2019年12月23日星期一

蘋果日報專訪 20191223

載於2019年12月23日蘋果日報(此報導雖不完全反映筆者觀點,但部分內容值得參考):
兩名星級分析師同唱淡 樓市明年悲觀 料再跌價一成
政局未改善 移民潮累樓價

【地產專題】「最壞時刻尚未來臨﹗」過去半年港抗爭持續,加上中美角力等因素,資金加快外流,削弱本港經濟。本報找來兩位星級分析師蔡金強及王震宇、業內人士汪敦敬及以《易經》推算樓市的學者李天生,預測明年樓市;惟均是一面倒悲觀,預期樓價明年跌幅將達雙位數。蔡金強及王震宇認同,這個調整周期較以往發生的金融危機更漫長。

樓市的表現向來與經濟增長並駕齊驅,經濟如果下行,樓市亦只好跟着走。曾是花旗銀行房地產分析員、現為奧陸資本總裁的蔡金強認為,本港經濟受到社會運動、中美貿易戰及反全球化三大因素影響,樓市前景極度悲觀,目前樓價已由今年6月時的高位下跌約一成,相信明年會再跌一成,「香港樓價現在是由喜馬拉雅山頂滑落,調整20%至25%是最基本的,但工商舖會更大鑊,尤其街舖跌幅或達三至四成」。

警告調整周期漫長

蔡金強又指,這個調整期只屬第一階段,意味沒有最壞,只有更壞。

瑞銀房地產前分析員、現為Brick & Mortar Management主席王震宇亦指出,中美對立加上全球違約潮出現,都會拖垮香港的經濟表現,「內地數家銀行及不少公司出現違約,全球亦有多宗違約事件,這些都會使資金流緊絀,令市場出現信心危機。」

王震宇又特別提到息口問題:「目前銀行存款息口已逐步上升,樓按息率更在暗地裏上調,多間銀行對樓按的優惠減少,其實變相加息,若往後香港經濟惡化,銀行的定價審慎度必會加強,息差會逐步擴闊。儘管聯儲局想阻止息口上漲,香港私人銀行的息率也會上揚。」他預期,市場將陸續出現劈價成交,認為樓價跌勢才剛開始,估計明年1月樓價便會出現雙位數跌幅。

樓市陷寒冬,是否意味地產股都無運行?蔡金強卻不認同,他指本地發展商利潤豐厚,即使樓價下跌10%,淨利潤至少仍有10%。此外,本地發展商大多是家族式持有,財力雄厚,若股價跌至低水平,他們可以進行回購支持股價。他又認為,除了港地產股,若手持資金不知何去何從,可考慮買黃金保值或投資中美日三地的股票,主要是上述國家底子厚、市場大,以及受反全球化影響較低。

王震宇亦同意,當下買地產股好過買樓,他指,發展商借貸比例屬單位數,資產負債表低於持有資產的價值,買地產股保本能力較強。不過他認為香港資產價格始終高昂,反觀海外資產仍值博,即使頭寸不足也可考慮買海外REIT,甚或手持美元,但千萬不要投資美債。

香港一直是亞洲排名最高的金融中心,國際地位僅次於紐約和倫敦,可惜一個《逃犯條例》令香港的法治及自由面臨挑戰,外資對港漸失信心,蔡金強認同今次社會運動的影響是67暴動後最深遠的,不少內地人已把私人銀行資金逐步調往新加坡,儘管部份戶口的運作仍然由香港負責,但實際已由新加坡託管。

須防中港兩地同化

他預期,未來隨澳門在金融領域上的突破,或多或少會分擔了香港的功能,新加坡在全球金融指數的排名一直緊隨香港,定必成為投資者首要考慮的地點,加上深圳及上海的步步進逼,香港的優勢遲早被取代。不過他相信,香港的國際金融中心地位仍可維持5至10年,主因人民幣仍未能自由兌換,香港作為美元的「基地」,在中央的眼中確有其價值。

王震宇則認為,如果香港賴以成功的要素是因為其與中國內地的分別,而不是中港兩地同化,那麽這個獨特性可能對香港未來發展還有一定的好處,前景亦不用那麽悲觀。

政局未改善 移民潮累樓價

香港過去曾經出現多次移民潮,如1984年中英簽署聯合聲明、1989年六四天安門事件及1997年回歸前等,皆觸發港人紛紛移居外地,樓市隨即陷大調整。這次「反送中」運動令香港前途問題晦暗不定,港人信心危機再現,對香港樓市的「殺傷力」又有多少?

