新加坡：新加坡政府本周采取行动，堵住了一个潜在的漏洞，一些购车者可能利用这一漏洞获得了额度更高、期限更长的贷款。
SINGAPORE: The Singapore government took action this week to close a potential loophole that some car buyers may have used to access a bigger and longer loan.
从周五（10月30日）起，个人购买注册为私召车的车辆时，贷款额度只能为购车价的60%或70%，具体取决于公开市场价值。贷款期限也将上限设为七年。
From Friday (Oct 30), individuals buying vehicles registered as private-hire cars can only borrow up to 60 per cent or 70 per cent of the car's purchase price, depending on the open market value. The loan tenures will also be capped at seven years.
此前，个人拥有的私召车有可能按购车价的100%获得贷款，这意味着他们无需预先支付一大笔款项。
Previously, individual owners of private-hire cars could potentially take a loan on 100 per cent of the purchase price, meaning they would not need to pay a lump sum upfront.
当局周四表示，一些买家可能注册车辆为私召车，“主要是为了获得更宽松的融资条件”，而并无意提供网约车服务。
The authorities said on Thursday that some buyers may have been registering their vehicles as private-hire cars "primarily to access more permissive financing terms" without intending to provide ride-hailing services.
他们指出，近期个人拥有的自驾私召车注册量激增，已达到每月约500辆的注册量。
They pointed to a recent surge in registrations of self-drive private-hire cars owned by individuals, which had reached around 500 vehicle registrations per month.
《海峡时报》解释更严格的贷款限制对拥车证（COE）价格和网约车车费意味着什么。谁受新规影响？
CNA explains what the tighter loan limits mean for Certificate of Entitlement (COE) premiums and ride-hailing fares. Who is affected by the new rules?
更严格的贷款限制直接影响到将个人拥有的车辆注册为私召车（PHV）的买家，无论他们是否打算提供此类服务。
The tighter loan limits directly affect buyers who their individually owned cars as private-hire vehicles (PHVs), whether they intend to provide the services or not.
全国职工总会助理秘书长杨婉玲表示，融资方面的变化将影响真正的私召车司机谋生的能力。
NTUC Assistant Secretary-General Yeo Wan Ling said the changes to financing will affect genuine private-hire drivers' ability to earn a living.
杨婉玲也是全国私人出租车司机协会的顾问，她表示，协会需要监测这一变化是否会在无意中使真正的司机无法负担可持续的车辆拥有方式、增加他们对租赁车队的依赖或提高他们的运营成本。
Ms Yeo, who is also adviser to the National Private Hire Vehicles Association, said the association will need to monitor whether the change unintentionally makes sustainable vehicle ownership inaccessible to genuine drivers, increase their dependence on rental fleets or raise their operating costs.
Carro新加坡国家主管黄凯伦表示，该公司绝大多数客户都选择普通贷款或现金支付。
Carro's Singapore country head Kyran Wong said the vast majority of the firm’s customers take on normal loans or pay in cash.
他说：“购车者仅仅为了获得100%贷款而将车辆注册为私召车，这种情况并不常见。”
"It is not common for car buyers to their car as a PHV just to take on a 100 per cent loan," he said.
新加坡陆路交通管理局的数据显示，截至今年9月，新加坡共有98621辆私召车。
As of September this year, there were 98,621 private-hire cars in Singapore, according to the Land Transport Authority.
Vincar Group商业顾问文森特·吴先生表示，他的公司有客户拥有自己的车辆，并兼职提供网约车服务，但数量并不多。
Mr Vincent Ng, business consultant at Vincar Group, said his company has customers who own their vehicles and use them to provide ride-hailing services part-time, but the numbers are not significant.
不过，在平行进口车等其他细分市场，他表示，一些汽车经销商积极推销和宣传100%贷款，这意味着一些客户可能利用了这一漏洞。拥车证需求会下降吗？然而，目前尚不清楚这些变化是否会导致拥车证需求下降。
However, in other segments of the market such as for parallel imported cars, he said some car dealers actively tout and promote the 100 per cent loan, meaning some customers may have made use of the loophole. Will demand for COEs fall? However, it remains unclear whether the changes will lead to lower demand for COEs.
新加坡国立大学商学院助理教授李国豪表示，一方面，取消融资优势应会减少那些主要利用私召车注册来获得更大或更长贷款的买家的需求。
e hand, removing the financing advantage should reduce demand from buyers who were primarily using private-hire car registration to access larger or longer loans, said Assistant Professor Lee Kwok Hao of the National University of Singapore's (NUS) Business School.
他说：“然而，一些受影响的买家可能仍会根据常规融资规则购买私家车，而另一些买家则可能考虑公司所有权或替代融资安排。”
"However, some affected buyers may still purchase private cars under the conventional financing rules, while others may consider company ownership or alternative financing arrangements," he said.
他补充说，拥车证需求的净减少取决于有多少买家离开汽车市场，而不是改变他们的注册或所有权安排。
The net reduction in COE demand depends on how many buyers leave the car market rather than change their registration or ownership arrangement, he added.
