SGP - Is Retail Property Price Peaking? 20240531

The combined favourable factors from capital flight due to the Ukraine/Middle East wars and HK's new national security legislation regime have massively pushed up investment demand for Singapore assets, thereby prompting headlines such as these of late:

>> Jack Ma's wife buys shophouses in ...Tanjong Pagar for $37m (article 1);

>> Bridgewater founder Ray Dalio joins billionaires snapping up Singapore ‘shophouses’ (Article 3)

>> Singapore’s shophouses — hotter than Fifth Avenue? (Article 4)

Whilst the first two headlines might be interpreted as 'smart money' making early moves, the last piece could be read as a sign of peaking market...

We continue to forecast a new macro environment that is different from the good old days of near zero interest rates and continued growth in global trade and productivity gains. Instead, we believe the new reality is one of decoupling, deglobalisation, and debt defaults, thanks to geopolitics and net zero / pandemic measures which not only will drive further inflation, but will undermine high economic growth.

One of the consequences of the combined higher for longer inflation and debt default scenarios is rates staying high, or return to 90s highs, if not even 80s high levels:

Above SGP interbank rates have already broken out of both the blue down trend as well as the lower horizontal resistance over the past two years. If the worse outcome does pan out as we feared, it might not be inconceivable to see rates hit 6.8% or thereabouts in the next 2-3 years.

If Rent/Price moves can't match rate rises?

Using current trajectories in rent and price, we have modeled the near term yield increases, but sadly the rise in yields are not enough to offset the much more dramatic interest rate hikes, resulting in one of the more dramatic widening in retail yield discount vs deposit rates:

As a thought experiment, we believe this is probably as bad as it gets, because we are not factoring in the other capital flight which drove the rates higher - that from bonds. Perhaps the initial crack in bond market (when yields go north of 6%) will be negative for properties, but soon afterwards, the flight from bonds to real assets (may unfold as early 2026) will completely reverse price performances to the upside once more.

Based on this scenario, we think not all investors need to sell their safe haven assets (and indeed SGP shophouses are definitely safe haven in the world we live in now), if they can tolerate the price drops that happen before the final phase of the upcoming yield expansion cycle...

In the meantime, the very anaemic returns on retail property in SGP will continue to be a pain to tolerate, especially for leveraged up owners:

Could SGP retail further outshine HK in next few years?

The above wide gap between yield and funding cost does indeed support our near term bearish outlook on SGP retail assets, but if you look at the technicals vs HK retail property, SGP retail has broken out of the green downtrend, and could be hitting the blue channel top very soon (24% outperformance):

Should that level be also breached, there could be even more upside to the top red resistance (another 135% upside?).

Such a scenario probably can only unfold if HK retail see another major leg down, and that could only be driven by geopolitics rather than vanilla macro economics...

==================Article 1==================

Jack Ma’s Wife Buys Shophouses in Singapore’s Tanjong Pagar at Up to $37M

Beatrice Laforga | 2024/02/23

Despite stamp duties and investigations, wealthy mainland investors are still banking on Singapore properties, with the wife of the country’s best known tech tycoon having purchased a row of shophouses in the Tanjong Pagar area last month for a reported S$45 million to S$50 million ($33.5 million to $37.2 million).

https://www.mingtiandi.com/real-estate/finance/jack-mas-wife-buys-shophouses-in-singapores-tanjong-pagar/

==================Article 2==================

Shophouse sales surge and at higher prices in Q1 as high-net-worth investors return: Knight Frank

Samuel Oh | Fri, May 10, 2024 · 10:38 AM

In 2023, shophouse sales came to 132 units worth S$1.2 billion. The number of units was 31 per cent lower than the 191 units transacted in 2022 worth S$1.6 billion. Shophouse sales have fallen from their peak in 2021, when a total of 254 units worth S$1.94 billion changed hands.

[...]

Knight Frank projects the sales volume of shophouses to be between S$1.1 billion and S$1.2 billion for the rest of 2024.

​https://www.businesstimes.com.sg/property/spotlight-1/shophouse-sales-surge-and-higher-prices-q1-high-net-worth-investors-return-knight-frank

==================Article 3==================

Bridgewater founder Ray Dalio joins billionaires snapping up Singapore ‘shophouses’

Investor’s family office bought two heritage properties for $19mn

Bridgewater Associates founder Ray Dalio’s family office has bought two multimillion-dollar “shophouses” in Singapore, as billionaires snap up the heritage properties in the city-state.

