Limit to how to buy into a higher prices

The source of the capital "limit to buy," the national dozens of city suit, is this real estate prices down in the regulation's ace in the hole. Cool administration immediate, jinghu and other leading cities plunged more than fifty percent, the volume of commodity house last week. Volume of the cane ten percent, clinch a deal valence wrestling slipped, and soon. Just, "limit buy to make" can not only a cut of the purchase price discount axe crutches, also can be in the future house prices horse ass take a whip. Don't believe it? We'll see about that. "Limit to buy to make" dozen who? To make investment in Beijing is the property of shanxi coal boss? Or in the struggle to make enough of the "north drifted down? Obviously,MLB hats if only restrain investment or the speculative demand, why not stick with credit and revenue is more market-oriented tools, what with administrative colour is "limit buy", wrong from emerging middle class of death "just need to"? Good, market-oriented tools is not null and void, but the effect to come slowly. Why are anxious to quick effect? Eyes bright person, "limit buy to make" the camera of choice "machine", it is the short term "d stable" need. Therefore, it is not so much of safeguarding the real estate market of the long-term health of rubbing medicine, than say d steady social ease the contradiction of fierce laxatives. Who will eat laxatives, even for a year two load? Now that the goal is to chase short-term effect, "limit to buy" can be adjusted at any time even moved. "Limit to buy to make" if strictly carry out more than six months, house prices will appear markedly drop, not drop 10%, but 30%. If 30%, used for "d stable" "limit to buy," may not be "d firm" in the name of the sweeping the floor to go out? Concerns not only from the can't restrain demand, the more from increasing the supply of the weak. Security room, five years to build 37 million sets. What proportion of shantytown transformation? Not released. Now how much stock? Not released. Lease type security room (low-cost housing, and rent) design construction, supporting facilities, maintenance management, whether ask for tenants opinions of the plan? No. See private funds whether participation? No. Such security room really can satisfy the urban poverty personnel and the housing needs of emerging middle class? In other words, 37 million sets of security room really can form an effective demand? China has its own family as high as 80% occupancy rate. Many Chinese is not no room, but didn't meet his dream, living quality has better housing. Live in low-cost housing or public rental, whether also still looking forward to have higher quality commodity house? In the land supply plan not sharply increase and enforcement show weak, 37 million sets of security open built means that, in the future five years commodity house land supply may cut. Two years later, commodity house prices would be pushed up again? 2007 years later, the shrinking of land supply (2010 years to improve), to some extent, price is rising house prices rising and increasing a big push factor. The years of SuLiang supply situation still exists. The following figure display a strange circulation, 2004 years later, for two years after the land supply cut, there will be a commodity house prices, a happen by the end of 2006 to 2007, and one in the end of 2009 to 2010. The next time? In 2011, in 2012 commodity house land supply if duly reduction, 2013 years of revenge rebound but period. Hong Kong recently adopt an adjustment and control policies: announced increase for stable market expectations. February 24,, the Hong Kong government announced the 2011 to 2012 from the annual Hong Kong plan. Hong Kong development council of the hkie E month, says the government will hold on to increase land supply this year, not by the more serious policy issued to control prices. The policy effect, although still stay on after, but this seemingly hit Hong Kong real estate market key: land monopoly, long-term government SuLiang raised the price. Note in the image above, and after 2009, if the red curve (purchase land area of growth) can ultimately drive green curve (complete land development area of growth) climb, the future trend of house prices stabilise or cut but period. But the point is, in the new "limit to buy to make", this year of land market of hot and cold, most attention. If in the next two years the land market shock (policy lasts, the possibility is very large), the actual amount for far below the 2010 level,NFL Jerseys then 2013 commodity house prices appear rebound might retaliate nightmare come true. The future real variable is, huge security room system become the heavy financial burden of local government and poor management and maintenance, whether to eventually will be forced to "to rent for sale" and returned to commodity house track?

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Long-term short-term problems

military

The New York times today a news: China resumed the rapid growth of military spending. The report is li zhaoxing said 2011 budget will be a 12.7% increase over 2010, increasing the absolute value is about 67.6 billion yuan. I don't want to China's military level or military growth do any evaluation, I just want to say that I saw the reports of the idea: see the growth of light military spending is a little misleading, because China the whole financial expenditure are growing fast. Of course, financial expenditure very quickly, because the financial revenue growth quickly. So,New Era Hats as usual, I went to count. Have to say, the real military spending to levels have been controversial, some one for all, some Chinese and military expenses may not listed as military, armed police spending seems to have not listed as military, I here is not trying to answer these questions. I find the number is China's official, the financial statements of the military spending. This image is under nearly 20 years the expenditure of the central government and the rate of growth of military spending more. That's right, China the 20 years, the growth of the arithmetic mean military is 15.7%. That means that every less than 5 years military will double. But China the 20 years of fiscal expenditure growth rate is 18.4% of the arithmetic mean, high 2.7 percentage points a year, in the growth of the sense, the gap has not small. It means that the total military spending in the proportion of government spending is falling in. The following image shows you the military since the founding of the proportion of the government spending. Obviously, in the early days, close to half of the fiscal expenditure is military, then in "three years of natural disasters" meanwhile, military spending ratio dropped to a local low. The sino-soviet split and during the cultural revolution, the proportion of the military government spending to rise again the 20-25%. In 1979, the volume is war, military the proportion is very strange rose just a little bit, after that the military proportion basically has been declining. In fact, the 2010 military proportion is the lowest point since the founding of history, from the reform and opening up of the early days of close to 20%, dropped to 6%. If li zhaoxing said information is accurate, military spending in 2011 is "only" 12.4% growth, the proportion of the 2011 should be more low,MLB Jerseys because I believe that total financial expenditure growth certainly increased more than 12.4%. In this sense, may also can show why said the army can strong country strong.

