Liquidity-thirsty developers, unable to acquire financing through the formal banking sector, have been taking out massive loans at extremely high interest rates. But, in many cases, housing demand has not grown as expected, raising the risk of default – the effects of which would be transmitted to the entire financial sector.
最能说明这一问题的莫过于房地产业了。急需流动性的开发商由于无法从正式银行部门获得融资，不得不以极高的利率借入大量贷款。但是，在许多情形中，房地产需求的增长赶不上预期，这提高了违约风险——其效应将传递给整个金融部门。