​https://www.ft.com/content/9741784e-f69a-45cf-adf3-cc5b863c873f​​

==================Article 4==================

Singapore’s shophouses — hotter than Fifth Avenue?

Mercedes Ruehl / MAY 24 2024

Amid changing political dynamics in South-East Asia, these colonial-era buildings have become some of the world’s most expensive properties, home to Michelin stars and chichi retailers — and a target for money launderers

https://www.ft.com/content/e1a53cb8-5bf0-408a-91a0-bcdd738c0f11

Is the big rush into Japanese property justified? 20240529

We have heard nothing other than 'we are buying Niseko ski flat' or 'our fund is adding Tokyo hotel' for the past few months, as if the rest of the world is all in the dog house...

Clients familiar with our arguments will know we have been negative for at least 2 years on the Japanese market, so this email seeks to give a more rounded exposition on why.

When crowds scramble one way, we go the other

The recent scramble for adding Japanese exposure (see Article 1) is in line with the concurrent rise in the Topix, but in property land there is even more momentum, especially amongst funds:

Granted, funds have been sitting on their hands in the past 2 years as interest rates globally spiked, and their IRR calculations were thrown into disarray. So the wishful hope that Fed rate cuts will be implemented (now proven wrong), plus a reversal of Japanese asset depreciation has sparked a sudden fad into pumping money into the land of the rising (may be now setting) sun...

We are very wary of the much more significant risk of Yen devaluation against whatever puny asset appreciation in the currency in the coming years however, and would prefer other jurisdictions where BOTH currency and asset prices will rise (regular readers will know where that is!).

FX should be central in investment decisions

The point of making price gains but adding translation losses is best illustrated with a view to history:

As shown above, during the haydays of Japanese industrial and cultural ascent, both asset prices in local currency (LC) and exchange rates were on the rise - see left green arrow. The combined effect for foreign investors is even stronger returns in USD terms (red line) than locals (blue line), shown by the purple enlarging triangle.

In the subsequent lost 2 decades, Yen basically went sideways (2nd green arrow), with price drops very comparable in LC and USD (purple parallelogram).

We are now probably into the next leg of Yen derating (see 3rd green arrow) thanks to shrinking population - see Article 3 - and the resurgent commodities complex when all input materials see price spirals. Unsurprisingly, since 2010, despite LC price gains, USD denominated values fell (purple trapezium).

We expect the next (final) down leg in Yen (4th green arrow) to unfold in the next 3 years or so, which can also destroy value for overseas investors (ie down red arrow despite up blue arrow).

To put it in numbers terms, below is a table showing the impact of Yen weakness (red shades) vs USD denominated Tokyo home prices:

Of course, the 2025-29 projections above are purely based on the arrows in chart above and may not play out the way we projected, but the risk that you get negative USD returns (2nd column from right) is very real indeed.

Macro picture for Japan: far from rosy

By the combined will to reintroduce inflation and to inflate away the mountains of govt debt (highest in OECD), the Japanese work force has been earning negative real income for the past two years:

In the meantime, the cost of living crisis left private consumption down for 4 quarters in a row, with little help to exports (net exports were increasingly negative in recent quarters) to contribute to GDP growth:

In the meantime, the geopolitical tensions between China and US is causing the rate environment to surge further, due to:

1) loss of demand for US debts by big traditional owners like China (fr 8.9% to 2.2% in 13 yrs) and HK, in fact Japan has also been falling in total proportion of US treasury holdings (fr 9.5% to 3.4% now):

2) Ukraine/Middle East conflicts likely to trigger more input price inflation, eg oil prices - and as a resource poor but manufacturing intensive economy, higher oil prices (blue line, down is higher prices) will tend to trigger economic contractions (red area). The green line is merely projecting prices returning to $150/barrel, which can easily be exceeded should international wars flare up again:

The result would be grim for Japanese economy. If wars spread to the APAC region, there is an added strong chance of capital flight from Japan given its recent militarisation movements might scare foreign investors away:

3) bond rout will impact Japan more than US - as US fiscal profligacy continues (yes, by adding $3.5tr debt in one year), long bond yields have nowhere to go but up (orange line), this will drag JGBs up with it (green line). Assuming totally benign geopolitical/sovereign debt calm conditions, the laughable 0.87% JGB yield will still nearly triple to 2.5%, and this 'benign' expansion of US-JP yield spread may trigger further capital outflows as money seeks higher returns in the US:

The result? Yen could drop another 25% to the 200 mark.

