Macau’s time-honoured department store New Yaohan is scheduled to open in Nam Van on 8th August 2008. According to some scholars, it will help reverse the outflow of people from the central part of Macau after the large casinos in Cotai come into operation. Sio Chi Wai, a retailer, also thinks that the opening of New Yaohan in the downtown area will enhance its traditional retailing and business advantages, with a palpable rallying effect, balancing the rising Cotai area to some extent.

According to the spokesman of New Yaohan, once moved from the ZAPE area to the Nam Van district, the department store will have nine storeys instead of four. The floor area of each storey will be relatively smaller than before with some counters and shops altered. The department store will carry on its existing business strategy, with direct marketing still predominating at the new venue. According to Sio Chi Wai, the relocation to the Nam Van commercial district, neighbouring the hotels and only a few minutes’ walk from the traditional retailing area, will help retain people in the central district. In particular, to the advantage of the area, the development in the central district and the newly rising Cotai area will balance each other. The congregating effect will be maximized with more business opportunities attracting people to other surrounding districts such as the inner harbour area.

Macau’s population being 500,000 means local demands can hardly sustain large retailing or attract large, foreign-backed department stores. According to Sio Chi Wai, linking large shopping malls would help direct the flow of people from one area to another. Therefore he advised the government to launch preferential lease subsidies to attract large department stores or world famous retailers to invest in Macau. As a matter of fact, following the establishment of famous department stores, the congregating effect will become tangible, luring more brand retailers, and as a consequence retailing scale and effects will be maximized and more customers will be attracted.

With regard to local retailers, Sio claimed that the number of tourists this summer shows a decrease following the restrictions placed in the mainland on the individual travel scheme. Economic growth may slow down following the government ‘tuning’ the gaming industry. He suspects that people might be less willing to spend money. Only time will tell how big the influence will actually be. He recommended that the retailing sector pay close attention to the situation and be prepared to adjust to the new environment.

澳门“老牌”百货公司新八佰伴南湾新址铁定八月八日开幕。有学者认为可有助扭转路凼大型娱乐场开幕后，中区人流被分流的局面。而零售业者萧志伟也认为，新八佰伴落户中区，结合该区传统零售商业优势，群聚效应将会更强，可与新崛起的路凼区协调、平衡发展。

该公司透露，由新口岸区迁址南湾，商厦楼层将由目前的四层增至九层，每层面积会较原址细，部分专柜及部门亦有删改，一如目前经营策略，销售以直营为主，但新八佰伴仍占尽地理优势。萧志伟说，新八佰伴落户南湾写字楼区，且邻近酒店区，与中区传统零售旺区仅几分钟路程，可聚人气，尤其可与传统零售旺区优势结合，可与近年崛起的路凼区平衡发展。然而，群聚效应增强，如何将人流分散到其它区份，如距中区不远的内港旧区，创造更多商机。

澳门仅五十万人口，仅靠内需，零售业很难做大，很难吸引外资大型百货商落户。萧志伟说，若要将区份之间的人气贯通，必须由大型零售空间作点对点的连接，建议政府提供租赁补贴等优惠，吸引大型百货公司或世界品牌零售商落户。事实上，一些名牌百货公司可产生群聚效应，因百货公司本身有号召力，能吸引一众品牌商设点，增强零售的规模及效力，吸引客人。

至于本地零售商，萧志伟说，自由行收紧，暑假客量减少，加上政府亦调控赌业规模，经济发展或放缓，担心影响消费意欲。到底影响有多大仍需观望，但零售业应密切注意事态发展，随时作出调整，适应新环境。

澳門“老牌”百貨公司新八佰伴南灣新址鐵定八月八日開幕。有學者認為可有助扭轉路氹大型娛樂場開幕後，中區人流被分流的局面。而零售業者蕭志偉也認為，新八佰伴落戶中區，結合該區傳統零售商業優勢，群聚效應將會更強，可與新崛起的路氹區協調、平衡發展。

該公司透露,由新口岸區遷址南灣，商廈樓層將由目前的四層增至九層，每層面積會較原址細，部分專櫃及部門亦有刪改，一如目前經營策略，銷售以直營為主，但新八佰伴仍佔盡地理優勢。蕭志偉說，新八佰伴落戶南灣寫字樓區，且鄰近酒店區，與中區傳統零售旺區僅幾分鐘路程，可聚人氣，尤其可與傳統零售旺區優勢結合，可與近年崛起的路氹區平衡發展。然而，群聚效應增強，如何將人流分散到其他區份，如距中區不遠的內港舊區，創造更多商機。

