The link between the two cycles arises because housing confers " wealth effects" on owner occupiers.

这两个周期之间的联系之所以出现，是因为住房给自住业主带来了“财富效应”。

The term, the wealth effect, is sometimes used to describe how people spend more freely when they have a lot of money.

" 财富效应" 一词有时被用于描述人们在拥有大量财富时如何更自由地消费。

Falling prices cut this growth. But in China this “wealth effect” is limited by the small proportion of the population that holds stocks.

而股价的下跌则令这种发展中断，但在中国，这种“财富效应”仍受到持股人群的小比例所限。