If this Yen drop becomes disorderly, it could result in JGBs trading at premium to TBs, leading to the much more nightmarish outcome of 10.5% JGBs vs say 8.5% TBs:

Such an outcome would mean Yen has to return to 270+ levels, much against the wishful sub-150 levels the 'anchoring biased' talking heads out there could imagine... or a 45%+ drop from current levels.

Real yields also too low to be attractive

Back to our usual real property yield table - Sydney/Singapore/Tokyo are some of the lowest returning markets on inflation adjusted basis (3rd column from right), compared to Phnom Penh/Athens which are our preferred investment destinations:

In a bond rout outcome, both European and Japanese markets will suddenly look much worse as US becomes the safe haven, thereby helping HK/NYC (2nd column from right).

Based on these various factors, we will only touch Japan if: a) long term fixed rate borrowing can be locked in; b) Yen leverage and/or hedge are put in place. But how many even the big institutions are taking these precautionary measures? We doubt many. On this note it is interesting to demonstrate how institutions are mere humans, however smart they otherwise appear: see Article 2.

==================Article 1==================

Interest in Japanese real estate grows despite rate rise prospects

Mar 8, 2024

Institutions and family offices are backing real estate for another strong year, despite the prospect of the country’s first interest rate rise since 2007.

​https://www.asianinvestor.net/article/interest-in-japanese-real-estate-grows-despite-rate-rise-prospects/494795​

==================Article 2==================

Hidden billions in Tokyo real estate lure activist hedge funds

Apr 16, 2024

The long-concealed market value of Tokyo’s largest skyscrapers is being unveiled by activist investors.

​https://www.japantimes.co.jp/business/2024/04/16/companies/headge-funds-urge-japan-real-estate-sales/​

==================Article 3==================

Japan’s Population Declines Again: Seniors 75 and Over Top 20 Million for First Time

Apr 24, 2024

An estimate published by Japan’s Ministry of Internal Affairs and Communications shows that the total population as of October 1, 2023, was 124,352,000. This was a drop of 595,000 (0.48%) from the previous year. It is the thirteenth consecutive year that the population decreased. The population of Japanese citizens was 121,193,000, for a record year-on-year decrease of 837,000, or 0.69%.

​https://www.nippon.com/en/japan-data/h01967/

【Metro Radio】 新城財經台 新城地產街 20240429

 載於2024年04月29日 【Metro Radio 新城地產街】 

主題: 

》二月撤辣後樓市現況？發展商積極推盤，當中銷售情況有何反映？但市場形容開價並未進取，為何出現有關情況？

》美國今年是否能夠在年底前減息，仍然存在變數，如何看減息機會？高息環境已持續一段時間，對入市意慾影響如何？

》股市低迷，加上零售消費市道疲弱，無財富效應下，對樓市影響？經濟與樓市關係？

》過去幾年政府都積極賣地，加上發展商仍有不少貨尾單位，現時供求情況如何？未來潛在供應如何？在粵港澳大灣區下，本港未來定位及角色？

嘉賓: 

Bricks & Mortar Management 主席兼總裁 王震宇

紀惠集團行政總裁 湯文亮

嘉賓主持:

國眾聯測量師行顧問 余錦雄

新城連結：Bricks & Mortar Management 主席兼總裁王震宇

過江龍一舉南下 本地薑大難臨頭? 20240423

本文亦於2024年4月23日在【信報】刊登: 過江龍一舉南下 本地薑大難臨頭?

