Page 124 - 香港房屋協會 Hong Kong Housing Society Annual Report 2020/2021

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HONG KONG HOUSING SOCIETY ANNUAL REPORT 2020/21
Redeveloping ageing rental estates remains a top priority. As at 31 March 2021, the Housing Society had ten rental estates over 40 years old, among which seven are aged over 50. Facing these unprecedented challenges, the Housing Society has strived to maintain an operational surplus for the property leasing and management operations. However, as income from our rental estates is no longer sufficient to cover the long-term costs of maintenance and improvement work at these ageing estates, the domestic operation continued to record a deficit. During the fiscal year ended 31 March 2021, the cost of improvement works for rental estates amounted to HK$104.9 million.
The financial burden to redevelop ageing rental estates is enormous. Based on the latest forecast, the redevelopment cost of six of our oldest rental estates will be around HK$63 billion.
As a not-for-profit organisation operating on self-financing principles, the Housing Society will ensure programmes are well-planned, and resources are adequately allocated, when undertaking new housing development or estate redevelopment projects.
Investment
During the year, the global market remained volatile as coronavirus-led uncertainties persisted. The pandemic has led to a significant increase in unemployment rates and contractions in economic growth across the globe. Various degrees of lockdowns and social-distancing measures have resulted in upended routines for many economic activities and professional practices. However, due to the combination of reductions in interest rates by global central banks and various fiscal stimuli initiated by governments, a number of stock markets have resumed their pre-pandemic growth paths, either reaching or approaching record territories.
In the US, stock market indices increased for sectoral exposure to technology stocks which benefitted from the acceleration of behavioural shifts and digital transformation. The US equity market was further boosted by encouraging news on the development of COVID-19 vaccines, especially for the value and cyclical stocks which had previously underperformed against the growth stocks for an extended period of time.
重建高齡出租屋邨仍然是我們的首要任務。 截至二零二一年三月三十一日，房協轄下共 有十個出租屋邨的樓齡逾四十年，其中七個 出租屋邨的樓齡超過五十年。面對此前所未 有的挑戰，雖然房協努力保持物業租賃及管 理營運的盈餘，但出租屋邨所得收入不足以 彌補高齡出租屋邨恆常維修保養及改善工程 所產生的長期成本，使出租屋邨的營運持續 錄得虧損。截至二零二一年三月三十一日止 財政年度，出租屋邨改善工程成本為一億零 四百九十萬港元。
重建老齡出租屋邨須承受巨大經濟負擔。根 據最新預測，房協轄下六個樓齡最長的出租 屋邨重建費用約為六百三十億港元。
作為秉持「自負盈虧」營運原則的非牟利機 構，房協在進行新的房屋發展或屋邨重建項 目時會確保各個項目得到妥善規劃，並獲分 配足夠資源。
投資
年內，由於新冠肺炎疫情持續帶來不明朗因 素，全球市場仍然極為波動。疫情導致全球 失業率大幅攀升，經濟增長萎縮。各國推行 不同程度的封鎖和社交隔離措施，阻礙了眾 多經濟活動和專業服務正常進行。然而，由 於全球主要央行減息，且各國政府採取各種 財政刺激措施，帶動多地股市回復至疫情前 的增長趨勢，創下或接近歷史高位。
行為習慣改變及數碼轉型步伐加快，帶動美 國科技股造好，推動股市指數上揚。新冠肺 炎疫苗研發進展理想，進一步提振美國股 市，尤其是過往一段長時間跑輸增長股的價 值股和周期股顯著上揚。