Page 101 - Hong Kong Housing Society 香港房屋協會 - Annual Report 2018 年報

Financial Management 財務管理

During the year, we conducted a review on the performance of three of ϋʫdҢࡁᄲൖɧΤਿږ຾ଣٙڌତfҳ
our fund managers. The Investment Committee decided to retire two ༟։ࡰึӔ֛ᗘৗՇΤٰୃਿږ຾ଣdϾ
equity managers and renew the contract of the third manager. In view ̤ɓΤਿږ຾ଣۆᐏᚃߒfίлଟᒈʺٙ
of the rising interest rate environment, the Investment Committee also ᐑྤɨdҳ༟։ࡰึΣੂБ։ࡰึܔᙄ։
proposed to the Executive Committee to appoint an unconstrained ΂ɓΤʔաߒҼٙවՎਿږ຾ଣ၍ଣʕಂ
bond fund manager to the Medium-term portfolio. An allocation of ҳ༟ଡ଼ΥdԨᐏᅡಛʞᄂಥʩfܔᙄᐏੂ
HK$500million was made to this mandate. The recommendation was Б։ࡰึમॶdϾอਿږ຾ଣ׵ɚཧɓɖ
adopted by the Executive Committee and the new fund manager was ϋɤ˜ᐏ։΂f
appointed in October 2017.

As mentioned above, our investment portfolios achieved strong ༐νɪ˖הࠑdהܵҳ༟ଡ଼Υ՟੻ᔮێٙ
investment returns. The returns of our various portfolios are ҳ༟Ϋజf΢ࡈଡ଼ΥٙΫజ฿ࠑνɨj
summarised as follows:

The Long-term portfolio is to fund the redevelopment of our rental ڗಂҳ༟ଡ଼Υމࠠܔᒍɨٙ̈ॡ܊㡼౤Զ
estates. As the objective is to catch up with Hong Kong’s construction ༟ږfމႼɪ࠰ಥܔጘϓ͉ٙɪပషܓd
cost inflation, the portfolio is fairly diversified and biased towards Ϥଡ଼Υ޴຅ʱ౳d˲˸ٰୃމ˴f࿚Їɚ
equity. For the year ended 31 March 2018, it recorded a gain of 20.86%, ཧɓɞϋɧ˜ɧɤɓ˚˟ϋܓdϤଡ଼Υ፽
outperforming the benchmark by 2.03%. ੻ϵʱʘɚɤᓃɞʬٙϗूd༰ܸᅺ৷̈
ϵʱʘɚᓃཧɧf

The Medium-term Portfolio is used to fund the development of ʕಂҳ༟ଡ଼Υމ೯࢝༟п̈ਯג܊ධͦ౤
subsidised sale flats projects. The portfolio strategy is relatively low-risk Զ༟ږfϤଡ଼Υഄଫٙࠬᎈ༰ЭdԨ˸ո
and biased towards fixed income. For the year ended 31 March 2018, it ֛ϗूʈՈމ˴f ࿚Їɚཧɓɞϋɧ˜
recorded a gain of 8.58%, outperforming the benchmark by 0.47%. ɧɤɓ˚˟ϋܓdϤଡ଼Υ፽੻ϵʱʘɞᓃ
ʞɞٙϗूd༰ܸᅺ৷̈ϵʱʘཧᓃ̬ɖf

The objective of the Short-term Portfolio is to preserve capital and to ೵ಂҳ༟ଡ଼Υٙͦᅺ݊ڭπ༟͉ʿၪܵ༟
ensure liquidity, so we continue to manage it prudently by placing ږݴd݂Ңࡁᘱᚃᄲฐ၍ଣdਗ਼ତږޮቱ
surplus cash into fixed deposits with maturity of no more than six ҳ׳ίʔε׵ʬࡈ˜֛ٙಂπಛf࿚Їɚ
months. For the year ended 31 March 2018, the Short-term Portfolio ཧɓɞϋɧ˜ɧɤɓ˚˟ϋܓd೵ಂҳ༟
achieved a return of 1.36%, outperforming the benchmark by 0.41%. ଡ଼Υ፽੻ϵʱʘɓᓃɧʬٙΫజd༰ܸᅺ
৷̈ϵʱʘཧᓃ̬ɓf

Loan Administration 貸款管理

As of 31 March 2018, the Housing Society was managing 1,384 loans ࿚Їɚཧɓɞϋɧ˜ɧɤɓ˚dג՘΍၍
granted under various loan schemes. During the year, 25 loans were ଣ1,384 ֚࣬ኽʔΝ൲ಛࠇྌҭ̈ٙ൲ಛf
granted to borrowers under the Integrated Building Maintenance ϋʫdג՘Σ൲ಛɛҭ̈25֚˜ᅽρၪࡌၝ
Assistance Scheme. 238 borrowers had fully redeemed or partially Υ˕౪ࠇྌ™࠾൲f΍238Τ൲ಛɛʊΌᅰ
repaid their loans, while legal proceedings were instigated against 14 א௅ʱᎵᒔ൲ಛd̤Σ14Τ׮˞ᒔಛٙ൲
default borrowers. ಛɛ౤̈جܛൡதf

香港房屋協會2017/18年度年報 99