中英兩國自1980年開始就香港前途問題談判,投資者出現信心危機,觸發81年股災及港元大貶值。翻查差估署資料,本港私人住宅樓價指數由1981年的24.4,急挫至1984年的17.2,跌幅達三成,市場上有數據更指期間樓價曾急跌70%;其後的1985年至1986年間,港人移民人數急增,據一份1988年提及移民潮的行會文件顯示,1987年申請移民宗數達到4.6萬人,較1985年勁增1.7倍。

或9萬家庭移民

王震宇坦言,這次港人的信心危機是自1984年中英聯合聲明簽署後最大,將是影響未來樓價重大因素。他表示,1985年至1997年間十多年,夾雜六四事件,香港高峯期約有6至7萬個家庭移民,相當於人口約1%,今次社會運動風波若持續,估計會再有8至9萬個家庭移民外地,若局勢遲遲沒有改善,移民人數增幅可能會加快,這種人才流失對香港而言絕非好事,不但未能支持樓價,反過來令跌勢一發不可收拾。


2019年12月19日星期四

低稅吸人才,樓價亦得益

載於2019年12月19日信報

筆者早於「環球減稅搶飯碗,港府自滿毀長城」一文已點出本港低稅聲譽近年已岌岌可危,大有被各曾是高稅國度迎頭趕上之虞。而當今其中一個最積極減輕人民負擔的政權,正是利商為本的特朗普政府!
下文將檢視美國不同州份在稅率上的競爭,及其對人口流動甚至物業價格之影響。


稅能增加就業

將美國目前各州之最高稅率作比較,似可得出以下結論:隨著公司將業務轉移到低稅州份,該地亦可享有更蓬勃的人口增長。

在本文餘下部分,筆者將重點專注幾個較出名的州份:即德州,特拉華,及佛羅里達(皆以較低的稅率聞名),以及加州,紐約,和伊利諾(全以多監管和重企業負擔著稱);此六個州份在隨後的圖表中將以橙色作標示。

在過去十年(2010-2019年),低企業稅率州份,如內華達,華盛頓,南達哥他(【圖一】綠),都見證了百分之十餘幅度之人口增長;相反,高稅率州份(【圖一】紅點)只錄得單位數增長甚至出現人口下降的現象(如伊利諾):

: 低稅率吸引人才遷入

個人稅負高低 影響人口流向

僅僅降低企業稅負擔應該不夠,因為員工淨收入必影響僱員去留的意欲。因此,筆者亦納入了「居民稅負」這項指標,因其包含了所有州立和地方層面的稅項,如物業稅,所得稅,銷售稅和消費稅等。

一如所料,個人稅負亦對人口增長速度有相同的影響:本文專注之低居民稅負州份再次錄得較高人口增長(特拉華、佛羅里達、德州),而高居民稅負州份(紐約、夏威夷、緬因)則在過去十年中增長欠奉:

: 高居民稅負拖低人口增速


減稅是否有效的刺激增長政策?

那麼哪個州在吸引移民方面做得最成功?與夏威夷和路易士安拿相比,特拉華和佛羅里達(兩者皆是本文專注州份)似乎做得最多,也的確達到了甚佳結果,因十年內居民人數的增長較多:

: 減稅吸引,加稅趕客


行文至此,無論因工作,留學還是退休,有移民打算的人,應可由下圖各州稅負之高低,輕易選取自己的理想目的地矣:


圖四:2019年各州的稅收負擔與2019年全國平均稅收負擔


以上討論中,似乎特拉華和佛羅里達多次「名列前茅」,亦因而應該是大多數要離鄉別井的移民首選之中;相反,身在紐約和夏威夷居民是否應該連繼續留下打拼亦要三思?

