They have massive debt overhang not only in the real-estate, but in the public sector.

他们不仅在房地产领域而且在公共部门都存在巨额债务负担。

And what is your reading on the psychology of consumers now? You were saying earlier that the debt overhang seems to be better. Is there a pent-up demand? Can we tell yet?

您现在对消费者心理的解读是什么？你之前说债务积压似乎有所好转。有被压抑的需求吗？我们可以告诉吗？