BEC中级商务英语阅读讲义精选：11

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BEC中级商务英语阅读讲义精选：11香港炒出房地产衍生品长期以来，香港一直因其房地产价格的波动性而吸引着全球地产界的目光。而如今，香港却由于另一个原因而举世瞩目--房地产衍生品。Hong Kong has long attracted attention in the global property world due to the volatility of its real estate prices. Now, however, it has shot into the spotlight for another reason - property derivatives.2月27日，荷兰银行(ABN Amro)和新鸿基金融(Sun Hung Kai Financial)宣布，双方以香港住宅市场价格为基础，进行了一笔"房地产掉期"交易，这是亚洲首笔此类交易。On the 27th Feb ABN Amro bank and Sun Hung Kai Financial announced that they had traded a property swap based on Hong Kong's residential market, marking the first such transaction ever to be done in Asia.随着香港此笔掉期交易的完成，银行业人士预测，未来3个月，澳大利亚可能会出现类似交易，而未来6个月同样的情况将出现在新加坡，今年年底前，日本和韩国也将出现类似的交易。With the ink now dry on the Hong Kong deal, bankers are predicting that a similar deal could take place in Australia in the next three months, followed by another transaction in Singapore in the next six months, and transactions in Japan and Korea towards the end of the year.银行业人士表示，这意味着几个月后，投资者可能只需拨打一个电话，就可以"买进"悉尼的一间办公室，"卖出"伦敦的一家零售商店，或是在香港"买进"一处住宅地产。That means that in a few months' time an investor may potentially be able to "buy" an office in Sydney, "sell" a retail store in London and "buy" a residential property in Hong Kong by placing just one phone call, bankers say.果真如此，这将标志着房地产行业一个引人注目的转折点。一些银行业人士认为，该行业可能很快将成为一个令人兴奋的新金融创新领域，不仅是在香港，也是在全球。If so, this will mark a striking turnround for a sector that some bankers believe could soon be an exciting new frontier for financial innovation, not just in Hong Kong but around the world.数年前，房地产衍生品还只是存在于理论上。但研究机构Investment Property Databank公布的数据显示，最近几个月，房地产衍生品市场已开始迅速发展：在两年前市场刚刚形成的英国，迄今已达成逾300笔此类交易，价值近50亿英镑。美国和欧洲大陆也已达成了大量此类交易，银行业人士预计，此类交易数量将继续上升。Until a couple of years ago, property derivatives existed only in theory. But in recent months the sector has started to grow rapidly: in the UK, which barely had a market two years ago, there have been more than 300 deals worth in total close to ￡5bn, according to figures from Investment Property Databank, the research firm. A number of transactions have been completed in the US and continental Europe, and bankers expect this to grow.亚洲第一笔掉期交易价值不到1亿港元(合1300万美元)，以全球标准衡量规模较小。然而，此笔交易达成之际，正值现金充裕的投资者对于投资全球一些增长最快的房地产领域的新方式兴趣日增之时。例如，这些新方式可以替代房地产股票或房地产投资信托。The inaugural transaction in Asia, at less than HK$100m ($13m), is small by global standards. But it comes amid growing appetite among cash-rich investors for new ways to invest in some of the world's fastest growing property sectors - that can also be alternatives to property stocks or real estate investment trusts, for example.荷兰银行房地产衍生品主管菲利普o柳比奇(Philip Ljubic)表示："房地产是香港最热门的游戏之一，香港房地产衍生品的增长潜力巨大。"荷兰银行与新鸿基金融完成了2月27日的亚洲首笔房地产掉期交易。"Property is one of the hottest games in town and the potential for growth of property derivatives in Hong Kong is huge," says Philip Ljubic, a director of property derivatives at ABN Amro, which completed on the 27th Feb's transaction with Sun Hung Kai Financial.香港这笔房地产掉期交易属于一年期"价格回报掉期"。荷兰银行--此款衍生品的买家--通过获得HKU-HRPI年度变动率，得以投资香港住宅市场。HKU-HRPI是衡量香港住宅房地产价格的指数。该指数是由香港大学(University of Hong Kong)开发的一系列指数的分项指数，一定程度上特为此笔交易而开发。