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新鴻基金融--此款衍生品的賣(mài)家--將根據(jù)之前協(xié)議，得到高于香港銀行同業(yè)拆息(HIBOR，香港本地?zé)o風(fēng)險(xiǎn)貸款利率)協(xié)定基點(diǎn)的利差。
Sun Hung Kai Financial - the seller of the derivative - receives a previously agreed basis point spread over HIBOR, the local risk-free lending rate.
參與此筆交易的人士拒絕透露這一利差的大小。
People involved in the deal declined to reveal this spread.
全香港住宅價(jià)格指數(shù)(All Hong Kong Residential Price Index)是包括HKU-HRPI在內(nèi)的三個(gè)分項(xiàng)指數(shù)的加權(quán)平均數(shù)。該指數(shù)相對(duì)于香港銀行同業(yè)拆息的利差為650個(gè)基點(diǎn)，約合10.5%。
The All Hong Kong Residential Price Index, a weighted average of the three sub indices including the HKU-HRPI, is offered at 650 basis points over HIBOR or roughly 10.5 per cent.
房地產(chǎn)衍生品受到歡迎的原因在于，實(shí)際上，它允許投資者在實(shí)際不擁有房地產(chǎn)的情況下，覬覦或投機(jī)某個(gè)房地產(chǎn)領(lǐng)域。 Property derivatives are popular because they, in effect, allow investors to take a view or speculate on a particular property sector without actually having to own the bricks and mortar.
"另外一個(gè)巨大優(yōu)勢(shì)是時(shí)間，"表示，"實(shí)物交易需耗費(fèi)數(shù)周時(shí)間，而一旦流動(dòng)性形成，房地產(chǎn)衍生品交易可能僅需要幾分鐘時(shí)間。"
"Another big advantage is time," says Mr Ljubic. "A physical transaction can take weeks while a property derivative, once liquidity is established, could take minutes."
新鴻基金融財(cái)富管理、資本市場(chǎng)和經(jīng)紀(jì)業(yè)務(wù)行政總裁Joseph Tong表示："香港房地產(chǎn)市場(chǎng)非?；钴S，人們能夠迅速適應(yīng)新的金融工具。我們預(yù)計(jì)，這種產(chǎn)品將有著巨大的增長(zhǎng)潛力。"
Joseph Tong, chief executive officer for wealth management, capital markets and brokerage at Sun Hung Kai Financial, says: "Hong Kong has a very active property market and people get used to new financial instruments quickly. We expect there is going to be a sizeable growth potential for this product."
然而，未來(lái)也存在一些挑戰(zhàn)。房地產(chǎn)衍生品市場(chǎng)之所以在一些國(guó)家起步緩慢，原因之一在于，基礎(chǔ)數(shù)據(jù)必須十分穩(wěn)健--就像英國(guó)那樣。
But there are challenges ahead. One of the reasons why the market has been slow to take off in some countries is that underlying data needs to be of a cast-iron calibre - as is the case in the UK.
開(kāi)發(fā)香港住宅價(jià)格系列指數(shù)耗時(shí)約9個(gè)月，而香港房地產(chǎn)衍生品交易入市則耗費(fèi)了約14個(gè)月的時(shí)間。
It took about nine months to build the Hong index series while it took roughly 14 months to bring a Hong Kong property derivative transaction to market.
GFI Colliers房地產(chǎn)衍生品主管斯蒂芬o摩爾(Stephen Moore)表示，他的公司正與新加坡國(guó)立大學(xué)(National University of Singapore)合作，為新加坡住宅市場(chǎng)開(kāi)發(fā)住宅指數(shù)。本周，澳大利亞推出了住宅指數(shù)。澳大利亞商業(yè)指數(shù)預(yù)計(jì)將在未來(lái)六周推出。GFI Colliers是香港此筆掉期交易的交易商之間的經(jīng)紀(jì)人(IDB)。
Stephen Moore, ead of property derivatives at GFI Colliers, the inter-dealer broker for the Hong Kong transaction, says his firm is working with the National University of Singapore to create residential indices for Singapore's housing market, and this week, residential indices were launched for Australia. Commercial indices for Australia are expected in the next six weeks.
他表示："在亞太地區(qū)開(kāi)發(fā)此類(lèi)產(chǎn)品的主要問(wèn)題在于，具備開(kāi)發(fā)可靠且穩(wěn)健指數(shù)所需的高透明度的國(guó)家為數(shù)極少……然而，如果沒(méi)有（適當(dāng)?shù)闹笖?shù)），就不可能建立衍生品市場(chǎng)。"
He says: "The main issue with developing these products in the Asia-Pacific region, is that there are very few countries that have an adequate amount of transparency to develop credible and robust indices on which to trade...Without [a proper index], however, you cannot build a derivatives market."
