{"id":731,"date":"2011-05-16T23:57:00","date_gmt":"2011-05-16T15:57:00","guid":{"rendered":"http:\/\/tokuhon.blog\/2011\/05\/16\/%e8%bd%89%e8%bc%89%e6%a8%93%e5%b8%82%e4%bd%8d%e9%ab%98%e5%8b%a2%e5%8d%b1%e4%bb%a5%e8%87%b4%e5%90%84%e5%a4%a7%e9%8a%80%e8%a1%8c%e7%b4%9b%e7%b4%9b%e8%aa%bf%e9%ab%98%e6%8c%89%e6%81%af%ef%bc%9f\/"},"modified":"2018-02-07T22:44:10","modified_gmt":"2018-02-07T14:44:10","slug":"%e8%bd%89%e8%bc%89%e6%a8%93%e5%b8%82%e4%bd%8d%e9%ab%98%e5%8b%a2%e5%8d%b1%e4%bb%a5%e8%87%b4%e5%90%84%e5%a4%a7%e9%8a%80%e8%a1%8c%e7%b4%9b%e7%b4%9b%e8%aa%bf%e9%ab%98%e6%8c%89%e6%81%af%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/tokuhon.blog\/?p=731","title":{"rendered":"[\u8f49\u8f09]\u6a13\u5e02\u4f4d\u9ad8\u52e2\u5371\u4ee5\u81f4\u5404\u5927\u9280\u884c\u7d1b\u7d1b\u8abf\u9ad8\u6309\u606f\uff1f"},"content":{"rendered":"<p><font style=\"color:rgb(0,0,191);\" size=\"2\"><a href=\"http:\/\/finance.discuss.com.hk\/viewthread.php?tid=14432969&amp;extra=page%3D1\">http:\/\/finance.discuss.com.hk\/viewthread.php?tid=14432969&amp;extra=page%3D1<\/a><\/p>\n<p>\u9280\u884c\u52a0\u6309\u606f\u539f\u56e0\uff1a<\/p>\n<p>1. \u91d1X\u5c40\u53eb\u52a0\u606f<br \/>2. \u6a13\u6309\u98a8\u96aa\u589e\u52a0<br \/>3. \u606f\u7387\u6709\u4e0a\u5347\u98a8\u96aa<br \/>4. \u7d93\u71df\u6210\u672c\u4e0a\u5347<br \/>5. \u5514\u60f3\u505a\u6309\u63ed<br \/>6. \u4ee5\u4e0a\u7686\u662f<\/p>\n<p>\u7b54\u6848\uff1a\u532f\u8c50\u6700\u8fd1\u7684\u696d\u7e3e\u516c\u5e03\u53cd\u6620\u5176\u6700\u7d42\u52a0\u606f\u76ee\u7684\uff1a<\/p>\n<p>\u5f15\u7528:<\/p>\n<p>&nbsp;&nbsp;&nbsp; \u4eca\u5e74\u9996\u5b63\uff0c\u532f\u63a7\u7684\u8cb8\u5b58\u6bd4\u7387\u7dad\u6301\u572878.2%\u7684\u4fdd\u5b88\u6c34\u6e96\u3002\u6838\u5fc3\u4e00\u7d1a\u8cc7\u672c\u6bd4\u7387\u5347\u81f310.7%\u3002\u671f\u5167\uff0c<span style=\"background-color:rgb(255,255,64);\">\u6210\u672c\u5c0d\u6536\u5165\u6bd4\u7387\u70ba60.9%\uff0c\u6bd4\u53bb\u5e74\u5e95\u518d\u5347\u5169\u500b\u767e\u5206\u9ede \u3002<\/span><\/p>\n<p>&nbsp;&nbsp;&nbsp; \u6b50\u667a\u83ef\u8aaa\uff0c\u96c6\u5718\u9996\u5b63\u7684\u6210\u672c\u6bd4\u7387\u4e0a\u5347\uff0c\u4e3b\u8981\u662f\u8981\u9032\u884c\u91cd\u7d44\uff0c\u540c\u6642<span