澳門僅五十萬人口，僅靠內需，零售業很難做大，很難吸引外資大型百貨商落戶。蕭志偉說，若要將區份之間的人氣貫通，必須由大型零售空間作點對點的連接，建議政府提供租賃補貼等優惠，吸引大型百貨公司或世界品牌零售商落戶。事實上，一些名牌百貨公司可產生群聚效應，因百貨公司本身有號召力，能吸引一衆品牌商設點，增強零售的規模及效力，吸引客人。

至於本地零售商，蕭志偉說，自由行收緊，暑假客量減少，加上政府亦調控賭業規模，經濟發展或放緩，擔心影響消費意慾。到底影響有多大仍需觀望，但零售業應密切注意事態發展，隨時作出調整，適應新環境。

首届珠中澳房地产博览会在澳门举行，有参展商认为，澳门与珠海的楼价相差近四倍，澳门居民在珠海置业的机会大，他们将会积极开拓澳门巿场。

房博会名誉主席郑天祥日前在博览会开幕式时称，澳门楼价较高，不少澳人北上置业，珠海、中山成为“落脚”热点，邻近口岸的楼盘更是有价有市。随着国家改革开放步伐加快，三地生活水平逐渐缩短，配合未来落成启用的广珠轻铁、港澳珠大桥、交通网络日益完善，意味三地交通便捷不断提高，将三地打造成“一小时生活圈”，珠三角城市将逐渐连结成片，形成新的市场一体化生活圈。

郑天祥认为，计划兴建的港珠澳大桥将来开通后，三地道路交通网络将进一步完善，港澳居民北上置业将会增加。有内地地产商表示，近年不少澳门居民到珠海买楼，北上置业成为趋势，澳门市场有一定的发展潜力。

首屆珠中澳房地產博覽會在澳門舉行，有參展商認為，澳門與珠海的樓價相差近四倍，澳門居民在珠海置業的機會大，他們將會積極開拓澳門巿場。

房博會名譽主席鄭天祥日前在博覽會開幕式時稱，澳門樓價較高，不少澳人北上置業，珠海、中山成為“落腳”熱點，鄰近口岸的樓盤更是有價有市。隨著國家改革開放步伐加快，三地生活水準逐漸縮短，配合未來落成啟用的廣珠輕鐵、港澳珠大橋、交通網絡日益完善，意味三地交通便捷不斷提高，將三地打造成“一小時生活圈”，珠三角城市將逐漸連結成片，形成新的市場一體化生活圈。

鄭天祥認為，計畫興建的港珠澳大橋將來開通後，三地道路交通網絡將進一步完善，港澳居民北上置業將會增加。有內地地產商表示，近年不少澳門居民到珠海買樓，北上置業成為趨勢，澳門市場有一定的發展潛力。

The 1st Zhuhai-Zhongshan-Macau Real Estate Expo was recently held in Macau. According to some exhibitors, property prices in Macau are nearly four times higher than in Zhuhai, so there is an increasing tendency for Macau citizens to buy properties in Zhuhai, they are therefore making every effort to expand their market share in Macau.

Cheang Tin Cheong, the honorary chairman of the Expo, said during the opening ceremony that many people in Macau choose to buy properties in the Pearl River Delta Region, mainly in Zhuhai and Zhongshan. Properties near the Gongbei checkpoint are particularly sought after. Following the acceleration of China’s reform and opening-up process, the difference in living standards between the three cities is narrowing. With more communications facilities such as the Guangzhou-Zhuhai Light Railway and the Hong Kong-Zhuhai-Macau Bridge taking shape and making it more convenient for people to move around, the three cities will all be within one hour’s driving distance from each other. The cities around the Pearl River Delta will gradually form a new living sphere with a uniform market.

Cheang believed that with the completion of the Hong Kong-Zhuhai-Macau Bridge, the road traffic network will be further improved. The number of Hong Kong and Macau people buying houses in the Pearl River Delta Region will further increase. Some Mainland property developers have observed that in recent years more and more Macau people had bought properties in Zhuhai. With such a trend of buying properties in the Pearl River Delta Region, the Macau market has potential for development.

