An unprecedented influx of Chinese money into US real estate is slowing following moves by Beijing to restrict the amount of funding leaving the country, according to a report.

根据一份报告，在北京方面采取措施限制资金出境后，涌入美国房地产的规模空前的中国资金洪流正在放缓。

In recent years a tide of Chinese money has hit global property markets, with buyers from the country now the largest single group of foreign investors in residential property in the US, UK and Australia. But after inflows of $110bn into US real estate between 2010 and 2015, investment in residential American property is expected to drop in the next two years, according to the report by the US-based Asia Society and the Rosen Consulting Group.

近年来，一股中国资金潮扑向全球房地产市场，如今中国买家是美国、英国和澳大利亚住宅物业的最大境外投资者群体。但是，根据总部位于美国的亚洲协会(Asia Society)和罗森咨询集团(Rosen Consulting Group)的报告，在2010年至2015年期间1100亿美元流入美国房地产之后，预计未来两年对美国住宅房地产的投资将会下降。

Following record outflows of capital last year, Chinese authorities have tightened enforcement of existing capital controls and made it more difficult for Chinese companies to invest abroad.

继去年出现创纪录的资本外流之后，中国当局收紧了对现有资本管制的执行，并加大了中国企业海外投资的难度。

Chinese nationals are permitted to convert only $50,000 worth of renminbi per year. Those seeking to spend more abroad used workarounds such as pooling allowances or using a Chinese credit card overseas, but the state foreign exchange regulator has clamped down on such practices. Banks had also been permitted to help customers transfer money abroad, but it is now harder to win the necessary official approval for large transfers.

中国公民每人每年只被允许用人民币购买价值5万美元的外汇。寻求在国外花掉更多资金的人使用各种变通办法，比如利用多人的购汇额度，或者在境外使用中国信用卡，但国家外汇管理局已采取行动限制这类做法。此前银行还被允许帮助客户向海外转移资金，但现在要获得转移大笔资金所需的官方批准更难了。

Wealthy Chinese have looked overseas to diversify their assets outside the overheating domestic property market. Price rises of almost 60 per cent year on year have stoked fears that localised bubbles may be on the verge of bursting. Local governments in top cities such as Shenzhen and Shanghai have moved to stem the rises, making it more difficult to purchase second homes.

中国富人把目光投向海外，是为了在国内过热的房地产市场之外分散自己的资产。近60%的同比价格涨幅令人担心局部的泡沫可能就要破裂。在深圳和上海等一线城市，地方政府已采取行动遏止价格飙涨，提高了购买第二套住房的难度。

Money flowing into prime overseas markets has prompted a backlash in some countries, with the governments of Australia and Singapore, for example, imposing restrictions on overseas buyers after local residents complained of being priced out of the market.

流入海外一线市场的资金已经在一些国家引发反弹，例如澳大利亚和新加坡政府在本地居民抱怨价格太高、自己被排挤出房市后，均出台了针对海外买家的限制措施。

The authors of the report, who expect Chinese investment in US residential property to drop from $28.6bn in 2015 to about $24bn in 2020, believe the fall-off will ease upward pressure on prices.

上述报告的作者们预计，中国人士对美国住宅物业的投资将从2015年的286亿美元降至2020年的约240亿美元。他们相信，这一下降将缓解价格上涨压力。

“Chinese buyers are very aggressive bidders, and if you take one aggressive bidder away, it changes the whole complexion of bids,” said Arthur Margon, a partner at Rosen Consulting Group. “There will be less upward pressure on property prices during this two- to three-year hiatus.”

“中国买家是非常咄咄逼人的竞价者，少了这样一个咄咄逼人的竞价者，整个竞价的局面就会改变，”罗森咨询集团合伙人亚瑟•马刚(Arthur Margon)表示。“在这2至3年的间隙期间，房价的上行压力将会小一些。”

Anecdotal evidence suggests the pattern of Chinese investments may also be changing in other prime overseas markets. “We saw Chinese buyers coming into the UK residential market last year in a big way,” said one manager at a London-based real estate investment firm, who said prices for properties worth more than ￡5m had been pushed even higher. “But interest has flattened off since the beginning of the year, leading to prices of high-end properties moderating in London and New York.”

坊间证据似乎表明，中国人士在其他海外一线市场的投资模式可能也在改变。“去年我们看到中国买家大举进入英国住宅市场，”总部位于伦敦的某房地产投资公司的一名经理表示；此人透露，500万英镑以上房地产的价格被推至更高水平。“但自今年初以来，买家的兴趣已经减弱，导致伦敦和纽约高端物业的价格趋缓。”

Frederic Neumann, co-head of Asian Economic Research at HSBC, said: “Chinese regulators are scrutinising deals in part because they want to prevent splurging on unviable investments — officials look at Japan in the 1980s when investors poured money abroad and got burnt. China is still in foreign exchange preservation mode, and is going with a tooth comb through capital outflows.”

汇丰(HSBC)亚洲经济研究联席主管范力民(Frederic Neumann)表示：“中国监管机构正在密切关注一些交易，部分原因是他们希望阻止国内人士在不可行的投资上挥霍；官员们看到日本在上世纪80年代的行为，当时日本投资者大举向国外投资，结果遭受损失。中国仍处于外汇储藏模式，难免要对资本外流进行控管。”