Page 92 - Hong Kong Housing Society 香港房屋協會 - Annual Report 2019 年報

90 Corporate Sustainability 企業持續發展

Redeveloping ageing rental estates remains a top priority to us, and 舊出租屋邨的重建項目依然是我們首要的
places a heavy burden on our financials. The latest forecast estimates 工作，但同時亦為我們增添沉重財政負擔。
that we need to spend around HK$52 billion to redevelop six of our 根據最新預測，重建房協轄下六個最舊出
oldest rental estates. As the construction cost for redevelopment is 租屋邨估計需耗資約五百二十億港元。由
unlikely to be fully recovered from future rental income, we may need 於日後的租金收入很可能不足以悉數抵償
to write down part of the carrying value of these investment properties 重建項目的建築成本，我們在重建屋邨時
as we redevelop our estates. 或需撇減該等投資物業的部份賬面值。

As a not-for-profit organisation operating on self-financing principles, 作為以自負盈虧原則營運的非牟利機構，
the Housing Society will ensure programmes are well-planned and 房協會確保在進行新的房屋或屋邨重建項
resources are adequately allocated when undertaking new housing or 目時妥善規劃及適當分配資源。
estate redevelopment projects.

investment 投資
Global investment markets were highly volatile during the financial 本財政年度環球投資市場大幅波動。由於
year. The year started with high hopes as the previous year was one of 去年投資市場是近年表現最為強勁的一年，
the strongest years in recent history. The tax cuts in the US had 故本年度亦獲寄予厚望。美國減稅政策使
propelled the originally robust US economy to a new high with many 本已蓬勃的經濟再創高峰，一眾美國公司
US corporations reporting strong earnings. However, as the year 均錄得豐厚收益。然而，年內，美國息率上
progressed, an increase in US interest rates compounded by highly 升，加上中美貿易談判劍拔弩張，使外間
sensitive trade negotiations between China and the US caused serious 高度關注美聯儲加息步伐。第三季為全球
concern regarding the pace of interest rate hikes of the US Federal 金融危機以來表現最差的季度之一。直至
Reserve. The third quarter resulted in one of the worst quarters not seen 季度結束，美聯儲宣布堅持「耐心」立場，
since the Global Financial Crisis. It was not until the end of the quarter 並適逢中美迅速恢復貿易談判，市場因而
when the US Federal Reserve announced a more patient stance, 復甦。儘管形勢扭轉，美國市場全年收益
coinciding with a rapid improvement in the Sino-US trade negotiations 率仍僅略高於百分之四點五。
that markets made a recovery. Despite the turn around, US market gains
amounted to just over 4.5% over the year.

In Europe, Brexit had been the dominating news. In spite of the 歐洲方面，英國脫歐一直是新聞焦點。儘
tremendous efforts put forth by the British Prime Minister, Theresa May, 管英國首相文翠珊付出巨大努力，惟於可
a smooth exit remained an illusion in the foreseeable future. Meanwhile, 預見未來「順利脫歐」仍屬未知之數。與此
there were also other concerns in the region, in particular Germany and 同時，有關地區，特別是德國及意大利，仍
Italy. 存在其他隱憂。

In Asia, the Chinese economy continued to struggle, though a hard 亞洲方面，中國經濟繼續處於掙扎局面，
landing seemed to be highly unlikely as fiscal support from the 但由於在政府財政支持下成績依然亮麗，
Government showed promising results. A successful conclusion of the 因此不太可能出現硬著陸。與美國的貿易
trade negotiations with the US would further boost the flagging 談判順利結束有助進一步刺激疲弱的經濟。
economy. On the other hand, the Indian economy had been in retreat 另一方面，印度經濟疲弱，選舉令印度增
and the election had put further strain on India’s growth prospects. 長前景進一步受壓。最後，北韓與美國突
Finally, the peace talks between North Korea and the US had come to 然中止和平談判，陷入僵局。
an abrupt end, marking an end to any progress that would have been
made here.

Hong Kong Housing Society Annual Report 2018/19