移民帶來住屋需求,樓價表現自然出色

對於房地產投資者而言,以上研究的延伸結論,必然是稅負高低影響樓價表現:減稅吸引人流,推高住屋需求,亦因此帶旺樓市。
不出所料,在過去十年中減稅幅度較大的州份(如佛羅里達)樓價上漲幅度最大,而加稅比例最巨者(如路易士安拿和佛蒙特)則樓價升勢溫和得多:

圖五:低稅率似乎也使房價受益

總括而言,投資於低稅率之州份對回報裨益甚大,而投資於正在大幅減稅的地方可能回報更豐。

此一結論,對香港更是當頭棒喝:香港曾經傲視寰宇的低稅率優勢現已逐漸退色,當權者不但不減低人民負擔,更以先掠奪市民收入,繼而施捨彼以「紓困措施」來作「回聵」!當中的道德風險,不可不察。

附圖——將美國各州人口增長及稅負高低合拼以地圖方式顯示:

圖六:高人口增長(深藍色)與大減稅幅度(綠字)結伴同行;反之,低人口增長(淺藍色)與高加稅幅度(紅字)共同進退



筆者特別鳴謝香港城市大學生協助收集及整理本文相關數據及圖

2019年12月18日星期三

Will Macau be the new Hong Kong?

The news that "The central government is planning to develop Macau as financial centre as a contingency back up ...[to] Hong Kong" (link here) has caused more debate on how replaceable HK is as an Asian financial hub.

We have touched on a similar point in a previous post entitled "Will Shenzhen be the new Hong Kong?" where we concluded that HK's international status will not be undermined, let alone replaced by China's alternatives. Evidence from China's various Free Trade Zone / financial hub initiatives over recent years suggests that none of them seems to jeopardize HK's position.

The reasons for our above conclusion are enumerated succinctly in yesterday's MingPao article "香港打不死" as follows:

“連深交所和上交所也不願做的生意,才放到未來的澳門交易所去掛牌,這些企業的質素和風險水平偏低,應是客觀事實!對香港來說,這些企業的吸引力也應極其有限!從這個角度看,澳門交易所理應不會是港交所的直接競爭對手。”

“香港能夠成為國際金融中心,內地金融界認為主因是背靠祖國、乘着大陸資本市場快速發展而冒起;無可否認,這是一個原因,但更重要的是香港擁有幾個特點,是大陸城市無法「仿效」的,包括法治制度、資金自由進出、資訊自由流通;不用多,光靠這3招,內地城市就無法超越香港。”

In a gist, PRC cities cannot replicate HK's rule of law, free capital movement, free information flow. These are the 3 insurmountable barriers of entry that prevent them from overtaking HK.

2019年12月16日星期一

HK metro rail network – woefully underprovided

Posted on 14th December, 2019 Stand News :

The perception that Hong Kong’s traffic congestion is worsening by the day is no new sentiment to the road users of the city, and one of the most obvious solutions to this problem has been, and will continue to be, the extension and intensification of the metro rail network.

This article explores how HK compares with other global cities in its metro rail provision. But before we start, a quick look at how land use is distributed between the various modes of transportation may already provide an answer to the question: Do we have enough rails already?

Land allocation alludes to rail under-provision

As the chart below illustrates, land used by railway is barely 0.4% of total, compared to 4.2% of land dedicated to roads. For roads to occupy 10x as much land area as rail but only carries 1.6x as many passengers (rail passengers number 5 million, and are 38.5% of total daily trips), HK’s transport policy priorities is clearly misdirected.

Chart 1: Land use of roads is over 10x that of rails in HK

Which city to compare HK to?

Whilst relative land use gives an idea of appropriateness versus other forms of transport, whether the absolute level of rail coverage is right would be best tested against other cities.

When measuring up HK’s railway provision to other global cities, the usual crop of candidates spring to mind, but we believe London may be the most appropriate ‘rival’ given that both cities are international financial centres and global cities, as well as similar populations (HK’s 7.4m vs. London’s 8.6m) and even population density (HK at 6,480 people/km2 vs. London at 5,518 people/km2). What’s more, average salary for Hong Kong (US$2,716/month) and London (US$2,773/month) are also comparable.

