Taiwan goes on a property shopping spree in Malaysia and Thailand 搶進東協 馬泰 台灣包租公跨海炒房

Property, equities, bonds, currencies... the bull is roaming the markets of Southeast Asia, and ASEAN has taken the place of the U.S. and Europe in the hearts of Taiwanese investors.

During the Lunar New Year holiday, two large tour buses pulled up in front of Malaysia's premier address, Kuala Lumpur's tourist landmark the Petronas Twin Towers ( KLCC ). The more than 50 nattily attired Taiwanese tourists that alighted, however, were not there to take in the sights but to be guided through model units at a luxury housing project under construction in the area accompanied by local lawyers and bankers.

Each luxury apartment has usable floor space of 25 pings (about 82.5 sq. meters), is fully furnished and comes with a parking space all for one million Malaysian ringgit (about NT$9.6 million). More than a few of the Taiwanese guests signed on the spot, paying deposits with credit cards. Some even bought four or five units.

"In Taiwan, a rate NT$400,000-plus per ping would only get you something in a non-exclusive area on the outskirts of Taipei, but here you can buy in the capital city's most exclusive area. You not only get rental income, but the potential for future property value increase is even greater," says 37 year-old Ms. Huang, an airline cabin crew supervisor. This was Huang's third fact-finding trip to Malaysia with her husband, who also works in the airline industry. The couple ultimately decided to buy two units and become "ASEAN landlords."

Others in the group included retired teachers, technology executives and real estate speculators flush with cash.

A Taipei City councilor recently asked a friend familiar with developments on the Asian mainland: "I just want you to tell me, will the Trans-Asian Railroad be built?" Upon hearing "it's going to get built and some segments are already operating" for an answer, she duly showed up at the Kuala Lumpur briefing the following day.

For nearly a year now, as the economies of the Association of Southeast Asian Nations (ASEAN) boom, groups of Taiwanese jetting off to various ASEAN countries on "property market fact finding missions" have become quite the trend.

Malaysian, Thai Properties Hot

"I've flown to ASEAN [nations] at least once a month over the past year. I've lost count of the number of trips I've made," says Lin Guangyan, spokesman for the Taiwan Realty International Real Estate Division for local realtor Apac House.

Two years ago, Apac House began offering agency services for units in select Malaysian property development projects, organizing tours of the projects for groups of prospective clients. The initial response was tepid at best. Beginning last year, however, interest exploded and tours were booked solid.

Now, fact-finding tours of the Malaysian property market have become "incredibly popular," Lin reveals. Each group comprises 40 to 50 prospective property buyers with tours organized twice monthly. Tours are booked solid through mid-year.

Last year Apac House acted as agent in the sale of more than 500 units in Malaysian development projects alone, with total transaction value topping NT$10 billion.

And interest is not merely limited to Malaysia, with numerous Taiwanese investors recently showing similar interest in property markets in ASEAN members Indonesia, the Philippines, Singapore and Thailand.

Among those, interest in Thailand, a familiar holiday destination for Taiwanese, has been relatively strong. Even Taiwan financial information website cnYes.com has gotten in on the act, organizing fact-finding tours and agency services for prospective buyers of Thai and Malaysian properties.
Although the "Thailand Groups" can't compare in scale with the "Malaysia Groups," over the past year about a hundred people monthly head off to Thailand to look at properties and invest there, one industry insider notes.

In 2015, the ASEAN member states will merge their economies into a single market. ASEAN member economies have been showing vigorous growth, and that has led to an outbreak of "ASEAN property fever" in Taiwan.

Fueling that fever has been a return of easily six percent or better on rental income, and with more hot money pouring in, the "conceivable space" for further rises in property values there is virtually inexhaustible.

"Previously, the majority of Taiwanese investors were most keenly interested in China properties. But the future prospects there are now unclear, and disputes over property transaction rights are also numerous. In Taiwan, investors are subject to luxury taxes, real value assessments [for taxation purposes] and other official housing policies," one investor surnamed Hu says. "By contrast, ASEAN is growing rapidly, the possibilities are numerous, what with the Trans-Asian Railway to eventually provide a link from China all the way through to Singapore. Add to that the low interest rates and investment capital flowing in from a variety of countries, and it's hard to envision [property prices] not rising."

During 2009-2010, before Taiwan imposed its luxury tax, Hu made himself a bundle, with around NT$1 billion on hand. Even though he's unfamiliar with the local property markets there, today he's planning on "sinking some cash into ASEAN" to test the waters there.

Three Key Hurdles for ASEAN Landlords

According to statistics from the U.K.-based Global Property Guide, property values in Singapore, the Philippines and Malaysia have risen 30 percent over the past three years. Thailand and Indonesia have also seen property values rise 20 percent during the same period.

It's not just Taiwanese buyers investing in ASEAN property. Plenty of investment capital is also flowing in from Japan, South Korea, China, and Hong Kong. But experts advise that sinking cash into the ASEAN property markets is not without risk and note three key hurdles to which investors must pay heed.

Hurdle One: Varying Investment Laws

First of all, due to the differences in regulations governing investment by foreigners, buying property in the various ASEAN member states is a lot different than buying in Taiwan.

For example, says Lin Guangyan, the Taiwan House spokesman, in Indonesia and the Philippines foreign individuals may not hold direct property rights; property purchases there must be made in conjunction with a citizen of said country or through an asset management company, REIT fund or other mechanism securing indirect property rights. In Thailand, foreigners may own an apartment but may not own stand-alone houses or land.

