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迷你倉 　　Hong Kong Monetary Authority (HKMA) entered a joint venture with a British developer in a mixed-use project of office, residential and retail spaces in Mayfair, west of London, adding another jewel to the crown on London's real estate.　　This is not the first time the HKMA is involved in property investment. Twelve years ago, it purchased 14 floors of the Two International Finance Centre (IFC), Central including its topmost floor with $3.7 billion, mainly for self use. As for purchasing property purely for investment, it started three years ago. The purpose was to boost returns through diversification of investment. Its investment tools expanded from traditional US debt and foreign currencies to real estate, bonds in emerging markets, private equity funds, etc.　　The HKMA's real estate investment was at first on a trial basis. It started taking big moves last year. Its real estate investment jumped by nearly four-fold from $3.4 billion to $16.4 billion in a year. Other than the Two IFC property for self use, the HKMA does not buy property in Hong Kong to avoid conflict of interest or being criticized for pushing up property prices.　　The 50-50 joint venture with a British developer involves around ?200 million in an area for office, retail and residential development above a London urban station. The HKMA spends about ?100 million (around HK$1.25 billion).Sovereign wealth fund loves London's property market　　The authority described London's property market as in great demand for Grade A offices and retail property no matter what market phase it is in. As the supply in the west is very limited, prices have been in a long-term uptrend. Hongkongers will inevitably associate that with the SAR's Central District.　　The HKMA is only one of those around the world who are optimistic about London's property market. Compared to Singapore's sovereign wealth fund GIC's acquisition of a 23-acre property cluster in a financial district from private equity fund Blackstone Group this August at ?1.7 billion (around HK$21 billion), the HKMA's investment accounts for less than its six percent.　　With market belief in US and UK property prices picking up, sovereign wealth funds from the oil-rich countries in the Middle East to Norway in Northern Europe all raised the proportion of property investment with Britain becoming the favourite of many sovereign wealth fund and private investments. After attracting a large number of wealthy Russians, London continues to attract a large number of the rich from emerging Asian economies. An accountant firm has estimated that one-fourth of Asian overseas property investment always goes to London, and it was even one-third last year.Not everyone can have HKMA's vision　　One of the reasons for London's property market being favoured is the convergent wealth effect as an international financial centre. The second reason is the supply being unable to meet the demand for high quality property on prime sites. The third is opening up to foreign funds. They form a vigorous and liquid market. Hong Kong satisfies similar conditions, hence it draws foreign investments, but recently the measures that the authorities have taken towards overseas buyers to curb property prices have given a message of going contrary to London to overseas investors.　　In recent days, response to the government's real estate tenders has been good, showing that property prices in prime areas are resistant against falling. But figures from the Rating and Valuation Department show that property prices are forming a top. Some Hongkongers who are used to investing in "bricks" will look for new channels of investment. Just as the European and US property markets are picking up from the trough, developers wave their hands at Hong Kong people.　　