2018年10月11日星期四

總督特首論成敗,林鄭行情好定壞?





總督特首論成敗,林鄭行情好定壞?

港大民研本周發佈最新的民望統計,特首林鄭月娥(下稱林鄭)民望評分跌至上任以來新低。有見於此,筆者便將2014年所作分析《香港民情創新低 解鈴還須繫鈴人》稍作更新,為特首預測一下未來之運程。
仔細分析1992年起的民情指數,以各任總督/特首的任期為分界,可見【圖一】中趨勢:

樓價及恒指以每任特首民情指數見底值為基數

林鄭月娥上任後民情指數最高值是除卻梁振英以外的歷任最低——董、曾兩任特首上任初期的民情指數皆超越125的高水平(200分為滿分)。梁振英因上任之先已不受歡迎,故在任期間從未升破「正常值」之100分水平。

林鄭做滿一任應無問題?
林鄭受惠於「蜜月期效應」,上任初期民情指數曾高見115分,卻仍比董、曾兩人低了一截;不知是否有其他政治因素在作祟。比較各任特首走勢,大約有以下規律:

1.       歷任特首失去民心的速度不相伯仲——基本上,包括彭定康在內的五任首長,幾乎以相同的速率失去市民的信任:【圖一】中橙線區間於每任內坡度幾近一樣。各首長皆挾高民望上任,之後俱以相似的幅度再失去之。梁振英卻連蜜月期都欠奉,再多的經濟好消息(即樓市股市上升)亦無助帶動民望上升,只能延續曾蔭權任期之跌勢一插到底!

2.       民意見底後兩年內特首離任——民情見底後就算反彈,亦似乎不能留下首長,如彭定康及董建華皆於民望見底後兩年內離任,曾蔭權及梁振英更縮短至一年左右(見【圖一】中紅色括號)。
以此規律推斷,林鄭任內之民情指數最快會在2021年下半年先後觸及彭定康和曾蔭權時代的民情底點(【圖一】中紅色虛線),屆時與林鄭任期完結相差不過一年左右。如無意外,現屆特首應該有望順利完成五年任期至2022年6月。
由有自由冇民主 至 冇自由冇民主?
本文由只分析民情指數擴大至民意調查所另外覆蓋的自由指標,以一窺回歸後本港公民權力的變化。
從十大自由指標中抽出最受關注的新聞自由、言論自由、及遊行示威自由作分析,可見自1997年12月創立以來,港人的自由度並非直線下跌的,反而是由回歸初期的水平(【圖二】中藍色區域)逐漸上升,直到曾蔭權時代達到頂峰(【圖二】中綠色區域)。不知是因為曾蔭權的「港英餘孽」背景,令其對普世自由價值抱較開明的態度,還是當時為了把經濟由沙士谷底拉出來,以至無暇搞政治掛帥,則不得而知矣。
不過,自由指標在7.6-8區間見頂後便一瀉千里,並於梁振英任內跌自有記錄以來的低位,新聞自由更是不堪入目,在眾指標中屢創新低(【圖二】中紅色區域)。

圖二:自由指標插水,人權未來成疑

現時的新聞自由以及言論自由已跌至歷年的最低【表一】。到底現任特首是否有心有力維護香港的核心價值,將自由指標拉回至董建華時期的低位水平以上(【圖二】中藍色區域)?各位且拭目以待。

表一:貪曾任內最自由,林鄭治下走勢憂


文首已證明經濟暢旺不是高民情指數的保證;但是,於現在這多年經濟擴張期末期而政府滿意度卻徘徊於負值的狀態下,只要市況轉壞,則民望必會崩潰得如董建華2002-3年期一般快(一年內大插40個百分點,【圖三】),希望現任特首在政治議題上不要重蹈上屆政府的覆轍,令自己成為過街老鼠:

圖三:政府劣勢逆轉,民眾信心回升

綜觀各任特首的往績,不難發現曾蔭權是歷任得分最高的特首【表二】。同時,在他領導下的港府亦最令市民滿意和信任。令人唏噓的卻是客觀上政績最佳的首長今日竟成階下囚,政治現實真是充滿了諷刺……

表二:曾蔭權任內評分最佳



筆者特別鳴謝萬沛錙協助收集及整理本文相關的數據及圖表。

2018年9月21日星期五

Crypto / SGP - example of the big West to East shift

Career politicians in the ever business hostile West want to protect you:

Enough ‘Feeble Warnings’, Regulate ‘Wild West’ Crypto Market: UK Lawmakers
This is the conclusion following a formal inquiry launched by the UK’s Treasury Select Committee, a powerful group of cross-party MPs, into cryptocurrencies: “The introduction of regulation should be treated as a matter of urgency”.

Hmmm...

On the other side of the world, to where the future global financial centre will no doubt shift, seem to see this development as an opportunity to steal what lunch is left on the West’s table:

The Monetary Authority of Singapore (MAS)… believes that no tokens it has seen need to be regulated under its securities laws… regulators like the U.S. Securities and Exchange Commission… can be expected to come to a different conclusion.

This is a trend that is emerging globally where all the Western governments are choking to death business vitality (FATCA/MIFID/GDPR/AML, etc) whilst the East watches this self-immolation with glee… Singapore is the prime jurisdiction to benefit, and this is another reason why we like it for property investing; sorry but HK is not longer such a nimble winner in this game, because it is ruled by career civil servants who are no better than the politicians in the West.

How sad but how inevitable!

