经济学人｜恒大自救倒计时
1
导读
自从恒大2万亿财富暴雷以来，许家印就一直处在舆论的风口浪尖，直到这些天热度才有所减退，在恒大负债危机刚刚曝出那段时间，不少国人都在猜测，国家究竟要不要出手帮助恒大，毕竟这个财务漏洞太过巨大，仅仅凭借公司本身，或许无法将其填补上。可是观望了一段时间后人们发现，国家始终没有给出确切消息，许家印去了好几趟北京，最终也都是无功而返，于是他只能自己想办法展开自救，虽然说许老板已经套走了不少钱，凭借自己的海外资产，就算恒大倒了也能逍遥自在，不过毕竟是这么多年来的心血，也不能完全能置身事外。
2
听力|精读|翻译|词组
Time for orderly resolution for Evergrande is running out
（本篇文章选自20211023周经济学人Finance & economics板块，原文PDF版获取方式看文末）
HOMEBUYERS, investors, and analysts have been waiting for months for a peep from China’s regulators on a plan for Evergrande, a massive homebuilder on the brink of collapse. But when the central bank at last chimed in on October 15th to say that the risks were controllable, few took comfort.
几个月来，购房者、投资者和经济分析师一直在等待监管机构对濒临倒闭的大型住宅地产商“恒大”的方案。令人感到些许安慰的是，央行在10月15日表示，恒大风险可控。
✓ peep ：窥视；偷看；隐现；慢慢露出
✓ the brink of：…..的边缘
✓ chimed：鸣响；报时
On October 22nd Evergrande was reported to have paid a missed offshore-bond payment, avoiding official default. But it has yet to make several other missed payments. A plan to raise $2.6bn by selling a stake in its property-services arm has fallen through. Confidence in China’s housing market has been jolted. A handful of other developers have either missed or say they plan to miss offshore-bond payments. Sinic became the latest to default on October 19th.
据报道，10月22日，恒大地产支付了一笔未支付的海外债券，避免了官方违约。但它还未支付其他款项。一项通过出售物业股份来筹集26亿美元的计划已经失败。xx房地产市场的信心受到了冲击。其他开发商要么未支付海外债券，要么说们准备不支付。10月19日，中信证券成为最新的一家违约的公司。
✓ offshore-bond：离岸债券
✓ default：未履行；未支付
✓ property-services：物业
✓ jolted：动摇；震惊
✓ A handful of….：少数的；少量的
Many investors fear that the authorities are running out of time to avert greater turmoil in the housing market. The main concern is that Evergrande and other troubled developers will not be able to complete the homes they have already sold to ordinary Chinese people. (Evergrande alone owes an estimated 1.4m pre-sold units to buyers.) That would further drain confidence from the housing market and deliver a devastating shock to already weak economic growth.
许多投资者担心，政府无暇顾及房地产市场出现更大的动荡。xx主要的担忧是恒大和其他陷入困境的开发商无法建完他们已经预售给普罗大众的房子。（据估计，仅恒大卖了140万套预售房。）这都将进一步削弱房地产市场的信心，并对本已疲弱的经济增长造成毁灭性冲击。
✓ Avert：避免；组织；防止
✓ Turmoil /'tɝmɔɪl/ ：混乱；动荡 ；恐慌
Averting broader fallout will depend on two things. The first is opening the channels of finance, in order to keep building sites buzzing with workers and suppliers. Here things do not look good. Many industry-watchers had expected the central government to capitulate to the crisis and command banks to lend more to developers. But that has not happened so far. The situation in the bond market is worse. The distress at Evergrande has helped fuel a cash crunch for other high-yield-bond issuers, shutting even non-property firms out of the market for desperately needed dollars.
为避免产生更广泛的后果应当首先采取两件事。第一，开放融资渠道，以保持建筑工地上的工人和供应商正常开工。目前已经出现了工地停工，供应商拿不到货款。许多行业观察人士曾预计，xx会向恒大低头，令银行向开发商发放更多贷款。但到目前为止，这种情况还没有发生。债券市场的情况更糟。恒大的困境加剧了高收益债券发行者的资金紧张，他们甚至将非房地产公司排除在急需资金的市场之外。
✓ channels of finance：融资渠道
✓ capitulate /kə'pɪtʃulet/ 屈服；不再反抗
✓ bond market：债券市场
✓ high-yield-bond：高收益债券
✓ desperately：绝望的
Developers were once able to bring in lots of liquidity by pre-selling homes. But now activity is slowing down. Developers’ spending on capital expenditure and land purchases fell by 3.5% in September, compared with a year earlier. Home starts and sales by value have continued to slide. House prices fell in September, the first monthly decline since 2015.
以前，开发商能够通过预售房屋获得大量流动资金。但现在经济放缓。与去年同期相比，9月份开发商在资本支出和土地购买上的下降了3.5%。新屋开工数和销售额继续下滑。9月份房价出现下跌，这是2015年以来的首次月度下跌。
✓ Liquidity：资产流动线
✓ capital expenditure：基本建设费用
✓ slide：滑行；滑落
Help could also come in a second form: a grand restructuring plan. But that would take time. Evergrande alone has more than 1,000 projects across China; other developers will only add more to the count. If the projects are to be kept running, local governments will probably need to take over their operation, requiring complex negotiations in hundreds of cities. Whether all this can be pulled off is far from clear. Yet failing to deliver on projects that have already been purchased would be catastrophic for the government。
第二，实施大规模重组计划。但这需要时间。仅恒大在xx就有1000多个项目;其他开发商只会增加这一基数。如果这些项目要继续运营，地方政府可能需要接管，这需要在数百个城市进行复杂的谈判。这一切能否实现还远未明朗。然而，如果不能完成已经在建的项目，对于xx来说将是灾难性的
4
经济学人学习群限时开放
大家先看看分享的都是哪些外刊，如下图所示
特别注意：
如果大家想获取2001-2021年所有的经济学人PDF，请按照以下操作：1. 转发本文到朋友圈全部可见 或 100人以上英语微信群（一天一篇经济学人社群除外）2. 转发后两小时截图私信小编，小编会在晚上通过（白天在工地)，通过后发给您，谢谢理解。
听说点赞的都是准研究生！！！