2021年经济学人 法国的房地产

Property in France

法国的房地产

Terminal value

最终价值

A ghoulish financial product gets a fresh lease of life

一种令人毛骨悚然的金融产品获得了新生

Who has not dreamed of owning a pied-à-terre in Paris, or perhaps overlooking the Mediterranean¹? How about betting on the timing² of a perfect stranger's death? In France you can combine the two. In sales of property en viager a buyer pays upfront for a residence while getting the keys only when the current owner dies. Covid-19 has revived interest in the morbid³ scheme.

谁没有梦想过在巴黎拥有一套小公寓呢？谁又没有梦想过能够俯瞰地中海呢？赌一个陌生人的死亡时间怎么样？在法国，你可以把这两者结合起来。在(法国的)房产买卖中，买家提前支付房款，但只有在当前的房主去世后才能拿到钥匙。新冠再次引起了人们对该病态项目的兴趣。

The concept of viagers is nearly as old as property; rules laying out its modalities go back over a thousand years. Typically the seller gets cash for around a third of the value of the home at the time of the sale. Monthly payments from the buyer should add up to something nearer the full value of the property—assuming the seller dies at the time suggested by actuarial tables.

“终身房产”的概念几乎和房地产一样古老，制定其模式的规则可以追溯到一千多年前。卖方一般可以以房屋出售时价值的三分之一左右的价格获得现金。买方每月的付款总额应该接近房产的全部价值——假设卖方在精算表推测的时间死亡。

For sellers not afraid of tempting⁴ fate, viagers offer the chance to cash in on their homes yet stay in them, with an income to boot. That appealed all the more as covid-19 began to spread, and death rates in retirement⁵ homes soared. Specialist brokers⁶ reported a surge in enquiries as elderly people sought to remain in their homes for longer.

对于不害怕冒险的卖家来说，终身房产提供了一个机会，他们可以在住在里面的同时将房子变现，获得收入。随着新冠开始蔓延，养老院的死亡率飙升，使得这一产业变得更有吸引力。专业经纪人报告称，因为有越来越多的老年人想要待在家里，所以咨询的人数激增。

Even then, the estimated 5,000 viager deals signed in France every year represent less than 1% of all property sales. But the scheme's long-expected demise⁷ never seems to come. Authorities promote it as a tax-efficient way for pensioners⁸ to cash in on rising property prices. Viagers also allow buyers to invest in property without a mortgage—the lender is, in effect, the seller-cum-tenant for life. The discount on properties sold for occupation at an unspecified time in the future is also an attraction.

即便如此，估计每年在法国签署的5000份终身房产交易还不到所有房产销售的1%。但该项目预期已久的消亡似乎永远不会到来。当局将其推广为一种节税方式，以便让养老金领取者从上涨的房价中获利。终身房产还允许买家在无需抵押的情况下投资房产——贷方实际上是卖方兼终身承租人。在未来某个不确定的时间出售供居住的房产的折扣也是一个吸引力。

Buyers of viager properties have to guess how long the kindly⁹ old grandfather on the other side of the deal has left. Ads for such sales come with descriptions of the place in question—and details of the age of the seller. Canny¹⁰ widows looking to cash out are known to light cigarettes ahead of visits by potential buyers to hint at their unhealthy lifestyles. All parties are aware of the industry's freak event. In 1965 a 47-year-old notary¹¹ bought a home en viager from a frail¹² 90-year-old lady. He died 30 years later, but his widow kept making annuity¹³ payments, as the seller, Jeanne Calment, lived on to the world-beating age of 122.

购买终身房产的人必须猜测交易另一方那位慈祥的老爷爷还能活多久。像这类销售的广告上会附上对相关地点的描述——以及卖家的年龄细节。据悉，精明的寡妇们为了变现，会在潜在买家到访前点烟，以此暗示她们不健康的生活方式。各方都意识到了这一行业的反常事件。1965年，一位47岁的公证人从一位虚弱的90岁老妇人手里买下一套终身房产。30年后他去世了，他的遗孀一直在为他支付年金，而卖家珍妮·卡尔芒却活到了惊人的122岁。

Fans of viagers point out that betting on death is hardly unusual in finance: just look at the life-insurance industry. But the sinister¹⁴ undertones of such arrangements are hard to shake off. Some buyers have been suspected of hurrying nature along. In at least two murders currently in front of courts, authorities allege¹⁵ buyers did away with their tenants¹⁶ to gain possession of viager properties.

