孟加拉房地产融资问题程序与展望外文翻译.docx

孟加拉房地产融资问题程序与展望外文翻译.docx

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孟加拉房地产融资问题程序与展望外文翻译

外文翻译

原文：

RealEstateFinancinginBangladesh:

Problems,Programs,andProspects

ObjectivesoftheStudy

RealestatefinancingisarelativelynewconceptinBangladesh.Researchingonthisissueisevennewerinourcountry.Afewcomparativestudieshavebeenconductedonhousingfinance,andmostpublicationsare“statusreports”offeredwithoutananalyticframework.Oneoftheweaknessesoftheexistingcomparativestudiesisthepoorqualityofthedata–aconsequenceofthedelayedchangesinthegovernanceofhousing.Tilldate,toourknowledge,twostudieshavebeenconductedsofar,onebyAsianDevelopmentBank（ADB）in1993andtheotherbyUNDP/UNCHS（Habitat）in1998whichhaveshadedsomelightsonthisissue,unfortunatelymostoftheinformationusedinthesestudiesisnowoutdated.

ThebasicobjectiveofthisstudyistounderstandtherealestatefinancingsourcesandtheproblemsassociatedwiththeavailablefinancingoptionsinBangladesh.Toaccomplishthisobjective,followingspecificobjectiveshavebeencovered:

1.ToexaminevariousformalandalternativesourcesofrealestatefinancinginBangladesh

2.TodiscusssomemajorissuesandproblemsinexpandingformalhousingfinancesysteminBangladesh

3.Tocriticallyevaluatesomeimportantpolicymeasuresnecessarytoresolvetheseproblems

4.ToidentifystrategiesthatcancontributetothedevelopmentofrealestatefinancinginBangladesh

StatusofRealEstateFinancinginBangladesh

McKinney,Jr.（1952）hasidentifiedfoursourcesofrealestatefinancing（inorderofcontribution）duringthehousingboomintheUnitedStates,suchassavingsandloanassociationsfollowedbycommercialbanks,insurancecompanies,andmutualsavingsbanks.Edwards,（1964）hasalsopointedoutthatsavingsandloanassociationsbycontinuetogrowmorerapidlythanothermortgagelenders,isthedominantforceinthehomemortgagemarkets.Inspiteofanincreasingfocusonurbanhousinganddevelopment,informalsystemsarestillthedominantproducersinmanydevelopingcountries-anestimated60and70percentofMexico’sandBrazil’scurrenthousingstockisbuiltinformallybecausecurrentvaluechainsarenotadaptedtotheneedsandrealitiesofthisgrowingmarket（FranckandFerguson,2004）.Thetwomostcommoninformalsourcesarelocal“loansharks”whochargeexorbitantinterestrates,andsavingsgroupssuchastandasinMexico;stokvel,letsema,orubuntuinSouthAfrica;ormingainEcuador（SchmidtandBudinich,2006）.

Besidesthestate-ownedBHBFC,othersourcesofhousingfinancecurrentlyavailableinBangladesharecommercialbanks,employeeloans,lifeinsurancepolicies,andinformalmeans.Intheruralsector,thehousingco-operativesarethemajorprovidersofhousingfinance（Banglapedia,2005）.The1993ADBsurveyofhomeownersofnewlyconstructedhousesshowedthatthemostimportantsourceofhousingfinancewashouseholdsavings（morethanonethird）.Loansfromrelativesandfriendswerethesecondmostcommonformoffinance,followedbythesaleofotherparcelsofland.Employerandbankloans（includingGrameenBankloans）wereutilizedby13percentofnewhome-ownersandBHBFCloanswereonlyacquiredby5percent,allinthehigherincomebrackets（Hoek-Smit,1998）.Moreover,severalpublicagencies,suchastheHousingandSettlementDirectorate,PublicWorksDepartment（PWD）,LocalGovernmentEngineeringDepartment（LGED）anddifferentCityCorporationsareinvolvedinthefinancinganddevelopmentofhousingandresidentialinfrastructureprojects.AftertheLiberation,thethengovernmenthasinauguratedaprogramtorehabilitatethepoorandthehomelessinanumberofGussoGram（clustervillages）.Later,variousgovernmenthavechalkedoutdifferentprogramstosupporttherurallandlessandhomelesspeople,suchasSheikhHasina’sgovernmenthasinitiatedprogramslikeAsrayon（shelter）,GhareyPhera（returnhome）andEktiBariEktiKhamar（onehomesteadonefarm）.GrihayanTahbil（housingfund）Project,ahousingfundadministeredbythePrimeMinister'sOffice,provideslowcostfundstoNGOsandprivatesectordevelopersfortheconstructionofhousesforlow-to-moderateincomegrouppeople.UptoJune2006,BDT83.74crorewasdisbursedand36,500houseswereconstructedoutoftheallocatedamountofBDT153.56croreunderhousebuildingloanamongtheruralpoor.Therateofrecoveryagainstdisbursedloansis88percent（BangladeshEconomicReview,2006）.

Apartfromthese,thegovernmenthasaprogramtoleaselandtoprivateagenciesforbuildinghousesforlowerandmiddleincomegroupswithcross-subsidyfromthehigherincomegroups.Inthiscase,thegovernmentwillbeplayingtheroleofan‘enabler’ora‘facilitator’.

Besidesgovernmentefforts,alargenumberofNGOshavebecomethepartnerswiththegovernmentspeciallyinproviding