As the HKMA's investment in London's prime property comes to light with the investment being in a project that will be completed five years later, it further increases the interest of citizens in the property market there. But the HKMA's investment team chooses the best to invest in with its professional vision. This time, it stated clearly that a project that will appreciate in both rising and falling markets has been chosen. As for those overseas projects that are waving their hands at Hongkongers, some are good and some bad. Citizens have to do their homework well before making any decisions.Published in the Sing Tao Dailyon November 8Vocabularytraditional (adj) —— 傳統的uptrend (n) —— 上升軌associate (v) —— 聯想vigorous (adj) —— 蓬勃的liquid (adj) —— 高流通量的condition (n) —— 條件contrary (adj) —— 相反的resistant (adj) —— 有抵抗力的trough (n) —— 谷底appreciate (v) —— 升值Useful Termsdiversification of investment —— 投資多元化private equity fund —— 私募基金conflict of interest —— 利益衝突property cluster —— 物業組群convergent wealth effect —— 匯財效應Did you know?　　The Hong Kong Monetary Authority is spending at least HK$2.52 billion on a project in London. The territory's de facto central bank, headed by chief executive Norman Chan Tak-Lam, has set up a 50-50 joint venture with UK-based Great Portland Estates to build a commercial-cum-residential project in Mayfair, hoping to boost returns of the Exchange Fund used to back the Hong Kong dollar. The project is expected to start in 2016 and finish by 2018. It is part of the Bond Street Crossrail station redevelopment scheme that combines Grade A offices, retail space and residential units. An authority spokeswoman confirmed the deal and stressed "properties in the West End in particular have had a positive growth trajectory underpinned by very limited supply". The partnership will create long-term value, which is in line with the HKMA's real estate investment objective, she said.1. The word _____ in the first paragraph is the opposite of "individual".2. The HKMA is _____ about London's property market.3. In the passage, the word _____ means "rich".4. After attracting a large number of wealthy Russians, London continues ________________.5. According to the last paragraph, citizens have to do their _____ well before making any decisions.Answers1. joint2. optimistic3. wealthy4. to attract a large number of the rich from emerging Asian economies5. homework翻譯︰George投資海外樓跟風要小心　　金融管理局與英國發展商合股，開發倫敦西區梅費爾頂級商住項目，為倫敦房地產皇冠上又加多一粒明珠。　　這不是金管局首次涉足地產項目。十二年前金管局以三十七億元，購下中環國際金融中心二期頂樓在內十四層，主要是為了自用。至於買樓純粹用作投資，是由三年前開始，目的是透過投資多元化來提高回報，投資工具由傳統的美債和外幣，擴及房地產、新興市場債券和私募基金等。　　金管局投資房地產，初時只是小試牛刀，去年開始大舉進軍，所持有的房地產投資，一年之間由三十四億元暴增近四倍，去到一百六十四億元。除了自用的國金二期，金管局沒有在港買樓，以免出現利益衝突，或者被批評托高樓價。　　這次與英國發展商合組公司，以約二億英鎊，投資倫敦市區車站上蓋寫字樓、商場和住宅物業綜合發展區，以雙方各佔股份一半，金管局斥資約一億英鎊（約十二億五千萬港元）。主權基金鍾情倫敦地產　　金管局形容倫敦地產市道無論處於甚麼周期，都對甲級寫字樓和零售物業需求甚殷，西區樓價由於供應非常有限，長期處於上升軌。港人難免聯想到本港中環的情況。　　金管局只是全球看中倫敦物業市場大軍的一分子，比起新加坡主權基金GIC今年八月以十七億英鎊（約二百一十億港元），向私募基金公司百仕通收購金融區面積二十三英畝的物業組群，金管局今次的投資不及其百分之六。　　市場相信英美地產回升，由中東油國以至北歐挪威的主權基金，都紛紛加大地產所佔投資比重，英國成為不少主權基金與私人投資的最愛。倫敦繼吸引大量俄羅斯富豪後，再招來大批亞洲新興經濟體富豪。有會計師行估計，亞洲對海外房地產投資，向來有四分一去了倫敦，到去年更增至三分一。金管局眼光非人人能學　　倫敦房地產備受青睞，身為國際金融中心的匯財效應是原因之一，黃金地段優質物業供不應求是原因之二，對外資開放是原因之三，形成一個蓬勃又高流通量的市場。香港條件類似，因此吸引到資金來投，不過，近來當局為壓抑樓價採取的針對海外買家措施，向國際投資者釋放與倫敦背道而馳的訊息。　　近日港府房地產招標反應，顯示黃金地段的樓價抗跌力強。不過，差餉物業估價署的數據則顯示，整體樓價有從高位回落之勢。部分習慣投資「磚頭」的港人，尋找新的投資途徑。正值歐美地產市場從谷底回升，發展商紛紛向港人招手。　　金管局投資倫敦頂級物業之舉曝光，而且投資的是五年後才落成的樓盤，進一步引起一些市民對當地物業的興趣。不過，金管局投資團隊的專業眼光，是擇優吸納，今次更講明是選擇了一個無論樓市起跌都預計會升值的樓盤。至於向市民招手的海外樓盤，良莠不齊，市民需要做足功課，才可作出決定。刊於十一月八日《星島日報》mini storage