恆大債務違約風波
Despite mounting concerns about China Evergrande Group’s liquidity crunch and its impact on the property sector, it is not expected to be a “Lehman moment” for China, according to Citigroup and Barclays.
花旗和巴克萊指出，儘管外界越來越擔心中國恆大集團的流動性緊縮以及對房地產業的影響，但預計不會是中國的「雷曼時刻」。
mounting(adj.)增加的liquidity crunch流動性緊縮;資金周轉不靈crunch(n.)缺少資金;財政困難a cash crunch 現金短缺a chip crunch晶片短缺property sector房地產業=real estate sector
Citi predicts policymakers will step in to prevent spillover effects from Evergrande’s bankruptcy.
花旗預料，決策官員將介入，防止恆大破產的外溢效應。
step in插手;介入;居中斡旋=intervenespillover(n.)(液體)溢出部分spillover effects外溢效應bankruptcy(n.)破產bankrupt(adj.)破產的
“Policymakers will likely uphold the bottom line of preventing systematic risk to buy time for resolving the debt risk, and push forward marginal easing for the overall credit environment,” Citi analysts including Judy Zhang wrote in a note. However, some banks may become victims, they noted.
花旗Judy Zhang等分析師在報告中寫道：「決策官員可能撐住底線，防止系統性風險，為解決債務風險拖延時間，並推動整體信貸環境些微寬鬆。」不過，他們指出，有些銀行可能成為犧牲品。
uphold the bottom line 守住底線uphold(v.)支持;維護;支撐bottom line底線;最低條件buy time 贏得時間;拖延時間resolve(v.)解決;解除;消除resolve the problem 解決問題marginal(adj.)微小的;少量的easing(n.)寬鬆
Barclays also plays down the comparisons to the 2008 collapse of US investment bank Lehman Brothers.
巴克萊也淡化跟2008年美國投資銀行雷曼兄弟破產相提並論。
play down對…作低調處理;淡化…的重要性collapse(n.)(v.)(人或企業)崩潰;垮掉;失敗
“The conditions are simply not in place for even a large default to be China’s Lehman moment,” Barclays strategists including Ajay Rajadhyaksha wrote in a note.
Ajay Rajadhyaksha等巴克萊策略師在報告中寫道：「即使大規模違約，也不構成中國雷曼時刻的條件。」
default(n.)拖欠;不履行債務;違約
One would need to see a sharp increase in credit distress away from the real estate sector, banks unwilling to face each other in the interbank lending market and massive policy mistakes for that to happen, they wrote.
他們寫道，只有房地產業之外的不良信貸大幅增加，銀行不願在同業拆借市場上拆借，以及出現重大政策失誤時，這種情況才會發生。
credit distress指不良信貸distress(n.)悲傷、痛苦、危難、窘迫financial distress 財務困難
Evergrande has debt due that it can’t pay, and its looming default threatens to cause a credit crunch, dent confidence in Chinese investments and have global knock-on effects. Concerns over contagion from the collapse of China’s most indebted developer have rattled global financial markets.
恆大無力償還到期債務，債務違約逐漸逼近，可能引發信貸緊縮，削弱中國的投資信心，產生全球連鎖反應。擔憂中國這個負債最多開發商倒閉的情況可能蔓延，使得全球金融市場緊張不安。
due(adj.)欠債的;應支付的;到期的looming(adj.)(不希望或不愉快的事情)逼近的the looming crisis 危機逼近loom (v.)逼近;隱約出現dent(v.)削弱;削減knock-on effect 連鎖反應ripple effect 漣漪效應domino effect 骨牌效應contagion(n.)蔓延;傳播;擴散indebted(adj.)負債的;債台高築rattle(v.)發出嘎嘎聲音;使慌亂;使緊張
Evergrande, one of China’s biggest real estate developers, owns some 1,300 projects across more than 280 Chinese cities. It is a conglomerate company that grew to a massive scale amid a debt-fueled building boom in China. But China’s recent crackdown on property developers and the tightening of lending rules have triggered the company’s liquidity crisis.
恆大是中國數一數二的房地產開發商，在中國280多個城市有大約1,300個建案。它在中國靠借錢蓋樓推動的熱潮中成長為大規模的企業集團。但中國最近打壓房地產開發商以及緊縮貸款規定，引發公司的流動性危機。
conglomerate(n.)聯合大企業;企業集團fuel(n.)燃料(v.)推動;刺激debt-fueled靠債務推動的crackdown(n.)打壓;打擊crack down (on) sth.打壓;取締trigger(v.)(手槍)板機(v.)引發;引起
The Chinese property giant owes $300 billion, equivalent to 2% of China’s GDP. UBS estimates that the liability figure amounts to 6.5% of the total liability of the Chinese property sector.
這家中國房地產龍頭負債3,000億美元，相當於中國GDP的2％。瑞銀估計，這個金額相當於中國房地產業總負債的6.5％。
be equivalent to 等同於liability(n.)債務;負債asset(n.)資產amount to… 達到;總計;相當於a long time coming早該出現了;等待已久