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Chinese house prices rose at the fastest pace for two years in April, despite accentuated oversupply after investment poured into the construction sector in the first quarter.
4月份，中国房价以两年来最快的速度上涨，尽管今年首季度投资涌入建筑行业后住房供应过剩有所加剧。
The price of new residential buildings rose 6.2 per cent in the year to April, according to a Reuters index calculated from data released by the National Bureau of Statistics.
路透社(Reuters)根据中国国家统计局(NBS)发布的数据计算得出的指数显示，在截止4月份的一年里，中国新建住宅销售价格上涨了6.2%。
At the same time, investment in real estate construction in the first four months of this year rose 7.2 per cent compared with the same period last year.
而今年头4个月的房地产建设投资同比增长了7.2%。
In spite of vast inventories of unsold properties, house prices in China’s second and third-tier cities have started to close the gap with the country’s “first-tier” cities of Beijing, Shanghai, Guangzhou and Shenzhen.
尽管未售住房库存庞大，但中国二三线城市与北京、上海、广州和深圳这些“一线城市”的房价差距已开始收窄。
Earlier this year the government launched a campaign to persuade rural migrants to settle in second and third-tier cities. For those migrant workers without an urban hukou (household registration), buying a house in the city is a route to securing city-standard schooling for their children.
今年早些时候，中国政府发起了一场劝说农民工在二三线城市定居的运动。对那些没有城市户口的农民工而言，在城里买房可为他们的孩子提供一个机会、享受城市标准的学校教育。
“Average prices continue to increase month on month but a new trend has emerged: the rate of increase is slowing in first-tier cities and picking up in second and third-tier cities,” wrote Liu Jianwei, of the National Bureau of Statistics.
国家统计局城市司高级统计师刘建伟表示：“环比上涨城市个数继续增加，城市间涨势出现新变化，一线城市涨幅放缓，二、三线城市涨幅扩大。
“Year on year . . . average prices in third-tier cities are now rising rather than falling.”
“同比……三线城市由降转升。”
The government has turned to the construction sector to provide stimulus in tricky times, leading to concerns of property oversupply, particularly in less desirable second and third-tier cities.
面对艰难的经济形势，中国政府已转而求助建筑行业来提供刺激，这使得人们担心，房地产市场会供应过剩，尤其是在需求不那么旺盛的二三线城市。
As a result, local governments in those cities face a tricky combination of tasks: they must reduce unsold stock yet maintain prices and economic growth. New house builds in such cities surged in March, suggesting local governments were prioritising growth over inventory reduction.
其结果是，这些城市的地方政府面临着一对棘手的任务：它们必须去库存，同时还要维持住房价和经济增长。3月份，这些城市的新建住宅数量大幅增加，说明地方政府优先考虑的是经济增长而非去库存。
“Credit is easily available, meaning mortgages are still cheap,” said Rosealea Yao of Gavekal Dragonomics, an economics consultancy. “It is difficult to say what effect the increase in new housing starts will have on prices. Although residential properties take around two years to build, roughly 70 per cent of houses are sold before completion.
“信贷很容易获得，意味着按揭贷款依然便宜，”经济咨询机构龙洲经讯(Gavekal Dragonomics)的咬丽蔷(Rosealea Yao)说，“很难说新住宅开工数量的增长会给价格带来什么影响。尽管住宅建成需要2年左右的时间，但大约70%的房子在完工前就售出了。
“There is huge regional divergence — inventories are coming down in the east, pushing up prices, while inventories are still huge in the north.”
“地区差异很大——东部地区的库存在减少，推高了价格，北部地区的库存依然很大。”
Despite an increase in supply, second and third-tier cities have managed to boost home price growth, with bigger rises recorded in April than the previous month.
尽管供应增加，二三线城市仍成功提振了房价的涨势，4月份的房价涨幅高于3月份。
First-tier cities have seen rapid price rises, with Shenzhen, for example, recording a 63 per cent increase in the year to April. Shanghai, Shenzhen and Beijing have implemented policies to cool price rises including increasing the downpayment requirement on mortgages on second homes and expanding restrictions that increase the waiting times for prospective buyers without local hukou registration.
一线城市房价快速上涨。以深圳为例，在截至4月份的一年中，深圳房价上涨了62%。上海、深圳和北京已实施政策给房价降温，包括提高二套房按揭首付款下限，以及延长无当地户口的潜在购房者的等待期。
Such cooling policies appear to have started paying off, with April’s monthly increase in prices of new properties on tier-one cities lower in April than in March.
这类给楼市降温的政策似乎已初见成效，4月份一线城市新建住宅价格的月涨幅要低于3月份。
On Wednesday 21st Century Finance, a domestic newspaper, reported that the city of Suzhou in Jiangsu province would become the first second-tier city to bring in housing purchase restrictions.
中国国内报纸《21世纪经济报道》周三报道，江苏省苏州市将成为首个出台房屋限购措施的二线城市。