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Sina micro bo equity structure reasonable?

The two years, sina micro Po red through half the sky, "all well water place, will song micro bo". Sina micro bo fire, its equity, of course, is industry, media, investors the focus of concern. The last two days, sina micro bo equity structure finally emerging. So, sina micro bo's ownership structure is reasonable, the equity difficulties in where? Here we discuss the simple. ?Sina micro bo equity structure reasonable? ?According to public data shows, sina has been registered in the cayman islands the micro bo's overseas agreement sina control company T.C NCorporation,New Era Hats sina is the holding company of the actual business bo, sina has 100% stake, plan to extend the option of employees in after diluted 15.9% of the total stock of, sina management will hold among them 5.7%. ?In China's Internet industry, the ownership structure, more accord with the rules of the industry, also accord with sina micro bo the needs of the development of the future. ?First of all, from the entire Internet industry, 10-20% is the option incentive means traffic industry, sohu travel had 17.7% of the equity will give employee, sogou employees will receive 15% of the options, when given the employee option at 15%, according to this view, the proportion of sina's option should be general practice. ?Second, the growth of the micro bo from sina to see, if do not have the appropriate incentive means, sina may be difficult to maintain the stability of the micro bo team to manage the fierce market competition. At present the core of the micro bo sina team, from operation, markets, products, and other staff, all encounter tencent and sohu out of the current salary several times to dig the horns. Even if is the worst performance of sina rich employees, tencent and sohu open the salary is not hesitate, let employees for their own value sina doubt. Equity incentives in the long run, to sina and sina micro bo is able to maintain competitive good thing. There is no doubt that the Internet industry competition too intense, must provide plenty of incentive means, to attract and sustain management and key personnel. If the bo to play a protracted war, this is required. ?Sina micro bo's equity difficulties in where? ?Sina micro bo, from the start relying on sina.com, through the joint efforts of sina employees fight a current scale, sina micro bo's equity incentives must want to measure of various complicated factors, this is sina micro bo's equity is the most difficult point. Therefore, sina management care most should is sina micro bo's equity incentives how to balance investors, employees, sina micro Po and sina relations. ?Sina and sina micro bo to the relationship, the existing investors can need not worry, sina hold the Po's 100% equity, all micro bo options in micro bo before the IPO exercise. If the bo start IPO, sina when will still is the Po's majority shareholder. According to international practice after the sale to the public listed shares in 20-30% of proportion, sina still hold sina micro bo about two-thirds of the shares, and ensure the micro bo's performance can sina merger to sina in the listed companies, to ensure the existing sina shareholders. ?The difficulty of solving, can let as all parties, and at the same time, the proportion can balance let investors share to the rapid growth of sina rich performance, the staff of sina has certain incentive levels; Sina management in the micro bo equity incentives, occupy the applications is not much, can be understood as the management and staff willing to share the development of sina micro bo. ?Sina micro bo equity perspective do-do management? 2009 years after MBO,NHL Jerseys CaoGuoWei has publicly said, will let more employees involved in the equity investment and equity incentives, so that the management and staff the interests and the interests of the company more closely connected. Back then, sina micro bo already making headlines, and also it is regarded as a company sina whole transformation of the key. ?In talking about sina micro bo architecture, CaoGuoWei also emphasized for many times that, the bo is a new business, and from the start, set up a separate subsidiaries department to do so that you can maintain a kind of independent thinking, to an independent Angle of view, building the independent architecture. Look carefully at the development of sina micro bo, from the first independent team, to separate the bo division, then registered the dream chuangke network science and technology (China) Co., LTD, Beijing micro dream chuangke network technology Co., LTD, to register now wholly owned holding company T.C NCorporation. The past in the past two years, sina micro bo do keep the height of independence, and an independent development business will need an independent incentive system, and it also accords with the rule of Internet and spirit, that is, with the staff to share and create value for shareholders. ?So, faced with many difficulties, sina will sina micro bo 15.9% of total equity loans to the practice of staff, actually is to need courage and also worthy of praise. ?Other bowen: business is like ZiJiaYou advised jobs don't "commit iniquity" open letter Microsoft takeover Skype: love is not you want to buy can buy... They, sit not to live... Yahoo AndroidInside playing dumb why: the history was born China's Internet nasdaq dream drunk and wake the bo promotion this something who is search engine challenger? The business development of avoid by all means is a move value China's Internet channel grassroots entrepreneurial opportunities in mobile payment attrition fight?

