大量不受监管的贷款推升了中国一线城市房价，中国有关部门正设法打击此类放贷，以防其损害整体经济。

Zhou Xiaochuan, head of the People’s Bank of China, denounced loans for downpayments on homes as illegal, in comments at the weekend. Pan Gongsheng, a central bank vice-president, said regulators would act against the peer-to-peer companies that grant such loans.

中国央行(BoC)行长周小川在上周末的讲话中表示首付贷不合规。央行副行长潘功胜表示，监管部门将对发放这类贷款的“个人对个人”(P2P)公司采取行动。

But many experts are worried that property speculation in China’s four biggest cities has reached new highs, largely due to such shadow financing. Unregulated funds have ploughed billions of renminbi into the property market in recent months.

但许多专家担心中国四大一线城市的房地产泡沫已经达到了新高，这主要是由于此类影子融资。近几个月，巨额不受监管的资金流入房地产市场。

“It reminds me of the US subprime crisis,” said Xia Le, chief economist for Asia at BBVA. “In the past, people buying houses paid using their own money but now they’re using speculative shadow finance.”

西班牙对外银行(BBVA)亚洲首席经济学家夏乐表示：“这让我想起了美国的次贷危机。过去购房人用自己的钱买房，但现在他们利用投机性的影子金融。”

Home sales in Beijing, Shanghai, Guangzhou and Shenzhen, China’s “first-tier” cities, grew 14 per cent last year compared with about 7 per cent nationwide. In Shenzhen, the average price per square metre in February nearly doubled compared with a year earlier.

中国一线城市——北京、上海、广州、深圳——的房屋销售去年同比增长14%，全国为7%左右。2月份深圳房屋每平方米均价同比几乎翻了一番。

The divergence between the first-tier market and the rest of China was partially caused by shadow funds pouring into the market, Bank of America Merrill Lynch said in a note.

美银美林(Bank of America Merrill Lynch)在一份报告中表示，一线城市与中国其他地区的楼市差异，在一定程度上是影子贷款涌入一线城市造成的。

The property boom in the four big cities also comes despite a series of targeted government measures. In the wake of the collapse of the US housing market in 2008, China launched restrictions on mortgages to rein in the country’s then red hot property market, which was part-fuelled by speculation on borrowed money. By forcing buyers to put up a 30 per cent downpayment for their first homes and as much as 50 per cent for their second or third, the government gradually brought the overheating market to heel.

四大城市房地产的繁荣，还是在尽管政府采取了一系列针对性措施的背景下出现的。2008年美国住房市场崩溃后，中国出台抵押贷款限制条例，以控制当时火热的国内房地产市场，而这种火热在一定程度上是由投机性贷款炒起来的。通过迫使购房者为首套房屋支付30%的首付，为二套或三套房屋支付高达50%的首付，中国政府逐渐控制住了过热的房地产市场。

But the peer-to-peer companies — loosely regulated financiers that match cash from investors with borrowers online — have helped buyers circumvent such controls. About 15 large peer-to-peer money lenders with products concentrated in Shenzhen, Beijing and Shanghai have granted unsecured loans that allow customers to pay deposits, freeing them up to apply for mortgages at banks, and so tying the formal banking system into the speculative wave.

但P2P公司帮助买房者规避了这种管制，这些监管松散的金融机构在互联网上为投资者和贷款人提供贷款中介服务。约有15家大型P2P贷款机构在深圳、北京和上海集中推出首付贷业务，向客户提供无抵押贷款，让他们能交首付，从而有资格向银行申请抵押贷款，由此将正规银行系统卷入投机浪潮。

“It’s attracting a lot of lower-quality borrowers and of course people who want to speculate on real estate,” said Roger Ying, chief executive of Beijing-based P2P platform Pandai.cn, which does not offer downpayment loans.

北京P2P平台盼贷(Pandai.cn)首席执行官霍中皓(Roger Ying)表示：“这吸引了不少资质较差的贷款者，当然还有想投机炒房的人。”该公司没有提供首付贷服务。

Estimates from WDZJ.com, a P2P consulting company, put the total amount of P2P cash that has seeped into the system at Rmb5bn ($770m), a fraction of the total property market.

根据P2P咨询公司网贷之家(WDZJ.com)估计，流入系统的P2P资金总额为50亿元人民币（合7.7亿美元），仅占整体房地产市场的一小部分。

However, Lianjia.com, a Beijing-based real estate company and P2P lender shut down last week, has lent up to Rmb3bn alone, suggesting the real figure could be much higher.

然而，仅上周关闭部分门店的北京房地产公司、P2P贷款机构链家(Lianjia.com)，就已经借出多达30亿元人民币，这似乎表明实际数字可能要高得多。

The Rmb5bn figure also omits mortgages that borrowers have received from banks after using P2P funds for downpayments. State media estimate that up to a third of Shenzhen’s real estate market, with mortgages worth more than Rmb1tn in December, is speculative in nature.

所谓50亿元人民币的P2P贷款规模，还忽略了借款人在利用P2P资金支付首付后从银行获得的抵押贷款。官方媒体估计，在截至去年12月抵押贷款超过1万亿人民币的深圳房地产市场，有多达三分之一是投机性的。

China’s biggest cities only comprise 5-9 per cent of the country’s overall property market, but some analysts underline concern at the impact of the boom on the economy as a whole. Spark Wang at Wolters Kluwer Financial Services in Shanghai said the P2P loans were riskier than some of the products issued during the US subprime crisis. P2P loans typically mature in 90 days and carry interest rates of up to 12 per cent.

中国一线城市只构成了全国房地产市场的5%至9%，但一些分析师担忧房价暴涨对整体经济造成的影响。上海威科金融服务(Wolters Kluwer Financial Services)的Spark Wang表示，P2P贷款的风险比美国次贷危机期间推出的一些产品还要大。P2P贷款通常90天到期，利率高达12%。