李隽

LiJuan

　　近日，香港特区政府宣布多项楼市调控措施，将现有还款压力测试的假设条件，由调高利率2个百分点上调至3个百分点，九成按揭的楼价上限由600万港元降至400万港元。

recently,The Hong Kong SAR government announced a number of market regulation and control measures,The existing reimbursement pressure test the assumptions,Higher interest rates by 2% rise to 3%,Ninety percent mortgage of property prices by the upper limit of hk $6 million down to hk $4 million.

　　香港金管局总裁陈德霖表示，目前楼市过热对香港金融稳定造成的风险不小于1997年，现时按揭利率仅2%左右，而当年按揭利率却高达10%以上，若楼价下挫和利率上升，可能会对香港置业人士构成双重打击。根据中原地产指数，1997年亚洲金融风暴以后，香港整体楼价下跌幅度接近七成，直到2003年后才重新回升。

Hong Kong the hkma ChenDeLin President said,At present the property market overheating in Hong Kong financial stability risk not less than 1997 years,Current mortgage rates only 2% or so,But when mortgage rates as high as 10% above,If property prices fell and higher interest rates,May in Hong Kong real estate people constitute a double whammy.According to centaline property index,1997 years after the Asian financial turmoil,Hong Kong property prices fell by nearly seventy percent,Until 2003 years to back up.

　　香港金管局称，鉴于楼市过热风险，就物业按揭贷款业务向银行发出指引，这些措施包括，银行为按揭贷款申请人进行还款能力压力测试时，利率上升会由现时假设2个百分点增加至3个百分点；所有工商物业的按揭贷款，不论是否自用，贷款的最高按揭成数一律按目前适用的上限下调一成；车位按揭的最高按揭成数，一律定为四成，贷款年期上限统一为15年。以上措施实时生效。

The hkma said Hong Kong,In view of the market risk of overheating,Is property mortgage loan business to the bank issued guidelines,These measures include,Bank as the mortgage loan applicant for reimbursement ability pressure test,Higher interest rates will increase from the current hypothesis 2% to 3%;All commercial property mortgages,Whether private,The highest percentage of mortgage loans are at current applicable limit by ten percent;The highest percentage of parking mortgage mortgage,All as forty percent,Loan period limit unified for 15 years.These measures immediate effect.

　　香港金管局旗下的香港按揭证券有限公司近日也宣布，现时按揭保险计划可接受价格600万港元或以下的住宅物业申请最高九成按揭贷款，2月23日修订后，只有400万港元或以下的住宅物业才可以申请最高九成按揭贷款。住宅物业价格在400万港元以上至450万港元以下，将可通过按揭保险计划申请最高360万港元贷款，即八成至九成；住宅物业价格在450万港元或以上则只可申请最高八成按揭贷款。按揭保险计划的住宅物业价格上限仍维持在600万港元。香港按揭证券有限公司总裁李令翔称，考虑到当前的市场情况，修订的目的是要确保按揭证券公司谨慎管理高成数按揭贷款的风险。

Hong Kong the hkma's Hong Kong mortgage corporation limited has also announced,The mortgage insurance plan acceptable price of hk $6 million or below residential property for the highest ninety percent mortgage loan,On February 23, after revision,Only hk $4 million or below housing property can apply for the highest ninety percent mortgage loan.Residential property prices in more than hk $4 million to hk $4.5 million the following,Will through the mortgage insurance plan to apply for the highest hk $3.6 million loan,That is eighty percent to ninety percent;Residential property prices in hk $4.5 million or above, can only be used for the highest eighty percent mortgage loan.Mortgage insurance plan residential property price ceiling is still maintained at hk $6 million.Hong Kong mortgage securities co., LTD. LiLingXiang President said,Considering the current market situation,The purpose of the revision is to make sure that the HKMC careful management high percentage of mortgage loan risk.

　　此外，香港财政司司长曾俊华宣布，2月23日起全面提高买卖或转让香港物业的买卖印花税。按照新措施，200万港元以下物业印花税从100港元增加至交易额的1.5%，200万港元以上物业买卖印花税全面增加一倍，最高税率将从交易额的4.25%提高至8.5%。买家若为购买首套房或只打算拥有一套房的香港永久居民可获得豁免。

In addition,Hong Kong financial secretary, John tsang announced,On February 23, improve the sale or transfer of Hong Kong property trading stamp duty.According to the new measures,Hk $2 million the following property stamp duty from hk $100 increased to 1.5% of the total,Hk $2 million above property trading stamp duty comprehensive doubled,Top rate from 4.25% to 8.5% of the total.If the buyer to buy the first suite or just going to have a suite of Hong Kong permanent residents can get immunity.

　　陈德霖表示，香港正处于一个极度不正常的宏观金融环境。全球先进国家正进行量化宽松货币政策，规模之大、时间之长，是史无前例的，现时利率被人为地压至极低的水平，同时大量资金流入包括香港的新兴市场。这个宏观环境是香港楼市上升周期持续了很长时间的主要成因之一，现时楼市过热对香港金融稳定造成的风险不小于1997年。

ChenDeLin said,Hong Kong is in a highly unusual macro financial environment.Global advanced countries are quantitative easing monetary policy,scale/Time long,Is unprecedented,The interest rate is extremely low level for pressure,At the same time, a lot of money into emerging markets including Hong Kong.The macro environment is Hong Kong's property market rise period lasted a long time, one of the main causes,Now the property market overheating in Hong Kong financial stability risk not less than 1997 years.

　　陈德霖还称，1997年按揭利率一般是10%或以上，但在楼市泡沫爆破后，美国利率下跌，香港的按揭利率持续下降，在2004年跌至2%左右。目前情况刚好相反，按揭利息只是2%左右，即使低息环境如美联储预测一样维持至2015年，往后美国利率一定会上升至较正常水平。以一个30年的按揭为例，即使头两年能享受低息，往后就要承受可能的高利息负担和楼价大幅波动的风险，希望置业者要审慎从事，不要低估利息上升时会给供款能力、资产价格及香港整体经济带来的风险和冲击。

ChenDeLin also said,In 1997, mortgage rates are generally 10% or more,But in the property market bubble after blasting,Us interest rates fall,Hong Kong mortgage interest rate continued to decline,In 2004 fell to 2%.Things are just the opposite,Mortgage interest just 2%,Even if the fed low interest rates environment such as the same as prediction maintain to 2015,Back at us interest rates must be to a normal level.With a 30 years of mortgage as an example,Even if the first two years can enjoy low interest rates,Back to exposed to the possibility of a high interest burden and property prices on the risk of fluctuations,Be slow to buyers in,Don't underestimate interest will rise to contribution ability/Asset prices and the Hong Kong economy as a whole and the risks of impact.