In the below analysis, we will compare HK’s rail coverage to London’s, by and large, while making passing comments on other cities where relevant.

Rail length per urban area: HK in the short

The more area a city covers, the more rail would be required to service that area. We therefore start with this measure to compare whether HK is providing sufficient rail footprint; here we use road congestion (high congestion means insufficient rail services) as the second parameter:

Chart 2: Area density in rail length at London levels may cut congestion by 3%

The TomTom congestion level for 2018, defined as the amount of extra travel time spent by drivers across the entire year, suggests that the city is doing relatively well, but with rail density behind London (Chart 2), perhaps improved coverage will lead to lower congestion levels? The correlation here suggests a small improvement of some 3%.

Based on the above correlation, Hong Kong may need to build an additional 46.7 kilometres of metro rails to match London on the route length/km2 measure.

Route length per head – even more increase needed

Another way to measure rail density may be to compare the length of the railway network to the city’s population, as shown in Chart 3 below. Again, increased rail provision to London levels could reduce the city’s traffic congestion overall by 9% or so:

Chart 3: Per capita route length at London levels may cut congestion by 9%

Based on the above correlation, Hong Kong may need to build an additional 127.1 kilometres of metro rails to match London on the route length/head measure.

Best measure – combine area with population: HK still inadequate

Land area and population by themselves may not truly reflect the living density of people in the city, so we combined these to produce Chart 4, which plots route length as measured by each city’s population density:

Chart 4: London level route-population density may cut congestion by 9%

One clear observation is that cities with low railway coverage, such as Bangkok and Mexico City are plagued with very high congestion levels. Although HK is relatively lucky in that regard, we could again improve the rail provision levels to London’s standards. In this case, the reduction in congestion would again be in the 9% region, similar to the length-per-head measure.

Based on the above correlation, Hong Kong may need to build an additional 331.2 kilometres of metro rails to match London on the route length/population density measure. This is the highest of the three approaches employed above. So how much is 331km of rail?

HK needs to double its railway network to get to Beijing/Shanghai levels

To reach London levels, HK needs to build 43% of its existing system length (Chart 5), but this is not the world leading rail advancement known in Tokyo – to be like Tokyo’s route length / population density, HK needs to build two times more of its current network!

Chart 5: Hong Kong to build 331 km more railways to reach London’s level

NB: Hong Kong’s total route length is 231 km as of October 2019

All this goes to show how backward the planning mentality HK’s transport framework is, and how much more remains to be done.

One further perspective to analyse the level of rail provision may be looking at the ridership metrics, as shown below:

Chart 6: Hong Kong to extend the railway by 46% with reference to New York’s level

Again, Sao Paulo is a clear case of under-provision, resulting in ultra-high intensity of use over a short/limited network, while at the same time too few citizens per capita get to enjoy the convenience of metro rails.

On the other extreme, the New York-London-Madrid axis perhaps are the closest to best class rail planning – with more riders per head, but lower number of riders per kilometre of rail. The sardine packing pictures so distinguishing Tokyo and Hong Kong clearly have room for improvement!

If HK was to reach New York level of route length while keeping the same level of ridership/population, some 336.8 km new rails need to be laid here (or 46% of current network capacity). This curiously, is very close to the 43% increase suggested for London using the per-population-density measure.

Let us stop issuing ever more car licences like the HKSAR government has been doing, and start digging some rail tunnels.
  
The author would like to thank Cherry Lui of The University of Hong Kong for assisting in data collection, analysis, and drafting this article.

Sources:

2019年12月9日星期一

Lower US State Tax Drives Population Inflows, Home Price Rises

Posted on 9th December, 2019 Stand News :

We have discussed how Hong Kong’s low tax reputation was increasingly at risk as even large economies have caught up in lowering their top tax brackets in recent years (see HK govt complacency losing out in competitive tax cutting). One of the most aggressive of these being the USA under the pro-business Trump administration.

In this article we explore further how the intra-USA tax competition is panning out and how this may impact property prices in the longer term.