零八年初，在高价卖地、港珠澳大桥拍板及连环减息带动下，澳门楼市气氛热烈，首季推出的新盘，交投畅旺。唯次季受环球投资气氛影响，楼市开始放缓，加上政府收紧博彩业及自由行政策等，令澳门楼市回落，估计今年上半年物业成交量较零七年同期下跌约三至四成。然而下半年有新酒店项目登场，加上政府的首置资助计划及新婚租屋贷款计划将会展开，可望刺激楼市逐渐回暖。

中原（澳门）澳门区区域董事石宝德
楼市有望于第四季反弹
首季期间，澳门区有多个新盘推出，包括君悦湾、海擎天二期等，带动交投量上升，楼价亦向上调升。如寰宇天下入伙后，年初以来其平均呎价一直处于上升趋势，五月份比一月份上升了约13%，平均呎价亦保持3200-3500元间。次季步入楼市调整期，有个别屋苑调整楼价，幅度介乎8%至10%。虽然楼价处于调整期，但由于通胀持续，人工建材同时飙升，发展商几乎是以成本价发售物业，因此楼价未来的下调空间较微。而调整期间，受影响的主要为一些海外投资者，如某些于股票市场损手的投资者或一些两地持货业主，急于套现，本地投资者多持观望态度，影响不大。预料澳门经济下半年会继续增长，后市乐观。如年尾众大型楼盘配合同期推出，楼市调整期有望于九月份结束，尤其看好东方明珠区发展。

中原（澳门）凼仔区区域董事徐有喜
租金平稳上升 置业胜租屋
上半年凼仔区的成交量轻微下降，除首季新盘推出期间楼市较活跃外，近月交投量相对淡静，估计凼仔区上半年成交量大概4,800宗，预料较去年同期下跌约6%。主要受外围投资气气不明朗及政府出策调控博彩旅游业影响，投资者入市心理变弱，以致楼市持续放缓，楼价亦相对下调，与去年尾楼价相比，今年上半年凼仔的平均楼价轻微下调6%~8%，豪宅呎价亦调整约5%。虽然成交放缓，但租金相反平稳上升。现阶段置业胜租屋，皆因现时按揭息率偏低，楼价回落低水，供平过租现象涌现，加上通胀持续，股票走势反复，投资物业成为唯一较安全保值的投资选择。另外，今年首季GDP达441.7亿，较零七年增长31.6%，失业率则维持2.9%，而澳人每月收入中位数则达9,500元，居民存款金额去年底达到2,682亿元。种种经济数据都属全球高位数字，反映澳门经济增长十分乐观，若趁现时楼价调整期吸纳低水宝物，可成为抗通胀保资金的出路。

零八年初，在高價賣地、港珠澳大橋拍板及連環減息帶動下，澳門樓市氣氛熱烈，首季推出的新盤，交投暢旺。唯次季受環球投資氣氛影響，樓市開始放緩，加上政府收緊博彩業及自由行政策等，令澳門樓市回落，估計今年上半年物業成交量較零七年同期下跌約三至四成。然而下半年有新酒店項目登場，加上政府的首置資助計劃及新婚租屋貸款計劃將會展開，可望刺激樓市逐漸回暖。

中原（澳門）澳門區區域董事石寶德
樓市有望於第四季反彈
首季期間，澳門區有多個新盤推出，包括君悅灣、海擎天二期等，帶動交投量上升，樓價亦向上調升。如寰宇天下入伙後，年初以來其平均呎價一直處於上升趨勢，五月份比一月份上升了約13%，平均呎價亦保持3200-3500元間。次季步入樓市調整期，有個別屋苑調整樓價，幅度介乎8%至10%。雖然樓價處於調整期，但由於通脹持續，人工建材同時飆升，發展商幾乎是以成本價發售物業，因此樓價未來的下調空間較微。而調整期間，受影響的主要為一些海外投資者，如某些於股票市場損手的投資者或一些兩地持貨業主，急於套現，本地投資者多持觀望態度，影響不大。預料澳門經濟下半年會繼續增長，後市樂觀。如年尾眾大型樓盤配合同期推出，樓市調整期有望於九月份結束，尤其看好東方明珠區發展。

