David Skinner of Aviva Investors, a fund-management group, says that property prices since 2000 have been driven not by fundamentals but by the availability of credit.

• 基金管理集团英杰华投资（AvivaInvestors）的DavidSkinner认为，自2000年起，驱动房产价格的并非实质变量而是宽松的信贷。