S-REIT ETF有望於今年年底上市(非原標題) - 投資

1.原文連結：http://tinyurl.com/hblrdph
2.內容：

前言：之前在看已故的ALLAN大的BLOG時看到有網友提到新加坡 REITS ETF即將上市，現
在有進一步的消息了：

=====這...才不是分隔線呢=====

SGX sets its sights on first ETF for Singapore Reits
By Renald Yeo JUN 6, 2016 5:50 AM
Singapore

新交所正著眼於第一支新加坡Reit ETF的開發

THE local bourse operator is aiming to have an exchange-traded fund (ETF) for
Singapore real estate investment trusts (Reits) (S-Reits) launched in the
second half of this year, in what would be a first for the sector here.

新加坡當地交易所—新交所作業部門正全力作業，力求在今年下半年讓新加坡第一支投資
於新加坡不動產投資信託(S-Reits)的ETF上架成功，若這項作業順利完成的話這將是新加
坡ETF中第一支S-REIT ETF。

That was disclosed by Singapore Exchange (SGX) head of research and products
Chan Kum Kong in an interview with The Business Times.

這項訊息是由新交所(SGX)的金融產品與研發主管陳錦光(Chan Kum Kong,音譯)在接受新
加坡商業時報採訪時所透露。

Speaking to BT on the sidelines of the Reits Symposium 2016 last Saturday, Mr
Chan said: "We have been working with a couple of issuers to launch an S-Reit
ETF for investors but, more specifically, with the aim of providing (through
the ETF) a retirement solution for retail investors here."

在上周六所舉辦的REIT研討會當中，陳先生告知商業時報：「我們已經與許多有意發行
S-Reit ETF的發行者合作，以提供零售投資者(散戶)更加精確的、透過單一ETF即可達成
的理想退休解決方案」。

The ETF will track the performance of the SGX S-Reit 20 Index launched last
December, which measures the performance of the 20 largest and most tradable
S-Reits listed on the local bourse.

據了解，這支ETF將追蹤去年年末成立的S-REIT 20指數，而這個指數旨於評估與表彰新交
所中最大的、最具流動性的20支藍籌優質REIT。

Though it has yet to secure regulatory approvals due to "details still being
hashed out with issuers", Mr Chan is "cautiously optimistic" about getting
the ETF rolled out in the second half of this year.

雖然這個計畫目前還在取得當局監管審核的相關確認程序當中，但陳先生對於此計畫表示
：「細節還在與發行者密切磋商中」，但目前他仍表示對於S-REIT ETF在今年下半年上架
的計畫表示審慎樂觀。

With 36 Reits listed on the local bourse (37 soon, with the imminent launch
of a S$902 million IPO by Frasers Logistics and Industrial Trust this
Friday), Reits remain a "favourite of investors" as the asset class
"consistently edges out indices like the Straits Times Index", Mr Chan said.

目前在新交所中已有36支REIT(若加入將於本週五上市的具有9億星幣的星獅物流與工業信
託的話將獲有37支S-REIT)，而到目前為止，REIT還是「許多投資人喜愛」的資產類別，
且長期超越基準指數與大盤，例如海峽時報指數，陳先生進一步說明。

At a total market capitalisation of S$65 billion, Singapore has the
third-largest Reit market in Asia Pacific after Australia and Japan,
according to data from the Reit Association of Singapore (Reitas).

新加坡具有亞洲第三大的REIT市場，而依據新加坡REIT協會(REITAS)的統計，目前新加坡
REIT的6500億星幣的規模也僅次於澳洲和日本。

Figures released by SGX last week showed that 27 Reits and six stapled trusts
listed here posted an average distribution per unit growth of 1.8 per cent in
the first quarter of this year, when compared to year-ago figures.

依據資料顯示，新交所指出目前有27支REIT和6支合釘證券(按：合訂證券(Stapled
securities)是指由兩個或更多份證券包裝或組合起來，作為單一股票交易的金融產品。)
在今年第一季繳出了相較於去年同期的配息率成長1.8%的優異成就。

That's why, Mr Chan noted, an S-Reit ETF would be welcome. He said: "Even
from a national agenda standpoint, there are many benefits. A Reits ETF is
what we need; we have an ageing population, so we need to help people grow
their retirement funds. Couple that with the strong demand among investors
here for Reit products, if we are able to wrap the ETF label around S-Reits
by reducing the need for them to choose which Reit to buy, we will have a
great solution."

這就是為什麼陳先生提醒我們，S-REIT ETF是投資人歡迎的金融產品。他說：「從國家金
融發展的角度立足，這項發展有其好處。REIT ETF是我們需要的，我們的人口不斷老化，
我們需要幫投資人增加退休基金的豐富度與可用選項。除此之外，對於REIT的需求仍十分
強勁，若我們能將S-REIT包裝組合成一個ETF的話也可以免去投資人選股的煩惱。」

However, there are snags in the process of launching the ETF, chief among
which is the taxation issue.

然而，這項ETF發展卻遇上極大的瓶頸—主要憂慮是稅制問題。

A senior executive at an asset management fund who is looking into issuing an
S-Reit ETF told BT: "The thing is that, right now, the tax regulation in
Singapore is such that any Singapore fund which buys into an S-Reit will have
to pay a 17 per cent withholding tax when it gets dividends. Individual
investors, in contrast, do not get taxed on S-Reit dividends."

