Think of the homes built in out-of-the-way places in America, Spain and Ireland to satisfy speculative demand during the global housing boom of the noughties.

想想在21世纪的头10年中，全球房屋市场的繁荣，美国、西班牙和爱尔兰为了满足投机需求而在偏远地区建造的那些房屋。

In theory, therefore, China's property market has room for a cyclical upturn even in the midst of a longer-term decline, meaning policymakers can try to revive sales without stoking speculative demand.

因此，从理论上讲，即使在长期下跌的情况下，中国房地产市场仍有周期性好转的空间，这意味着政策制定者可以尝试在不刺激投机需求的情况下重振销售。