In Malaysia, legal regulations guaranteeing citizens right to purchase low-cost housing mean that foreigners may only buy properties with a net value of RM$500,000 (about NT$5 million) or higher.

Hurdle Two: Climbing Tax Rates

The next thing investors must also consider is that property taxes in ASEAN nations may gradually rise.

In Singapore, for example, a new law was passed in January of this year specifically targeting property purchases by foreigners (including permanent residents), subjecting them to tax levies of five to seven percent, and limiting the percentage of the purchase which may be financed through lending.

Thailand levies no land value tax, house tax or property transaction income tax; buyers need only pay a stamp tax at the time of transaction. But in both Malaysia and Thailand, income tax of 20 percent or more must be paid on rental income.

"There's a possibility that each ASEAN nation will in the future follow Singapore's lead in boosting taxes to cool down [the market] in order to prevent [foreign] hot money from sparking inflation.

 Investors should take this into careful consideration," suggests Pauline Ng, an investment manager and Malaysia and Singapore country specialist at JP Morgan Asset Management (Singapore) Ltd. Whether investing in financial markets or the property market, investors would be wise to avoid relatively inflationary countries.

Hurdle Three: Unfamiliarity with Political, Economic Trends

Finally, as most Taiwanese investors are not particularly well-versed in the political and social conditions extant in ASEAN nations, it is difficult for them to get a read on the shifting winds of local property markets.

Early last year, for example, contentious border issues between Vietnam and China resulted in an indefinite suspension of cooperation between the two countries in building a new highway, the establishment of a duty-free zone and other economic development plans, resulting in a sharp decline in property markets in Hanoi and the region around northern Vietnam's border with China.

Experts advise investors to make judgments on long-term property market trends in a given country based on fundamental factors such as economic growth rates, trends in urbanization and population demographics. They should also avoid over-leveraging themselves to reduce risk.

Perhaps more attractive than property market speculation are ASEAN-based mutual funds, which offered nearly 20 percent returns last year and continue to rise this year, attracting keen interest from Taiwanese stock players.

Last year, Philippine and Thai equities markets led the ASEAN pack with 30 percent gains as ASEAN become the highest growth region among global equities markets. Whether or not that trend will continue has become the focus of great concern among investors.

"Judging from international capital flows, economic growth projections and other indicators, ASEAN markets will continue to rise this year, be it equities markets or bond markets," says JP Morgan's Pauline Ng.

Despite uncertainties like the ending of the third round of "quantitative easing" in the United States and the depreciation of the Japanese yen, international hot money continues to pour into ASEAN equities markets. An anticipated wave of depreciation among ASEAN currencies has also yet to materialize, and indeed, those currencies have continued to rise. Equity market indices in Thailand and Indonesia continue to set record highs.

On top of that, Thailand, Malaysia and Singapore are this year embarking on massive economic infrastructure construction plans and JP Morgan's Pauline Ng is bullish in her forecasts, expecting better than 10-percent growth on average across the ASEAN region.

Kuo Yu-lan, ASEAN fund manager for Fidelity Worldwide Investment says Northeast Asian investment destinations Japan, South Korea, China and even Taiwan, will be facing problems related to aging populations, declining workforces and other challenges over the next five years.

In contrast, ASEAN nations will continue to reap a population dividend. In addition, with a growing middle class in those nations, domestic demand stock plays in such sectors as telecoms, foodstuffs, and property development will continue to be attractive in the long-term, despite having already seen a surge in value, driven by growing domestic demand in the emerging ASEAN nations.

By Hsiang-Yi Chang
Translated from the Chinese by Brian Kennedy
Excerpt From  : CommonWealth Magazine

Update : New class of condos

搶進東協 馬泰 台灣包租公跨海炒房

 

台幣900萬的吉隆坡精品公寓，台灣人搶著組團飛去買。東協股、債、匯均漲，今年基金仍看好，報酬率高達兩成，已取代歐美，變身投資新主流。

春節假期，兩輛大型遊覽車，停靠在馬來西亞首府——吉隆坡著名的觀光地標：雙子星大樓(KLCC)。五十多名衣著光鮮的台灣旅客，卻不入內參觀，而是在當地律師、銀行專員陪同下，魚貫走入附近的建案樣品屋。

每戶室內實坪約二十五坪的精品公寓，含裝潢、家具與車位，總價一百萬馬來西亞令吉（約九六○萬台幣）。不少台灣客當場簽約，刷卡下訂。甚至一訂就是四、五戶。

「算一算每坪四十多萬台幣，在台灣只能買到新北市非精華區，在這裡卻可以買首都精華地段。不但有租金收入，未來增值潛力更高，」三十七歲的航空公司座艙長黃太太，和同在航空業的先生，已到馬來西亞考察三次。最後決定買下兩戶，要當「東協包租婆、包租公」。
同團的成員，還有退休教師、科技業主管，甚至包括不少現金滿滿的投資客。

