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• Developer wins two state land auctions for Shanghai sites in the past three weeks in signs of optimism for Yangtze River Delta plan
• Land bank and properties in Shanghai amount to 75 billion yuan, or 70 per cent of the group total assets

Shui On Land is planning to take on more urban redevelopment projects in Shanghai after winning two prime sites at state land auctions in the past three weeks, making the city its next source of earnings growth.

The builder paid 1.86 billion yuan for a piece of 15,258 square metre site at HongShouFang in Putuo in a winning bid on November 1. That followed an earlier auction on October 31, when its 3.88 billion yuan offer for four parcels of land totalling 90,059 square metres in Xujing Town, Qingpu district topped rival bids.

The two acquisitions will bring its assets in Shanghai to more than 75 billion yuan (US$10.7 billion) or about 70 per cent of the Hong Kong-listed group’s assets, making it one of the biggest landlords in the city. The rush to replenish its Shanghai land bank underscores its optimism in the Yangtze River Delta Integration Plan, a state-mandated growth strategy to connect the city and its neighbours in the region into an integrated business and trading hub.

“The city has ample opportunities for micro redevelopment,” Jessica Wang, managing director of Shui On Management, said in an interview. “In New York, London and Tokyo, we see the restoration of cultural and commercial elements as the future trend. It will be one of the directions for Shanghai’s development. This trend will create major development opportunities in China’s first-tier cities.”

The concept echoes President Xi Jinping’s call this month, exhorting developers and local governments to commit to restoring old areas and respecting their historical buildings. Xintiandi, translated as New Heaven and Earth, as a former rundown longtang residence transformed by the developer some three decades ago, will be a perfect template to follow, Wang said.

“Urban renewal will be a better way to maximise the use of land resources in city centre, particularly in Shanghai where prime land is becoming rare,” Wang said. “In future, Shanghai is unlikely to see a large scale urban regeneration involving massive demolition and rebuilding developments.”

While detailed renovation plan is still under study, some proposals include preserving the vintage elements of the HongShouFang – which used to be a community of 1,000 longtang residences – in its redevelopment plan.

美国政府说，在办公室里睡觉是绝对不行的。但专家们说，该是重新考虑这个问题的时候了。

美国政府决定对上班午睡采取强硬态度。

尽管长期以来，联邦机构一直不鼓励雇员上班时间午睡，但在过去直到现在，它从未被明确禁止过。

美国联邦政府总务管理局本月早些时候发布的一项指令规定：禁止所有人在联邦大楼中睡觉，除非这种行为得到机构官员授权。

目前还不清楚是什么促使美国官方发布这个规定，他们拒绝置评。但这不是政府第一次打击员工打盹的表现。

2018年，加州审计办公室发布了一份关于一个每天最多能睡长达3个小时的汽车事务部员工的报告。报告估计，该员工人打盹使该州在4年内损失了4万美元的生产力。

该报告说，该员工打盹迫使她的同事因为她的懒散而要工作更努力，替她去做她应该做的工作。

这名员工并没有受到处分，因为她的主管担心她有健康问题才导致嗜睡。

有关员工集体在上班时间补足睡眠的想法对许多人来说是敲响警钟，但也有很多人认为在工作中打盹可以提高生产力，所以不应该轻易否定这一做法。

劳伦斯·爱泼斯坦博士曾担任美国睡眠医学学会前院长、波士顿布里格姆妇女医院临床睡眠医学主任。他估计，大约有7千万美国人患有睡眠障碍。

印第安纳州鲍尔州立大学最近发表了一项研究，调查了15万人的自报睡眠时间，发现每晚睡眠时间在7小时以下的受访者人数，从2010年的30.9%上升到2018年的35.6%。约半数的被调查对象是警察和医护人员，他们报告说睡眠不足。

爱泼斯坦告诉BBC 说，一些公司越来越意识到这个问题，并且正在提供解决问题的方法。

睡眠不足与各种健康问题有关，包括肥胖症、糖尿病、心脏病和中风，以及焦虑和抑郁等心理健康问题。

兰德公司2016年进行过一项分析，称工人睡眠不足对美国经济的影响是每年4110亿美元，其中包括生产率下降。

爱泼斯坦和其他专家支持允许工人在工作时小睡一会儿的安排。

爱泼斯坦说，睡眠不足的人不能尽其所能，发生工伤事故的风险更高，因为员工有更多的健康问题，最终给公司带来更多损失。

其他国家对工作间午睡的看法没那么刻板。在日本，一些公司正在安装隔音吊舱，以鼓励长时间工作的工人休息一会儿。

这种想法开始在美国得到认同，但速度很慢。

在一些公司里，比如品牌冰淇淋公司本杰瑞（Ben&Jerry’s）已经设立了午睡室，以方便员工打盹。这些小休息室说不上豪华，也就是10平方米的小房间，外号被叫做“达芬奇房间”，里面有个沙发床和一条薄毯子。