In the Hong Kong transaction, traded as a one-year "price return swap," ABN Amro - the buyer of the derivative - gains exposure to the city's housing market by receiving the annual change in the HKU-HRPI, an index measuring the price of Hong Kong Island residential property. This index is one of the subsets of a series developed by the University of Hong Kong partly for this specific transaction.新鸿基金融--此款衍生品的卖家--将根据之前协议，得到高于香港银行同业拆息(HIBOR，香港本地无风险贷款利率)协定基点的利差。Sun Hung Kai Financial - the seller of the derivative - receives a previously agreed basis point spread over HIBOR, the local risk-free lending rate.参与此笔交易的人士拒绝透露这一利差的大小。People involved in the deal declined to reveal this spread.全香港住宅价格指数(All Hong Kong Residential Price Index)是包括HKU-HRPI在内的三个分项指数的加权平均数。该指数相对于香港银行同业拆息的利差为650个基点，约合10.5%。The All Hong Kong Residential Price Index, a weighted average of the three sub indices including the HKU-HRPI, is offered at 650 basis points over HIBOR or roughly 10.5 per cent.房地产衍生品受到欢迎的原因在于，实际上，它允许投资者在实际不拥有房地产的情况下，觊觎或投机某个房地产领域。 Property derivatives are popular because they, in effect, allow investors to take a view or speculate on a particular property sector without actually having to own the bricks and mortar."另外一个巨大优势是时间，"表示，"实物交易需耗费数周时间，而一旦流动性形成，房地产衍生品交易可能仅需要几分钟时间。""Another big advantage is time," says Mr Ljubic. "A physical transaction can take weeks while a property derivative, once liquidity is established, could take minutes."新鸿基金融财富管理、资本市场和经纪业务行政总裁Joseph Tong表示："香港房地产市场非常活跃，人们能够迅速适应新的金融工具。我们预计，这种产品将有着巨大的增长潜力。"Joseph Tong, chief executive officer for wealth management, capital markets and brokerage at Sun Hung Kai Financial, says: "Hong Kong has a very active property market and people get used to new financial instruments quickly. We expect there is going to be a sizeable growth potential for this product."然而，未来也存在一些挑战。房地产衍生品市场之所以在一些国家起步缓慢，原因之一在于，基础数据必须十分稳健--就像英国那样。But there are challenges ahead. One of the reasons why the market has been slow to take off in some countries is that underlying data needs to be of a cast-iron calibre - as is the case in the UK.开发香港住宅价格系列指数耗时约9个月，而香港房地产衍生品交易入市则耗费了约14个月的时间。It took about nine months to build the Hong index series while it took roughly 14 months to bring a Hong Kong property derivative transaction to market.GFI Colliers房地产衍生品主管斯蒂芬o摩尔(Stephen Moore)表示，他的公司正与新加坡国立大学(National University of Singapore)合作，为新加坡住宅市场开发住宅指数。本周，澳大利亚推出了住宅指数。澳大利亚商业指数预计将在未来六周推出。GFI Colliers是香港此笔掉期交易的交易商之间的经纪人(IDB)。Stephen Moore, ead of property derivatives at GFI Colliers, the inter-dealer broker for the Hong Kong transaction, says his firm is working with the National University of Singapore to create residential indices for Singapore's housing market, and this week, residential indices were launched for Australia. Commercial indices for Australia are expected in the next six weeks.他表示："在亚太地区开发此类产品的主要问题在于，具备开发可靠且稳健指数所需的高透明度的国家为数极少……然而，如果没有(适当的指数)，就不可能建立衍生品市场。"He says: "The main issue with developing these products in the Asia-Pacific region, is that there are very few countries that have an adequate amount of transparency to develop credible and robust indices on which to trade...Without [a proper index], however, you cannot build a derivatives market."