日前，一名台北市議員詢問熟悉亞洲的友人，「你只要告訴我，泛亞鐵路建不建？」得到「建啊，有些路段都已通車了」的答案，她隔天便出席了吉隆坡團的說明會。

近一年來，隨著東協經濟大幅成長，像這樣從台灣飛往東協各國的「房市考察團」，正蔚為風潮。

東協炒房團　夯泰、馬

「這一年，每個月都至少飛東協一趟。已經算不出總共去多少次了，」台灣房屋國際資產中心發言人林廣彥說。

兩年前，台灣房屋推出馬來西亞部份建案的代銷業務，帶客戶組團看屋。剛開始，乏人問津。去年中起，卻忽然場場爆滿。

林廣彥透露，如今馬來西亞的房市考察團「夯到不行」。每團約四、五十人名額，每月出團兩趟，報名已經額滿至年中。

去年，單是台灣房屋在馬來西亞代銷的建案，已完銷超過五百戶，成交總金額逾台幣一百億元。

不只馬來西亞，東協的印尼、菲律賓、新加坡和泰國，近來同樣有不少台灣投資客探路。
其中以台灣人熟悉的旅遊勝地——泰國，人氣較旺。連國內財經網路媒體（鉅亨網），都扮演起泰、馬房地產的組團仲介角色。

業界人士指出，「泰國團」雖不比「馬來團」，今年以來，每月也有近百人前去看屋置產。
二○一五年，東協即將成為單一市場。成員國經濟和區域間貿易，都成長強勁，以致在台灣掀起「東協炒房熱」。

而炒房熱的主因，是動輒六％以上的租金收入，和熱錢湧入下，房價上漲的「想像空間」無窮。

「過去，最多台灣投資人最有興趣的大陸房地產，現在前景不明、買賣產權糾紛也多。在台灣，則有奢侈稅、實價登錄等打房政策，」投資客胡先生說。「反觀東協成長快、題材多，如亞洲鐵路將來從中國大陸一路貫穿到新加坡。加上低利環境下，各國資金湧入，（房價）不漲也難。」

在○九、一○年奢侈稅開徵前，胡先生賺進大把鈔票，手握約十億現金。即使他不熟悉當地市場，如今也計劃要「錢進東協」試水溫。

東協包租公　三大關卡

根據英國環球房地產指南統計，包括新加坡、菲律賓、馬來西亞等東協國家的房價，三年來漲幅均超過三○％。泰國和印尼，也有超過二○％的漲幅。

搶進東協房地產的，不只台灣買家，還有日、韓、中、港的投資客。

不過，專家提醒，「錢」進東協房市仍有風險，有三大關鍵必須注意。

關卡一：投資法規各異

首先，由於對外人投資的法規不同，在東協各國買房，與在台灣購屋大不相同。

台灣房屋國際資產中心發言人林廣彥舉例，如在印尼和菲律賓，外國自然人不能直接擁有房地產產權。必須與該國公民共同購買（房地產），或透過資產管理公司、REIT基金等，間接持有。在泰國，則可以持有公寓產權，但不能購買獨棟房屋及土地。

而在馬來西亞，由於法令保障本國人購買平價住宅，因此外國人只能購買總價五十萬令吉（約五百萬元台幣）以上的房地產。

關卡二：稅率愈來愈高

其次，投資人也必須衡量，東協置產的租稅負擔，可能逐漸增加。

以新加坡為例，今年一月份通過新法，針對外國人（包含永住居民）購置房地產，徵稅五％至七％，並限制貸款成數。

泰國沒有地價稅，也沒有房屋稅和交易所得稅，只有在交易時繳納印花稅。但在租金收益上，馬來西亞和泰國，必須徵收二○％以上的所得稅。

「為防止熱錢推升通膨，未來，東協各國不無跟進新加坡、增稅降溫的可能。投資人需審慎考量，」摩根東協基金經理人黃寶麗建議。不論投資股匯或房市，最好先避開通膨較高的國家。

關卡三：不熟政經情勢

最後，由於台灣投資人多半對東協各國的政治、社會環境不熟悉，不易掌握當地房市轉折。
例如去年初，越南河內，與北部中越邊境一帶，因中越邊境主權紛爭，造成中越合作興建高速公路、成立免稅特區等計劃，無限期延宕，房市因此暴跌。

專家建議，投資人最好從經濟成長率、都市化趨勢和人口結構等基本面，判斷當地房價的長期趨勢。同時避免過度融資，以降低風險。

比炒房更有吸引力的，是去年來動輒近兩成報酬率、今年還在漲的東協基金，正吸引台灣人螞蟻雄兵般的資金。

去年，菲律賓、泰國股市領軍大漲三成，東協成為全球股市漲幅最高的區域。「今年是否還能延續去年漲勢？」也成為投資人最關心的焦點。

「從國際資金流向、經濟成長預期等指標來看，今年，東協不論股、債市，都還沒漲完，」摩根東協基金經理人黃寶麗指出。

目前，雖有美國QE3退場、日圓貶值的不確定因素，國際熱錢仍持續湧入東協股市。東協各國貨幣也未如預期開始競貶潮，反而逆勢走升。印尼、泰國股市更持續突破歷史高點。

加上泰、馬、新加坡等國，今年都推出大規模的經濟建設計劃，黃寶麗樂觀預期，今年東協各國，平均仍有超過一成的上漲空間。

富達東協基金經理人郭玉蘭指出，相較於東北亞的日、韓，以及中國，甚至台灣，未來五年都面臨高齡社會、勞動力流失的挑戰。

反觀新興的東協各國，仍有人口紅利加持。加上中產階級增加，電信、食品、金融和房地產開發商等內需概念股。在東協內需興起的大趨勢下，即使股市已有一波漲幅，仍值得長線投資。

