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數年前，房地產衍生品還只是存在于理論上。但研究機構Investment Property Databank公布的數據顯示，最近幾個月，房地產衍生品市場已開始迅速發展：在兩年前市場剛剛形成的英國，迄今已達成逾300筆此類交易，價值近50億英鎊。美國和歐洲大陸也已達成了大量此類交易，銀行業人士預計，此類交易數量將繼續上升。
Until a couple of years ago, property derivatives existed only in theory. But in recent months the sector has started to grow rapidly: in the UK, which barely had a market two years ago, there have been more than 300 deals worth in total close to ￡5bn, according to figures from Investment Property Databank, the research firm. A number of transactions have been completed in the US and continental Europe, and bankers expect this to grow.
亞洲第一筆掉期交易價值不到1億港元(合1300萬美元)，以全球標準衡量規模較小。然而，此筆交易達成之際，正值現金充裕的投資者對于投資全球一些增長最快的房地產領域的新方式興趣日增之時。例如，這些新方式可以替代房地產股票或房地產投資信托。
The inaugural transaction in Asia, at less than HK$100m ($13m), is small by global standards. But it comes amid growing appetite among cash-rich investors for new ways to invest in some of the world's fastest growing property sectors - that can also be alternatives to property stocks or real estate investment trusts, for example.
荷蘭銀行房地產衍生品主管菲利普o柳比奇(Philip Ljubic)表示："房地產是香港最熱門的游戲之一，香港房地產衍生品的增長潛力巨大。"荷蘭銀行與新鴻基金融完成了2月27日的亞洲首筆房地產掉期交易。
"Property is one of the hottest games in town and the potential for growth of property derivatives in Hong Kong is huge," says Philip Ljubic, a director of property derivatives at ABN Amro, which completed on the 27th Feb's transaction with Sun Hung Kai Financial.
香港這筆房地產掉期交易屬于一年期"價格回報掉期"。荷蘭銀行--此款衍生品的買家--通過獲得HKU-HRPI年度變動率，得以投資香港住宅市場。HKU-HRPI是衡量香港住宅房地產價格的指數。該指數是由香港大學(University of Hong Kong)開發的一系列指數的分項指數，一定程度上特為此筆交易而開發。
In the Hong Kong transaction, traded as a one-year "price return swap," ABN Amro - the buyer of the derivative - gains exposure to the city's housing market by receiving the annual change in the HKU-HRPI, an index measuring the price of Hong Kong Island residential property. This index is one of the subsets of a series developed by the University of Hong Kong partly for this specific transaction.
