Page 93 - Hong Kong Housing Society 香港房屋協會 - Annual Report 2019 年報

FINaNCIal MaNaGEMENT 財務管理 91

During the year, we conducted a review on the performances of seven 年內，我們審視七位基金經理的表現。投
of our fund managers. The Investment Committee decided to retire one 資委員會決定辭退一名固定收益經理並更
fixed income manager and replace one equity manager. The new fund 換一名股票基金經理。新基金經理已於二
manager was appointed in October 2018. 零一八年十月獲委任。

Despite the challenging investment environment over this financial 儘管本財政年度的投資環境充滿挑戰，惟
year, the strong performance last quarter kept returns positive for the 上一季度的強勁表現使全年回報維持正數。
year.

Our Long-term Portfolio is to fund the redevelopment of our rental 長期投資組合為重建轄下的出租屋邨提供
estates. As the objective is to catch up with the construction cost 資金。為趕上香港建築成本的上漲幅度，
inflation in Hong Kong, the portfolio is fairly diversified and equity 此組合相當分散，且以股票為主。截至二
biased. For the year ended 31 March 2019, it recorded a gain of 3.77%, 零一九年三月三十一日止年度，此組合錄
which outperformed the benchmark by 1.75%. 得百分之三點七七的收益，較指標高出百
分之一點七五。

The Medium-term Portfolio is used to fund the development of 中期投資組合為發展資助出售房屋項目提
Subsidised Sale Flats projects. The portfolio strategy is relatively low risk 供資金。此組合策略的風險相對較低，並
and fixed income biased. For the year ended 31 March 2019, it recorded 以固定收益工具為主。截至二零一九年三
a gain of 2.54%, outperforming the benchmark by 0.05%. 月三十一日止年度，此組合錄得百分之二
點五四的收益，較指標高出百分之零點零
五。

With the objective of the Short-term Portfolio to preserve capital and to 短期投資組合的目標是保存資本及維持資
ensure liquidity, we continue to manage the portfolio prudently by 金流，故我們繼續審慎管理有關組合，將
placing the surplus cash into fixed deposits with maturity of no more 現金盈餘投放在不多於六個月的定期存款。
than 6 months. For the year ended 31 March 2019, the Short-term 截至二零一九年三月三十一日止年度，短
Portfolio achieved a return of 2.42%, outperformed the benchmark by 期投資組合錄得百分之二點四二的回報，
0.52%. 較指標高出百分之零點五二。

loan Administration 貸款管理
As at 31 March 2019, the Housing Society managed 1,047 loans granted 截至二零一九年三月三十一日，房協共管
under various loan schemes. During the year, 15 loans were granted to 理1,047 宗根據不同貸款計劃批出的貸款。
borrowers under the Integrated Building Maintenance Assistance 年內，房協向借款人批出十五宗「樓宇維修
Scheme. Under this Scheme, 240 borrowers had fully redeemed or 綜合支援計劃」借貸。計劃下，共240名借
partially repaid their loans. Legal proceedings were instituted against 款人已全數或部分償還貸款，並對一名拖
one default borrower. 欠還款的借款人提出法律訴訟。

香港房屋協會 2018/19 年度年報