大众远东产业及旅游业基金（PFEPRF）的前景！（英文版）

Takumi

Link REIT is the largest REIT in Hong Kong, offering a yield of 3.59%.

Share Price

Yield

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Rising Affluence

Country	5-Year Per-Capita Income CAGR (2000-05) (%)
China	12.5
Australia	11.6
Indonesia	9.8
Thailand	5.8
Malaysia	5.8
Singapore	2.9
Philippines	3.0

Higher income per capita with stable political & economic climate encourages more travel & leisure activities in the region.

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l  Several countries are wooing tourism and resorts income with large investments in resorts projects.

l  Macau and Singapore are two cities that have announced major investment plans going forward in this area.

[ 本帖最后由 Takumi 于 20-7-2007 01:02 AM 编辑 ]

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l  Macau’s gaming market was liberalized in February 2002 with the issuing of 3 gaming licences to Hong Kong, Macau and U.S. investors.

l  This marked the beginning of Macau’s transformation from a local gaming hub that serves the local population from China and Hong Kong to a global gaming city.

l  The projected investment in Macau for 2005 to 2010 is US$15 billion inclusive of new casino developments, residential projects and other projects.

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The tripling of rooms in anticipation of huge influx of visitors, especially from China as GDP per capita increases.

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Number of gaming tables and slot machines are set to increase to 3x and 6x respectively over next 3 years.

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* Annualised growth from 1Q2007

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Macau has seen an average visitor growth of 13.8%p.a. over the last 5 years.

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Breakdown of Macau’s Visitors
China 54%
Hong Kong 32%
Taiwan 7%
Other7%

l  China visitors account for the majority of Macau visitors

l  Macau will be a direct beneficiary of China’s strong growth in income per capita.

l  Further, positive structural changes such as the opening up of the Individual Visitor Scheme to Macau (by the Chinese Government) by no longer requiring visas from selected cities and provinces in China will boost Macau’s gaming industry.

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Most of China’s cities and ASEAN are within 3-5 hours of Macau by flight.

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l  The Singapore Government will issue two gaming licenses upon the 50% completion of the two Integrated Resorts projects awarded.


l  Singapore aims to compete with Macau’s current position as the premier VIP gaming city in the region.

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	Projected Investment (S$ bil)	Completion	No. of Rooms	Casino floor space (Sq meters)
Las Vegas Sands at Marina Bay	5.0	2009	2,500	15,000
Resorts World at Sentosa Island	5.2	2010	1,830	15,000

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China is the world’s largest growth market for hotels with number of hotel rooms projected to triple in 2009.

China	No. of Hotels	Current	2009
Intercontinental	59	13,750	30,050
Starwood	27	12,096	62,096
Shangri-La Asia	18	11,190	20,823
Marriott	20	7,631	19,131
Accor	38	6,000	10,000
Hilton	5	2,500	7,500
Four Seasons	2	838	1,823
Total	169	54,005	151,423

Source UBS Investment Research

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• Features & Investment Strategy
• Summary of the Funds’ Key positive Points
• Appendix: Potential Investment Stocks

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Fund Profile
Category of Fund	Equity Fund
Type of Fund	Capital Growth & Income
Equity Range of Fund	75% - 90%*
Distribution Policy	Annual Income
Investor Risk Profile	Moderate
Investment Assets	Property, hotel & resorts stocks & Real Estate Investment Trusts

* The equity weight of the fund can be lower or higher depending on the outlook for the markets.

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•       Moderate risk-reward temperament.
•       Medium to long-term investor.
•       Can withstand extended periods of market highs and lows in pursuit of capital growth.

Note: Medium to long term refers to a period of 3 years or more.

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An equity fund that seeks to achieve capital growth over the medium to long term period by investing in companies that are principally engaged in:

- Property investment & development

- Hotel and resorts development & Investment

- Real estate investment trusts (REITs) in domestic and regional markets.

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•  The fund may also invest in companies which have significant property or real estate assets.

•  i.e. companies which have at least 70% of their assets comprising of property or real estate assets.

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• Up to 80% of the fund’s NAV can be invested in selected regional markets which include:

• South Korea	• Philippines
• China	• Indonesia
• Japan	• Singapore
• Taiwan	• Thailand
• Hong Kong	• Other approved
• Australia	markets
• New Zealand

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•    The balance of the Fund’s NAV will be invested in fixed income securities such as sovereign bonds, corporate debt and money market instruments to help generate interest income.