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香港炒出房地產衍生品
長期以來，香港一直因其房地產價格的波動性而吸引著全球地產界的目光。而如今，香港卻由于另一個原因而舉世矚目--房地產衍生品。
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.
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，進行了一筆"房地產掉期"交易，這是亞洲首筆此類交易。
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.
隨著香港此筆掉期交易的完成，銀行業人士預測，未來3個月，澳大利亞可能會出現類似交易，而未來6個月同樣的情況將出現在新加坡，今年年底前，日本和韓國也將出現類似的交易。
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.
銀行業人士表示，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"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"一處住宅地產。
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.
果真如此，這將標志著房地產行業一個引人注目的轉折點。一些銀行業人士認為，該行業可能很快將成為一個令人興奮的新金融創新領域，不僅是在香港，也是在全球。
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.
