111 年 國立臺灣大學經濟學系碩士班《專業英文（D）》
第 1 題
The following is an excerpt from the article "Both demand and supply continue to rise" published on Global Property Guide on August 25, 2021. Read the excerpt and answer Questions 1-3.
Taiwan's Lutheran home price index rose by 10.8% (9.4% inflation-adjusted) during the year to Q1 2021, a sharp improvement from the previous year's 2.7% increase and the biggest y-o-y growth in seven years, according to Sinyi Real Estate Planning and Research. Quarter-on-quarter, nationwide house prices increased 4.3% (4% inflation-adjusted) in Q1 2021.
In Taipei, the capital, house prices were up 9.2% (7.8% inflation-adjusted) during the year to Q1 2021, in contrast to a 0.1% fall in the previous year. It was the capital city's best performance since Q4 2013. On a quarterly basis, house prices in Taipei increased 2.5% (2.2% inflation-adjusted) during the latest quarter......
Both demand and supply continue to rise, despite the pandemic. In the first four months of 2021, housing transactions in Taiwan's six major cities rose by 19.3% y-o-y to 84,677 units, with Kaohsiung registering the highest growth of 24.7%. During 2020, housing transactions were estimated to have reached 250,000 units - the highest level in six years.....
Taipei now vies with Monaco for having the lowest yields in the world. With buying prices per square metre averaging a stellar US9,200, depending on size, and rents still affordable (where else can you rent a US2,200 per month?), Taipei is not a happy place for landlords.
The owner of an apartment in Taipei will be lucky to realize 2% yields, except on the very smallest apartments. Given that the Global Property Guide's figures are for gross rental yields, i.e., do not make any allowance for vacant periods, for legal costs, administration costs, cleaning and repairs, rental taxes, property taxes, and other taxes, it is safe to say that landlords in Taiwan earn nothing on their apartments.
We believe apartments in Taipei are overvalued - and will fall in price. But we should warn readers that we can get it wrong!
According to the article, what is the quarterly net return rate to properties in Taipei in Q4 2021?
(a) 10.8%
(b) 2%
(c) 0%
(d) there is no sufficient information to answer this question
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這題考驗對文章中「淨報酬率」（net return rate）的理解，以及資訊的判讀能力。
文章提到，台北的租金收益率（gross rental yields）是全球最低的之一。接著作者補充說明，這個「總租金收益率」並沒有扣除任何實際支出，例如空置期、法律費用、管理費用、清潔維修、租金稅、財產稅等。作者最後下了一個結論：「 landlords in Taiwan earn nothing on their apartments.」這句話強烈暗示了淨報酬率非常低，甚至為零。
第 2 題
The following is an excerpt from the article "Both demand and supply continue to rise" published on Global Property Guide on August 25, 2021. Read the excerpt and answer Questions 1-3.
Taiwan's Lutheran home price index rose by 10.8% (9.4% inflation-adjusted) during the year to Q1 2021, a sharp improvement from the previous year's 2.7% increase and the biggest y-o-y growth in seven years, according to Sinyi Real Estate Planning and Research. Quarter-on-quarter, nationwide house prices increased 4.3% (4% inflation-adjusted) in Q1 2021.
In Taipei, the capital, house prices were up 9.2% (7.8% inflation-adjusted) during the year to Q1 2021, in contrast to a 0.1% fall in the previous year. It was the capital city's best performance since Q4 2013. On a quarterly basis, house prices in Taipei increased 2.5% (2.2% inflation-adjusted) during the latest quarter......
Both demand and supply continue to rise, despite the pandemic. In the first four months of 2021, housing transactions in Taiwan's six major cities rose by 19.3% y-o-y to 84,677 units, with Kaohsiung registering the highest growth of 24.7%. During 2020, housing transactions were estimated to have reached 250,000 units - the highest level in six years.....
Taipei now vies with Monaco for having the lowest yields in the world. With buying prices per square metre averaging a stellar US9,200, depending on size, and rents still affordable (where else can you rent a US2,200 per month?), Taipei is not a happy place for landlords.
The owner of an apartment in Taipei will be lucky to realize 2% yields, except on the very smallest apartments. Given that the Global Property Guide's figures are for gross rental yields, i.e., do not make any allowance for vacant periods, for legal costs, administration costs, cleaning and repairs, rental taxes, property taxes, and other taxes, it is safe to say that landlords in Taiwan earn nothing on their apartments.
We believe apartments in Taipei are overvalued - and will fall in price. But we should warn readers that we can get it wrong!
According to the article, apartments in Taipei are overvalued because
(a) a rise in demand
(b) a rise in supply
(c) rises in both demand and supply
(d) the author does not provide the reason
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這題考驗對文章中關於「台北公寓被高估」（overvalued）原因的判讀。
文章在提到「We believe apartments in Taipei are overvalued - and will fall in price.」這句話之後，並沒有直接說明「為什麼」它們被高估。
第 3 題
The following is an excerpt from the article "Both demand and supply continue to rise" published on Global Property Guide on August 25, 2021. Read the excerpt and answer Questions 1-3.
Taiwan's Lutheran home price index rose by 10.8% (9.4% inflation-adjusted) during the year to Q1 2021, a sharp improvement from the previous year's 2.7% increase and the biggest y-o-y growth in seven years, according to Sinyi Real Estate Planning and Research. Quarter-on-quarter, nationwide house prices increased 4.3% (4% inflation-adjusted) in Q1 2021.
In Taipei, the capital, house prices were up 9.2% (7.8% inflation-adjusted) during the year to Q1 2021, in contrast to a 0.1% fall in the previous year. It was the capital city's best performance since Q4 2013. On a quarterly basis, house prices in Taipei increased 2.5% (2.2% inflation-adjusted) during the latest quarter......
Both demand and supply continue to rise, despite the pandemic. In the first four months of 2021, housing transactions in Taiwan's six major cities rose by 19.3% y-o-y to 84,677 units, with Kaohsiung registering the highest growth of 24.7%. During 2020, housing transactions were estimated to have reached 250,000 units - the highest level in six years.....
Taipei now vies with Monaco for having the lowest yields in the world. With buying prices per square metre averaging a stellar US9,200, depending on size, and rents still affordable (where else can you rent a US2,200 per month?), Taipei is not a happy place for landlords.
The owner of an apartment in Taipei will be lucky to realize 2% yields, except on the very smallest apartments. Given that the Global Property Guide's figures are for gross rental yields, i.e., do not make any allowance for vacant periods, for legal costs, administration costs, cleaning and repairs, rental taxes, property taxes, and other taxes, it is safe to say that landlords in Taiwan earn nothing on their apartments.
We believe apartments in Taipei are overvalued - and will fall in price. But we should warn readers that we can get it wrong!
According to the article, why are property owners in Taipei unhappy?
(a) The increasing housing price makes it more difficult to raise investment
(b) The increased supply offset the price hike boosted by the increased demand
(c) The increased inflation rate eroded property return
(d) The net return rate was low
登入後即可作答並保存紀錄。
這題考驗對文章中「地產所有權人為何不開心」（property owners unhappy）原因的理解。
文章中明確提到：「Taipei is not a happy place for landlords.」（台北不是一個讓房東開心的地方。）緊接著解釋原因：「The owner of an apartment in Taipei will be lucky to realize 2% yields, except on the very smallest apartments. Given that the Global Property Guide's figures are for gross rental yields, i.e., do not make any allowance for vacant periods, for legal costs, administr