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揭秘七年翻番的“新存款”:贷款买港险的高杠杆游戏 收益超10%从哪里来?
Di Yi Cai Jing· 2025-08-25 15:32
Core Viewpoint - The article highlights the rising trend of "new deposit" schemes in Hong Kong's insurance financing market, which promise high returns but carry significant risks related to interest rate fluctuations and non-guaranteed dividends [1][2][3]. Group 1: Investment Opportunities - A "new deposit" scheme marketed as a "seven-year doubling" plan offers potential returns of around 1.2 million HKD from an initial investment of 120,000 HKD, leveraging bank loans [1]. - The current low interest rates in Hong Kong, with HIBOR dropping below 0.05% earlier this year, create an environment where borrowing costs are low, making these insurance financing schemes appear attractive [9]. - Insurance agents promote these products as high-yield investments, often claiming annual returns exceeding 10% [4][11]. Group 2: Risks and Concerns - The reliance on non-guaranteed dividends raises concerns about the actual returns, as recent disclosures show lower-than-expected dividend realization rates [1][2]. - Complaints regarding these insurance products have increased significantly, with issues related to sales misrepresentation and inadequate assessments of clients' repayment capabilities [3][15]. - The complexity of these financing schemes means they are only suitable for investors with a strong risk tolerance, as they involve multiple risks including interest rate volatility and liquidity issues [3][13]. Group 3: Market Dynamics - The insurance financing market has seen a surge in popularity, with some banks experiencing a backlog in loan approvals due to high demand [8]. - The competitive landscape has led to insurance companies raising expected long-term returns to over 7%, further enticing investors despite the underlying risks [11]. - The combination of low borrowing costs and high projected returns has created a perception of increased arbitrage opportunities, although this is accompanied by significant uncertainties [9][11].
揭秘七年翻番的“新存款”:贷款买港险的高杠杆游戏,收益超10%从哪里来?
Di Yi Cai Jing· 2025-08-25 12:46
Core Viewpoint - The article highlights the rising popularity of high-yield insurance financing products in Hong Kong, which promise annual returns exceeding 10%, but are fraught with significant risks related to interest rate fluctuations, non-guaranteed dividends, and liquidity issues [1][2][3][4]. Group 1: Market Dynamics - The current low interest rate environment has led to an increase in the attractiveness of insurance financing products, with some banks offering financing rates as low as 1.3% to 1.5% [9][11]. - The Hong Kong interbank offered rate (HIBOR) has seen significant fluctuations, dropping below 0.05% in June 2023, which has contributed to the perceived arbitrage opportunities in the insurance financing market [9][11]. - The promotional strategies for these products often involve misleading representations, with terms like "new deposits" or "high-level financial products" being used to attract investors [4][12]. Group 2: Product Structure - Insurance financing typically involves three main parties: the policyholder, the bank, and the insurance company, where the policyholder pays a portion of the premium upfront and finances the rest through a bank loan [4][7]. - The leverage involved in these products can lead to high returns if the insurance company's promised returns exceed the bank's loan interest rates, creating a profit margin [4][7]. - The structure of these products often includes high entry barriers, requiring substantial asset proof and maintaining minimum deposit levels to qualify for lower interest rates [13]. Group 3: Risks and Complaints - There has been a notable increase in complaints related to insurance financing, with issues primarily revolving around sales misrepresentation and inadequate assessments of clients' financial capabilities [3][14]. - The risks associated with these products include potential losses from early policy surrender, which can result in values significantly lower than the total premiums paid and accrued interest [14][15]. - Regulatory bodies have raised concerns about the compliance of banks and insurance companies in promoting these products, emphasizing the need for adherence to sales regulations to prevent misleading practices [3][15].