进来打盹者必须脱鞋，打盹时间限制在20分钟以内。而因为生病需要更多睡眠的员工将被送回家。

但本杰瑞的一名发言人劳拉·彼得森说，即便如此，对工作时间睡觉的刻板观念仍然是一个问题。

她说，在员工用“唐老鸭”等假名字登记后，公司不得不放弃使用注册表。

彼得森说，并没有很多人愿意承认他们会使用它，她自己自从3年前加入公司以来，已经使用过打盹室4次了。

她说，有时会睡觉，所以不得不用手机上闹钟以确保不要睡过头。这是一个不错的休息机会，之后她确实觉得工作更有成效。

她的同事也有同感。

与此同时，一些北美公司正在开始把打盹当作它们商业的一部分。

加拿大第一家午睡工作室名为Nap It Up最近开业了。它的创始人梅扎比恩·拉赫曼说，她是在一家银行长时间工作时想出这个主意的。

它位于多伦多一个繁忙的地区，员工们可以任何时候到工作室，租一张双人床25分钟，价格为10加元（约7.6美元，5.9英镑）。床铺之间由厚重的窗帘分开，确保休息者的隐私，房间里还飘散着令人放松的薰衣草香味。

一个提供睡眠椅舱的公司MetroNaps 将这个想法更进一步，它设计了具有未来派感觉的能量恢复小舱，让午睡者睡在符合人机工程学的躺靠的位置。

在医院、工厂和机场等24小时运营的地方，这些睡眠椅舱越来越受欢迎。但是该公司的首席执行官克里斯托弗·林德霍尔姆说，他们也开始向比如健身俱乐部和大学这样的机构出售这些睡眠椅舱。

林德霍尔姆说，当他们开始这门生意的时候，人们认为提倡在工作期间睡觉的想法有点疯狂地。因为在过去，公司认为你会来上班并保持工作状态，这是理所当然的事情。

消息人士称，日本决策者正在考虑发行50年期政府公债，作为支撑超长期利率的一种长期手段。

发售此类债券，可以使日本政府能够锁定廉价的长期资金，并向渴望获得收益的投资者提供更高的回报。在日本央行总裁黑田东彦本月对上述想法发表评论之后，发行50年期公债已成为热门话题。

发行50年期公债，还可以帮助防止超长期公债收益率过度下跌，从而为日本央行提供实施“收益率曲线控制”(YCC)政策的新工具。长债收益率过度下跌会损害养老基金的回报。

财务省官员告诉路透，目前尚无在日本马上发行此类债券的计划，但财务省长期以来一直在考虑这一想法，并在三年前与市场参与者举行了听证会。

财务省官员称，由于投资者需求较少，该计划被否。

“该计划尚未完全被排除，长远来看可能会予以考虑，”财务省另一位官员表示。

财务省官员说，发行50年期公债可能会分流其他超长债市场的流动性，使收益率容易出现剧烈波动。而50年债是否会有较大成交量还不清楚，如果收益率飙升，投资者可能遭受巨大损失。

知情人士说，日本央行也在考察发行更多长债会如何影响其收益率曲线控制政策(YCC)，该政策旨在控制收益率曲线的形状。

一位消息人士说：“如果政府发行更多超长债或开始发售50年期债券，那将有助于使收益率曲线变陡。”