綜合專家建議，今年東協基金投資策略，穩健型投資人，可參考去年績效表現較佳的區域型基金，將二至三成資金放在東協市場。積極型投資人，則可繼續加碼去年「獲利王」——泰國股市基金，並分批逢低進場越南、印尼股市。
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5力引爆「東協熱」

一年來，全球不斷出現投資東協的報導，和看好東協的調查。這股「東協熱」，在世界經濟情勢改變的推力、東協本身拉力的雙重作用下，潛力蓄勢噴發。

推力1：中國變貴。「中國必須轉型，因為我們變貴了，」復旦大學財金系教授孔愛國歸納。中國工資快速上漲及缺工難題，讓許多外商將目光轉到東協，尋求替代產能。

推力2：釣魚台爭議，日商轉進。

去年11月初，娶了大理太太，在雲南帶旅遊團的大連人小陳，才剛送走了大連來的四個日本客人。日本客人在日本車廠的大連分公司工作。因釣魚台爭議引發反日，公司被砸。「待不下去啦，回日本前，先到大理玩一轉，」小陳說。「你不知道，他們緊張的咧，一路上不敢開口，怕人家認出他們是日本人。」

日本到泰國、馬來西亞等東協國家的投資，近年來突增。除了日圓升值、日本國內市場萎縮的因素，中日關係緊張，也是迫使日商加速外移的原因。

東協自己也夠爭氣，形成拉力，吸引資金、人才匯集。

拉力1：因亞洲金融風暴受重傷的泰國等國，經貿早已回彈。近十年來，GDP幾乎年年成長5％以上。2008年以來，美國金融風暴與歐債危機，東協幾乎毫髮未傷。攤開所有機構的預測，曾經閃閃發亮的金磚四國一一掉漆，歐、美、日困獸猶鬥。全球經濟的亮點，就在東協了。

拉力2：原本鬆散的東南亞國協，近年來，讓懷疑者跌破眼鏡，積極整合。2015年，即將組成單一自由市場。六億人口，東協已經自成一格，成為吸引力十足的市場。此刻的東協，史上最強。

拉力3：年輕、日漸富裕、充滿活力的市場，讓東協成為各方拉攏的對象。中、美、歐、日、韓、紐、澳及拉丁美洲，一個接一個和東協簽訂自由貿易協定（FTA），催出投資、貿易年年雙位數成長。（賀桂芬）作者：張翔一
天下雜誌 517期

相关报告 :  碧桂园加码投资 “依区引领新山成世界城市”

 

Titans of Taiwan Finance Head South East Asia

Titans of Taiwan Finance Head South East Asia

More and more Taiwanese banks are setting up shop in Southeast Asia, establishing comprehensive regional networks in a quest to become "supra-regional" banks. What are the hurdles, and the rewards?

Stifled in Taiwan, New Vistas Overseas

Chinatrust already has joint venture subsidiary banks in Indonesia and the Philippines and is now actively seeking opportunities to expand its presence in Thailand, Malaysia and other areas.

Buying up banks and setting up branches in the member states of the Association of Southeast Asian Nations (ASEAN) has become something of a trend, mainly because Taiwan's long stifled financial sector is enjoying a shot in the arm from international operations.

According to data from Taiwan's Financial Supervisory Commission, pretax profits from the overseas operations of domestically owned banks, including offshore banking units (OBUs), last year reached NT$73.5 billion, an all-time high. That was a 56 percent increase from the previous year and accounted for 30.6 percent of overall banking profits.

Bankers estimate 2012 profit growth from branches and subsidiaries in the ASEAN region to be over 60 percent, driven by explosive economic growth in the ASEAN economies.

"(In taiwan) Domestic banks are overly competitive, and the move toward development of overseas operations has actually long been an inevitable trend," says Grace Jeng, executive vice president for overseas operations at First Commercial Bank. First Commercial Bank is actively seeking acquisitions in Burma, Thailand and Indonesia.

The bread and butter of the banking industry is the interest rate spreads on lending and deposits. The average spread in Taiwan is 1.2 percentage points, while in ASEAN countries spreads can range from five to eight percent or even higher.

Indicators of the capital structure of Taiwanese banks, such as capital adequacy ratios and non-performing loan ratios, are the best seen in a decade. The "capital" from overseas expansion has indeed been "adequate."

"Taiwanese banks bring another advantage to bear, and that is the risk management experience gleaned from painful lessons learned in the past," says Joseph Huang, president of E.Sun Financial Holdings. In March of this year, E.Sun Commercial Bank bought a 70 percent stake in Cambodia's Union Commercial Bank and set up a representative office in the Burmese capital of Yangon.

Crises the Taiwanese financial sector has weathered over the past decade or two have included the corporate finance crisis brought on by so-called "landmine stocks," the consumer financial crisis sparked by the credit card-cash card lending bubble, and the wealth management crisis that derived from the recent global financial crisis.

"Domestic banks have endured severe ordeals in virtually every major aspect of the banking business," Huang says, "and this has been enormously beneficial when entering unfamiliar new markets."

'ASEAN + 1' Concept Banks

The cumulative financial clout of Taiwanese banks has serendipitously encountered the financial liberalization of ASEAN. Cambodia, Burma and Thailand are all now in the process of gradually relaxing past financial restrictions in hopes of drawing in foreign investment and beefing up their respective financial sectors.

And with American and European banks otherwise occupied "putting out the fires" within their own parent companies, resulting in a reduction in their investments in Asian markets, Taiwanese banks have been presented with a golden opportunity to strengthen their positions.