中原（澳門）氹仔區區域董事徐有喜
租金平穩上升   置業勝租屋
上半年氹仔區的成交量輕微下降，除首季新盤推出期間樓市較活躍外，近月交投量相對淡靜，估計氹仔區上半年成交量大概4,800宗，預料較去年同期下跌約6%。主要受外圍投資氣氣不明朗及政府出策調控博彩旅遊業影響，投資者入市心理變弱，以致樓市持續放緩，樓價亦相對下調，與去年尾樓價相比，今年上半年氹仔的平均樓價輕微下調6%~8%，豪宅呎價亦調整約5%。雖然成交放緩，但租金相反平穩上升。現階段置業勝租屋，皆因現時按揭息率偏低，樓價回落低水，供平過租現象湧現，加上通脹持續，股票走勢反覆，投資物業成為唯一較安全保值的投資選擇。另外，今年首季GDP達441.7億，較零七年增長31.6%，失業率則維持2.9%，而澳人每月收入中位數則達9,500元，居民存款金額去年底達到2,682億元。種種經濟數據都屬全球高位數字，反映澳門經濟增長十分樂觀，若趁現時樓價調整期吸納低水寶物，可成為抗通脹保資金的出路。

Early 2008 saw a buoyant property market with a series of high-priced land sales, a green light for the Hong Kong-Zhuhai-Macau Bridge and repeated interest rate cuts. New properties marketed in the first quarter sold like hot cakes. But by the second quarter, the global investment sentiment turned bearish, and new restrictions on the gaming industry and the Mainland’s Individual Travel Scheme sent Macau’s property market on a downward trend. The transaction volume slumped by 30-40% year-on-year in the first half of the year. However, the property market is likely to climb up again for the following solid reasons: new hotel projects are expected to go into operation, the government’s home starter funding scheme and the newlyweds leasing loan scheme.

Sek Po Tak, Regional Director, Centaline (Macau)
Property Market Likely to Rebound in Fourth Quarter
The housing projects marketed in the first quarter, including the Residencia and the second phase of the Praia, pushed transaction volume and housing prices higher. Take the La Cite for example. After the home occupation started, its price per square foot has been on the rise since early 2008. An approximately 13% surge was registered in May against that of January. The price per square foot has been as high as MOP3,200-3,500. Since the adjustment befell the second quarter, one or two housing projects recorded an 8-10% drop in price. Even though after adjustment, the continuous inflation and the mounting labour and materials cost forced developers to sell their properties at nearly cost prices, with little room for a further drop in price. During the adjustment period, those affected were mainly overseas investors who were anxious to cash their property after suffering losses on the stock market or those who owned properties in two places. Local investors, most of whom had maintained a wait-and-see attitude, were not much affected. Macau’s economy is likely to keep on growing in the second half of the year and the property outlook is good. If large housing projects are coming on the market in the second half of the year, the adjustment period may end in September. Properties in the Areia Preta are particularly promising.

Nelson Tsui, Regional Director, Centaline (Macau), Taipa
Leasing Price Escalates – Better Buying Than Renting
Property transactions in Taipa registered a marginal fall in the first half of the year, except where a few new projects were launched in the first quarter. Property dealing generally remained inactive over recent months. Approximately 4,800 transactions were registered in the first six months in Taipa, about 6% down year-on-year. Fluctuating external factors and government control of the gaming industry have affected the investment sentiment, resulting in a continuous slowdown of real estate and a fall in housing prices. Compared with the housing prices recorded at the end of last year, the average price in Taipa dropped slightly, by 6-8% in the first half of 2008. The price per square foot for high-end properties was also down by 5%. While transactions are slowing down, leasing prices are going up. At present, it seems to cost less to buy a property than to rent as the mortgage rate remains low and the housing prices have dropped. The continuous inflation and the fickle stock market also suggest that property investment may be the best way out for capital. In the first quarter, GDP reached MOP44.17 billion this year, up 31.6% than 2007. The unemployment rate remained at 2.9%. Macau residents’ monthly median salary topped MOP9,500 and their deposit amount totalled as much as MOP268.2 billion by the end of 2007. All of these statistics indicate a very optimistic, economic growth in Macau. Buying good-value-for-money properties during the current adjustment seems the right thing to do against inflation.

