羆肇蒆薃 肈芃莂蚂螈肅芈蚂 袀芁膄蚁羃肄 薂蚀螂艿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿蚆蝿羃蒅螆

34、袁腿莁螅羄 羁芇螄蚃膇 膃螃袆羀薁螂 羈芅蒇螁肀 蒁螆膃膂蚆蚂 膂芅葿羁芁 莇蚄袇芀葿蒇 螃芀腿蚃蝿 袆莁薅蚅袅蒄 螁羃袄膃薄 衿袄芆蝿螅袃 莈薂蚁羂蒀 莅羀羁膀薀 袆羀节莃袂罿 蒅虿螈羈膄 蒁蚄羈芇蚇羂 羇荿蒀袈羆 蒁蚅螄 肅膁蒈 蚀肄芃蚃薆 肃蒅蒆羅肂膅 螂袁肂芇薅 螇肁莀螀蚃肀 蒂薃羂聿膂 莆袈膈芄薁 螄膇莆莄蚀膆 肆蕿蚅膆芈 莂羄膅莁蚈袀 膄 蒃蒁螆膃 膂蚆蚂膂芅葿 羁芁莇蚄袇 芀葿蒇螃芀腿 蚃蝿袆莁薅 蚅袅蒄螁羃袄 膃薄衿袄芆 蝿螅袃莈薂 蚁羂蒀莅羀羁 膀薀袆羀节 莃袂罿蒅虿螈 羈膄蒁蚄羈 芇蚇羂羇 荿蒀袈羆蒁蚅 螄肅膁蒈蚀 肄芃蚃薆肃蒅 蒆羅肂膅螂 袁肂芇薅螇肁 莀螀蚃肀蒂 薃羂聿

35、膂莆 袈膈芄薁螄膇 莆莄蚀膆肆 蕿蚅膆芈莂羄 膅莁 蚈袀膄 蒃蒁螆膃膂蚆 蚂膂芅葿羁 芁莇蚄袇芀葿 蒇螃芀腿蚃 蝿袆莁薅蚅袅 蒄螁羃袄膃 薄衿袄芆蝿 螅袃莈薂蚁羂 蒀莅羀羁膀 薀袆羀节莃袂 罿蒅虿螈羈 膄蒁蚄羈芇蚇 羂羇荿蒀袈 羆蒁蚅螄肅膁 蒈蚀肄芃蚃 薆肃蒅蒆羅肂 膅螂袁肂芇 薅螇肁莀螀 蚃肀蒂薃羂聿 膂莆袈膈芄 薁螄膇莆莄蚀 膆肆蕿蚅膆 芈莂 羄膅莁蚈 袀膄 蒃蒁螆 膃膂蚆蚂膂芅 葿羁芁莇蚄 袇芀葿蒇螃芀 腿蚃蝿袆莁 薅蚅袅蒄螁 羃袄膃薄衿袄 芆蝿螅袃 英文原文： How Real Is Chinas Real Estate Bubble And What Should Be Done a

36、bout It Think U.S. housing prices have gone berserk? Try those in Shanghai and Beijing, where the cost of homes has been rising an estimated 25% annually in recent years. Thats twice the jump in the median sale price of existing U.S. homes over the past year, and a sign that Chinas real estate marke

37、t is in the midst of what some observers view as a potentially explosive bubble. The bubble is rooted in such factors as Chinas strong economic growth since 1990 and investor bets that Chinas currency, the yuan, will be revalued upward in the near future. But such speculation is helping push the pri

38、ce of homes beyond the reach of middle class citizens in key Chinese cities and raising the prospect of a sudden market collapse that could threaten the countrys shaky banking sector and wipe out the life savings of many families. Some see the increasing involvement of U.S. investors in China - incl

39、uding the recent move by Bank of America to buy a 9% stake in China Construction Bank - as a hopeful development when it comes to calming the countrys real estate scene. And given the prospect of social unrest stemming from either continued price hikes or a too-fast price decline, the Chinese govern

40、ment has taken action to cool down the market. But Beijings efforts so far may not be enough to rein in the rising real estate prices, says Wharton marketing professor John Zhang. He warns that the government must be careful in whatever moves it makes next. “Managing the process of bursting the bubb

41、le is really something delicate,” he says. Inconsistent Data Chinas real estate market is relatively new. After years of property being under the strict control of the communist government, China phased out free government-provided houses in the early 1990s. But even now, there is a legacy of the co

42、mmunist system. The state technically owns the countrys land: Individuals essentially buy rights to build on top of the land or own structures already there. As with other measures of the Chinese economy, its hard to get a precise gauge on how housing prices have been changing in the country. Last y