"These big international banks used to be an object of emulation for the Asian financial sector, like a model student or even the teacher," says James Chen, president of Chinatrust Commercial Bank. "But in the wake of the financial crisis they are no longer the unassailable opponent for local banks that they once were," he continues confidently.

Equity stakes in ASEAN banks that are "waiting for the highest bidder" can now be had for a share price hovering around a price/book ratio of 2.5 to three, far higher than the 1.3 to 1.5 p/b ratios commonly found among Taiwanese banks.

Another reason Taiwanese banks are willing to pay a premium on acquisitions to get into ASEAN markets is the ongoing gradual economic integration of the various ASEAN member states, a development that will eventually include banks. Looking ahead, it will be far easier for local ASEAN country businesses to secure access to markets in other member states.

As E.Sun's Joseph Huang notes, in 2015 ASEAN members will form an "economic community" and perhaps as early as next year will dramatically reduce the barriers for setting up banks and other financial institutions in fellow member states, possibly even to the point of equal status with domestic financial institutions.

China is a member state of "ASEAN plus one" and may very well join as a full member.

"We established a joint venture subsidiary bank in Cambodia with an eye on more than just local business. Best case, we can go into China. Worst case, we have an ASEAN presence. That gives us a lot more flexibility with overseas deployments," Huang says.

"Establishment of a more comprehensive regional network is necessary to compete in an expanded market," says Chinatrust's James Chen of his bank's moves into Southeast Asia.

That expanded market to which Chen refers is China. Chinatrust's overseas presence now stands at 67 locations in 12 countries, and it boasts one of the most extensive networks of overseas branches of any Taiwanese bank.

Chen is blunt, acknowledging that China remains Chinatrust's top-priority overseas market, even though it continues to heavily regulate the operations of foreign banks. Add to that the longstanding presence of state-run banks in China, hundreds of times larger than their Taiwanese counterparts, and it's clear that one must distinguish oneself from the pack to compete.

Currently, four out of China's five biggest state-run banks are proceeding with internationalization at a relatively slow pace (the exception being the Bank of China), and their networks of overseas branches are limited. A comprehensive regional network that keeps pace with Taiwanese businesses and the internationalization of Chinese businesses is certainly a distinguishing feature and one that could allow "David to battle Goliath" in the China market.

Maintaining a Low Profile

On its second foray into Southeast Asia, Taiwan's banking sector is adopting a particularly soft posture.

Upon completion of its majority-stake acquisition of Cambodia's Singapore Banking Corp., Ltd., Cathay United Bank reassigned only three directorships and appointed a new bank president. Personnel moves among top-tier executives were similarly light-handed.

Having shed his suit and tie and rolled up his sleeves, Feng-Li Tran, general manager of Cathay United Bank's branch in Chu Lai, Vietnam, is seated at a roadside stand in a small industrial town in central Vietnam, hundreds of kilometers from both Hanoi and Saigon, chatting amicably over drinks in fluent Vietnamese with executives of local state-run enterprises.

Without batting an eye, Tran digs right in to local favorites like dog meat hotpot and even deep-fried silkworms. The five or six men gathered at the table pass a single beer glass among them, a far cry from the eating and drinking habits extant in Taiwan.

"In Taiwan we'd reckon this to be unsanitary, but in Vietnam sharing a communal glass indicates a sufficiently deep personal bond," Tran says with a chuckle. "In Vietnam, establishing a personal bond with clients is paramount in the banking business. If you have good personal relationships and mutual trust, there is no need to compete on the basis of cost. Old clients will bring new clients to your door."

Last year, Cathay United bested numerous foreign banks in Vietnam, among other things becoming the lead underwriter of a US$60 million syndicated loan to state-run carrier Vietnam Airlines, relying largely on expatriate operatives like Tran who are now reaping the fruits of seeds sown years ago.
Taiwanese financiers like Tran are becoming increasingly numerous in Southeast Asia. Following their successes in gaining a gradual foothold in the China market, Taiwanese bankers have begun to turn their attentions to Southeast Asia. Unlike with previous endeavors under the "Go South" policy of former Taiwanese president Lee Teng-hui, this second wave of banks moving into the region is purely voluntary.

While still awaiting approval of its acquisition of 70 percent of Union Commercial Bank by Cambodian and Taiwanese regulators, E.Sun Commercial Bank made clear it had no intention of replacing the UCB's current chairman, stating it would replace only the bank president and the heads of UCB's IT and risk management departments.

"Banking is at its core an extremely local business. We need to regionalize and internationalize, and we cannot rely solely on Taiwanese business clients. We must first respect the local banks' existing staff and business models before considering further expansion of local business," says Alan Lee, Cathay United's executive vice president for corporate finance.

"Even if the parent company possesses more advanced technology and a superior management model, regardless of how big your equity stake is, when you enter a new market you want to work together with the original management team while maintaining a low profile, 'assisting' rather than 'directing' and by all means avoiding a 'big boss' mentality, if you hope to create more business opportunities," Lee emphasizes.

Lee notes that while Cathay United has held a 50 percent stake in Vietnam's Indovina Bank Ltd. for 13 years, its chairman has always been appointed from the senior management ranks of joint venture partner Industrial and Commercial Bank of Vietnam. Among top-tier executives and rank and file staff, 90 percent are Vietnamese nationals.