2018年9月5日星期三

iMoney 567期封面故事 “樓市轉勢?入市部署4訊號” 的訪問



載於《HKET iMoney雜誌567期》 (1 September 2018)

本港樓市連升多個月後,多間大行發表唱淡樓價的報告。Bricks and Mortar主席兼總裁王震宇在iMoney 567期封面故事 “樓市轉勢?入市部署4訊號” 中接受訪問: “王震宇先生認爲,樓市有機會已出現轉勢,他指出樓價已上升近15年,升幅已有長時間,目前樓市已經到一個臨界點。他表示,現時樓市最大的不利因素有三,分別為一、經濟見頂;二、息口上升;三、樓價過高【應爲:政策風險極大】.”

With Hong Kong property prices reached new highs, a number of analysts have turned more bearish. In the latest cover story in iMoney Magazine, Mr Wong is quoted to have 3 concerns home buyers should be aware of going forward: 1) we are at the peak of the current economic cycle; 2) potential rapid rise in interest rates; 3) continued policy risks distorting property market.



2018年7月17日星期二

旅館條例無新意 規管民宿紓或堵?


《2018旅館業(修訂)條例草案》上週提交立法會首讀,但Airbnb委託獨立機構的調查顯示,77%受訪者支持否決旅館條例修正案。

民政事務局發言人說:「《條例草案》的目的,是改善現行發牌制度、利便執法行動及加強阻嚇力以打擊無牌酒店及賓館。」政府試圖收緊法例,料今後香港民宿業務將受更加嚴厲的限制,然而市場普遍對政府只顧「打擊非法」卻遲遲不立新法的因循態度表示失望。中文大學學者陳志邦認爲政府應考慮修訂法例容納共享經濟,同時將其引入正途,以配合新經濟模式發展。

早在今年2月23日的《港府故步自封 新經濟冇運行》一文中,筆者已經闡述Airbnb在香港與紐倫星等先進城市在待遇上的不同,證明了港官在共享經濟思維已是史前動物,遠遠落後於其它國際城市。香港政府無視法制創新,反助既得利益者打壓新興競爭的做法,不單使香港在新經濟大放異彩的大時代束手待斃,亦令有志于新業態的投資者及經營者心死。



The Hotel and Guesthouse Accommodation (Amendment) Bill 2018 was submitted to the Legislative Council for first reading last week. At the same time, a survey commissioned by Airbnb revealed that 77% of the 800 Hong Kong residents interviewed wanted the Legislative Council to veto the amendments.

A Home Affairs Bureau spokesperson said, "The Bill seeks to improve the existing licensing regime, facilitate enforcement actions and enhance deterrence against unlicensed hotels and guesthouses." As a result, B&Bs in Hong Kong are expected to face stricter regulations in future. However, the market has widely questioned the government’s emphasis on strict compliance with no heed paid to a changed environment due to innovations. A scholar at the CUHK advocated the government to adapt to new economic reality and amend regulations to accommodate the sharing economy, rather than persecute it.


Your author has analyzed the varying fates of Airbnb in New York, London, Singapore and Hong Kong in an earlier article, highlighting how far the governance mindset in Hong Kong has lagged behind other global cities. The government is demonstrating by action that it favours vested interests and protects them from emerging competition. Is it any wonder that more people sense the ever slipping technological advantage that Hong Kong has enjoyed, and that the city is slipping ever further behind in the era of innovation? 

2018年7月12日星期四

More governments facilitating crypto business or adopting blockchain to ease regulatory burden for businesses


More governments facilitating crypto business or adopting blockchain to ease regulatory burden for businesses… HK again is conspicuous by its inactivity, see below two developments:


• Swiss regulators and financiers are working to remove the obstacles: Setting up a taskforce and a set of standards for ICO startups in order for Crypto companies to receive banking services in Switzerland
• Switzerland is under pressure as competition from Malta, Gibraltar and Singapore becomes fierce… as they pulled out all stops to attract Crypto companies
• With a vision of becoming a Crypto Nation, both the government and banks recognize the benefits … and wish to promote Switzerland as a financial and technology hub


• In 2016, the former governor of Delaware had the ambition to embrace blockchain technology by adding the state’s public archives to a blockchain
• legislation was introduced in 2017 to support blockchain which allow companies to keep their corporate records on the blockchain in order to maintain accurate data. IBM will design the blueprints for what could become Delaware's future blockchain-based corporate filing system



近年,外國政府正積極通過放寬法律限制來推動加密貨幣及區域鏈發展,對比之下香港顯得相形見絀,見以下兩則新聞;

  1. 瑞士正考慮容許加密貨幣公司使用銀行服務
  • 瑞士政府及金融界人士正積極為加密貨幣開路;包括委任專責人士及設立一系列首次代幣發行標準,讓相關公司能夠使用銀行服務。
  • 馬爾他、直布羅陀、新加坡等國正不斷為加密貨幣業立法開路,瑞士的領導地位面臨巨大挑戰。
  • 瑞士政府及銀行希望透過加密貨幣來鞏固瑞士金融科技中心的地位,把瑞士打造成加密貨幣王國。

  1. 特拉華州與IBM達成價值七十多萬美元的區域鏈相關合同,為特拉華州建立企業內容管理系統

  • 前州長在兩年前大力推動區域鏈相關發展,為州內公眾文件建立區域鏈。
  • 政府在2017年立法容許公司利用區域鏈來保存企業檔案,以增加資料準確性。IBM將為特州建立企業內容管理系統區域鏈。