英语翻译在经济发展迅猛的情况下,普通投资者却无法参与房地产金融市场的发展,导致了中国的房地产金融市场尚未形成一个健全而又

英语翻译
在经济发展迅猛的情况下,普通投资者却无法参与房地产金融市场的发展,导致了中国的房地产金融市场尚未形成一个健全而又多层次的市场体系以及丰富的投资者队伍.同时,监管当局出台一系列金融紧缩政策削弱房地产企业对银行信贷的依赖,一定程度上带动了信托、地产基金等金融创新工具的发展.此外,房地产业自身的升级与分化也决定了未来房地产金融市场的全新变革.在内外因素的综合作用下,中国房地产融资市场的主要特征体现为：①以银行信贷为主导的单一融资格局；②多元化的融资渠道日趋活跃；③房地产融资市场体系未健全.
1、以银行信贷为主导的单一融资格局
中国房地产业的资金来源集中于银行贷款[29].据对现有房地产开发项目的资金来源的调查显示,现有房地产开发项目中自有资金比例仅占总投资的30%左右,其余来自贷款或外资.由此导致了我国房地产市场除自有资金以外,其余资金往往间接或直接来自银行.此外,由于与房地产相关的债券市场和证券市场发展水平缓慢,中国房地产企业也匮乏直接融资渠道.由于融资渠道单一,在银行信贷14紧收的客观环境下,大量房地产企业没有相应的融资渠道进行有效的资金补充,造成了企业乃至行业的严重贫血.
2、多元化的融资渠道日趋活跃
虽然中国房地产产业基金的发展存在法律障碍,但是其重要地位和作用已经引起了整个房地产业的高度共识.一方面,国内市场中已有成功发起设立准地产基金的先例,这对中国式房地产产业基金道路的探索有着积极的作用；另一方面,海外地产基金逐渐渗透国内房地产市场,大量国际地产基金开始谋划国内房地产投资布局战略.随着《产业基金法》的出台以及产业基金合法地位的确立,产业基金模式将在房地产融资市场发挥尤为重要的作用.资金信托计划作为目前较为活跃的房地产融资工具,其融资额在整个房地产融资总量中约占1%,但是它以灵活性与适应能力为整个房地产行业带来了创造性的启示.2004年10月银监会公布《信托投资公司房地产信托业务管理暂行办法》以改善房地产融资市场的疲软局面,该暂行办法放宽了对符合规定条件的房地产信托业务的限制,一定程度上将资金信托计划转变为真正意义的房地产信托.2005年9月银监会下发《加强信托投资公司部分业务风险提示的通知》（银监会212号文件）,该文件要求新发行的房地产信托必须满足三大条件：即“四证”齐全、自有资金达到35%、开发商具备二级以上资质.

Rapid economic development in the case, ordinary investors can not participate in the development of real estate financial markets, resulting in China's real estate financial markets has not yet formed a sound and multi-level market system, as well as the ranks of rich investors. At the same time, regulatory authorities issued a series of monetary tightening policy to weaken the real estate companies rely on bank credit, to some extent, led the trust, real estate funds and other tools for the development of financial innovation. In addition, the real estate industry itself has also decided to upgrade and differentiation of the future of real estate financial markets, the new changes. Integrated in the role of internal and external factors, China's real estate finance market reflected the main characteristics: ① to bank credit for financing a single dominant pattern; ② diversified financing channels have become increasingly active; ③ real estate financing is not a sound market system.
1, leading to bank credit for financing of a single pattern
   China's real estate funds focused on bank lending sources [29]. According to real estate development project on the existing sources of funding for a survey, the existing real estate development projects in the proportion of its own funds the total investment accounted for only about 30%, and the rest from loans or foreign investment. This led to China's real estate market in addition to its own funds, the remaining funds are often directly or indirectly from the bank. In addition, bonds and real estate market and the level of the slow development of the securities market, the Chinese real estate enterprises also lack of direct financing channels. Financing channels as a result of a single, 14 tight credit in the bank closed the objective environment, a large number of real estate financing channels, there is no corresponding effective replenishment, resulting in the enterprise sector as well as severe anemia.
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2, a wide range of financing channels have become increasingly active
   Although the Chinese real estate industry fund the development of the existence of legal obstacles, but the important status and role of the entire real estate industry has attracted a high degree of consensus. On the one hand, the success of the domestic market has been launched to establish the precedent of quasi-real estate fund, which is Chinese-style real estate industry to explore the road fund has a positive effect; On the other hand, overseas real estate funds find their way into domestic real estate market, a large number of international real estate Fund started to plan the layout of the domestic real estate investment strategies. With the "industry fund", as well as the introduction of industry funds to establish the legal status, industry funds will play in the real estate finance market is especially important role. Capital trust schemes more active as the current real estate financing instruments, the financing of real estate financing in the amount of about 1% of the total, but its flexibility and adaptability for the entire real estate industry for creative inspiration. China Banking Regulatory Commission in October 2004 announced, "Trust and Investment Corporation Interim Measures for the Administration of real estate trust business" in order to improve the weak real estate financing market situation, the Interim Measures for the relaxation of the required conditions of the real estate trust business constraints, to some extent funds into a trust scheme, the true meaning of the real estate trust. China Banking Regulatory Commission in September 2005 issued "Trust and Investment Corporation to enhance the risk of part of the business prompted the notice" (the China Banking Regulatory Commission document 212), the document issued to request a new real estate trust must meet three conditions: that the "four-card" complete, reaching 35% of its own funds, developers have more than two qualifications.