81 / 166
HK$ Billion
港幣十億元
Investment Portfolio
投資組合
as at 31 March 2016
截至二零一六年三月三十一日止
26.0
Total
總數
■
10.3 (40%)
長期
Long Term
For Redevelopment of Rental Estates
用於重建出租屋邨
■
4.9 (19%)
中期
Medium Term
Income Generated to Fund the Construction
of Subsidised Sale Flats Projects
收益用於興建資助出售房屋項目
Principle as a Reserve to Fund the
Redevelopment of Rental Estates
本金作為重建出租屋邨的儲備
■
10.8 (41%)
短期
Short Term
For On-going
Business Initiatives
用於進行中的業務計劃
Funding Strategy
資金策略
77
香港房屋協會
2016
年年報
Financial Management
財務管理
The long-term portfolio is used to fund the redevelopment of our
rental estates. As the objective is to catch up with construction cost
inflation in Hong Kong, the portfolio is fairly diversified and equity
biased. For the year ended 31 March 2016, it recorded a loss of
4.82%, outperforming the benchmark by 1.05%.
The medium-term portfolio is used to fund the construction of our
Subsidised Sale Flats projects. The portfolio is relatively low risk and
fixed-income biased. For the year ended 31 March 2016, it recorded
a gain of 0.33%, underperforming the benchmark by 0.49%.
As the objective of the short-term portfolio is to preserve capital and
ensure liquidity, we continued to manage the portfolio prudently by
placing the surplus cash into fixed deposits with a maturity of no more
than six months. For the year ended 31 March 2016, the short-term
portfolio achieved a return of 0.09%, underperforming the benchmark
by 0.35%, mainly due to the depreciation of the Renminbi.
Loan Administration
As at 31 March 2016, the Housing Society was managing 1,456 loans
granted under various loan schemes. During the year, 701 loans were
granted to borrowers under the Integrated Building Maintenance
Assistance Scheme, and a total of 146 second mortgage loans were
granted to purchasers of Heya Aqua, Heya Crystal, Heya Delight and
Heya Star. Meanwhile, 1,198 borrowers had fully redeemed or
partially repaid their loans, and legal proceedings were instituted
against 29 default borrowers, same as the preceding year.
長期投資組合為重建轄下的出租屋邨提供資
金。為趕上香港建築成本的上漲幅度，此組
合相當分散，且以股票為主。截至二零一六
年三月三十一日止，年度錄得百分之四點
八二的虧損，較指標高出百分之一點零五。
中期投資組合則為興建資助出售房屋項目提
供資金。此組合的風險較低，並以固定收益
工具為主。截至二零一六年三月三十一日止
年度，此組合錄得百分之零點三三的收益，
較指標低百分之零點四九。
由於短期投資組合的目標是保存資本及維持
資金流，我們繼續審慎地將現金盈餘投放在
不多於六個月的定期存款。受人民幣貶值所
影響，截至二零一六年三月三十一日止，
年度的短期投資組合回報為百分之零點零
九，較指標低百分之零點三五。
貸款管理
截至二零一六年三月三十一日，房協共管理
1,456
宗各項貸款計劃的個案。年內，房協
向借款人批出
701
宗「樓宇維修綜合支援計
劃」的貸款申請，以及向買家批出合共
146
宗
「喜漾」、「喜薈」、「喜盈」及「喜韻」的二按
貸款申請。同時，
1,198
名借款人已全數或
部分償還貸款，另已向
29
名拖欠還款的貸款
人提出法律訴訟，個案數字與去年相同。