经济学人281:德国房地产公司 非常安全

　　Business
商业报道
German property firms
德国房地产公司
Safe as houses
非常安全
The residential¹-property business is growing and consolidating²
住宅地产商业正在扩大合并
THE British are obsessed³ with property ownership, but Germans, by and large, are happy to rent.
英国人对房地产所有权很痴迷，但是德国人一般更喜欢租房子。
The European Union's biggest economy also has its lowest rate of owner-occupied housing, and the highest proportion of people living in homes rented at market prices.
欧洲最大的国家对业主自住房屋有着最低的利率，以及最高比例居住以市价出租房屋的人口。
That is why rising rents, not rising house prices, were a theme in Germany's recent elections, with even the conservative Christian⁴ Democratic Union and Christian Social Union showing sympathy for some kind of rent brake.
这也是为什么提高租金而不提高房屋价格会成为近期德国选举的一个主题，甚至是保守的基督教民主联盟和基督教社会联盟都对出租阻碍表示同情。
2_副本.jpgGermany's renter-heavy housing market has unique historical and cultural causes—and interesting consequences.
德国以租客为主的房地产市场有其独特的历史和文化的原因—以及有趣的结果。
Much housing has been owned by state or city governments, or public-sector firms like Deutsche Bahn, the national railway.
许多房地产是国家或者市政府所有，或者是像国营铁路德国联邦铁路那种公共部门公司所有。
Germans have usually put their savings⁵ into banks rather than homes.
德国人通常都把他们的积蓄存在银行而非花在房屋上。
But the gradual privatisation of Germany's housing stock has led to the emergence⁶ of unusual beasts: big, stockmarket-listed property firms which mainly rent out homes, not offices or shops.
但是德国住宅逐渐私有化引来了不同寻常的野兽：主营住房出租而非办公室或店铺出租的大型上市地产公司。
Two of the biggest will soon become one: this week GSW Immobilien said it had agreed to a takeover by Deutsche Wohnen.
德国两家最大的地产公司不久将会合并：这周GSW Immobilien表示该公司已经同意由Deutsche Wohnen公司来接管。
If the deal goes ahead, the combined company will be one of Europe's largest listed property firms, along with Deutsche Annington, another German residential landlord, which floated on the stockmarket in July.
如果这项交易顺利进行，这个合并的公司将会成为欧洲最大的上市房地产公司，接着是7月份上市的另一家德国住房地产公司Deutsche Anniington。
Most of Europe's other property giants deal mainly in commercial premises⁷.
欧洲大多数其他房地产巨头主营商业楼宇。
The two merging⁸ firms have big portfolios⁹ in Berlin.
两家即将合并的公司在柏林有很大的投资。
Of their combined 150,000 flats, about 108,000 are in the capital region.
在他们合并的15万套公寓中有10.8万套位于首都圈地区。
So in contrast to many mergers¹⁰, there is a good chance of achieving the promised cost savings.
因此与许多合并公司相比，还有很大获得预期成本节约的机会。
For the deal to go through, 75% of GSW's shareholders¹¹ must accept it.
对于即将进行的这项交易，Gsw75%的股东一定会接受。
Many may conclude that it is a good time to sell: rents in Berlin, having risen sharply, are likely to be flat in the near future, reckons David Eckel, a consultant¹² and lobbyist for housing developers and owners.
许多人推断这是卖出的最好时机：房地产开发商和业主顾问及说客David Eckel认为，急剧上升的柏林房屋租金在不就的将来很可能趋于平缓。
A bigger company should be better equipped to thrive in a heavily regulated business.
大型公司要更好地准备以便能在严重受管制的商业中蓬勃发展。
For example, the government has many requirements for the energy efficiency of new buildings, something smaller landlords have a harder time coping with.
例如，政府对新建筑的能源效率提出了许多要求，这是小业主很难处理的问题。
The larger German companies should also find it easier to negotiate deals on big and prominent development sites, says Yolande Barnes of Savills, a London-based property consultant.
总部在伦敦的房地产顾问第一太平戴维斯的Yolande Barnes说，大型德国公司也会发现在大型有前途的开发项目上，他们更容易面谈协商。
Philip Charls of the European Public Real-Estate Association notes that many Germans are queasy¹³ about the idea of treating housing as a speculative¹⁴ investment.
欧洲公共房地产协会的Philip Charls表明，许多德国人对于把房地产作为投机投资的想法很反感。
But the current low interest rates, which the local financial press moans about daily, are driving Germans to seek creative ways to earn returns.
但是当地财经媒体每天抱怨当前低利率驱使德国人去寻找新的方法来获得回报。
Bigger housing companies, like the merged¹⁵ Deutsche Wohnen-GSW, should provide liquid investments, offering attractive and fairly predictable yields.
大型房地产公司，如合并的Deutsche Wohnen—GSW，应该提供引人而又预计有利可图的短期投资。
However, in the financial crisis many Germans lost money on failed savings vehicles which, without them realising it, had invested in commercial property.
然而，在金融危机中，许多德国人在失败的储蓄产品中亏了本，把钱投资在了商业地产上。
Publicly quoted firms that rent flats to families should be a safer investment.
面向家庭出租房屋的上市公司可能是一种更安全的投资。
But those who got burned on property last time may take some convincing.
但是那些刚在房地产事业上遭受损失的人可能要有一些有说服力的证据。
1.property ownership 财产所有权；财权
The basic principle that property ownership limits.
财产所有权界定的基本原则。
The basic characteristic of modem¹⁶ enterprise system is the separation of property ownership and management which leads to the problem of motivation.
现代企业制度的基本特征是经营权和所有权两权分离，由此产生时经营者的激励问题。
2.rather than 而不…，与其…倒不如
His film is propaganda rather than documentary.
说他的影片是政治宣传而不是纪录片。
He is an explorer rather than a sailor.
与其说他是一个海员，不如说他是一个探险者。
3.lead to 通向；导致
That can lead to serious consequences.
这会导致严重的后果。
All these ideologies¹⁷ lead to repression¹⁸.
所有这些思想最终都导致镇压。
4.mainly in 主要是在
Assange lives mainly in europe, traveling from country to country.
阿桑奇主要生活在欧洲，从一个国家旅行到另一个国家。
This year has brought a sudden spike¹⁹, mainly in wheat.
而今年的价格，主要是小麦价格突然上涨。