由于未获授权向媒体发言，财务省官员和熟悉央行想法的消息人士均未具名。

终极武器，但火力太强

长期公债在全球都受到关注，许多国家都试图利用利率超低的机会发债。部分欧洲国家已经发售了100年期债券，美国财长努钦说美国可能也会考虑。

在希望扩大支出的日本政客当中，也有长期债券的支持者。

本月日本央行总裁黑田东彦表示，如果政府发行50年期公债，将有助于避免超长期公债收益率过度下跌。此言一出引发一片哗然。

日本副首相兼财务大臣麻生太郎几天后表示，日本或许考虑发行这样的债券。

目前日本年限最长的是40年期公债，流动性很低，仅占日本公债市场中流通债券的2.4%。

了解央行想法的上述消息人士指出，部分央行官员质疑50年期公债是否有助于让收益率曲线变陡。

他们表示，鉴于超长债在为数不多的保险商和养老基金之间交易，发行50年期债券可能只会从其他期限债券中抽走流动性，造成收益率曲线向错误方向扭曲。

如果50年期债券的需求意外强劲的话，政府可能以极低的票息发行。如此可能推低其他超长债的收益率。

除了放缓购债步伐，日本央行可能没有什么其他工具来为收益率托底。

日本央行已经在稳步缩减购债，但对于该央行能在多久时间内维持10年期收益率不会明显跌破0%目标，分析师表示怀疑。

央行可以卖出债券持仓，但不会没有负面影响。日本央行持有的公债规模占日本公债市场将近半壁江山，哪怕有央行出脱债券的微小暗示，也可能引发市场的抛售狂潮。

“卖出债券理论上是可以的，”第三位消息人士称，“但对日本央行而言不那么容易，因为影响很难预测。”

作为一名法院人，我们的初心和使命就是在每一个司法案件中秉持公平公正的办案理念，常怀为人民服务之心，维护每一个当事人的合法权益。

历史车轮滚滚向前，时代变迁浩浩荡荡。今年是我们伟大的党成立98周年，98载风雨兼程，98载春华秋实。98年来，我们党带领中华儿女克服艰难困苦，从一无所有到欣欣向荣，取得了举世瞩目的巨大成就。这一路光辉旅程寄托着全体共产党人的初心，承载着全体共产党人的使命担当。

习总书记在十九大报告中指出：“中国共产党人的初心和使命，就是为中国人民谋幸福，为中华民族谋复兴。这个初心和使命是激励中国共产党人不断前进的根本动力。” 作为新时代的接班人，我们更要牢记初心使命，奋勇砥砺前行。

刚参加工作时,我曾经历过一段迷茫期。刚出校园的我，认为法院工作神秘又庄严。而当我真正进入法院，才发现每天都有打不尽的电话、发不完的副本，身边的案卷逐渐堆成了一座小山。每当这时，我都会问自己,我学习法律的初心是什么?我进入法院工作的初心又是什么?直到有一次我独立调解了一起纠纷,内心才有了答案。这是一起看似普通的民间借贷纠纷。原、被告曾是好友，被告向原告借款多年未还。原告出于朋友情谊，一直未将被告诉至法院，直至得了一场大病，手头日渐拮据，只能以诉讼的方式要求被告还钱。开庭当日，被告到庭应诉，满脸愧疚，始终在逃避原告的视线。“背对背”调解时，被告对我说：“法官，这个钱我一直想还，但是我现在在餐馆打工，每个月收入不高，没办法一次性都还了，所以我也一直不好意思跟原告联系，你能不能帮我做做工作，跟原告商量一下，同意我分期还款？”我能感觉到被告说出这番话时的诚意，于是我决定试一试。在原、被告间来回沟通多次后，他们二人最终对于还款方案达成一致。拿到调解书时，原告松了一口气，她紧握着我的手，感慨地说：“小张，今天辛苦你了，前前后后花了3个多小时帮我们解决问题，这样调解以后，钱终于有了着落，我和被告也不至于撕破脸，真的很感谢你。”那一刻，我意识到，也许这些案件在我们看来只是普普通通、简简单单的纠纷，但对当事人而言，这些案件事关他们的切身利益。我所打的每一通电话、发出的每一份文书都与他们息息相关，帮助他们实实在在地解决问题、维护合法权益、定分止争，正是我作为一名法院人的初心和使命。

坚守初心使命，要始终把党放在心中。习总书记曾说过，人民有信仰，国家有力量，民族有希望。作为一名共产党员，我们要牢固树立“四个意识”，坚定“四个自信”，做到“两个维护”，秉持内心信仰，终会不负努力。

坚守初心使命，要始终把责任扛在肩上。司法公正事关人民幸福安康，事关国家发展大局。作为一名法院人，我们处在维护司法公正的第一线，要在工作中常怀为人民服务之心，努力让人民群众在每一个司法案件中感受到公平正义。

坚守初心使命，要始终把敬业落到实处。要悉心对待每一个案件和每一个当事人，力求每一起纠纷都能案结事了。同时要加强专业知识学习，常学常新，用丰富的理论知识武装自己，才能在审判工作中遇到棘手难题时淡定面对。