Lower corporate tax leads to more employment

Looking at the current top corporate tax rates amongst the US states, it is possible to reach a conclusion that those states with low tax rates may be enjoying large growths in populations as companies move their activities to these jurisdictions.

In our study in the rest of the article, we will focus on several poster-child states, namely Texas, Delaware, Florida (known for lower taxes), as well as California, New York, and Illinois (famed for more regulations and higher burden for the corporates). These will be coloured orange in subsequent charts.

In low corporate tax states, such as Nevada/Washing/S Dakota (marked green), population growths reached as high as mid teens over the past ten years (2010-2019), compared to the high tax states (marked red) with low single digit growth or even falls (eg Illinois):

Chart 1: low tax leads to population inflows

Individual taxes also impact population movements
Just having lower corporate taxes may not be enough, as take-home pay for the employees will also impact on the desire of people to stay or leave a state. We therefore looked also at tax burden on residents, which measures all state and local taxes, and specifically, property taxes, income taxes, and sales and excise taxes.

The outcome of the study are equally persuasive, with our highlighted low tax states again featuring high population growths (Delaware, Florida, Texas), whilst the high tax burden states New York, alongside Hawaii & Maine seeing anaemic increases over the same decade:

Chart 2: High tax burden (as of 2019) resulted in lower population growth


Changes in tax rates an easy policy tool to spur growth?
So which states have done the most to attract immigration? Delaware and Florida (within our highlight set) seemed to have done the most, and indeed achieved the best results, compared to Hawaii and Louisiana on the other extreme, resulting in minimal growth in the number of residents over a decade:

Chart 3: Tax cuts attract, hikes repel

So here may be the best guide for anyone contemplating moves, be it for jobs, studies, or even retirements, the lowest current state of tax burdens in descending order:

Chart 4 : Tax burden by states 2019 vs National average tax burden 2019

Other personal reasons aside, it seems our highlight states of Delaware and Florida should be on most mover’s consideration list, whilst even those in jobs or studies now may want to think twice fore remaining in places like New Yor and Hawaii?

Immigration – housing demand – home price outperformance
The natural conclusion from the above studies must be that, for property investors, level of taxes would have a bearing on the performance of home prices, and tax cuts should lead to outperformance.

Again, the states with tax cuts over the past decade (eg, Florida) saw some of the best home price increases, whereas Louisiana and Vermont were much more modest in their price action over the same period:

Chart 5: low tax seem to benefit home prices too


So in conclusion, property investing may benefit from buying in accommodative tax jurisdictions and even more in jurisdictions where large reductions in tax burdens are being implemented. This is certainly a lesson for Hong Kong, where our globally competitive low tax advantage has now become almost non-existent, when the power hogging administrators prefer taking the money from the people first and then return little favours in the form of the so called ‘Economic Relief Measures’.

Finally, here is the map view of the US population growth rates, with the names of the states coded in high to low tax change colours:

Chart 6 : high population growth (deep blue) coincides with bigger tax cuts (green texts), and vice versa for lower tax cuts (red texts)

The author would like to thank Christy Leung of City University of Hong Kong for assisting in data collection, analysis, and drafting this article.

2019年12月4日星期三

Singapore, Switzerland leads HK in tech race 金融科技發展滯後 初創企業港為次選?

Hong Kong is well behind in FinTech development versus competitors. Singapore again ranks #1 in the world despite billions of dollars of government-directed initiatives spent by the SAR:

儘管港府在金融科技上大灑金錢,卻在此領域敬陪末座,排名第九,與星加坡(#1)及瑞士(#2,#3)望塵莫及:

 Table: Hong Kong ranked 9th in FinTech Hub Ranking
表:金融科技中心排名中,香港僅排第9

The superiority of Switzerland and Singapore tech incubation also lead the world by the measure of 'startup formation per capita': HK only saw 0.9 startups per 10k population in the past five years, less than half Singapore levels (at 1.9):

由另一個指標:「人均初創企業成立數字」來看,香港更不足新加坡的一半:

 Chart: Singapore leads in start-ups founded per capita
 圖:新加坡人均初創企業成立數字大幅拋離香港

See here, here and here for our previous related articles.