港人北上消費近來成為城中熱話，連各大傳媒亦爭相報道（如南華早報和紐約時報）。當然港人外遊的新趨勢絕不僅限廣東，在2020-2023年疫情封關後報復性消費和強港元之配合下，日本、東南亞等熱門目標同遭淪陷。

港人愛嘗新亦貪平，更追求高質服務；此一高消費市場當然不會被野心勃勃內地品牌忽視，難怪越來越多的新食肆在過去數月如雨後春筍般遍地開花（見星島日報），筆者隨手拈來已可於網上搜到眾多例證。

南下內地品牌到底能在本港造成多大影響？筆者且由《2023年中國百大品牌》名單（覆蓋了全國約22萬門店）出發，探索各大內地連鎖食肆來港開業的規模會有多大。

各大菜系分佈：川粵掄元

透過分析以上餐飲連鎖店菜餚和食品類型，不難一窺現代中國城市人的飲食品味。先以菜系排列，川菜以經營連鎖店數量最多取勝（16間品牌），其次為飲品類別（13間），粵菜再次之：

圖一：中國百大品牌／門市－依菜系劃分

若以門市數量而言，川菜亦位居第三（上圖橙色標記），排在第一名的飲品及第二名的美式菜系之後。如單計中菜，則川菜門市穩坐第一，繼而湘菜。

綜合而言，約百分之30的百大品牌專注於川菜及粵菜。然而最出奇的卻是，魯菜和蘇菜雖與川粵同列於「中國八大菜系」，卻在上圖中敬陪末席，分列23名和19名！

小菜與速食在食物種類中稱霸

可能中式飲食實在太過千變萬化，加上食客無疑口味多元，因此小菜類別位居榜首（見藍色棒）。這種勞力密集的烹調過程應該導致小菜類食肆以小型連鎖店為主，更不用說數以萬計不上榜的家庭式餐廳。

排於其後的幾乎全為易於量產的快餐類食品，如火鍋、飲料、快餐、漢堡、意式薄餅等：

圖二：以食品類別排名－主要爲速食品種

同樣不足為奇的是，快餐類門店（即：手搖飲品、中式快餐、炸鷄、鹵味等）因為週轉快、銷量大帶來的規模經濟，在門店數量排名中名列前茅（上圖橙色標記）。

菜系分佈：爲何粵菜分店比例出奇地低？

儘管粵菜新鮮、創意十足且早已風行世界，但在百強榜上分店比例相對其他菜系卻出奇地低：

圖三：品牌占比與分店占比－快餐類的高滲透與粵菜的低市佔率

從上圖可見，粵菜的品牌數目占比與分店數目距離甚遠。如此意想不到的分佈可能歸因於粵菜需要更多新鮮食材（大多由華南溫暖地域供應），及更多海鮮菜餚亦令內陸開店增加難度，此外粵菜需要較多的烹調技術（如以煎炒為主，烤燉為副），以至限制了粵菜厨師的供應，從而減低粵菜分店的數目…

食品類別分佈：飲品和快餐遍地開花

以食品種類分析，不難見到即叫即做的餐飲（如小菜類，見下圖紅色標籤）雖品牌眾多，卻難敵流水線式大量供應類別的食品（如快餐，見藍色標籤）；可見降低餐牌的複雜性以增加產量，是快速增長品牌的滲透率的不二法門：

圖四：品牌占比與分店占比—快餐滲透最強

 

深圳和上海佈局與全國平均何異？

接下來，筆者探討眾品牌是如何在一線城市（上海和深圳）插旗，以及是否有某些板塊仍有大展拳腳的機會。

有趣的是，上海開店比例較全國為高的品牌（下圖紅色標籤）似乎以香港上市公司為主，可能因其較早進入市場及有資本市場融資打本兩大優勢。在另一極端，上海相對全國滲透率較低的品牌往往是地方性的小品牌，因為具有較低聲望或市場推廣而令其較難以躋身上海—即以人口比例計應有門店數量遠高於實際開店數量（如霸王茶姬和書亦燒仙草）：

圖五：上海—全國人口比例應有分店與實際數目對比

而深圳的佈局則更爲有趣：本地品牌和地方菜式滲透力極強，如客家菜及粵菜品牌比例奇高（可能印證上文所說的菜系優勢），另外高滲透的品牌亦皆為本地企業（即木屋燒烤和真功夫）：

圖六：深圳—全國人口比例應有分店與實際數目對比

 

香港飲食新境界：新品牌開張潮方興未艾

撇開香港餐飲是否已經達至飽和者事實，大量內地品牌或應會將之視為未來增長目標，亦因香港的國際城市地位而必須在此插旗以增聲價。可以肯定未來國內頂級餐飲品牌將繼續大舉南下來此開業。