一代人有一代人的际遇，一代人有一代人的奋斗。让我们不忘初心、勇担使命，以一往无前的奋斗姿态，心怀公平正义，手持法律长剑，共同守护这如歌盛世！

作为一名90后法官助理，怀揣法律理想一路走来，经历过挫折、遇到过质疑、遭受过否定，支撑我在法治道路上不断前行的，是身为法律人的初心和使命：积极践行司法为民，坚决维护法律权威。

不忘初心、牢记使命。我们的祖国和党，是在内忧外患、艰难困苦的环境里诞生、成长、发展和壮大起来的，无数的革命先辈怀着强烈的使命感，付出了汗水、鲜血、甚至是生命。

作为一名90后法官助理，我没有经历过革命年代的战火硝烟，也没有经历过建设时期的艰苦卓绝，那么我的初心在哪里？我的使命感又从何而来呢？

记得八九年前，我上大学的时候，参加社团活动，进社区进行宣传普法。我们在社区坐了一个下午，但门可罗雀。终于有一位满脸愁容的大妈过来咨询，我们跃跃欲试，搜刮了脑海中的知识库给她提供了很多建议，她都只是摇头，最后留下一句话：“说了也没有用，法律根本不保护我们老百姓”。作为一名法学学生，第一次面对这样直接的不信任，我的心情是错愕的、是憋闷的。我想要反驳她，但是我明白，光靠语言的反驳是不能让人信服的。我想，不断地思考和探索，怎样能让法律更好地保护人民群众的利益，怎样让人民群众增进对法律的信任，正是我们法律人的初心。

后来到了毕业前夕，所有的亲戚长辈都关心我找工作的情况，知道我打算报考基层法院，都说：“公务员好是好，就是法院太忙了，工作压力大。”甚至到我过了面试，打电话问辅导员一些手续上的问题，她又给我泼了一盆冷水，做基层法院的法官助理还不如你找的上一份工作呢。但是我内心很坚持、甚至是坚定地认为，这是一份有意义的工作，能够做我想要做的事情。入职不到两个星期，我遇到这样一位当事人。那时我正向案件原告宣判并送达判决书，谁知当他拿到判决书发现自己的诉请没有得到支持，便开始大骂法院不公正。我没有经验，一下子被这样的大嗓门吓得有点懵。虽然事情最后平稳解决了，但我对自己的表现很不满意，我意识到，接待当事人是一门大学问，司法为民是我的使命，彰显法律的威严也是我的使命，我必须认真履行职责、不断学习积累、孜孜不倦，才能妥善应对各种突发状况，扎实做好每一项工作。

基层法院的工作紧张忙碌、清苦平淡，鲜有鲜花掌声。但每当看到法官们身着法袍、书记员们手执案卷，风风火火、忙前忙后、脚不沾地的样子；每当看到执行员们奔波在路上，查找被执行人的行踪，留下奋斗的足迹和辛勤的汗水；每当看到夜晚的办公大楼，一扇扇窗户闪烁着明亮的灯光，与星月交相辉映，我心中的责任感和使命感就愈发强烈。

不知不觉，我告别校园，走进法院已经两年了。两年的历练，让我面对工作淡定从容了许多，遇见当事人向我咨询，我会耐心解释悉心劝导；遇见对法院不信任的当事人，我也会坚定地告诉他们：“法院会公正裁判的！”我作为新时代千千万万名司法干警中最普通的那一个，始终相信，在这个工作岗位上，多一句耐心的解释，人民群众就多一份对法律的理解，多一份公正的判决，人民群众就多一份对法律的信任。

我将时刻谨记身为法律人的初心和使命，立足本职工作，积极践行司法为民，坚决维护法律权威。

A recent USB report found wealthy investors are increasing their cash reserves, adding to growing evidence suggesting they see trouble on the horizon

Do the ultra-wealthy know something we don’t? US consumers in general are still spending, but the 1%? Not so much.

A UBS report released last week found wealthy investors around the world are holding a relatively high level of cash in anticipation of global turmoil in 2020. That report added to a growing body of evidence that suggests the wealthy see trouble on the horizon.

UBS’s global wealth management surveyed more than 3,400 “high-net worth” individuals split across 13 markets to take the temperature of their overall economic sentiments.

More than half predicted recession next year, while nearly all respondents felt the US-China trade war will have major implications for the year ahead. Sixty per cent said they were preparing for a recession next year by increasing their cash reserves to 25% of their total, a couple of percentage points higher than normal.

“Given where we sit in the geopolitical uncertainty, people are looking to put cash to work,” said Sameer Aurora, executive director in UBS Wealth Management’s client strategy office.