style=\"background-color:rgb(255,255,64);\">\u65b0\u8208\u5e02\u5834\u7684\u7d93\u71df\u6210\u672c\u589e\u52a0\uff0c\u5305\u62ec\u7576\u5730\u9ad8\u901a\u8139\u53ca\u5de5\u8cc7\u4e0a\u5347<\/span>\uff0c\u540c\u6642\u4e5f\u589e\u52a0\u4e86\u5c0d\u65b0\u8208\u5e02\u5834\u6295\u8cc7\u3002\u4ed6\u8aaa\uff0c\u5c07\u52a0\u5f37\u63a7\u5236\u6574\u500b\u96c6\u5718\u7684\u6210\u672c\uff0c\u672a\u4f86\u5c07\u63a8\u51fa\u82e5\u5e72\u500b\u7bc0\u6d41\u8a08\u5283\u3002<\/p>\n<p>&nbsp;&nbsp;&nbsp; \u3000\u3000\u4ed6\u5728\u7576\u5929\u914d\u5408\u8072\u660e\u767c\u4f48\u800c\u8209\u884c\u7684\u4e00\u5834\u96fb\u8a71\u6703\u8b70\u4e2d\u8868\u793a\uff0c\u4ecd<span style=\"background-color:rgb(255,255,64);\">\u7dad\u6301\u5c07\u6210\u672c\u6536\u76ca\u6bd4\u7387\u964d\u81f348%\u81f352%\u70ba\u76ee\u6a19\uff0c\u4f46\u76f8\u4fe1\u975e\u77ed\u6642\u9593\u5167\u53ef\u4ee5\u5be6\u73fe\uff0c\u4f30\u8a08\u81f3\u5c11\u9700\u89812\u81f33\u5e74\u3002<\/span><\/p>\n<p>\u6240\u4ee5\u7b54\u6848 = \u672a\u4f86\u5169\u4e09\u5e74\u6309\u606f\u6703\u4e0d\u65b7\u589e\u52a0\uff01<\/p>\n<p>\uff0d\uff0d\uff0d<\/p>\n<p>\u4eca\u65e5\u540c\u9280\u884c\u4f6c\u5439\u6c34\uff0c\u4f62\u8a71\u5167\u5730\u5927\u91cf\u4f01\u696d\u6e67\u6e2f\u501f\u9322\uff0c\u641e\u5230\u4e00\u822c\u65e2\u4e2d\u5c0f\u4f01\u501f\u8cb8\u53bb\u5230H+3\u3002Funding\u4ef2\u597d\u7dca\uff0c\u6279\u5de6\u4ea6\u672a\u5fc5drawdown\u5230\u3002<br \/>\u9280\u884c\u672a\u52a0\u6309\u606f\u524d\u4e00\u822c\u505aH+0.65 to 0.7\uff0c\u606f\u5dee\u4e00\u5398\u90fd\u5187\uff0c\u76f8\u8f03\u606f\u5dee3\u5398\u65e2\u4e2d\u5c0f\u4f01\u8cb8\u6b3e\uff0c\u9ede\u89e3\u6a13\u6309\u606f\u5dee\u4e0d\u61c9\u4e0a\u8abf\u3002<br \/>\u300c\u65e9\u8cb7\u65e9\u4eab\u53d7\u300d\uff0c\u6211\u9810\u671f\u5728\u5167\u5730\u8cc7\u91d1\u56e0\u963f\u723a\u4e0d\u65b7\u52a0\u606f\u53ca\u4e0a\u8abf\u5b58\u6b3e\u6e96\u5099\u91d1\u7387\u4e4b\u4e0b\uff0c\u6309\u606f\u5fc5\u5b9a\u6703\u518d\u4e0a\u8abf\uff01<\/p>\n<p>\uff0d\uff0d\uff0d<\/p>\n<p>\u6211\u4ee5\u524d\u90fd\u662f\u505a\u9280\u884c\uff0c\u5f88\u7406\u89e3\u9280\u884c\u696d\u904b\u4f5c\uff0c\u6240\u4ee5\u77e5\u9053\u670b\u53cb\u5187\u5443\u6211\u3002<br \/>\u81f3\u65bc\u9ede\u89e3H\u5514\u5347\uff1fH\u540c\u6642\u4ea6\u53d7\u5236\u65bc\u300c\u9280\u884c\u9ad4\u7cfb\u7d50\u9918\u300d\u591a\u5be1\uff0c\u753109\u5e74\u4e2d\u958b\u59cb\u7684\u91cf\u5bec\uff0c\u91d1\u7ba1\u5c40\u63a5\u5de6\u597d\u591a\u767e\u5104\u65e2\u7f8e\u5143\uff0c\u6cbd\u5de6\u6210\u5343\u5104\u6e2f\u5143\u51famarket\uff0c\u7d50\u679c\u6e2f\u5143\u6d41\u901a\u91cf\u6025\u589e\u3002\u6700\u76f4\u63a5\u7d50\u679c\u5c31\u662f\u9280\u884c\u6c34\u6d78\uff0c\u6240\u4ee5H\u8dcc\u81f30.1-0.2%\u3002<br \/>\u9280\u884c\u8cc7\u91d1\u4f86\u6e90\u9664\u4e86H\u4e4b\u5916\uff0c\u9084\u6709\u5b58\u6b3e\u3001\u8cbc\u73fe\u7a97\u7b49\u3002<br \/>\u9280\u884c\u8cc7\u91d1\u77ed\u7f3a\uff0c\u7406\u8ad6\u4e0aH\u662f\u6703\u5347\uff0c\u4f46\u7d50\u9918\u4ecd\u7136\u5f88\u9ad8\uff0c\u7576\u6709\u9280\u884c\u60f3\u9ad8\u606f\u62c6\u5165\u6e2f\u5143\u6642\uff0c\u6703\u6709\u597d\u591a\u9280\u884coffer\uff0c\u606f\u5347\u6975\u6709\u9650\u3002<br \/>\u540c\u696d\u4e4b\u9593\u501f\u9322\u662f\u6709limit\u7684\uff0cH\u4ee5\u5916\u53ea\u597d\u5411\u5b58\u6b3e\u57cb\u9996\u4e86\uff0c\u65bc\u662f\u9ad8\u606f\u6436\u5ba2\u3002<br \/>\u4ee5\u4e0a\u89e3\u91cb\u4e86\u70ba\u4f55H\u4f4e\uff0c\u800c\u5b58\u6b3e\u606f\u9ad8\u65e2\u73fe\u8c61\u3002<br \/>\u53ef\u662f\u51e1\u4e8b\u592a\u76e1\uff0c\u7de3\u4efd\u5fc5\u65e9\u76e1\u3002<br \/>\u7576\u8d8a\u4f86\u8d8a\u591a\u5167\u4f01\u6e67\u6e2f\u501f\u9322\uff0cH\u4ea6\u96e3\u907f\u514d\u4e0a\u8abf\uff01<\/p>\n<p>\uff0d\uff0d\uff0d<\/p>\n<p>\u660e\u767d. \u4f46\u4fc2 H \u4e00\u9ad8, \u5957 dun \u53c8\u6703\u589e\u52a0. \u6240\u4ee5\u7121\u7406\u7531 H \u6703\u592a\u9ad8 (\u806f hai \u532f\u7387), \u6c34\u6d78\u53ea\u6703\u7f8e\u570b\u6536\u6c34\/\u53d6\u6d88\u806f\u532f\/\u5916\u532f\u7ba1\u5236\u5148\u6709\u53ef\u80fd.<\/p>\n<p>\u9ad8\u606f\u6436\u5ba2? \u57fa\u672c\u4e0a\u90fd\u5514\u7b97\u9ad8\u606f, \u53ea\u4fc2\u982d\u9ad8\u5e7e\u500b\u6708\/\u9ad8\u5e7e\u5341k \u9ad8\u606f. \u5e0c\u671b\u7559\u4f4f\u500b\u5ba2\u505a\u5176\u4ed6\u751f\u610f.<\/p>\n<p>\u5982\u679c H \u53ef\u4ee5\u5514\u7747\u7f8e\u5143. \u9999\u6e2f\u4e00\u65e9\u7121 asset bubble.<\/p>\n<p>\uff0d\uff0d\uff0d<\/p>\n<p>\u975e\u4e5f\uff01<br \/>\u6b63\u5e38\u60c5\u6cc1\u662fP-H = 3-3.5% \u5de6\u53f3\u3002\u7406\u8ad6\u4e0a\uff0cH\u61c9\u8a72\u8981\u898b1.5%-2%\u3002<\/p>\n<p>\u7576H\u4e0d\u5c0b\u5e38\u5730\u9ad8\uff0c\u4f8b\u59828%\u6642\uff0c\u90a3\u4e00\u5b9a\u662f\u672c\u6e2f\u53d7\u885d\u64ca\u4e86\uff0c\u7d93\u6fdf\u5df2\u6709\u554f\u984c\u3002<br \/>\u4f46\u662f\u6240\u6709mortgage loan\u90fd\u6709P cap\u7684\uff0cP\u5411\u4e0a\u8abf\u6162\u904eH\u3002<br \/>\u9ad8\u606f\u6436\u5ba2\uff1f<br \/>\u5b58\u6b3e\u606f\u724c\u50f90-0.2%\u3002\u53ef\u662f\u5f88\u591a\u90fd\u9858\u610f\u63d0\u4f9b\u81f31.2%\uff0c\u54aa\u5fd8\u8a18\u73fe\u6642\u662f\u96f6\u606f\u5e74\u4ee3\u3002<\/p>\n<p>\uff0d\uff0d\uff0d<\/p>\n<p>H\u61c9\u8a72\u8981\u898b1.5%-2%? \u53ef\u5426\u8a3b\u89e3\u4e00\u4e0b? \u5982\u679c\u7f8e\u570b\u4fc2 0.25%, H \u4fc2 1.5%? \u5373\u4fc2\u9280\u884c\u90fd\u4fe1\u5514\u904e\u9280\u884c? \u9664\u975e\u6709\u9280\u884c\u51fa\u4e8b, \u5426\u5247\u5514\u4fc2\u4fc2\u5481. \u5c31\u7b97\u6709\u9280\u884c\u51fa\u4e8b, H \u5927\u5347\u5230\u61c9\u8a72\u4fc2\u77ed\u671f (say &lt; 3 mths)<\/p>\n<p>\uff0d\uff0d\uff0d<\/p>\n<p>\u5982\u679c\u4e4b\u5f8cH\u53bb\u52301.5-2% \u800c\u500bplan\u53c8\u53bb\u5230H+1.5-2&#8230;.\u5481\u54aa\u62103%-4% \u606f?<br \/>\u6703\u5514\u6703P-2.5% \u53bb\u5230P-1.5% or P-1% ?&nbsp; \u56e0\u70ba\u4e4b\u524d\u90fd\u8a66\u904eP+X%<\/p>\n<p>\u4f46\u5230\u6642\u90fd\u5514\u77e5\u6a13\u5e02\u4fc2\u5347\u5b9a\u8dcc; \u56e0\u70ba\u5229\u606f\u540c\u6a13\u50f9\u53c8\u5187\u5fc5\u7136\u95dc\u4fc2&#8230;..<br \/><\/font><\/p>\n","protected":false},"excerpt":{"rendered":"<p><a href=\"http:\/\/finance.discuss.com.hk\/viewthread.php?tid=144329\" rel=\"nofollow\">http:\/\/finance.discuss.com.hk\/viewthread.php?tid=144329<\/a> [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[603689572],"tags":[],"class_list":["post-731","post","type-post","status-publish","format-standard","hentry","category-603689572"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9lhKB-bN","jetpack_likes_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/tokuhon.blog\/index.php?rest_route=\/wp\/v2\/posts\/731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tokuhon.blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tokuhon.blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tokuhon.blog\/index.php?rest_route=\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tokuhon.blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=731"}],"version-history":[{"count":1,"href":"https:\/\/tokuhon.blog\/index.php?rest_route=\/wp\/v2\/posts\/731\/revisions"}],"predecessor-version":[{"id":4363,"href":"https:\/\/tokuhon.blog\/index.php?rest_route=\/wp\/v2\/posts\/731\/revisions\/4363"}],"wp:attachment":[{"href":"https:\/\/tokuhon.blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tokuhon.blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tokuhon.blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}