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三笔和bec中级哪个难?三笔和BEC 中级商务英语考试难度对比，BEC中级商务英语考试难。

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BEC中级商务英语阅读讲义精选：15韩国加大反间谍力度在去年11月的北京车展上，韩国现代汽车(Hyundai Motor)公司的管理人员看到了被他们称为"令人震惊"的一幕。At the Beijing motor show last November, officials of South Korea's Hyundai Motor Company saw what they describe as a "shocking" scene.在他们眼里，中国汽车制造商们展示的一些新车型--例如辽宁曙光汽车集团(SG Automotive)的"旗胜"和天马汽车集团(Tianma Auto)的"英雄"--看上去与现代的圣达菲(Santa Fe)和下属企业起亚汽车(Kia Motors)的索兰托(Sorento)很相似。To their eyes, some of the new models displayed by Chinese carmakers - such as the Qisheng by Liaoning SG Automotive and the Yingxiong by Tianma Auto - looked similar to Hyundai's Santa Fe and its affiliate Kia Motors' Sorento.现代汽车的管理人员Jake Jang回忆道："当我们看到中国的展车时，我们认为那是一模一样的复制品。前后外饰看上去与我们的运动型多功能汽车(SUV)非常相似。""The moment we saw the Chinese models, we thought they were replicas. The front and rear exteriors looked so similar to our sports utility vehicles," recalls Jake Jang, a Hyundai official.中国汽车制造商否认了现代的指控。辽宁曙光汽车集团的管理人员高彦龙(音译)表示："现代汽车工作人员对我们的旗胜车型发表的言论毫无根据，我们自己造出了这些汽车。"天马汽车发表的言论同样直接，一位管理人员表示："我们无需对现代汽车方面的言论进行任何回复。他们怎么想是他们的自由。但我可以告诉你，我们的英雄车型完全是自主开发的。我们还向政府注册了相关的专利。"The Chinese carmakers reject Hyundai's accusation. "What the people at Hyundai said about our Qisheng is completely groundless. We made the vehicles ourselves," says Gao Yanlong, an official at Liaoning. Tianma was equally blunt. "We don't need to make any response to the comments by Hyundai. It is their freedom to think that way. But I can tell you, our Yingxiong is fully self-developed. We also registered its related patents with the government," an official says.然而，现代汽车的高管回到韩国后，越来越担心中国竞争对手正在科技和设计方面缩小与韩国的差距，对该公司而言，这种发展可能是灾难性的。Still, Hyundai executives returned home with growing fears that their Chinese rivals are closing the technological and design gap with South Korea - a development that could be disastrous for the company.上月，起亚汽车发生了部分工人因涉嫌向中国出售汽车技术而被捕的事情，突显出韩国汽车业的这种危机感。他们被指控盗窃了索兰托以及一款将于12月推出的新车型的关键信息。目前尚不清楚是谁涉嫌购买了这些技术。The sense of crisis in South Korea's automotive industry was heightened last month when it emerged that some of Kia's workers had been arrested for allegedly selling car technology to China. They?were accused of stealing crucial information on the Sorento and a new model that will be launched in December. It is not known who the alleged buyers of the technology were."尽管我们在成本方面相对较弱，但我们认为，我们在质量和科技方面领先中国，"韩国商工会议所(Korea Chamber of Commerce and Industry)的Kim Hyun-soo表示，"但是，当技术外泄可能使中国迅速追赶我们的优势时，这种信心受到了动摇。""We believe that we are ahead of China on quality and technology, although we are relatively weak on the cost side," says Kim Hyun-soo at the Korea Chamber of Commerce and Industry. "But the belief is being shaken as technology leaks may allow China to quickly catch up on our strengths."