1 residential   

adj.提供住宿的；居住的；住宅的

参考例句：

• The mayor inspected the residential section of the city.市长视察了该市的住宅区。
• The residential blocks were integrated with the rest of the college.住宿区与学院其他部分结合在了一起。

2 consolidating   

v.（使）巩固， （使）加强( consolidate的现在分词 )；（使）合并

参考例句：

• These measures are meant for consolidating the system of basic medical care. 这些举措旨在夯实基层医疗体系，让老百姓看大病不必出远门。 来自互联网
• We are consolidating the Chinese and English versions of our homepage. 我们将为您提供中英文版本一起的主页。 来自互联网

3 obsessed   

adj.心神不宁的,鬼迷心窍的,沉迷的

参考例句：

• He's obsessed by computers. 他迷上了电脑。
• The fear of death obsessed him throughout his old life. 他晚年一直受着死亡恐惧的困扰。

4 Christian   

adj.基督教徒的；n.基督教徒

参考例句：

• They always addressed each other by their Christian name.他们总是以教名互相称呼。
• His mother is a sincere Christian.他母亲是个虔诚的基督教徒。

5 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

6 emergence   

n.浮现，显现，出现，（植物）突出体

参考例句：

• The last decade saw the emergence of a dynamic economy.最近10年见证了经济增长的姿态。
• Language emerges and develops with the emergence and development of society.语言是随着社会的产生而产生，随着社会的发展而发展的。

7 premises   

n.建筑物，房屋

参考例句：

• According to the rules,no alcohol can be consumed on the premises.按照规定，场内不准饮酒。
• All repairs are done on the premises and not put out.全部修缮都在家里进行，不用送到外面去做。

8 merging   

合并（分类）

参考例句：

• Many companies continued to grow by merging with or buying competing firms. 许多公司通过合并或收买竞争对手的公司而不断扩大。 来自英汉非文学 - 政府文件
• To sequence by repeated splitting and merging. 用反复分开和合并的方法进行的排序。

9 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

10 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件

11 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

12 consultant   

n.顾问；会诊医师，专科医生

参考例句：

• He is a consultant on law affairs to the mayor.他是市长的一个法律顾问。
• Originally,Gar had agreed to come up as a consultant.原来，加尔只答应来充当我们的顾问。

13 queasy   

adj.易呕的

参考例句：

• I felt a little queasy on the ship.我在船上觉得有点晕眩想呕吐。
• He was very prone to seasickness and already felt queasy.他快晕船了，已经感到恶心了。

14 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

15 merged   

（使）混合( merge的过去式和过去分词 )； 相融； 融入； 渐渐消失在某物中

参考例句：

• Turf wars are inevitable when two departments are merged. 两个部门合并时总免不了争争权限。
• The small shops were merged into a large market. 那些小商店合并成为一个大商场。

16 modem   

n.调制解调器

参考例句：

• Does your computer have a modem?你的电脑有调制解调器吗？
• Provides a connection to your computer via a modem.通过调制解调器连接到计算机上。

17 ideologies   

n.思想（体系）( ideology的名词复数 )；思想意识；意识形态；观念形态

参考例句：

• There is no fundamental diversity between the two ideologies. 这两种思想意识之间并没有根本的分歧。 来自《简明英汉词典》
• Radical ideologies require to contrast to their own goodness the wickedness of some other system. 凡是过激的意识形态，都需要有另外一个丑恶的制度作对比，才能衬托出自己的善良。 来自辞典例句

18 repression   

n.镇压，抑制，抑压

参考例句：

• The repression of your true feelings is harmful to your health.压抑你的真实感情有害健康。
• This touched off a new storm against violent repression.这引起了反对暴力镇压的新风暴。

19 spike   

n.长钉，钉鞋；v.以大钉钉牢，使...失效

参考例句：

• The spike pierced the receipts and held them in order.那个钉子穿过那些收据并使之按顺序排列。
• They'll do anything to spike the guns of the opposition.他们会使出各种手段来挫败对手。