1.原文连结：http://tinyurl.com/hblrdph
2.内容：
前言：之前在看已故的ALLAN大的BLOG时看到有网友提到新加坡 REITS ETF即将上市，现
在有进一步的消息了：
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SGX sets its sights on first ETF for Singapore Reits
By Renald Yeo JUN 6, 2016 5:50 AM
Singapore
新交所正着眼于第一支新加坡Reit ETF的开发
THE local bourse operator is aiming to have an exchange-traded fund (ETF) for
Singapore real estate investment trusts (Reits) (S-Reits) launched in the
second half of this year, in what would be a first for the sector here.
新加坡当地交易所—新交所作业部门正全力作业，力求在今年下半年让新加坡第一支投资
于新加坡不动产投资信托(S-Reits)的ETF上架成功，若这项作业顺利完成的话这将是新加
坡ETF中第一支S-REIT ETF。
That was disclosed by Singapore Exchange (SGX) head of research and products
Chan Kum Kong in an interview with The Business Times.
这项讯息是由新交所(SGX)的金融产品与研发主管陈锦光(Chan Kum Kong,音译)在接受新
加坡商业时报采访时所透露。
Speaking to BT on the sidelines of the Reits Symposium 2016 last Saturday, Mr
Chan said: "We have been working with a couple of issuers to launch an S-Reit
ETF for investors but, more specifically, with the aim of providing (through
the ETF) a retirement solution for retail investors here."
在上周六所举办的REIT研讨会当中，陈先生告知商业时报：“我们已经与许多有意发行
S-Reit ETF的发行者合作，以提供零售投资者(散户)更加精确的、透过单一ETF即可达成
的理想退休解决方案”。
The ETF will track the performance of the SGX S-Reit 20 Index launched last
December, which measures the performance of the 20 largest and most tradable
S-Reits listed on the local bourse.
据了解，这支ETF将追踪去年年末成立的S-REIT 20指数，而这个指数旨于评估与表彰新交
所中最大的、最具流动性的20支蓝筹优质REIT。
Though it has yet to secure regulatory approvals due to "details still being
hashed out with issuers", Mr Chan is "cautiously optimistic" about getting
the ETF rolled out in the second half of this year.
虽然这个计画目前还在取得当局监管审核的相关确认程序当中，但陈先生对于此计画表示
：“细节还在与发行者密切磋商中”，但目前他仍表示对于S-REIT ETF在今年下半年上架
的计画表示审慎乐观。
With 36 Reits listed on the local bourse (37 soon, with the imminent launch
of a S$902 million IPO by Frasers Logistics and Industrial Trust this
Friday), Reits remain a "favourite of investors" as the asset class
"consistently edges out indices like the Straits Times Index", Mr Chan said.
目前在新交所中已有36支REIT(若加入将于本周五上市的具有9亿星币的星狮物流与工业信
托的话将获有37支S-REIT)，而到目前为止，REIT还是“许多投资人喜爱”的资产类别，
且长期超越基准指数与大盘，例如海峡时报指数，陈先生进一步说明。
At a total market capitalisation of S$65 billion, Singapore has the
third-largest Reit market in Asia Pacific after Australia and Japan,
according to data from the Reit Association of Singapore (Reitas).
新加坡具有亚洲第三大的REIT市场，而依据新加坡REIT协会(REITAS)的统计，目前新加坡
REIT的6500亿星币的规模也仅次于澳洲和日本。
Figures released by SGX last week showed that 27 Reits and six stapled trusts
listed here posted an average distribution per unit growth of 1.8 per cent in
the first quarter of this year, when compared to year-ago figures.
依据资料显示，新交所指出目前有27支REIT和6支合钉证券(按：合订证券(Stapled
securities)是指由两个或更多份证券包装或组合起来，作为单一股票交易的金融产品。)
在今年第一季缴出了相较于去年同期的配息率成长1.8%的优异成就。
That's why, Mr Chan noted, an S-Reit ETF would be welcome. He said: "Even
from a national agenda standpoint, there are many benefits. A Reits ETF is
what we need; we have an ageing population, so we need to help people grow
their retirement funds. Couple that with the strong demand among investors
here for Reit products, if we are able to wrap the ETF label around S-Reits
by reducing the need for them to choose which Reit to buy, we will have a
great solution."
这就是为什么陈先生提醒我们，S-REIT ETF是投资人欢迎的金融产品。他说：“从国家金
融发展的角度立足，这项发展有其好处。REIT ETF是我们需要的，我们的人口不断老化，
我们需要帮投资人增加退休基金的丰富度与可用选项。除此之外，对于REIT的需求仍十分
强劲，若我们能将S-REIT包装组合成一个ETF的话也可以免去投资人选股的烦恼。”
However, there are snags in the process of launching the ETF, chief among
which is the taxation issue.
然而，这项ETF发展却遇上极大的瓶颈—主要忧虑是税制问题。
A senior executive at an asset management fund who is looking into issuing an
S-Reit ETF told BT: "The thing is that, right now, the tax regulation in
Singapore is such that any Singapore fund which buys into an S-Reit will have
to pay a 17 per cent withholding tax when it gets dividends. Individual
investors, in contrast, do not get taxed on S-Reit dividends."