然而品牌流入的數量又如何推算呢？由於香港和上海都是門戶城市，因此以上海品牌滲透率做指標不難計算出可能會在本港開業的品牌及最終分店數目；以下是筆者推算的結果：

圖七：香港—以上海人口估算的分店數目相對現有實際數目

出人意表地，以上海分店／人口比例估算，大家樂的分店數量似乎已經過度飽和，甚至需要削減在港的佈局。仍然，取而代之的是數十間百大餐飲來港開市，如【圖七】左整排橙色標籤所示。這意味著未來數月至數年間將有數百家內地餐飲新店進駐香港——圖上面的細箭頭暗示每個品牌可能最終會在港擁有超過10家門店，而圖下粗箭頭則意味這些品牌每間都為本港帶來單位數新店。

將上海滲透率加諸香港後，不難得到以下開／關分店數量的排行榜：

圖八：香港—國內品牌入場離場可能性（頭十及尾五名）

推算結果預示本港將會有海量的新飲料店開張：單是上圖四大品牌已愈340家分店之數！當然，計量分析以外的因素不可不顧：例如，香港本地咖啡店的滲透率是否已經令茶啡類經銷點飽和？在當下「工匠咖啡」館充斥的年代，市場還有多大空間容納瑞幸咖啡呢？本土傳統涼茶又是否會消減喜茶等內地大眾茶飲品牌的需求？

新品牌進駐的反面，則是某些在港的品牌可能須要關舖的可能，例如專營鴨脖的絕味（?!），甚或本地的大型連鎖店大家樂等。隨著新品牌進駐，必會有一班食肆面對客戶流失的命運。

南下餐飲對零售樓面需求—多多益善，少少無拘

此一浪新品牌開擴本港飲食市場的熱潮到底將帶多少額外零售樓面的需求呢？以上來自前100名品牌的新入場者大約會創造55萬呎的需求，相對於香港1.3億呎的零售存量似乎只是九牛一毛（僅增加0.45%而已）。儘管如此，作為消費者港人應該樂見新的產品增加購物選擇並引入新的飲食方式，亦進一步提升香港「美食天堂」的聲譽。

 

筆者特別鳴謝香港城市大學金融學系楊清華同學協助收集及整理本文相關數據及圖表。

樓市走勢前瞻：專家點評｜王震宇：業主急去貨超賣！4大利淡因素不宜上車 20240328

 本文於2024年3月28日在【香港財經時報】刊登: 樓市走勢前瞻：專家點評｜王震宇：業主急去貨超賣！4大利淡因素不宜上車

【樓市走勢前瞻：專家點評】雖然政府全面撤辣後，樓市轉活，但不少專家對今年樓市走勢仍持審慎態度，今年之後走向較難預測。但Bricks & Mortar Management主席兼總裁王震宇則看淡未來一、兩年樓市。他接受《香港財經時報》訪問時解釋，有4個利淡因素影響後市走勢，包括長息會上調、公營房屋供應增加、新盤爭相減價開售，以及外圍有戰爭爆發。他提醒有意置業人士，未來樓市持續向下，上車、換樓不是時機，最好租樓。

業主急去貨而超賣

近月樓市轉活，一、二手市場交投倍增，但二手市場錄得部分二手盤蝕讓成交。王震宇分析指，在過去一段時間，美元強，息口升得高，加上內地和本港經濟表現欠佳，但市場去貨意欲強，故部分業主趁撤辣後急於去貨，於是大幅減價，出現超賣情況。在未來3至6個月，住宅買賣成交宗數勢將倍增。

政府撤辣 配合內地「放水」交投倍增

王震宇指，政府撤辣，配合內地「放水」，投資開放，內地人來港購物，加息預期暫時放緩，估計未來3至6個月樓價持續回升，升幅5%至8%。交投會上升，增幅則難預測，但由於先前基數低，相信增幅以倍數計。據土地註冊處資料，在撤辣前的1月和2月，住宅買賣合約分別為3477宗和2375宗，屬於偏低水平。

4個利淡因素礙樓市復甦

不過，王震宇預期，樓市經過這3至6個月回升後，將會掉頭向下。他提出4個原因：

息口會調升；

未來2、3年公營房屋供應排山倒海地推出，搶走部分私樓購買力；

未來3個月發展商相繼推盤，料二手市場受壓；

外圍有大規模戰爭爆發的風險。他預計，未來一、兩年樓價再下跌。

長息升拖累港樓

現時市場普遍預期，今年美國會減息，利好樓市。但王震宇着眼點在於長期債息走勢。他預期，未來長息會調升，這方面連央行也控制不到，但短息所起作用不大，因沒有人買短期債。長息是主宰長線資本投資回報的重要因素，長息升，影響全世界所有資產，資產回報率上升，本港亦受牽連，樓市自然受到影響。