受外围市场持续波动及天雨影响关系，澳门楼市上半年处于放缓状态，六月份单月的成交量及睇楼量同比减少接近两成。美联行政总裁张一辉预料，楼市要到九月份后待买家购买力释放，成交量才会逐渐反弹。而下半年楼价估计会有约5%调整。

六月份连场暴雨，加上股市波动及息口走势未明，市场上欠缺焦点楼盘，年初楼价己回落15%，据最新的政府数据显示，截至五月份，按印花税统计之住宅成交宗数及金额分别为7,673宗及186亿元，较去年同期分别下降34%及9%。此外，受上月天雨影响，有不少海外投资者亦因天气关系延期来澳，削弱买家「睇楼」意欲，直接影响当月成交量。张一辉表示，不少有意来澳门投资的人士受环球利淡因素影响，处于「回气」状态，澳门目前楼市返回用家市场，吸引不少「换楼客」趁现时楼价回落期物色「笋盘」，料澳门二手中价屋苑最受惠。

　　虽然住宅买卖成交有放缓趋势，但鉴于下半年将有四季酒店投入运作，澳门外雇人口仍将不断增加，估计届时外雇人口会接近十万，刺激澳门租务市场继续活跃，租务成交在淡市中「不跌反升」。张一辉称，目前整体楼价受外围不明朗因素影响，业主叫价普遍回落有5%-8%的调整幅度，但租务方面平均呎租依然维持在8元-11元之间，且半年内的租务成交量较去年同期有10%升幅。

　　七、八月份为楼市传统淡季，买家囤积的购买力将会在暑假后释放，张一辉称，由于较早前内地发生天灾及港股波动，影响投资者置业意欲，对澳门整体投资市场有所影响，故预料至暑假后，澳门新盘将会陆续出笼，买家累积的购买力亦将一次性释放，后市看好。

受外圍市場持續波動及天雨影響關係，澳門樓市上半年處於放緩狀態，六月份單月的成交量及睇樓量同比減少接近兩成。美聯行政總裁張一輝預料，樓市要到九月份後待買家購買力釋放，成交量才會逐漸反彈。而下半年樓價估計會有約5%調整。

六月份連場暴雨，加上股市波動及息口走勢未明，市場上欠缺焦點樓盤，年初樓價己回落15%，據最新的政府數據顯示，截至五月份，按印花稅統計之住宅成交宗數及金額分別為7,673宗及186億元，較去年同期分別下降34%及9%。此外，受上月天雨影響，有不少海外投資者亦因天氣關係延期來澳，削弱買家「睇樓」意慾，直接影響當月成交量。張一輝表示，不少有意來澳門投資的人士受環球利淡因素影響，處於「回氣」狀態，澳門目前樓市返回用家市場，吸引不少「換樓客」趁現時樓價回落期物色「筍盤」，料澳門二手中價屋苑最受惠。

雖然住宅買賣成交有放緩趨勢，但鑑於下半年將有四季酒店投入運作，澳門外僱人口仍將不斷增加，估計屆時外雇人口會接近十萬，刺激澳門租務市場繼續活躍，租務成交在淡市中「不跌反升」。張一輝稱，目前整體樓價受外圍不明朗因素影響，業主叫價普遍回落有5%-8%的調整幅度，但租務方面平均呎租依然維持在8元-11元之間，且半年內的租務成交量較去年同期有10%升幅。

七、八月份為樓市傳統淡季，買家囤積的購買力將會在暑假後釋放，張一輝稱，由於較早前內地發生天災及港股波動，影響投資者置業意慾，對澳門整體投資市場有所影響，故預料至暑假後，澳門新盤將會陸續出籠，買家累積的購買力亦將一次性釋放，後市看好。

Macau’s real estate market began to slow down the first half of the year with the reasons being attributed to fluctuating external markets and the recent bad weather. A 20% year-on-year decrease was registered in property transactions as well as in property surveying. Ronald Cheung, the CEO of Midland Macau Limited, says that transactions will remain slow until September, when the market expects to see a resumption in sales. The second half of the year may also see a 5% or so decrease in property prices.

Whilst the month of June can be remembered for its continual rainstorms, the stock market also remained fickle and interest rate trends remained uncertain, and early 2008 which led to a 15% drop in housing prices; the latest government data on stamp duty levied property deals show that, up to May, the transaction number and volume stood at 7,673 and MOP18.6 billion, down 34% and 9% year-on-year respectively. The rains in June also delayed some overseas investors visiting Macau and dampened potential buyers desire to look for property, these factors in turn affected the transaction volume for the month. According to Cheung, many potential overseas investors “held back” from making investments in Macau’s real estate market because of the global bearish mood. The property market has now reverted to homebuyers for the time being, many of whom are taking advantage of the falling prices and looking for flats that are “good value for money” to replace their current homes. Second-hand medium-priced properties are likely to be the most sought-after.