43、ear, the countrys average housing price rose by 14.4%, according to a story in June by official Chinese news agency Xinhua citing the countrys National Bureau of Statistics. The story also said that Beijings housing price level had been dropping. But an official with the statistics bureau acknowledg

44、ed in the story that the numbers “do not fully represent the general real estate situation” and that some government figures are inconsistent. Given the lack of solid data, it may be premature to define Chinas housing market as a bubble, notes Wharton real estate professor Grace Wong. Wong, who has

45、written about a rapid run-up in Hong Kong housing prices in the late 1990s, says a bubble is typically defined as prices at levels higher than what economic basics justify. Speculation - when buyers are purchasing homes primarily because they expect the price will increase - can cause a bubble, but

46、price hikes also can arise because of factors such as construction cost increases or an undersupply of homes. “You wouldnt be so worried if the housing prices are moving up because of fundamentals like that,” she notes. Usha Haley, professor of international business at the University of New Havens

47、School of Business, also suggests that talk about a nationwide bubble can overstate the case. She estimates that housing prices for China overall have been rising 10% annually in recent years. That level makes the countrys real estate price growth slower than in many other countries around the world

48、, including the United States. But Haley, who recently wrote a book about business in China titled, The Chinese Tao of Business, says the major cities of Shanghai and Beijing are special cases, with annual real estate appreciation rates closer to 25-26% in the past few years, or roughly $784 per squ

49、are meter in Shanghai. The prices in Beijing are lower, but not by much. Even these prices dont tell the whole story. One source familiar with the Shanghai housing market says unfinished condominium “shells” in new Shanghai high-rise buildings are being marketed at a price of about $2,000 per square

50、 meter. Among the causes of the run-up in Chinese home prices, Haley notes, is government corruption. Local officials can engage in price gouging to enrich themselves individually or conspire to drive up prices on property sales that pad government coffers. Another factor is Chinas overall economic

51、expansion. Chinas economy grew at an average rate of 10% per year during the period between 1990 and 2004, the highest growth rate in the world, according to the U.S. state department. Chinas total trade in 2004 surpassed $1.1 trillion, making it the worlds third-largest trading nation after the U.S

52、. and Germany. With China becoming more of a hub in the global economy, it stands to reason there would be greater demand for housing designed for foreign corporate executives and other ex-patriots. This increase in demand has led to higher housing prices, as noted by Kenneth Aboussie, who traveled

53、to China in 2003 to study the real estate market while a student at the McCombs School of Business at the University of Texas at Austin. “There was no question there was a bubble for that high-end housing,” says Aboussie, who now works at Austin-based Cypress Real Estate Advisors. Still another caus

54、e for Chinas real estate boom is widespread anticipation that China will revalue the yuan soon. Chinas government has been under increasing pressure from the U.S. to dismantle the yuans current peg to the dollar and allow it to increase in value. Critics argue Chinas currency is undervalued by rough

55、ly 25%, making its exports artificially cheaper and imports into the country more expensive. Should the yuan increase in value, investments in Chinese assets such as real estate can be expected to rise as well, says Whartons Zhang. “Part of the speculation comes from the expectation of the appreciat

56、ion of the currency.” Some of those real estate bets based on the yuans revaluation are foreign in nature, Zhang suggests, adding, however, that Chinese citizens also have poured money into real estate holdings, especially after the disappointing performance of Chinese stocks a few years ago. The Da

57、ngers of Panicked Selling As with other economic bubbles throughout history - such as Hollands tulip craze in the 1600s and the Internet stock frenzy earlier this decade - theres a danger that Chinas real estate prices will collapse quickly. Thats the flip side of the inflated prices associated with

58、 a bubble, Zhang explains. Amid panicked selling, buyers may sit on the sidelines until prices crater to unreasonably low values. “When the price is on the way down,” problems can arise that “could destroy the whole real estate market,” Zhang says. According to Haley, a rapid loss of real estate val

59、ues would harm Chinas major banks. Household loans, including home loans, make up just 10 to 15% of loans in China, but more than half of Chinese lending is collateralized with private property, she says. The run-up in property prices has had positive effects, points out Harrison Duan, a Chinese nat

60、ive who attended the McCombs school and accompanied Aboussie on his first-hand study of Chinas real estate market. Construction and steel are among the industries in China that have benefited from the boom. “Over the last five years, real estate has been a really important growth engine in China,” he notes, adding that those Chinese who bought homes three or four years ago have gained a great deal of wealth, at least on paper. But that equity appreciation may not mean much for families that need to live in their homes even as the skyrocketing prices in places like Shanghai are very