Lee believes that the trust engendered through retaining local staff has been a major reason behind Cathay United's success in breaking into the Vietnam market and why more than 80 percent of its operating revenue in the country derives from non-Taiwanese corporate business.

Integrating Multinational Services

It's not enough to simply maintain a low profile in a foreign land. Taiwan's banks must also adopt the trappings of a "multinational bank headquarters" in terms of vision, structure and preparation.

Many, including Cathay United, Chinatrust, and E.Sun, have organized internal overseas business management departments to standardize the operations of their various overseas institutions.

Over the past several years, for example, Chinatrust has sunk NT$2 billion into complete standardization of the computerized transaction systems of each of its overseas branches.

"It was definitely not something as simple as changing the software, because the laws and regulations differ from country to country. The system had to be capable of complying with the regulations in various countries while providing clients with the most efficient service possible, so considerable behind-the-scenes effort was required," Chen says.

Thus Chinatrust's legal department retained the services of more than a dozen legal experts from the various countries in which it operates to keep track of changes in the financial laws, tax codes and investment regulations in each country where it has a presence.

Taiwan's most extensive overseas financial management system sits in the basement of Mega Financial Holdings' Taipei headquarters.

"We spent two or three years constructing a complete video conference system and market intelligence reporting network," says Mega Financial Holdings chairman McKinney Tsai. "The idea was to be able to get a bead on changes in the operational circumstances in global markets as quickly as possible. Now I come down here every week for video conferences with managers in each country, reducing the need to travel abroad."

Besides the highly visible market intelligence reporting system, a new plan must be developed and a new system established taking into account the less conspicuous aspects such as personnel performance evaluations and the allocation of financial resources from various subsidiaries.

"If a Taiwanese corporate finance client wants to source financing in the U.S. and set up a plant in Thailand, we can provide them with comprehensive multinational service," Tsai says. "Using the system to distribute rewards to all the departments and personnel involved behind the scenes takes a lot of know-how."

Taiwan's banks are laboring to distinguish themselves on the key global financial battlegrounds of Asia amidst a reshuffle in the international financial order.


Translated from the Chinese by Brian Kennedy
Excerpt and translated from Common Wealth Magazine, Taiwan

Related News :

Cens.com : 3 Oct 2012: Taiwanese Banks Expanding into Southeast Asia and Australia 
taiwanembassy.org : 4 Oct 2012 : Taiwan strives to establish banking presence in Southeast Asia
Asia Money : 8 Oct 2012 : Taiwan targets Southeast Asia as role of renminbi grows
Report: Taiwan's Mega in talks to buy RHB Bank stake

Asean Trading Link to promote stock exchnage in Asean 东协交易连线

On 18 September 2012, the ASEAN Exchanges collaboration launched the ASEAN Trading Link, a gateway for securities brokers to offer investors easier access to connected exchanges. Bursa Malaysia and Singapore Exchange were the first two exchanges to join the link on the launch day, while The Stock Exchange of Thailand joined on 15 October 2012, creating a virtual market of over 2,200 listed companies and US$1.4trillion combined market capitalisation.

15 brokers from across Malaysia and Singapore have joined the Asean trading link. They are A. A. Anthony Securities Sdn Bhd, Affin Investment Bank Bhd, CIMB Investment Bank Bhd, HwangDBS Investment Bank Bhd, Kenanga Investment Bank Bhd, Maybank Investment Bank Bhd and Mercury Securities Sdn Bhd.

The others are OSK Investment Bank Bhd, RHB Investment Bank Bhd, CIMB Securities (S) Pte Ltd, DMG & Partners Securities Pte Ltd, Lim & Tan Securities Pte Ltd, Maybank Kim Eng Securities Pte Ltd, Phillip Securities Pte Ltd and UOB Kay Hian Pte Ltd.

There are 16 brokers from Thailand also 

Software and technology company SunGard, took on the onus of creating a trading platform for the purposes of the link. In June, the company announced that it had been selected for the task.

Now, SunGard in Singapore supplies the infrastructure for the link via its trading solution suite Valdi.

In terms of regional brokerages tie-ups and regional research, the banker says: “Actually, many Malaysian brokers tie up with Phillip Securities in Singapore. The research they provide is sufficient. When Malaysian investors want to invest in Singapore, they usually look for established and stable Singaporean companies. This means the big caps and blue chips. These stocks would usually be covered already, so there's not much of an issue in terms of research.”

Areca Capital chief executive officer Danny Wong welcomes the collaboration between the Asean countries.

He opines that investor demand for opportunities and diversification needs are always there. “There is uniqueness of certain sectors in each of the exchanges. For instance, Malaysian glove manufacturing is rather world renown while Singapore has the biggest producer of oil rigs in the world,” he says.


In Thailand, investors are now able to route orders to the two exchanges that have joined the link, namely the Singapore and Malaysia exchanges, and receive market data from each via the central point of connection.

Interest among local investors in overseas investment has been steadily building since the Stock Exchange of Thailand (SET) joined the Asean Trading Link programme this week, say local brokers.

 Siriporn Phonpho, an assistant vice-president at Thanachart Securities, said calls expressed the most interest in investing in companies such as Singapore Telecom and Thai Beverage on the Singapore Exchange and AirAsia on Bursa Malaysia.  reported Bangkok Post.

"We've received 8-10 calls a day about the Asean Trading Link, most of them asking about what they need to do to open an account," she said.

It has been two-way traffic, with overseas investors also calling to inquire about purchasing Thai stocks.