While the property transaction market seems to be getting slower, the foreign labour population is expected to rise as tourist amenities such as The Four Seasons Hotel go into operation in the second half of the year. By that time Macau will probably have as many as 100,000 foreign workers, who will activate the leasing market and bring about an increase in leasing deals in spite of the sluggish market. According to Cheung, the current housing prices are still under the influence of outside fluctuating factors, as reflected in the 5-8% downcuts offered by property owners, whereas the property lease prices have remained MOP8-11 per ft² and the volume of leasing transactions has recorded a 10% year-on-year increase in the past six months.

According to Cheung, July and August are the conventional off season for property buyers, whose pent-up consumer desire may be released after summer. The earlier earthquakes in Mainland China and the Hong Kong stock market fluctuation adversely affected the property investor mood as well as the whole investment climate in Macau. However after the summer, potential buyers are expected to release their ‘pent up’ buying power as new housing projects come on to the market, and hence reinvigorate the property market.

The economic boom and flourishing tourism figures of recent years has translated into buoyant personal consumption, with the retail sector most expansive of all. Sio Chong Meng, Managing Director of Lek Hang Property Development Company Ltd, notes that the vacancy rate of stores in the central district is close to zero and therefore an attractive investment.

With Senado Square at its epicentre, the central district comprises Rua de São Domingos, Rua de São Paulo, Avenida do Infante Dom Henrique, Avenida Nova and Avenida da Praia Grande. The area is a tourist magnet as well as a commercial hub. According to Mr. Sio, the district serves the majority of high-end consumers, be they tourists or locals, and as such provides the best guarantee of profits for business operators. The rental and sales prices are correspondingly the highest in Macau.

Take some recent transactions. Store rentals in this district range from MOP300 to 500 per square foot while the sales price for many stores can reach as high as MOP100,000 per square foot. While supply remains limited, such high prices are attractive to established brands and solid companies. Mr. Sio predicts that downtown store prices will very likely keep rising in the foreseeable future, and he believes those stores are a good buy for investors if they don’t mind the relatively low rental return as of now, as they will sell well in the future or serve as a permanent investment that can be bequeathed to later generations.

近年澳門經濟起飛，帶動本澳旅遊業發展，人們消費水準不斷提高，零售市場最是昌旺。力行地產發展有限公司總經理蕭頌銘指出該區商鋪空置率接近零,是投資首選。
以噴水池廣場為中心點向四周幅射的區域廣稱《中區》，範圍包括：板樟堂街、大三巴街、殷皇子馬路、新馬路、以至南灣大馬路一帶，屬旅遊旺區，又是商業中心所在。蕭頌銘表示，所有高端客源，不論遊客還是本地客均集中在該區消費，該區是營商的信心保證，租金及售價亦是全澳最昂貴。
以最近期成交個案為例，中心點旺舖每呎租金由300元起至500元不等，每呎售價超過10萬的亦不少。如此高價較吸引名牌或有實力公司問津，區內供應亦絕無僅有。蕭頌銘又估計，如無意外，在可見的將來中區的商舖價格仍會不斷上升，有能力的投資者，如不介意短期租息稍低，不妨高價買入，待價而沽，或作長期持有，亦可子孫永享，實屬投資首選。

近年澳门经济起飞，带动本澳旅游业发展，人们消费水平不断提高，零售市场最是昌旺。力行地产发展有限公司总经理萧颂铭指出该区商铺空置率接近零,是投资首选。
以喷水池广场为中心点向四周幅射的区域广称《中区》，范围包括：板樟堂街、大三巴街、殷皇子马路、新马路、以至南湾大马路一带，属旅游旺区，又是商业中心所在。萧颂铭表示，所有高端客源，不论游客还是本地客均集中在该区消费，该区是营商的信心保证，租金及售价亦是全澳最昂贵。
以最近期成交个案为例，中心点旺铺每呎租金由300元起至500元不等，每呎售价超过10万的亦不少。如此高价较吸引名牌或有实力公司问津，区内供应亦绝无仅有。萧颂铭又估计，如无意外，在可见的将来中区的商铺价格仍会不断上升，有能力的投资者，如不介意短期租息稍低，不妨高价买入，待价而沽，或作长期持有，亦可子孙永享，实属投资首选。