对中国制造商可能迅速赶上的担忧，已在许多实业家和立法者中间造成了一种被围攻的感觉--尽管韩国自己也是通过复制日本和美国的技术(至少在其发展初期是这样)，成长为世界第11大经济体的。The fear that Chinese manufacturers are fast catching up has generated a sense of siege among many industrialists and lawmakers, even though South Korea itself grew into the world's 11th largest economy by replicating Japanese and US technology, at least in its initial development stage.韩国国家情报局(National Intelligence Service)表示，在2003年至2007年5月间，共查获了101起工业间谍案，据称这些案件为国家带来的潜在损失高达1435亿美元。上月，检察部门逮捕了浦项制铁(Posco)子公司Posdata的研究员，原因是其涉嫌试图将韩国开发的无线宽带技术Wibro走私到美国。The National Intelligence Service says it identified 101 cases of industrial espionage between 2003 and May 2007, which it claims cost the country $143.5bn (?106bn, ￡72bn) in potential losses. Last month prosecutors arrested researchers at Posdata, an affiliate of Posco, the steelmaker, for allegedly attempting to smuggle Wibro - a wireless broadband technology developed by Korea - into the US.韩国国家情报局的一位官员表示："世界正在进行一场经济战争，因此，我们正在努力阻止技术外泄，以使我们的国家成为一个经济超级强国。""The world is engaged in an economic war so we are trying hard to prevent technology outflows to make our country an economic superpower," says an NIS official.随着不安全感的日益加剧，韩国国会已经立法规定，如果韩国公司要向海外转移核心技术，需要得到政府的许可，以防技术泄露。Prodded by the increasing sense of insecurity, parliament has legislated to prevent technology leaks by requiring Korean companies to get government permission if they want to transfer core technologies overseas.法律还规定，工业间谍将被判处高达7年的有期徒刑，或最高罚款75.5万美元。然而，对于强硬派议员而言，即便是这种惩罚也不足以保护韩国。The law also provides for industrial spies to be sentenced to up to seven years' jail or fined up to $755,000. For hardline?legislators,?however, even this is not enough to protect South Korea.由反对党--大国家党(Grand National party)的朴槿惠(Park Geun-hye)牵头，一些韩国议员最近提交了一项法律修正案，旨在阻止外国人收购拥有关键技术的韩国公司。A group of lawmakers, led by Park Geun-hye of the opposition Grand National party, recently submitted a revised bill aimed at blocking foreigners from taking over domestic companies holding key technologies.

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请教BEC中级商务英语答题技巧BEC中级流程：第一阶段为笔试，包括阅读、写作和听力，第二阶段为口试。笔试一般9点钟开始，首先会发给你阅读试卷，考试进行至50分钟左右，老师会提醒填涂答题卡。考试进行到1个小时左右，老师会收阅读试卷和答题卡，同时发给你写作试卷。写作45分钟,结束这两项试题大约在上午10：45。之后可以休息5~10分钟，休息时间有听力试音，休息结束后，11:00开始听力考试，听力约40分钟（含填写答题卡时间）。笔试当天下午或者第二天上午进行口语考试。其先后顺序是按照姓名首字母排列的，所以考试开始时间不确定，口试时间一般15分钟左右。考试的顺序依次是阅读，写作，听力，口语。商务英语考试（BUSINESS ENGLISH CERTIFICATE），简称BEC，指的是剑桥商务英语资格考试。是剑桥系列考试中专为学习者提供的国际商务英语资格证书考试，考察真实工作环境中英语交流能力，被欧洲乃至全球众多教育机构、企业认可，将其作为入学考试或招聘录用的英语语言水平要求。商务英语考试(BEC)于1993年由中国教育部考试中心引进中国，历经多年实践和推广，其权威性和规范性使得BEC在中国极具知名度，是求职者有力的语言能力证明。全国有超过60所知名大学被授权为BEC考点。

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