“Some queries are just about Thailand’s general investment environment such as whether they can arbitrage Bangkok Bank stock or not,” said Mrs Siriporn.

東盟交易連結. 直通7股市

大马和新加坡交易所，在9月18日率先启用东协交易连线（Asean Trading Link），为总市值2.1兆美元（约6.43兆令吉）的东协交易所（Asean Exchanges）跨出第一步。
即日起，我国和新加坡的投资者，可通过连线东协交易所的网络，直接买卖彼此的挂牌公司股票。
在网路科技发达的今日，有不少散户对海外股市如美国、英国和香港等市场较为了解，甚至已经参与交易。
相对于我国邻近的东协区域股市，尤其新加坡和泰国股市，投资者除了也一样可从网路上，方便获得该股市的资讯，在地缘方面的熟悉度也更高。
如今，更为方便的投资直通道路也已经铺设好，可以预见投资意愿将会被大肆诱发。
然而，在使用此投资道路之前，投资者应当先了解，例如交易成本、交易条规，以及交易效率等事项。
东协交易连线对散户投资者的好处在哪里？而设立东协交易所的概念又为如何？

交易成本最受关注

《南洋商报》特此综合相关人士所述，让读者对这新的投资管道更加了解。
首先，从散户进行股票交易时，最为关注事项的角度出发，交易成本无疑是排在第一位。所谓的交易成本，便是买卖股票时所需支付的经纪手续费、印花税及结算费等。
以跨境买卖股票为例，若在未有东协交易连线管道前，我国投资者除了自己在国外开设个人股票交易户口，透过当地经纪商进行海外股票交易，也可通过在国外有分行或合作伙伴的本地经纪商，购买当地上市公司股票。
这两种情况在成本方面各有不同，前者需先把本国货币兑换成海外股票户口的当地货币，并在金额存入后，才能进行买卖交易，这当中涉及外汇兑换和海外经纪手续费的成本。
至于后者的交易方式，是为了使投资者更为方便，也不需负担较重的外汇兑换成本，所衍生出来的交易管道，可是在交易中需支付本地和海外双重的经纪手续费。
在本报跟有参与东协交易连线的国内经纪商了解得知，投资者在使用此新交易管道时，依然需支付本地和海外双重的经纪手续费。

还不熟悉

侨丰投资银行股票经纪何国杰说，虽然东协交易连线已推行一周，但他们目前对此交易管道还不是很熟悉，而且也鲜少有客户指定要透过此方式来买卖已连接的新加坡上市股票。
“经过内部的了解，我所知道的是，针对客户在使用东协交易连线买卖海外股票的经纪手续费，还是要支付两边的费用，跟使用我们证劵行内部的海外交易收费一样。”
可是，他不排除日后，当东协交易连线的交易方式趋向成熟，在得到投资者接受并创造出高交易量后，相关交易所将考虑把交易费用调低，来惠及投资者。

平台提高交易效率

尽管如此，东协交易所这个崭新的平台，的确有提升投资者交易效率的作用，这也是该推行单位强调的特点之一。
何国杰表示，散户从中可得到的好处，便是更容易进入海外股市，寻求更多的投资选择。
“包括机构投资者在内，也可藉由这个平台，对相关海外股市的投资，有更快速的指令执行效率。”
他指出，至今我国投资者买卖海外股票，在程序上都得经过本地与海外经纪商，才能到达当地交易所平台来完成交易；若通过东协交易连线，则只需经过本地经纪商一道程序，就可直达交易所平台。
“尤其对机构投资者而言，时间就是一切。”拥有同样观点的Areca资本总执行长兼基金经理黄德明指出，当参与试用东协交易所的成交量增大后，当中的效益就越发显著。
他认为，当投资者在区域可直接参与海外股市的交易时，将可省却麻烦和成本，这也有助于鼓励网上交易和资讯的流通。
“一旦新交易平台使得投资范围变大，这也激励证券行在对各领域和上市公司作研究追踪方面，会有所改进，以迎合客户的需求和应对日益激烈的竞争。”
目前，透过东协交易所网站（http://www.aseanexchanges.org）、富时集团（FTSE）和汤森路透（Thomson Reuters）提供的数据，投资者现在可获得全面资讯，包括东协市场数据，东协之星（Asean Star）和东协各行业分析。

马新率先连线

股市投资者的投资雷达，在今日网络与资讯发达的辅助下，已经扩大得越来越远，跳出只瞄准本地股市的局限。
所以，现在已有不少投资者对海外如美国、英国和香港等股市的资讯较为了解，甚至涉猎其中。
面对这一个投资眼光照射至更远的全球化趋势，东协区域各个规模不大的交易所，要如何才能突显自己，来留住本地投资者，以及吸引更多的外资？


根據彭博資訊統計，今年來(至8/31)外資對主要亞洲股市全面淨買超，值得注意的是，外資對東協國家買超金額較去年擴大，對泰國股市累計買超金額是去年同期的4倍，推升泰股今年來漲幅逾19%居亞洲之冠，也是全球最強股市之一。

地理位置虽近 投资条件有别

东协各国虽然地理位置靠近，但各自都有不同的投资条件，因此，在股市交易上也有不同的条例与规范，可能会成为东协交易连线平台的阻力。
因此，在进入这个由长短不一柱子撑起的平台进行交易，会让人产生不少的担忧。
黄德明便指出，对其他国家证券行不熟悉，投资者难免会担忧，若在交易上需与对方交涉或产生争议，恐怕会导致权益受损。