新加坡社科大学的沃尔特·塞西拉提出了类似的观点：“这取决于潜在买家做出的边际决策。”这位经济学副教授表示，一些买家仍然可以通过普通贷款负担得起同样的车辆，并指出利率降低意味着整体成本降低。
The Singapore University of Social Sciences' Walter Theseira made a similar point: "It depends on the marginal decision taken by the prospective buyer." Some buyers can still afford the same vehicle with a regular loan, said the associate professor of economics, noting that the lowered interest rate would mean lower overall cost.
他们注册为私召车可能主要是为了最大化现金流，并且可能仍然会购买这辆车。
They may have registered the car as a private-hire vehicle mainly to maximise cashflow, and may still purchase the car.
塞西拉副教授表示，其他人可能会买车，但会选择更便宜的车辆，以便能够负担首付。
Others may buy a car, but choose a cheaper vehicle so they can afford the downpayment, said Assoc Prof Theseira.
最后，由于100%贷款选项已被取消，一些人现在可能会发现自己被挤出市场。
Lastly, some may now find themselves priced out of the market now that the option of a 100 per cent loan has been removed.
与此同时，他认为目前市场主要由更有实力的买家推动，这些买家有能力在正常融资安排下购车。拥车证成价会受到怎样的影响？谢教授表示，拥车证成价的走势将取决于潜在买家的行为变化。
At the same time, he believes the market is currently driven by more premium buyers who are able to afford buying cars under normal financing arrangements. How will COE premiums be affected? Assoc Prof Theseira said movements in COE premiums will depend on what shifts prospective buyers make.
他说：“他们不太可能全部被挤出市场。因此，这一举措并不等同于直接消除10%的需求。”他指的是近几个月来由个人拥有的500辆自驾私召车的注册量。他指出，近期的拥车证投标中，每月约有5000个汽车配额。
"It is unlikely that all of them will get priced out of the market. Hence, this move is not equivalent to just removing 10 per cent of demand," he said, referring to the 500 registrations of self-drive private-hire cars owned by individuals in recent months. He noted that recent COE auctions have had around 5,000 car quotas per month.
他说，即使消除了10%的需求，如果其他尚未获得拥车证的买家愿意支付相近的溢价，对价格的影响也会很小。
Even if 10 per cent of demand is removed, there would be little impact on price if other buyers that have yet to secure a COE are willing to pay similar premiums, he said.
新加坡国立大学的李助理教授表示，他不愿就这500辆私召车注册量对成价的具体降幅作出估计。
NUS' Asst Prof Lee said he would be reluctant to estimate a particular reduction in premiums on account of the 500 private-hire car registrations.
他说，这500人代表的是一个可能受到影响的群体，而非500笔必定会消失的购买行为。
He said they represent a group that could potentially be affected, rather than 500 purchases that will definitely disappear.
他重申：“我们不知道这些买家中多少人依赖了超出新限制的融资，也不知道多少人会转向其他购车安排。”
"We do not know how many of these buyers relied on financing exceeding the new limits, nor how many will switch to other purchasing arrangements," he reiterated.
总体而言，他表示预计拥车证成价会面临一定的下行压力，但幅度尚不确定。网约车服务的车费会受到影响吗？
Overall, he said he expected some downward pressure on COE premiums, but the magnitude is uncertain. Will fares for ride-hailing services be affected?
更严格的贷款限制使真正的私召车司机难以购买新车，人们不禁会想，司机供应是否会减少，或者他们的运营成本是否会增加。
With tighter loan limits making it difficult for genuine private-hire vehicle drivers to purchase new cars, one might wonder if the supply of drivers may decrease, or if their operating costs may increase.
谢教授预计网约车不会受到太大影响，因为贷款限制针对的是那些将车辆注册为私召车但并不打算提供私召车服务的买家。
Assoc Prof Theseira does not expect ride-hailing to be affected in a big way, given that the loan limits target buyers who were registering their vehicles as private-hire cars without intending to provide private-hire services.
当被问及车费是否可能上涨时，他表示：“此举并非旨在影响私召车供应，因为这些车辆原本就不用于提供私召车服务，因此车费上涨的可能性较低。”他还补充说，用新车提供私人租用服务将是一个糟糕的财务决定，因为汽车的价值会大幅贬值，尤其是在新车阶段。
Asked if fares could rise, he said: "The move is not intended to affect PHV supply due to these vehicles not being used for PHV service in the first place, so this is less likely." He added that using a new car to provide private-hire services would be a bad financial decision because the value of the car depreciates significantly especially when it is new.
李助理教授同样预计这对网约车车费的影响将微乎其微——除非新的限制措施大幅减少活跃司机数量或提高他们的运营成本。
Asst Prof Lee similarly expects the effect on ride-hailing fares to be minimal – unless the new limits materially reduce the number of active drivers or raise their operating costs.
他指出还有其他因素影响网约车车费，例如乘客需求和平台的定价决策。
He pointed to other factors affecting ride-hailing fares, such as passenger demand and the platforms' pricing decisions.
他说：“更高的车辆成本不一定一对一地转化为更高的车费。部分成本可能通过降低司机收入或压缩平台利润来消化。”
"Higher vehicle costs do not necessarily translate one-for-one into higher fares. Some costs may be absorbed through lower driver earnings or platform margins," he said.