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Hong Kong Housing Society Annual Report 2016
76
Corporate Sustainability
企業持續發展
First non-subsidised elderly housing project added to our portfolio
In light of the growing ageing population in Hong Kong, the Housing
Society embarked on new housing projects for the elderly, which
included the Senior Citizen Residences Scheme for the middle-income
elderly and The Tanner Hill for those who aspire to quality retirement
living. We expect the operation of The Tanner Hill to be in full service in
the later part of the year and that the take-up rate will gradually increase,
thereby contributing to the total income of the property leasing segment.
Investment
Macro events dominated the global market during the 2015/16
financial year. A sharp slowdown in China’s emerging growth,
the slump in oil prices and policy divergence among developed
nations pushed volatility to a peak. The uncertainty around Brexit,
the refugee crisis in Europe, China’s reform programme and the
recession in Russia further added to this volatility.
Moreover, potential deflationary pressures on the global economy
drove down market sentiments. Aggressive central bank stimulus measures
continued to support markets in Europe and Japan, while the US Federal
Reserve raised interest rates at the end of 2015 for the first time in nearly a
decade. Emerging markets generally lagged their developed-market
counterparts by a wide margin. Bond yields were flat and remained at a
low level throughout the year under slow global growth, a low inflation
environment and accommodative polices in Europe and Japan.
With weak economic growth and increased volatility in global
investment markets, our financial investments experienced a modest
decline in 2015/16. As at 31 March 2016, the Housing Society had
HK$26.03 billion in investment assets and achieved an overall return
of -2.38%. During the year, a gain of 0.09% was recorded on our cash
and deposits. Meanwhile, due to the unfavourable investment climate,
a negative return was recorded for various asset classes: -2.46% on
emerging market debts, -13.18% on Hong Kong equities, -7.04% on
Asian equities and -3.46% on global equities. However, for global
fixed incomes and fund of hedge funds, gains of 2.45% and 0.48%
were recorded respectively.
During the year, a review was conducted on the investment strategy and
asset allocation of our portfolios. It was concluded that the investment
objectives of the short-term and long-term portfolios remained valid
and appropriate, while the objective of the medium-term portfolio
should be changed to fund the construction of Subsidised Sale Flats
projects instead of social projects. With this change, the returns of
our various portfolios are summarised as follows:
首個非資助的長者房屋項目
由於香港人口日趨老化，房協推出為長者
而設的新房屋項目，包括為中產長者提供
「長者安居樂」住屋計劃，以及為追求優質
退休生活的長者而發展的「雋悅」。我們
預期「雋悅」將於今年下旬全面投入服務，
而入住率將逐漸提升，從而為物業租賃的
業務提供收益。
投資
於二零一五╱一六年財政年度，全球市場
受宏觀形勢影響。在中國的新興經濟增長
大幅放緩、油價急跌及已發展國家之間
政策分歧的推動下，經濟波動達到高峰。
英國脫離歐盟的不明朗因素、歐洲難民
危機、中國政策改革，以及俄羅斯經濟
衰退，均令波動形勢雪上加霜。
此外，全球經濟潛藏的通縮壓力亦拖累
市場氣氛。歐洲及日本中央銀行繼續積極
推行經濟刺激措施支持市場，而美國聯儲
局則於二零一五年年底作近十年來首次
加息。新興市場整體大幅落後於已發展市
場，而全球經濟增長緩慢、低通脹環境，
以及歐洲和日本實施寬鬆政策，導致全年
債券收益處於低水平。
由於經濟增長疲弱及全球投資市場波動加
劇，我們的財務投資於二零一五╱一六年度
輕微下滑。截至二零一六年三月三十一日，
房協的投資資產為二百六十億零三千萬
港元，整體回報為負百分之二點三八。
年內，我們的現金及存款錄得百分之零點
零九的收益。與此同時，由於投資氣氛欠
佳，多項資產類別的回報均呈負數：新興市
場債券為負百分之二點四六、香港股票為負
百分之十三點一八、亞洲股票為負百分之七
點零四及全球股票為負百分之三點四六。
然而，全球固定收益及對沖基金則分別錄得
百分之二點四五及百分之零點四八的收益。
年內，我們檢討了投資策略及資產分配
組合，確定短期及長期組合的投資目標仍
適當有效，而中期投資組合的目標則從支
付社區項目轉為興建資助出售房屋項目。
變動後的各組合回報概述如下：