某有意發行S-REIT ETF的資產管理公司高層在接受商業時報專訪時指出：「主要問題是，
目前新加坡稅務法規規定：對於所有的在新加坡註冊基金買入S-REIT後若遇到配息給個人
投資者時必須支付17%的預扣稅。至於個人投資人，相反的毋須為S-REIT配息支付半毛稅
金。」

The executive and his fund declined to be named. "So the situation is that it
would be an administrative issue if we have to pay the tax on every dividend
we collect," the executive added.

這位高層拒絕具名，並做出進一步的陳述：「所以現階段我們遇到了一項行政上的的問題
—我們必須在收到股息後逐一支付稅金。」

One way to mitigate the issue would be for the Inland Revenue Authority of
Singapore (IRAS) to waive the withholding tax when dividends are paid out by
the Reits, and instead arrange for the tax to be collected at the ETF level.

唯一的解決方案是由新加坡財政部內陸稅務局(IRAS)出手解決，豁免REIT配發的現金股利
所需支付的稅金，並針對ETF層級制定替代性稅制。

Such a taxation structure "can be done, on a practical basis, and IRAS
doesn't lose any revenue", the executive said.

這類稅務結構「事實上是可行的，但IRAS不想讓潛在稅基流失」這位匿名的高層提到。

Yet, despite the taxation issue, DBS head of property research for Singapore
Derek Tan remains upbeat on the ETF's prospects.

誠然，除了稅務問題以外，星展銀行新加坡不動產研究主管Derek Tan還是對於ETF展望方
面表示樂觀。

"If they can get past the tax issue, then an ETF would be great, as it would
provide a low-cost alternative to local investors, as compared to investing
directly in the Reits," Mr Tan said.

「若他們可以繞過稅制問題，那麼這樣的ETF是很棒的，而且可以對於投資者可以提供相
較於直接投資於REIT的更低成本的替代選項。」譚先生提到。

"The ETF would also appeal to foreign investors who are new to the market,
along with foreign firms in countries like Thailand and Indonesia who do not
have a domestic Reit regime. With competition heating up, the ETF would raise
the profile of S-Reits positively."

「這個ETF同時也對於新來到這個市場的海外投資者(是講我們嗎 XD~)，尤其是對於像泰
國和印尼這類沒有國內REIT制度與法規的法人機構來說更是吸引人。隨著競爭白熱化，這
樣的ETF也可以增進投資人對於S-REIT的認識。

At the Reits Symposium, a panel of industry experts (including Mr Chan and Mr
Tan) emphasised the importance of investing in Reits as a way to grow one's
retirement funds.

在這場REIT演討會當中，一群產業菁英(包含前述的陳先生和譚先生)均強調這項新的投資
工具對於增進退休基金的重要性。

Said Reitas chief executive Sonny Tan: "A lot of people may not be fully
aware, but today's Central Provident Fund (CPF) rules allow them to invest in
Reits . . . You keep your money in CPF and you don't get to take it out until
you are 55, 62, and you get an interest rate of 2.5 per cent.

Reitas的主管提到：「也許許多人不知道，但今天的新加坡公積金制度(Central
Provident Fund)已經放寬對於REIT的投資…若你到55、56歲都不從CPF帳戶提錢花用的話
，你的投資報酬應該是每年2.5~2.6%」

"That is good, but Reits give you a return of 5, 6, 7 per cent instead, and
with the power of compounding, your million dollars come quicker."

「這就不錯了對吧?但REIT可以提供高達每年5~7%的報酬，而且若考慮複利效果的話，你
很快就會有你的第一桶金!」

The symposium was organised by financial portal ShareInvestor, a subsidiary
of Singapore Press Holdings.

這場研討會是由SPH(新加坡報業控股)全資持有的財經入口網站ShareInvestor主辦。

Said Mr Chan: "I might be conservative about this, but looking forward, I
think we should be looking at getting as much liquidity as we can from the
region into our Reits. We have a first- mover advantage, and if we are able
to augment that with an ETF to lock in our liquidity, overseas Reits that
want to list in their domestic markets will think twice.

陳先生提到：「也許我會對於現狀保守看待，但我會往前看，我覺得我們應該專注於盡力
提升REIT的流動性。我們擁有先發者的優勢，若我們沒辦法用ETF的發展來擴大S-REIT的
流動性的話，海外REIT可能會對於是否在新交所上市時三思、甚至卻步。」

"But if we don't add liquidity to our ecosystem, then somebody else can copy
what we have very quickly."

「而且若我們不增加這個生態系的流動性，那很快就有人能複製我們的成功模式。」

譯者註：部分內容在不影響文意下已經過潤飾與修改以符合一般閱讀需求。

=====這...也不是分隔線啦...=====

P.S：譯者僅刊登於PTT海外投資板（Foreign_Inv）與特定FB社團（Alpha168 超額
報酬一路發）。

3.心得/評論(必需填寫)：相信有投資朋友會問：「為何個人投資S-REIT免稅，但透過ETF
投資S-REIT要課稅?原因是：新加坡採取的稅制為單一公司稅制(One-Tier Corporate Tax
System)。換句話說，根據單一公司稅制，在新加坡的公司可以發出單一豁免派息，即投
資人取得的派息收入不需納稅。但ETF，另一方面，視同公司，需要再繳一次公司所得稅
，才能配發投資收入給投資人。那若考慮稅負後，S-REIT 20 ETF的殖利率會有多少呢?
依據統計，SGX S-REIT 20指數平均殖利率= 6.2% (截至2016-5-20)，若考慮稅負則變成
0.062X0.83=0.051(5.1%)，所以這樣的稅負會導致殖利率減少約1.1%。

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