次级债引起的的金融风险可能使大量资金撤离高风险资产,外资尤其是热钱可能撤离中国,追捧一些安全边际高的资产,如美国国债、黄金等。但考虑到外资对中国房地产行业的直接支持本来有限,次级债危机对行业的直接影响不大。 Financial risks caused by subordinated debt may cause large amounts of funds to be withdrawn from high-risk assets. Foreign funds, especially hot money, may withdraw from China and seek for assets with high margin of safety such as Treasury bonds and gold. However, given the limited foreign direct investment in China’s real estate industry, the sub-prime debt crisis has had little direct impact on the industry.