Nearly four-fifths of respondents say volatility will probably increase, and 55% think there will be a significant market sell-off before the end of 2020. Sixty per cent are considering increasing their cash levels further.

“People are looking to diversify their portfolios, which is a natural response to the environment we’re in, and they’re looking for advice as we stand at the doorstep of what might be a watershed year with Brexit and a US election looming. Putting money into cash is a reflection of that,” said Aurora.

The move to cash is another signal of a pervasive anxiety about the direction of the global economy at the end of 2019.

“The rapidly changing geopolitical environment is the biggest concern for investors around the world,” said UBS’s Paula Polito, who noted that investors are more concerned about significant global changes than they are about natural economic cycles.

This move to cash comes after the billionaire Warren Buffett’s Berkshire Hathaway investment conglomerate indicated a record $128bn in cash, up more than $100bn since 2009, when it was reportedly holding about $23bn in cash.

While that could signal that the “Oracle of Omaha” can’t find anywhere to invest or is saving up for a big purchase, Berkshire recently noted that “prices are sky-high for businesses possessing decent long-term prospects”.

But there are other signs that the wealthy are keep cash under their well-feathered mattresses rather than splashing out on something fittingly luxurious, artistic or expansive.

Last week’s biannual art sales in New York were notably lacking in big-ticket items with no painting or sculpture estimated to sell for more than $45m. By contrast, the spring sales in May raised $2bn in purchases, including a $91m Jeff Koons stainless steel Rabbit sculpture.

A report by the French database Artprice that global auction sales were down 17.4% in the first half of 2019. Chinese shoppers, who kept the marked bubbling for the last few seasons, have vanished. In July, one the business’s heavy-hitting private galleries, Pace, closed up shop in Beijing.

After the $90.3m sale of David Hockney’s 1972 Portrait of an Artist (Pool with Two Figures) last November, the market assumed a rediscovered canvas , Sur la Terrasse of the painter’s boyfriend at the Hotel La Mamounia in Marrakech in 1971 would sell over its $25m to $45m estimate. In the end, it scraped through at $26m.

At the end of the week ArtTactic found that sales of contemporary art at Christie’s, Sotheby’s and Phillips, in New York this fall fell 31.5% from last November’s results to a total $581.8m – the lowest number since November 2011 – and significant drop since May when the Koons sale and a $110.7m Monet fooled the market into thinking everything was rosy.

“Whittled expectations are a sign sellers are wary to part with their trophies at a time when broader global markets are weighed down by trade wars, Brexit and political scandals,” the Wall Street Journal opined.

The same is true for property. After a record boom in construction, Manhattan’s market in luxury condos has been falling since 2015 – and is continuing to drop. According to an estimate by appraiser Miller Samuel Inc, there will be more than 9,000 unsold new condo units on the market in Manhattan at the end of this year, a supply that could take nine years to sell out.

That’s also true in the Hamptons, the summer playground of wealthy New Yorkers. Property at the far end of Long Island had its worst spring selling season since 2009 and the number of unsold homes doubling. At the high end there is a three-year supply of unsold properties.

According to Aurora, the fact that 25% of wealthy individuals assets are held in cash is a reflection of the fact that they are looking for something to do with it.

“People are still looking to put money to work in high-quality assets, but people are looking to rebalance their portfolios so they are well-positioned for the months ahead where they see uncertainty. We’re living in an uncertain times and looking at factors, like the US-China trade war, that didn’t exist even two or three years ago.”

On Thursday, the New York Times reported on a study showing that Elizabeth Warren’s proposed wealth tax (and presumably Bernie Sanders’ even more ambitious version) would reduce economic growth by nearly 0.2% a year, over the course of a decade.

Under the headline “Warren Wealth Tax Could Slow the Economy, Early Analysis Finds”, the Times trumpeted the analysis, from the Wharton School of the University of Pennsylvania, as “the first attempt by an independent budget group to forecast the economic effects” of a centerpiece of the Warren and Sanders campaigns.

It sounded like a game-changer. The super rich obviously don’t like a wealth tax, but if it also slows the economy, it could harm everyone.

But wait. In order to arrive at their conclusion, the authors of the study make two bizarre leaps of economic logic. They assume, first, that wealthy Americans would save and invest less in order to avoid accumulating wealth that would be subject to the tax, and that this drop in investment would retard economic growth.

Baloney. If we’ve learned anything over the last 40 years it’s that the savings and investments of wealthy Americans do not necessarily trickle down in ways that grow the economy or benefit most Americans.

