不派息不交租投資陷阱處處有 No Dividends, No Rent Payments— Investment Risks are Everywhere

不派息不交租投資陷阱處處有

上月金融界最轟動的消息，相信是匯豐銀行宣佈暫停派息。匯豐是香港的發鈔銀行，大部分盈利來自香港。雖然其股價因業績欠佳一直下跌，但因派息穩定，一向被長線投資者熱棒，香港自然也有大批擁躉。筆者也接觸過些業主，賣樓後將樓款買入匯豐，隨後收到的股息，一半夠租樓、一半可給生活所需。今次暫停派息消息一出，肯定損失慘重！

以上情況未算最慘，坊間所謂「投資學院」、「業主會」等教導小投資者，利用低息環境、高桿杆原理，借貸款購買匯豐或高息債券作投資。投資市場風平浪靜，自然可增加利益；遇上金融動盪，匯豐或債券跌價，銀行追收貸款補倉，接著斬倉，所有投資化為灰燼，說不定更帶來一身債。

除了買匯豐收息外，不少投資者也會買入REIT（REAL Estate Investment Trust，即房地產投資信託基金）作長遠收息用途。REIT一向屬於較穩定的資產，派息及借貸都有嚴格規定。不過，在今次疫情下，有不少REIT都成重災區。

長實旗下屈臣氏在歐洲的香水零售店ICI Paris XL，源於引用「不可抗力」原因拒付租金，與業主發生租務糾紛。大型商場是不少REIT的資產，商戶種類眾多，租客實力一向很強。今次疫情令商場被迫關門，商戶通通難逃劫數，所以凡是商場型REIT，其股價也大幅下跌，部分只餘下三成資產值，息率更達10%以上。在銀行存款派息少、甚至零息年代，投資是在所難免，否則通漲會蠶食購買力。不過凡有回報的資產都有風險，投資者必須清楚風險所在，要肯定能夠承擔才進行，方為上策。

The biggest financial headline this week is HSBC’S announcement that it is suspending dividends. As Hong Kong’s largest bank, HSBC makes most of its profits from the city, and despite its falling stock price, the bank remains popular amongst long-term investors, thanks to its stable dividend policy and large shareholder base in Hong Kong. I’ve known homeowners who put their home sale profits in HSBC stocks. Half of the dividends they received was enough to cover their rent while the other half could be put towards living expenses. So now with the dividends gone, they must be under considerable financial pressure.

However, there are other people who have it worse. I’ve seen a great number of so-called “investment academies” and blogs preaching to small-time investors about leveraging bank loans to purchase HSBC shares or high-yield bonds in low interest rate environments. When the investment market is healthy and stable, leverage can obviously increase your returns. But in times of financial turmoil, when stock and bond prices fall and the banks are calling loans, you would be at risk of losing your investment and even ending up in debt.

Apart from HSBC stocks, REITS (Real Estate Investment Trusts) are another common dividendyielding investment for long-term investors. REITS are known to be a relatively safe asset class, with strict dividend and loan regulations but the pandemic has dealt a particularly heavy blow to many REITS.

Recently, ICI Paris XL, a perfume shop chain in Europe owned by the A.S. Watson Group (a member of CK Hutchison Holdings), has been having problems with its landlords, who cited “force majeure” as their reason for refusing to pay rent. Significant portions of REITS assets are large retail malls, whose renters are typically well-financed merchants. As COVID-19 forces malls and merchants to close down their shops, share prices of most retail REITS have taken a nosedive, with some seeing their asset values drop by 70%, while interest rates are sitting at over 10%.

In times of strong dividends and low interest rates, investing your money is a no-brainer— otherwise, it would be eaten away by inflation. With that said, all investments that have returns also come with risks and it’s our job as investors to know exactly what these risks are and evaluate our risk-bearing abilities. Let the pandemic be a lesson for all of us.