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標普全球:北都未來五至六年或耗資3,600億元 政府相關實體料承擔更多債務與槓桿
標普全球發表報告,指本港傳統上較為保守的政府相關實體(GREs)可能正步入一個新時代。該行預期,GRE的規模與數量將會增長,同時承擔更多的債務與槓桿。促成此變化的催化劑是北部都會區科技樞紐。報告稱,北部都會區將是香港有史以來最大的投資項目,未來五至六年潛在成本達3,600億港元,甚至更多。其中,該行估計約有1,400億港元將由政府相關實體出資,而這些實體可能...
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標普全球:北都未來五至六年或耗資3,600億元 政府相關實體料承擔更多債務與槓桿
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標普全球發表報告,指本港傳統上較為保守的政府相關實體(GREs)可能正步入一個新時代。該行預期,GRE的規模與數量將會增長,同時承擔更多的債務與槓桿。促成此變化的催化劑是北部都會區科技樞紐。

報告稱,北部都會區將是香港有史以來最大的投資項目,未來五至六年潛在成本達3,600億港元,甚至更多。其中,該行估計約有1,400億港元將由政府相關實體出資,而這些實體可能會在資本市場通過債務和股權融資來滿足其支出需求。

標普全球評級信用分析師Ricky Tsang表示,該行認為,北都融資方式對香港而言是開創先河。過去的基建計劃主要依靠政府自身充裕的盈餘來提供資金。這種方式也為私人投資開闢了道路,從而可以產生信用乘數效應。

香港正加大力度融入大灣區的科技價值鏈。透過這個與深圳接壤的項目,香港旨在釋放新的住房、就業機會和經濟驅動力。

該行稱,GRE將主導許多關鍵項目,其支出和債務將會增加。這些GRE還將通過在資本市場為項目籌集相關債務和股權資金,發揮信用乘數的作用,亦可能引入私營合作夥伴。

標普全球評級信用分析師Christopher Yip表示,該行預期這種風險分擔方式將深化政府相關實體的項目儲備和商業機會。從這個意義上說,香港正逐漸趨向一種在中國內地開發區融資中常見的模式。

該行提到,即使GRE的財務狀況在投資階段有所減弱,香港對該部門的支持將鞏固其信用實力。持續的政府支持(包括注資、土地注入或稅收優惠)將緩解資產負債表壓力,並容許GRE承擔更高的槓桿率。(da/)

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