Page 126 - 香港房屋協會 Hong Kong Housing Society Annual Report 2020/2021

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HONG KONG HOUSING SOCIETY ANNUAL REPORT 2020/21
Despite the investment headwinds attributable to rising treasury yields, our investment portfolios achieved positive and promising investment results. The returns on our various portfolios are summarised as follows:
The Long Term Portfolio is 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 diversified and equity biased. For the year ended 31 March 2021, it recorded a gain of 35.23 per cent, outperforming the benchmark by 2.12 per cent.
The Medium Term Portfolio is to fund the development of subsidised sale flat projects. The portfolio strategy is relatively low risk and fixed income biased. For the year ended 31 March 2021, it recorded a gain of 4.25 per cent, outperforming the benchmark by 2.68 per cent.
As the objective of the Short Term Portfolio is to preserve capital and to ensure liquidity, we continue to manage the portfolio prudently by placing the surplus cash into fixed deposits with maturity of no more than six months. For the year ended 31 March 2021, the Short Term Portfolio achieved a return of 0.98 per cent, outperforming the benchmark by 0.34 per cent.
Loan Administration
As at 31 March 2021, the Housing Society was managing 472 loans granted under various loan schemes. During the year, 173 borrowers had redeemed or partially repaid their loans. Legal proceedings were instituted against seven borrowers in default.
儘管國債收益率上升帶來阻力，但我們的投 資組合取得正面的投資績效。我們各項投資 組合的回報概述如下:
長期投資組合為重建轄下出租屋邨提供資 金。其目標是趕上香港建築成本的上漲，因 而此組合相當分散，且以股票為主。截至二 零二一年三月三十一日止年度，此組合錄得 百分之三十五點二三的收益，較指標高出百 分之二點一二。
中期投資組合為發展資助出售房屋項目提供 資金。此組合策略的風險相對較低，並以 固定收益工具為主。截至二零二一年三月 三十一日止年度，此組合錄得百分之四點 二五的收益，較指標高出百分之二點六八。
短期投資組合的目標是保存資本及維持資金 流，故我們將繼續審慎管理有關組合，將現 金盈餘投放在不超過六個月的定期存款中。 截至二零二一年三月三十一日止年度，短期 投資組合錄得百分之零點九八的回報，較指 標高出百分之零點三四。
貸款管理
截至二零二一年三月三十一日，房協共管理 四百七十二宗根據不同貸款計劃批出的貸 款。年內，合共一百七十三名借款人已償還 或部分償還貸款，並對七名違約的借款人提 出法律訴訟。