Page 100 - Hong Kong Housing Society 香港房屋協會 - Annual Report 2018 年報
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CORPORATE SUSTAINABILITY 企業持續發展












              Investment Portfolio
              投資組合

              HK$billion                  as at 31 March 2018
              ಥ࿆ɤᄂʩ                       ࿚Їɚཧɓɞϋɧ˜ɧɤɓ˚˟
                                          Funding Strategy
                                          ༟ږഄଫ
                                            17.3 (54%)                          8.6 (27%)
                                            ڗಂ Long Term                        ೵ಂ Short Term
                                            To Fund Redevelopment of Rental Estates  To Act as Working Capital and to
                                            މ̈ॡ܊㡼ٙࠠܔධͦ౤Զ༟ږ                      Finance Existing Capital Projects
                                                                                Ъމݴਗ༟ږʿ༟пତϞٙ༟͉ධͦ
                      7RWDO ⺁ỷ              6.1 (19%)
                                            ʕಂ Medium Term
                                            To Fund Subsidised Sale Flats Projects and
                                            Retain Principal for Future Development Needs
                                            މ༟п̈ਯג܊ධͦ౤Զ༟ږʿ
                                            ͊Ը೯࢝ცࠅཫव͉ږ








            Investment                                                  投資
            Investment markets surprised most investors in the past 12 months. The   ཀ̘ɤɚࡈ˜ٙҳ༟̹ఙ˿ɽ௅ʱҳ༟٫
            financial year commenced amidst surprise and euphoria, in some sectors,   ชՑᜓఃfอৌ݁ϋܓͺ֐d௅ʱБุʥ
            associated with the result of the 2016 U.S. election. The excitement was   ್աɚཧɓʬϋߕ਷ɽ፯ഐ؈ٙᅂᚤϾᜓ
            then dampened by the sudden and unexpected stance that the new U.S.   ఃʹණfጳኧઋၫᎇഹอ΂ߕ਷ᐼ୕મ՟
            President adopted. Markets were further overshadowed by the long-  ᙗׁٙͭఙϾиۍdϾߕ਷ᑌᎷ҅֏֏Ը
            awaited U.S. Federal Reserve decisions to start raising interest rates as well   ፰ٙ̋ࢹӔ֛d̋ɪՉჯኬᄴᜊਗආɓӉ
            as make a change in its leadership. Despite all these factors, the year   Ѣᓔ̹ఙfኋ၍πίɪࠑ၇၇Ϊ९d˸Ϋ
            turned out to be one of the best in terms of returns. The U.S. market   జଟϾԊdΌϋʥϞ̈Ѝڌତfߕٰ׵ɚ
            advanced by more than 20% in 2017 and 12% in the last financial year,   ཧɓɖϋٙʺషགྷϵʱʘɚɤdϾɪɓৌ
            marking one of the strongest years since the global financial crisis. As a   ݁ϋܓۆމϵʱʘɤɚd݊Іᐑଢږፄࠬ
            result, most equity markets also had a very strong year.    ᅳ˸Ըڌତ௰λٙϋ΅ʘɓfΪϤdϋʫ
                                                                        ɽ௅ʱٰ̹͵ڌତࡗᄒf

            In Europe, economic conditions continued to improve. Nevertheless,   ᆄݲ˙ࠦd຾᏶ًرܵᚃҷഛf್Ͼd˜୭
            Brexit negotiations continued to exert a negative influence on   ᆄ™ሔкᘱᚃ࿁ٰ̹ٙҳ༟ं؟࿴ϓࠋࠦᅂ
            sentiments in its equity markets. The Euro also showed a strong   ᚤfᆄʩгߕʩ͵я੶ۊˀᅁf
            recovery versus the U.S. dollar.


            In Asia, investment environment worsened just before the end of the   ԭݲ˙ࠦdʕeߕί൱׸̰ፅɪٙنᙄ˿
            financial year due to disputes regarding trade imbalances between   ҳ༟ᐑྤί͉ৌ݁ϋܓഐҼۃᔷࢨfЇ׵
            China and the U.S. In Korea, geopolitical conditions tightened as North   ಃᒻ̒ࢥٙήᇝ݁طҖැdۆᎇഹ̏ᒵᘱ
            Korea continued with its missile test program.              ᚃ༊࢛ኬᅁϾᔷᒈၡੵf








        98  Hong Kong Housing Society Annual Report 2017/18
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