虽然中国政府采取了种种措施——比如提高利率，收紧贷款和税收政策，以及从上海到广州的诸多城市出台限购令——希望让老百姓买得起房，但政府并非真的希望房价下跌。所有对此不明所以的人，都应该琢磨一下香港证交所股票代码为230的公司——五矿建设有限公司(MML)。这家中等规模的地产开发商堪称中国房地产政策深层次冲突的绝佳写照北京翻译公司。

For all of Beijing’s actions to keep apartments affordable – higher interest rates, tightened lending and taxes and restrictions from Shanghai to Guangzhou – it does not really want prices to fall. Anyone wondering why should consider Hong Kong stock number 230: Minmetals Land (MML). This midsized developer is a perfect illustration of the deep conflicts in China’s housing policy.

8年前，五矿建设有限公司名为东方有色集团有限公司（ONFEM Holdings），专业生产幕墙和窗框产品，当时股价表现不佳。后来，它成为中国最大的贱金属交易商、国有中国五矿集团公司(MMC)的子公司。从那时起，由于经常获得非上市母公司的资产与资本注入，五矿建设在整个珠三角、长三角地区和环渤海地区建立起了房地产投资组合。五矿建设并不特别擅长地产开发——在将资产转变为现金方面，它花费的时间似乎比许多私有房地产开发商都要多——不过这没有关系。问题的关键是，五矿集团（以及至少三分之一的中国央企）在房地产行业有着直接和重大的利益深圳翻译公司。

Eight years ago MML was trading (badly) as ONFEM Holdings, specialising in curtain walls and window frames. It then became a subsidiary of the state-owned China Minmetals Corporation (MMC), the country’s largest trader of base metals. Since then, thanks to regular infusions of assets and capital from its unlisted parent, it has built a property portfolio across the Pearl and Yangtze River Deltas, and in the Bohai Rim. That MML is not terribly good at development – it seems to take longer than many privately owned peers to convert assets to cash – is irrelevant. The point is that MMC, along with at least a third of China’s centrally-administered state-owned enterprises, has direct and material interests in real estate.