Warren has repeatedly argued that taxing the super rich is the fairest and most efficient way to pay for critical needs
The investments of the wealthy are parked all over the world in everything from exotic tax shelters to real estate and works of art. Rather than generate social benefits, they are more likely to keep legions of investment bankers, money managers, wealth advisers and tax lawyers busily employed, gaming the system.

The study also assumes the revenue raised by a wealth tax will go toward reducing the federal debt. It totally disregards what the wealth tax would finance, such as Warren’s proposals for universal childcare, increased education funding, student loan forgiveness, green manufacturing and infrastructure.

This is no minor oversight. Warren has repeatedly argued that taxing the super rich is the fairest and most efficient way to pay for these critical needs.

Such spending, not incidentally, would spur growth. Enabling more parents to work, young people to become better educated, green technologies to take root, more access to healthcare, and the nation’s infrastructure to be upgraded, would improve productivity.

How can an analysis of the wealth tax focus only on its trickle-down effects and not consider these crucial bottom-up consequences? Just as peculiarly, why would the New York Times prominently report this one-sided study?

The answers to both questions, I fear, have less to do with economics than with where power is located in the American system.

The denizens of corporate board rooms, C-suites and Wall Street do not regard Bernie Sanders as a threat because they do not believe he has a chance of being nominated. But they are panicked by Elizabeth Warren.

Financier Leon Cooperman accuses Warren of “trying to demonize wealthy people because there are more poor people than wealthy people”. Facebook’s Mark Zuckerberg calls Warren an “existential” threat. Billionaire and possible presidential candidate Mike Bloomberg describes her tax plan as anti-capitalistic.

These billionaires have such an obvious stake in preventing a wealth tax that their charges carry little weight. If anything, they have given Warren political ammunition: this week she launched an ad, “Elizabeth Warren Stands Up to Billionaires”, that targets several of her super-rich critics.

But more insidious attacks on the tax plan are now emerging from sources that do not bear the direct imprimatur of the wealthy, including some presumably liberal enclaves such as a thinktank at the University of Pennsylvania and the New York Times, which chose to highlight its questionable study.

Recently Steven Rattner, a former Wall Street executive, official in the Obama administration and contributing opinion writer for the Times, called a Warren presidency a “terrifying prospect” that would abandon “the limited-government model that has mostly served us well” and “turn America’s uniquely successful public-private relationship into a dirigiste, European-style system”.

I know Rattner as a thoughtful man who is typically more measured, as is the Times op-ed page. But the establishment’s panic has apparently enflamed even its usually restrained surrogates and platforms.

This is no orchestrated conspiracy. It is more a matter of affiliation and class, revealing once again that biggest divide in America isn’t between Republicans and Democrats, conservatives and liberals or right and left. It’s between the establishment and the anti-establishment, the oligarchy and the rest.

Warren and Sanders have stirred up a hornet’s nest. Beware. Bipartisan stingers are out.

在谈到家庭债务时，澳大利亚人可以说是世界纪录的保持者。

关键看点：

• 澳大利亚家庭债务接近收入的200%
• 其中大部分都与房贷有关
• 澳大利亚联邦银行首席执行官马特·科曼说尽管人们负债累累，但利率仍然很低，没有必要过分担忧

米纳克联合咨询（Minack Associates）公司的经济学家兼负责人杰拉德·米纳克（Gerard Minack）在对《7.30》时事节目表示：“我们的家庭债务与收入之比接近200%，在我看来，这是一个巨大的宏观风险”。

“为什么澳大利亚人负债累累？因为我们买了房子。”

“不是盖房子，而是买房子，然后把房价推高到了世界上最贵之一。

“这实际上是一个纸牌搭的房子。”

他祈祷澳大利亚在未来10年不会陷入经济衰退之中。

上百万的房贷

史蒂夫·琼斯（Steve Jones）和贝夫·琼斯（Bev Jones）夫妇住在悉尼北岸，离悉尼市区不到10公里。

他们有三个孩子，虽然他们不认为自己“富裕”，但他们高兴地承认自己生活得很舒适。

正是因为他们的抵押房贷让他们有别于他人。

“我们的房贷大约有100万澳元，”琼斯女士告诉《7.30》节目。

“我们在贷款时睁大了眼睛，了解我们自己到底在做什么。”

“不是什么好事，但我们想拥有自己的家，所以就是这样。”

琼斯先生全职从事金融工作，而琼斯女士则在家兼职经营一家咨询公司。

从最小的孩子出生后，她就一直没休息过。现在这个孩子已经14个月大了。

“我从怀孕起就一直在工作，之后每天也都工作，所以我没有休息过，”她说。

“我认为回到正常的兼职或全职工作会非常困难。我认为这对我们家来说很难做到。”