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RMB internationalization is not so optimistic

On June 25, held in Beijing "2011 China and global financial risk BBS", released simultaneously: China and the global financial risk reports "and so on the research results. Wuhan economic and management of university, vice President of the college professor YeYongGang speech think, facing the present situation of the domestic and international, in order to make China continue to stable and healthy development, can promote global international monetary system reform, don't let in suits and leather shoes are money spinner, any dead beat. Steadily RMB internationalization, let the yuan can truly stand tall YaoGanZi, facing the world talk. Professor YeYongGang that make some sense,baseball hats but also the present domestic to discuss the topic of financial when mainstream voice. Almost a year, RMB internationalization this theme is often in all kinds of seminars and BBS, especially in 2010 is called "RMB internationalization first year of RMB internationalization" is even more so. Although this year RMB internationalization process obvious into "speed" stage, but in the surface of the noise on the back, the current RMB internationalization and China's exchange-rate policy between reform should not be neglected relationship, did not get enough attention. Look back at this years RMB internationalization way course, we find that, to achieve the desired goals, and is not people imagination of so simple. Because this is a major project, the RMB internationalization in the realization of the earlier, there may be some losses, or to make some "fees". But at the moment, the yuan trade settlement the rapid development, the main factors driving to the appreciation of the renminbi is overseas, as expected, international finance, investors can take this arbitrage. It also explains why the yuan trade settlement, the vast majority are import trade settlement output RMB, not export trade settlement backflow RMB. Can say, the yuan is only in his own field do it can do, RMB internationalization need bilateral hold, is to both sides are willing to. If go to China and the United States cooperation, the United States is not willing to hold the yuan, also in Europe and China may not willing to cooperate. So the role of China is not his decision, but a bilateral problem. Have analysis, it failed to make the yuan convertible is the important factor of influence of RMB internationalization. Realize the benefits of RMB internationalization must is to set up the yuan freely convertible system after, as a possible results, not a necessity. Not the yuan freely convertible premise, then these benefits but be wishful thinking. The yuan international the equilibrium of supply and demand depends on the number of foreign demand, not domestic intend to supply. In the free exchange conditions, the exchange rate of the yuan nominally formulated by the Chinese government, but in fact is subject to the requirements of foreign influence. When foreign demand decreases, the RMB exchange rate fell. The us in the position in the international monetary system is irreplaceable, in such a case, the yuan to be completely internationalization, to realize the project and capital projects often convertibility, and at the same time must in the international reserve currency occupy a certain proportion, such as 8% or 10%. However, the RMB internationalization and fully convertible, faced with some need to crack problems. One is that the economy is more serious structural contradiction there. For example consumption ratio is low, the high proportion of investment, investment high proportion necessarily causes excess capacity. Now the government insists that the domestic economic transformation, will make consumption share of total demand to two-thirds, establish the foundation of steady economic growth. 2 it is new and high technology, the operation efficiency of national economy to have increased greatly, not overly dependent on resource consumption and the damage to the environment. So, RMB internationalization must is based on the sustainable development of economy in China on the basis of. Although in recent years the yuan international status has been on the rise, some often project has achieved freely convertible. For example in the international financial crisis since, China's central bank and South Korea,NBA Jerseys Hong Kong, China, Malaysia, belarus, Indonesia, Argentina, Iceland, Singapore, New Zealand and other countries and regions signed nine local currency swap agreement, its total volume has reached 828.5 billion yuan RMB, the RMB for cross-border settlement provides financial support. For this reason, some optimistic that China and other countries in local currency swap, and then realize the RMB internationalization. It is a one-sided understanding. Although China and some countries or currency swap agreement signed by the city, but, this and real sense of a convertible currency still have a large gap. In other words, realize the currency swaps, can only say that to achieve the goal of RMB internationalization out of a small step, in no RMB convertible, under the premise of RMB to regional and also in the short term is difficult to achieve, at least now we still cannot see the schedule of a truly international. Therefore, at present the RMB internationalization and not so optimistic, because the real international monetary there can be only one, and is in world trade is in control of that nation status to the currency. The euro and yen actually are lessons drawn from others' mistakes, China can be regarded as a model. Now, we still can't define the role of the yuan, can only say that the future for China to gradually change to dollars as the leading international monetary pattern, in this process, the yuan should play a bigger role. In the short term, RMB internationalization is still in its infancy, can say the direction in which is correct.

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