某有意发行S-REIT ETF的资产管理公司高层在接受商业时报专访时指出：“主要问题是，
目前新加坡税务法规规定：对于所有的在新加坡注册基金买入S-REIT后若遇到配息给个人
投资者时必须支付17%的预扣税。至于个人投资人，相反的毋须为S-REIT配息支付半毛税
金。”
The executive and his fund declined to be named. "So the situation is that it
would be an administrative issue if we have to pay the tax on every dividend
we collect," the executive added.
这位高层拒绝具名，并做出进一步的陈述：“所以现阶段我们遇到了一项行政上的的问题
—我们必须在收到股息后逐一支付税金。”
One way to mitigate the issue would be for the Inland Revenue Authority of
Singapore (IRAS) to waive the withholding tax when dividends are paid out by
the Reits, and instead arrange for the tax to be collected at the ETF level.
唯一的解决方案是由新加坡财政部内陆税务局(IRAS)出手解决，豁免REIT配发的现金股利
所需支付的税金，并针对ETF层级制定替代性税制。
Such a taxation structure "can be done, on a practical basis, and IRAS
doesn't lose any revenue", the executive said.
这类税务结构“事实上是可行的，但IRAS不想让潜在税基流失”这位匿名的高层提到。
Yet, despite the taxation issue, DBS head of property research for Singapore
Derek Tan remains upbeat on the ETF's prospects.
诚然，除了税务问题以外，星展银行新加坡不动产研究主管Derek Tan还是对于ETF展望方
面表示乐观。
"If they can get past the tax issue, then an ETF would be great, as it would
provide a low-cost alternative to local investors, as compared to investing
directly in the Reits," Mr Tan said.
“若他们可以绕过税制问题，那么这样的ETF是很棒的，而且可以对于投资者可以提供相
较于直接投资于REIT的更低成本的替代选项。”谭先生提到。
"The ETF would also appeal to foreign investors who are new to the market,
along with foreign firms in countries like Thailand and Indonesia who do not
have a domestic Reit regime. With competition heating up, the ETF would raise
the profile of S-Reits positively."
“这个ETF同时也对于新来到这个市场的海外投资者(是讲我们吗 XD~)，尤其是对于像泰
国和印尼这类没有国内REIT制度与法规的法人机构来说更是吸引人。随着竞争白热化，这
样的ETF也可以增进投资人对于S-REIT的认识。
At the Reits Symposium, a panel of industry experts (including Mr Chan and Mr
Tan) emphasised the importance of investing in Reits as a way to grow one's
retirement funds.
在这场REIT演讨会当中，一群产业菁英(包含前述的陈先生和谭先生)均强调这项新的投资
工具对于增进退休基金的重要性。
Said Reitas chief executive Sonny Tan: "A lot of people may not be fully
aware, but today's Central Provident Fund (CPF) rules allow them to invest in
Reits . . . You keep your money in CPF and you don't get to take it out until
you are 55, 62, and you get an interest rate of 2.5 per cent.
Reitas的主管提到：“也许许多人不知道，但今天的新加坡公积金制度(Central
Provident Fund)已经放宽对于REIT的投资…若你到55、56岁都不从CPF帐户提钱花用的话
，你的投资报酬应该是每年2.5~2.6%”
"That is good, but Reits give you a return of 5, 6, 7 per cent instead, and
with the power of compounding, your million dollars come quicker."
“这就不错了对吧?但REIT可以提供高达每年5~7%的报酬，而且若考虑复利效果的话，你
很快就会有你的第一桶金!”
The symposium was organised by financial portal ShareInvestor, a subsidiary
of Singapore Press Holdings.
这场研讨会是由SPH(新加坡报业控股)全资持有的财经入口网站ShareInvestor主办。
Said Mr Chan: "I might be conservative about this, but looking forward, I
think we should be looking at getting as much liquidity as we can from the
region into our Reits. We have a first- mover advantage, and if we are able
to augment that with an ETF to lock in our liquidity, overseas Reits that
want to list in their domestic markets will think twice.
陈先生提到：“也许我会对于现状保守看待，但我会往前看，我觉得我们应该专注于尽力
提升REIT的流动性。我们拥有先发者的优势，若我们没办法用ETF的发展来扩大S-REIT的
流动性的话，海外REIT可能会对于是否在新交所上市时三思、甚至却步。”
"But if we don't add liquidity to our ecosystem, then somebody else can copy
what we have very quickly."
“而且若我们不增加这个生态系的流动性，那很快就有人能复制我们的成功模式。”
译者注：部分内容在不影响文意下已经过润饰与修改以符合一般阅读需求。
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P.S：译者仅刊登于PTT海外投资板（Foreign_Inv）与特定FB社团（Alpha168 超额
报酬一路发）。
3.心得/评论(必需填写)：相信有投资朋友会问：“为何个人投资S-REIT免税，但透过ETF
投资S-REIT要课税?原因是：新加坡采取的税制为单一公司税制(One-Tier Corporate Tax
System)。换句话说，根据单一公司税制，在新加坡的公司可以发出单一豁免派息，即投
资人取得的派息收入不需纳税。但ETF，另一方面，视同公司，需要再缴一次公司所得税
，才能配发投资收入给投资人。那若考虑税负后，S-REIT 20 ETF的殖利率会有多少呢?
依据统计，SGX S-REIT 20指数平均殖利率= 6.2% (截至2016-5-20)，若考虑税负则变成
0.062X0.83=0.051(5.1%)，所以这样的税负会导致殖利率减少约1.1%。