“但我不会因为是否会回去做全职或兼职或其他什么而失去房子。”

他们的房贷还剩25年左右，但他们正试图以更快的速度还清所剩贷款。

他们所做的决定都以陪伴孩子一起长大为中心。

他们搬到了靠近城市的地区居住，以减少通勤时间。这也意味着更高的房价和随之而来的高房贷。

“我认为我们仍然有很多选择。我们并不是什么都能买得起，”琼斯夫人说。

“我们仍然需要选择，但我觉得我们仍可以拥有生活中想为孩子和家人所拥有的东西，我们有办法挣钱满足这些开销。”

跟随央行降低贷款利率

澳大利亚最大银行联邦银行的总裁承认澳大利亚的家庭债务很高，但他并不为此而感到担忧。

“我们看到平均贷款价值比（loan-to-value ratio）为50%左右，”澳大利亚联邦银行总裁马特·科曼（Matt Comyn）告诉《7.30》节目。

这意味着平均来讲，贷款是房地产估价的一半。

从银行的角度来看，这意味着如果借款人无法偿还，银行仍然可以出售房屋并收回其资金。

“所以我们对债务的整体健康状况和客户偿还能力没有任何担忧，”科曼先生说。

“如果你从个人层面和整个系统的角度来看债务的可偿还性，我们发现超过四分之三的客户都提前还了款。”

“很显然，这取决于利率保持在低位。我认为在任何情况下，在可预见的未来，利率都将保持在非常低的水平之上。”

一些人认为，如果银行完全按照澳大利亚央行（即：澳联储）的官方降息降低贷款利率的话，利率甚至会更低。

澳大利亚央行最近15次现金利率变动都出现了下调，目前澳大利亚官方利率处于0.75%的创纪录低点。

但平均银行抵押贷款利率和官方现金利率之间的差距却越来越大。

自2006年以来，主要银行的标准浮动利率与现金利率之间的差额从略低于2%增加到接近4%。

政府指控各大银行从中牟取暴利，并委任竞争和消费者委员会（Competition and Consumer Commission）对此展开调查。

但科曼却坚称，这个问题比看上去的要复杂得多。他期待利用竞争和消费者委员会的调查来传达这一信息。

他表示，官方现金利率并不适用于该银行所有贷款的来源，他们的资金是从包括存款和海外货币市场在内的许多不同地方获取的。

他还指出，银行也有储户，其中许多人都依赖着定期存款收入生活，定期存款也会受到降息的影响。

科曼表示：“在现金利率下降75个基点的时候，定期存款只下降了约20个基点”。

“所以对我们来说，这一切都是为了平衡不同的利益相关群体。”

“最好希望我们不会再次陷入经济衰退”

随着家庭债务已达到创纪录水平，房价已很高，看起来他们又要上升了，解决方案是什么？

“最终，现在，最好的办法是房价相对于收入缓慢而稳定地下降，”米纳克说。

“我想一个良性的可能性也许是一些很小的修正，与我们所经历的没有什么不同。”

“我认为我们能侥幸逃脱的话，因为这些房价现在处于如此之高的水平。”

“所以你最好祈祷一下，希望我们在未来10年不会再次陷入经济衰退，因为这将需要经历好长的时间。”

“如果我们在过渡期内真的陷入经济衰退的话，哇，住房将真的是个风险。”

全新“转让交易”功能让投资理财更便利

上周刚刚落幕的第四届新加坡金融科技节（Singapore FinTech Festival）和新加坡科技创新周（SWITCH）首次以“合体”形式登场，这场世界最大的金融科技盛会史无前例地吸引到了来自全球各地约1000家参展商出席。这场盛会上，一家来自中国并在新加坡设立海外分公司的企业备受瞩目，它就是陆金所国际（简称陆国际，Lu-Global）。

这是陆国际第二次参加新加坡金融科技节。展会上，陆国际介绍了一项刚刚在手机程序上推出的全新功能——“转让交易”（Marketplace），为持有特定定期产品的投资者创立的交易市场，为陆国际的客户提供更好的灵活性以及投资的流动性。展区里的互动墙则展示了陆国际如何利用中国平安集团先进的科技成果，例如云计算、人工智能、大数据，帮助全球用户进行安全、方便又智能的投资理财。