公營房屋供應大增

其次，未來2、3年政府增加大量公營房屋供應，影響私人住宅市場。據房屋局資料，預計未來5年（即2024/25至2028/29年度）傳統公營房屋的建屋量約14.2萬個單位，再加上額外興建約3萬個「簡約公屋」單位，整體公營房屋建屋量將增加至約17.2萬個單位，較上一個五年期的15.8萬個增加約9%。按此推算未來3年公營房屋供應量，每年平均提供約3.44萬個單位，高於私人住宅每年落成量。

私樓供應少推高樓價

王震宇批評現時政府的政策步伐落後於市場形勢。他指出，政府在樓市上升時搶地，發展公營房屋，減低私人住宅供應，私樓供應愈少，樓價升得高。當樓市掉頭向下時，先前搶的地皮落成的供應量，便排山倒海地推出，最終「踩死」樓市。

他表示，原本租私樓人士，現在可以以近「零成本」租住公屋；原本可以買私樓的人士，現在以較大折扣優惠價買居屋。

發展商減價推盤

另一個因素是發展商將會相繼推盤，對二手市場有壓力。王震宇指，未來3個月發展商會減價推盤，相信二手市場會受壓，並會耗盡購買力。現時新盤積存貨尾量高。據資料指，撤辣後新盤接連推售，暫時共有7個新盤，提共超過3500個單位。執筆時，黃竹坑港島南岸3B期Blue Coast已上載樓書，快將開放示範單位。將軍澳SEASONS PLACE將會首輪開售368個單位，折實平均平方呎價僅為1.41萬元，較區內上一樓盤價錢低約16%。

外圍欠佳難減息

外圍環境不理想，地緣政治緊張，俄烏戰爭已打了兩年，仍未結束。王震宇指，外圍環境欠佳，影響整體經濟，本港難以幸免。「歐洲爆發戰爭，影響本港出口，從而全球經濟，導致通脹上升，那麼如何減息呢？」

去年本港出口貨量和貨值按年下跌。翻查統計處資料，2023年全年香港的商品整體出口貨量及進口貨量分別按年下跌11.6%及9.2%。；同年的商品整體出口貨值亦按年下跌7.8%。同時，商品進口貨值下跌5.7%。政府發言人表示，展望未來，地緣政治局勢緊張、環球經濟增長減慢等因素將在短期內繼續為香港的出口帶來壓力。

豪宅跑贏中小住宅

未來中小型住宅和豪宅走勢如何？王震宇稍為看好豪宅。他預期，中小型住宅樓價跌幅會高過大市，因這類住宅供應多，而且失業裁員集中這類住宅業主，加上業主多數申請高借貸，風險較高。相反，豪宅樓價跌幅不會太多，因豪宅業主受失業裁員影響較小，並且較少申請高借貸。

據差餉物業估價署資料，去年中小型住宅單位樓價跌幅較大單位多。A類單位(實用面積431平方呎以下)售價指數累跌8.8%，是5類單位跌幅最高。D類單位(實用面積介乎1076至1721平方呎)和E類單位(實用面積1722平方呎或以上)售價指數分別累跌7.6%和6.4%，跌幅低於A類單位。

1. 樓市或下行 不宜上車

面對未來樓市持續下行形勢，王震宇覺得，無論上車或換樓都不適宜。他指出，現時不是上車時機，因外圍有戰爭，經濟表現欠佳，息口有機會上升，以及市場供應多，影響樓市走勢。

2. 最好轉買為租

他更反問記者：「現在應教人『落車』，如有人想買你嗰盤，減少少價畀佢就得，趁淡鬆畀佢。」他提醒，最好3年內不要『揸樓』，樓市會向下，長期走勢則不預測。他又說，如要換樓，最好轉買為租，都是換樓的一種方式，只不過是租樓而已。

3. 定期仍勝過買樓收租

至於買樓收租，不值得考慮。他說，銀行剛調整定期存款，利率達至5.2厘，高過買樓收租回報。而且，今年租金會先升後微跌，因稍後經濟表現不好，影響租金走勢。