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2021年BEC商務(wù)英語考試中級閱讀資料整理：香港房地產(chǎn)

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.

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.

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.

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.

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.

長期以來，香港一直因其房地產(chǎn)價格的波動性而吸引著全球地產(chǎn)界的目光。而如今，香港卻由于另一個原因而舉世矚目--房地產(chǎn)衍生品。

2月27日，荷蘭銀行(ABN Amro)和新鴻基金融(Sun Hung Kai Financial)宣布，雙方以香港住宅市場價格為基礎(chǔ)，進(jìn)行了一筆"房地產(chǎn)掉期"交易，這是亞洲首筆此類交易。

隨著香港此筆掉期交易的完成，銀行業(yè)人士預(yù)測，未來3個月，澳大利亞可能會出現(xiàn)類似交易，而未來6個月同樣的情況將出現(xiàn)在新加坡，今年年底前，日本和韓國也將出現(xiàn)類似的交易。

銀行業(yè)人士表示，這意味著幾個月后，投資者可能只需撥打一個電話，就可以"買進(jìn)"悉尼的一間辦公室，"賣出"倫敦的一家零售商店，或是在香港"買進(jìn)"一處住宅地產(chǎn)。

果真如此，這將標(biāo)志著房地產(chǎn)行業(yè)一個引人注目的轉(zhuǎn)折點(diǎn)。一些銀行業(yè)人士認(rèn)為，該行業(yè)可能很快將成為一個令人興奮的新金融創(chuàng)新領(lǐng)域，不僅是在香港，也是在全球。

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.

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.

"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.

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.

數(shù)年前，房地產(chǎn)衍生品還只是存在于理論上。但研究機(jī)構(gòu)Investment Property Databank公布的數(shù)據(jù)顯示，最近幾個月，房地產(chǎn)衍生品市場已開始迅速發(fā)展：在兩年前市場剛剛形成的英國，迄今已達(dá)成逾300筆此類交易，價值近50億英鎊。美國和歐洲大陸也已達(dá)成了大量此類交易，銀行業(yè)人士預(yù)計，此類交易數(shù)量將繼續(xù)上升。

亞洲第一筆掉期交易價值不到1億港元(合1300萬美元)，以全球標(biāo)準(zhǔn)衡量規(guī)模較小。然而，此筆交易達(dá)成之際，正值現(xiàn)金充裕的投資者對于投資全球一些增長最快的房地產(chǎn)領(lǐng)域的新方式興趣日增之時。例如，這些新方式可以替代房地產(chǎn)股票或房地產(chǎn)投資信托。

荷蘭銀行房地產(chǎn)衍生品主管菲利普o柳比奇(Philip Ljubic)表示："房地產(chǎn)是香港最熱門的游戲之一，香港房地產(chǎn)衍生品的增長潛力巨大。"荷蘭銀行與新鴻基金融完成了2月27日的亞洲首筆房地產(chǎn)掉期交易。

香港這筆房地產(chǎn)掉期交易屬于一年期"價格回報掉期"。荷蘭銀行--此款衍生品的買家--通過獲得HKU-HRPI年度變動率，得以投資香港住宅市場。HKU-HRPI是衡量香港住宅房地產(chǎn)價格的指數(shù)。該指數(shù)是由香港大學(xué)(University of Hong Kong)開發(fā)的一系列指數(shù)的分項指數(shù)，一定程度上特為此筆交易而開發(fā)。

Sun Hung Kai Financial - the seller of the derivative - receives a previously agreed basis point spread over HIBOR, the local risk-free lending rate.

People involved in the deal declined to reveal this spread.

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.

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.

"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."

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."

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.

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.

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.

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."

新鴻基金融--此款衍生品的賣家--將根據(jù)之前協(xié)議，得到高于香港銀行同業(yè)拆息(HIBOR，香港本地?zé)o風(fēng)險貸款利率)協(xié)定基點(diǎn)的利差。

參與此筆交易的人士拒絕透露這一利差的大小。

全香港住宅價格指數(shù)(All Hong Kong Residential Price Index)是包括HKU-HRPI在內(nèi)的三個分項指數(shù)的加權(quán)平均數(shù)。該指數(shù)相對于香港銀行同業(yè)拆息的利差為650個基點(diǎn)，約合10.5%。

房地產(chǎn)衍生品受到歡迎的原因在于，實際上，它允許投資者在實際不擁有房地產(chǎn)的情況下，覬覦或投機(jī)某個房地產(chǎn)領(lǐng)域。

"另外一個巨大優(yōu)勢是時間，"表示，"實物交易需耗費(fèi)數(shù)周時間，而一旦流動性形成，房地產(chǎn)衍生品交易可能僅需要幾分鐘時間。"

新鴻基金融財富管理、資本市場和經(jīng)紀(jì)業(yè)務(wù)行政總裁Joseph Tong表示："香港房地產(chǎn)市場非?；钴S，人們能夠迅速適應(yīng)新的金融工具。我們預(yù)計，這種產(chǎn)品將有著巨大的增長潛力。"

然而，未來也存在一些挑戰(zhàn)。房地產(chǎn)衍生品市場之所以在一些國家起步緩慢，原因之一在于，基礎(chǔ)數(shù)據(jù)必須十分穩(wěn)健--就像英國那樣。

開發(fā)香港住宅價格系列指數(shù)耗時約9個月，而香港房地產(chǎn)衍生品交易入市則耗費(fèi)了約14個月的時間。

GFI Colliers房地產(chǎn)衍生品主管斯蒂芬o摩爾(Stephen Moore)表示，他的公司正與新加坡國立大學(xué)(National University of Singapore)合作，為新加坡住宅市場開發(fā)住宅指數(shù)。本周，澳大利亞推出了住宅指數(shù)。澳大利亞商業(yè)指數(shù)預(yù)計將在未來六周推出。GFI Colliers是香港此筆掉期交易的交易商之間的經(jīng)紀(jì)人(IDB)。

他表示："在亞太地區(qū)開發(fā)此類產(chǎn)品的主要問題在于，具備開發(fā)可靠且穩(wěn)健指數(shù)所需的高透明度的國家為數(shù)極少……然而，如果沒有(適當(dāng)?shù)闹笖?shù))，就不可能建立衍生品市場。"

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