终身房产的粉丝们指出，金融业中把赌注押在死亡上在并不罕见：看看人寿保险行业就知道了。但是这样的安排所暗含的险恶意味是难以摆脱的。人们怀疑有些买家在此过程中会耐不住性子。在已在法庭受理的至少两起谋杀案中，当局声称是买家为了获得终身房产而将租户杀害。

1 Mediterranean   

adj.地中海的；地中海沿岸的

参考例句：

• The houses are Mediterranean in character.这些房子都属地中海风格。
• Gibraltar is the key to the Mediterranean.直布罗陀是地中海的要冲。

2 timing   

n.时间安排，时间选择

参考例句：

• The timing of the meeting is not convenient.会议的时间安排不合适。
• The timing of our statement is very opportune.我们发表声明选择的时机很恰当。

3 morbid   

adj.病的；致病的；病态的；可怕的

参考例句：

• Some people have a morbid fascination with crime.一些人对犯罪有一种病态的痴迷。
• It's morbid to dwell on cemeteries and such like.不厌其烦地谈论墓地以及诸如此类的事是一种病态。

4 tempting   

a.诱人的, 吸引人的

参考例句：

• It is tempting to idealize the past. 人都爱把过去的日子说得那么美好。
• It was a tempting offer. 这是个诱人的提议。

5 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

6 brokers   

n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…

参考例句：

• The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
• From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分

7 demise   

n.死亡；v.让渡，遗赠，转让

参考例句：

• He praised the union's aims but predicted its early demise.他赞扬协会的目标，但预期这一协会很快会消亡。
• The war brought about the industry's sudden demise.战争道致这个行业就这么突然垮了。

8 pensioners   

n.领取退休、养老金或抚恤金的人( pensioner的名词复数 )

参考例句：

• He intends to redistribute income from the middle class to poorer paid employees and pensioners. 他意图把中产阶级到低薪雇员和退休人员的收入做重新分配。 来自《简明英汉词典》
• I am myself one of the pensioners upon the fund left by our noble benefactor. 我自己就是一个我们的高贵的施主遗留基金的养老金领取者。 来自辞典例句

9 kindly   

adj.和蔼的，温和的，爽快的；adv.温和地，亲切地

参考例句：

• Her neighbours spoke of her as kindly and hospitable.她的邻居都说她和蔼可亲、热情好客。
• A shadow passed over the kindly face of the old woman.一道阴影掠过老太太慈祥的面孔。

10 canny   

adj.谨慎的，节俭的

参考例句：

• He was far too canny to risk giving himself away.他非常谨慎，不会冒险暴露自己。
• But I'm trying to be a little canny about it.但是我想对此谨慎一些。

11 notary   

n.公证人，公证员

参考例句：

• She is the town clerk and a certified public accountant and notary public.她身兼城镇文书、执业会计师和公证人数职。
• That notary is authorised to perform the certain legal functions.公证人被授权执行某些法律职能。

12 frail   

adj.身体虚弱的；易损坏的

参考例句：

• Mrs. Warner is already 96 and too frail to live by herself.华纳太太已经九十六岁了，身体虚弱，不便独居。
• She lay in bed looking particularly frail.她躺在床上，看上去特别虚弱。

13 annuity   

n.年金；养老金

参考例句：

• The personal contribution ratio is voluntary in the annuity program.企业年金中个人缴费比例是自愿的。
• He lives on his annuity after retirement.他退休后靠退休金维生。

14 sinister   

adj.不吉利的，凶恶的，左边的

参考例句：

• There is something sinister at the back of that series of crimes.在这一系列罪行背后有险恶的阴谋。
• Their proposals are all worthless and designed out of sinister motives.他们的建议不仅一钱不值，而且包藏祸心。

15 allege   

vt.宣称，申述，主张，断言

参考例句：

• The newspaper reporters allege that the man was murdered but they have given no proof.新闻记者们宣称这个男人是被谋杀的，但他们没提出证据。
• Students occasionally allege illness as the reason for absence.学生时不时会称病缺课。

16 tenants   

n.房客( tenant的名词复数 )；佃户；占用者；占有者

参考例句：

• A number of tenants have been evicted for not paying the rent. 许多房客因不付房租被赶了出来。
• Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。