中国金融科技企业立足新加坡开启海外业务

作为在线财富管理平台，陆国际的来头可不小，它是中国平安集团旗下的财富管理平台“陆金所”（Lufax）的国际业务平台。平安集团1988年创立于深圳，现已发展成为全球领先的金融集团，2019年在福布斯全球最强2000上市公司榜单上名列第7位，同时也在2019年财富500的榜单中名列第29位。陆金所是平安集团2011年在上海设立的在线财富管理平台，全球备受瞩目的金融科技独角兽公司之一，资产管理规模超过3618亿元人民币（约703亿新元），平台注册用户也突破了4000万人。

陆国际平台上的理财产品，是由公司专业金融管理师精选，合作的产品供应商更是摩根大通、贝莱德（BlackRock）等世界知名投资公司。产品的投资亮点、产品信息，以及风险指数都在手机程序上一目了然，供用户作为投资参考。

同时，陆国际也借助中国平安与陆金所的技术支持，建立了一套成熟的风险管理框架，通过严谨的金融风控，为用户打造一个安全可靠的理财平台，确保每个人都能找到最适合自己的理财方案。凭借在金融科技领域的创新和发展，陆国际也在今年获得了由《亚洲资产管理杂志》颁发的“2019 年东盟（亚细安）地区的最佳金融科技应用程序”奖。

作为一个线上的财富管理平台，陆国际提供一站式的投资体验，通过人脸识别、双因素验证（Two-Factor Authentication）和OCR技术，让用户进行全线上开户，并以直观简洁的方式提供用户需要了解的产品信息。用户只要资料在手，开户仅仅数分钟内就可以完成；一键点击，随时随地就可以进行投资理财。

降低投资门槛 理财更灵活

在陆国际的平台上，可以看到一些另类资产投资的选择，包括私募基金，私募债等产品，这些丰富的定制化产品，过去通常只有私人银行客户或是机构投资人才能享有的基金产品，现在只要成为陆国际的用户，就能通过较小金额进行投资。用户可以选择以100美元开始起投公募基金的产品，或者1000美元开始起投定期产品，购买定期产品还免申购费。

不同于传统投资需要漫长的锁定期，陆国际提供3个月、6个月、9个月等不同投资期限的定期产品。而全新推出的“转让交易”是陆国际为持有特定定期产品的投资者创立的交易市场，在这里，卖方挂出其持有的可转让的基金产品，买方可浏览并购买。卖方可将原本的投资更快变现，买方也有机会买到一些一级市场上不再出售的收益率更高的基金份额，进一步增强了投资的流动性。

We’ve all had the odd sleepless night, but what if that happens every time you go to bed? We take a closer look at this sleep disorder

It’s midnight, meaning it’s the start of a new day – and then 1am, and 2am and 3am. But you’re one of the few people that notices; while most people are fast asleep, you’re still fighting with eyelids that refuse to stay closed and a mind that refuses to quieten. You ask yourself: is this normal?

If this kind of thing happens frequently, you are likely an insomniac – someone who struggles to fall asleep. Although many young adults probably suffer from a lack of sleep, how do you know whether you’re actually suffering from insomnia?

With studies showing that around one in every three people suffers from insomnia around the world, we spoke to a professional to find out more about this misunderstood disorder.

So, what is insomnia?

Dr Joyce Lam, the vice-president of the Hong Kong Society of Sleep, says insomnia can be divided into three main categories – difficulty in maintaining sleep (DIMS); difficulty in initiating sleep (DIS); and early morning awakening.

“Most patients are diagnosed with the first two types, while the latter one affects mostly elderly people and people with depression,” Lam says. “If the situation happens three or more days a week, and lasts for three months, then it’s very likely you’re suffering from an insomnia disorder.”

Effects

Lam says the effects of insomnia vary between short term and more chronic cases.

“For example, you’ll probably be unable to fall asleep if you’re nervous about tomorrow’s exams. This kind of insomnia may cause minor issues like trouble focusing and a bad temper.”

However, she adds that long-term sufferers may have more severe outcomes, such as serious depression and anxiety.

This can lead to bad habits, such as relying on caffeinated drinks to maintain your energy levels during the day. This makes it harder to fall asleep at night; and you may begin to worry about not getting enough sleep, which ironically makes sleep even more difficult.

Myths

There are lots of folk stories and old wives’ tales on how to “cure” insomnia and, while some might be effective, others do more harm than good. For example, napping to compensate for a lack of sleep at night is a common mistake.

“A person who has stayed up for the entire day in most cases has an easier time falling asleep than people who took naps during the day, for the reason that the former has gathered more sleepiness overall,” explains Lam.