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新鸿基金融--此款衍生品的卖家--将根据之前协议，得到高于香港银行同业拆息(HIBOR，香港本地无风险贷款利率)协定基点的利差。
Sun Hung Kai Financial - the seller of the derivative - receives a previously agreed basis point spread over HIBOR, the local risk-free lending rate.
参与此笔交易的人士拒绝透露这一利差的大小。
People involved in the deal declined to reveal this spread.
全香港住宅价格指数(All Hong Kong Residential Price Index)是包括HKU-HRPI在内的三个分项指数的加权平均数。该指数相对于香港银行同业拆息的利差为650个基点，约合10.5%。
The All Hong Kong Residential Price Index, a weighted average of the three sub indices including the HKU-HRPI, is offered at 650 basis points over HIBOR or roughly 10.5 per cent.
房地产衍生品受到欢迎的原因在于，实际上，它允许投资者在实际不拥有房地产的情况下，觊觎或投机某个房地产领域。 Property derivatives are popular because they, in effect, allow investors to take a view or speculate on a particular property sector without actually having to own the bricks and mortar.
"另外一个巨大优势是时间，"表示，"实物交易需耗费数周时间，而一旦流动性形成，房地产衍生品交易可能仅需要几分钟时间。"
"Another big advantage is time," says Mr Ljubic. "A physical transaction can take weeks while a property derivative, once liquidity is established, could take minutes."
新鸿基金融财富管理、资本市场和经纪业务行政总裁Joseph Tong表示："香港房地产市场非常活跃，人们能够迅速适应新的金融工具。我们预计，这种产品将有着巨大的增长潜力。"
Joseph Tong, chief executive officer for wealth management, capital markets and brokerage at Sun Hung Kai Financial, says: "Hong Kong has a very active property market and people get used to new financial instruments quickly. We expect there is going to be a sizeable growth potential for this product."
然而，未来也存在一些挑战。房地产衍生品市场之所以在一些国家起步缓慢，原因之一在于，基础数据必须十分稳健--就像英国那样。
But there are challenges ahead. One of the reasons why the market has been slow to take off in some countries is that underlying data needs to be of a cast-iron calibre - as is the case in the UK.
开发香港住宅价格系列指数耗时约9个月，而香港房地产衍生品交易入市则耗费了约14个月的时间。
It took about nine months to build the Hong index series while it took roughly 14 months to bring a Hong Kong property derivative transaction to market.
GFI Colliers房地产衍生品主管斯蒂芬o摩尔(Stephen Moore)表示，他的公司正与新加坡国立大学(National University of Singapore)合作，为新加坡住宅市场开发住宅指数。本周，澳大利亚推出了住宅指数。澳大利亚商业指数预计将在未来六周推出。GFI Colliers是香港此笔掉期交易的交易商之间的经纪人(IDB)。
Stephen Moore, ead of property derivatives at GFI Colliers, the inter-dealer broker for the Hong Kong transaction, says his firm is working with the National University of Singapore to create residential indices for Singapore's housing market, and this week, residential indices were launched for Australia. Commercial indices for Australia are expected in the next six weeks.
他表示："在亚太地区开发此类产品的主要问题在于，具备开发可靠且稳健指数所需的高透明度的国家为数极少……然而，如果没有（适当的指数），就不可能建立衍生品市场。"
He says: "The main issue with developing these products in the Asia-Pacific region, is that there are very few countries that have an adequate amount of transparency to develop credible and robust indices on which to trade...Without [a proper index], however, you cannot build a derivatives market."
