67
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2014
ϋϋజ
F I NANC I A L MANAGEMENT
財務管理
房協現時有五個項目尚待出售，包括其餘四
個市區重建項目，以及位於沙田
36C
區的資
助出售房屋項目。由於我們正面對建築成本
的上升趨勢，這些項目所帶來的收入甚少，
甚或無利可圖。以二零一三年為例，建築費
上調逾百分之九，估計在未來兩至三年將持
續累升至百分之二十。
物業出租及管理
物業出租及管理營運的收入上升了百分之六
點四至十二億一千九百萬港元，增長來自上
升的商廈、商舖及停車場的租金收入。
在出租屋邨方面，由於按照計劃進行的改善
工程開支增加，而又難以按營運成本的通脹
調整租金，我們預計出租屋邨未來數年的營
運收入將下降。
投資
經過數年緩慢的增長後，全球的經濟環境在
二零一三年已有所改善。已發展國家正逐步
重拾火車頭的角色，而新興市場則有放緩跡
象。美國、日本及歐洲的央行均採取放寬銀
根及維持低利率的政策，以刺激經濟增長。
The Housing Society has in the pipeline five projects for disposal,
including the remaining four urban renewal projects and the subsidised
sale project in Sha Tin Area 36C. The margin from these projects, if
any, is expected to be thin as we are faced with phenomenal escalation
in construction costs. For 2013, construction costs increased over 9%
and are expected to continue to rise in the coming two to three years,
aggregating to an estimated 20%.
Property Leasing and Management
Property leasing and management operation income increased by 6.4%
to HK$1,219 million. The growth is attributable to the higher income from
leasing of the office building, shops and car parks.
With the higher spending in improvement works as planned, and
difficulties in adjusting rent to match operation cost inflation for our rental
estates, operating margin for this sector is expected to reduce in the
coming years.
Investment
After years of slow growth, the global economy appeared to be on a
better footing in 2013 with developed nations slowly reassuming their role
as growth engines and emerging markets losing some momentum. To
stimulate growth, central banks in the US, Japan and Europe continued
with their policies of easing money supply and holding interest rates low.
Expenditure Distribution
支出分佈
as at 31 March 2014
截至二零一四年三月三十一日止
2,261
1,101
13/14
12/13
19
130
269
353
369
1,121
(50)
108
254
352
362
75
HK$ Million
港幣百萬元
Year
年份
Social Project Expenditures
社區項目支出
Property Development and
Related Costs
物業發展及相關成本
Property Leasing and
Management Expenses
物業租賃及管理支出
Staff Costs
員工成本
Assets Depreciation
資產折舊
Other Operating Costs
其他營運成本