根据当地法律行事

目前，东协交易所阐明，东协交易所的条例是根据当地交易市场的条例和法律，无论投资者是在那里下单。
他表示，把多个拥有各自条例和法律的交易平台连接为一体，而投资者在当中作跨境投资时，或许会因不熟悉当地条规和法律而引起争议，例如各国不同的税收条例，对股息会有不一样的征免税规定等。
此外，在连接各个交易所和证券行至一个平台上，所需要的整合技术，也可能会遭遇很多棘手的问题。
虽然世界上也有类似的交易平台整合经验，如欧洲交易所（Euronext），于2000年9月由法国的巴黎证劵交易所、荷兰的阿姆斯特丹证劵交易所、比利时的布鲁塞尔证劵交易所合并而成。
“可是欧洲交易所使用的是单一货币———欧元，相较于东协各国使用各自价值不同的货币，在连接之际，难免会有更多汇率的问题要处理。”
即使是东协交易所，也在网站上告知投资者，在境外股市交易时，需注意汇率的风险、当地交易条规和限制等风险。

东协交易所特点：
●证券行不需具备当地交易执照，可直接透过东协交易连线交易。
●马、新、泰3国连线后的市场将有2300家上市公司，总市值约1.4兆美元，相等于东协国家股市总市值的70%。
●总人口超过6亿人。
●6国共7个交易所共有超过3600家上市公司，总市值高达2.1兆美元（约6.43兆令吉）。
●截至2011年底，加总国内生产总值约为1.7兆美元。


（来源：南洋商报财经周刊）

马新15证劵行拥平台

作为交易所和投资者之间的中介桥梁，证劵行也在此扮演着关键角色，因为东协交易所的连接越普及，就越能提高投资者的接触。
在东协交易所连线后，投资者便可通过各自国家拥有东协交易连线平台的证劵行下单，买卖在彼此交易所挂牌的公司。目前，大马和新加坡分别有9家和6家证劵行，加入东协交易连线平台。

真正效应需4年彰显

根据这个平台，股票经纪必须连接至东协链结管道（Asean Link Gateway）和东协交易所内联网（Intra-Asean Network），为投资者做跨国股票交易买卖。
从表2中不难发现，目前我国参与东协交易连线的，都是拥有证劵业务且规模较大网络更全面的投资银行，而未见其他中小型的证劵行参与。
无论如何，根据东协交易所强调的一点，大型证劵行（如投资银行）虽然本身已经在区域各国有分行，可提供跨境股票买卖服务，但是，东协交易所这个新平台，算是提供另一条新通道的选择。
至于中小型的证劵行，原先需要透过跟境外同行伙伴合作，使用对方给予的连接方便，才能帮客户进行当地股票交易。
如今，完全没有提供跨境股票买卖服务的小型证劵行，现在可以在无需在当地申请经纪执照的情况下，透过单点连接至东协交易所，就可向客户推出买卖境外股票的服务。

解决系统连接问题
前提是，各个证劵行在使用此平台之前，都需先解决交易系统连接的问题。
根据本报的了解，即便是已加入了东协交易连线平台的证劵行，也有面临此技术问题，进而影响服务。
就如新加坡交易所总执行长博可对东协交易所的展望，他说：“我们需要有更多的市场推广活动。我也认为需要给证劵行时间来做它们的工作，可能要好几年。”
“可能要经过3、4年，才能看到来自东协交易所的真正效应。然后再需时几年，后台系统、结算和存证的协调效应也会接踵而来。”

統一大南亞基金經理人林鴻益表示，為了吸引更多外國投資者，擴大市場交易量，東協國家整合資本市場計畫將於9月啟動，估計整合後的東協交易所（ASEAN Exchanges）將成為全球市值第8大交易所，未來外國投資人開一個帳戶就可在東協6國7家交易所買賣股票，既便利又節省交易成本，對外資吸引力大增，資金流入將成長期趨勢。

林鴻益指出，泰國證券交易所總裁乍霖蓬日前接受中國證券報專訪指出，東協資本市場一體化即將實現，9月先由新加坡與馬來西亞證券交易所互連，10月泰國證交所也將完成連接，往後，任1國開戶的投資者，即可同時買賣新馬泰3國約2100家公司股票，而且，交易規則統一，投資者將免去股票交易的資本利得稅，這些新措施對海外投資者是很大的誘因。

在10月新馬泰交易平台完成連接後，越南、菲律賓、印尼的證交所也將陸續加入，東協國家交易所總計6個國家、7家交易所，上市公司總計達3613家，按市值計算，整合後的東協國家交易所將成為全球第8大交易所。

林鴻益表示，受到歐洲、美國及中國景氣低緩影響，東南亞國家出口成長也下滑，但包括泰國、印尼、菲律賓等政府實行積極的財政措施，刺激民間投資，加上中產階級的持續成長帶動內需消費活動旺盛，使得整體基本面表現相對良好，印尼、馬來西亞、菲律賓、泰國第2季GDP年成長率4.2%-6.4%，維持在中高水準。

林鴻益說，東協市場在經貿一體化後，成功促進區域內貿易比重的大幅提升，未來在交易平台也整合後，原本相對規模小、管制多的市場會更加開放，自然吸引更多投資者參與，交易活絡加上資金挹注，搭配企業獲利成長，進一步推動本益比重估行情，股市深具長期投資價值。