二零零八年七月三日

MacauABC.com 的新行政总裁及新名字

MacauABC.com 很高兴委任 Mr. Simon Henry 为公司的新任行政总裁；Mr. Henry 拥有超过10年的物业网站发展经验，并于上任后实时为 MacauABC.com 进行革新，MacauABC.com 现已正式改名为「vproperty.mo - The best address in Macau」，我们的中文标语是「你的物业搜寻专家」。

「我们的新名字vproperty.mo 可更有效和清晰反映本公司为物业搜寻专家的定位。每天有大量海内外投资者、买家和租户在寻找澳门物业和商机，通过我们的网站是接触他们最好的方法。」 Mr. Henry 说。

近年澳门经济起飞，相对于邻近地同样是经济特区的香港，澳门物业价格仍处于偏低水平，澳门物业市场可谓商机处处。在北美及澳洲等市场，互联网信息已相当成熟，超过八成买家及租客会首先选择互联网作为接触物业信息的渠道。国际投资者、买家和租客如需了解和挑选澳门物业，透过互联网是他们的最佳途径。去年澳门共有超过二千二百万访客，如果在投资者到达澳门前已可透过vproperty.mo认识您的品牌，对生意的成交率定必大大提升。

于过去一个月内，我们已为「vproperty.mo - The best address in Macau」进行超过100次更新，目的是要进一步改善已广为人知的「你的物业搜寻专家」；更新的内容包括：

• 全新的网站版面设计，为使用者带来最强大的搜寻功能
• 无限次放盘,编辑及更新，物业代理商标刊登于发放之楼盘上；
• 加强的市场推广活动，每月吸引数以千计来自澳门、香港、中国和海外的访客；
• 为广告客户提供免费使用之物业图片库；
• 客户将可透过我们的网站直接联络买家/卖家以及业主，免除登记、联络、 转发指引等繁琐过程；

欢迎到我们的网站 www.vproperty.mo，定必为您带来全新的感觉

传媒联络:
John Lui 吕先生
Head of Marketing, vproperty.mo
john@vproperty.mo
(853) 2875 3115

二零零八年七月三日

MacauABC.com 的新行政總裁及新名字

MacauABC.com 很高興委任 Mr. Simon Henry 為公司的新任行政總裁；Mr. Henry 擁有超過10年的物業網站發展經驗，並於上任後即時為 MacauABC.com 進行革新，MacauABC.com 現已正式改名為「vproperty.mo - The best address in Macau」，我們的中文標語是「你的物業搜尋專家」。

「我們的新名字vproperty.mo 可更有效和清晰反映本公司為物業搜尋專家的定位。每天有大量海內外投資者、買家和租戶在尋找澳門物業和商機，通過我們的網站是接觸他們最好的方法。」 Mr. Henry 說。

近年澳門經濟起飛，相對於鄰近地同樣是經濟特區的香港，澳門物業價格仍處於偏低水平，澳門物業市場可謂商機處處。在北美及澳洲等市場，互聯網資訊已相當成熟，超過八成買家及租客會首先選擇互聯網作為接觸物業資訊的渠道。國際投資者、買家和租客如需瞭解和挑選澳門物業，透過互聯網是他們的最佳途徑。去年澳門共有超過二千二百萬訪客，如果在投資者到達澳門前已可透過vproperty.mo認識您的品牌，對生意的成交率定必大大提升。

於過去一個月內，我們已為「vproperty.mo - The best address in Macau」進行超過100次更新，目的是要進一步改善已廣為人知的「你的物業搜尋專家」；更新的內容包括：

• 全新的網站版面設計，為使用者帶來最強大的搜尋功能
• 無限次放盤,編輯及更新，物業代理商標刊登於發放之樓盤上；
• 加強的市場推廣活動，每月吸引數以千計來自澳門、香港、中國和海外的訪客；
• 為廣告客戶提供免費使用之物業圖片庫；
• 客戶將可透過我們的網站直接聯絡買家/賣家以及業主，免除登記、聯絡、轉發指引等繁瑣過程；

歡迎到我們的網站 www.vproperty.mo，定必為您帶來全新的感覺。

傳媒聯絡:
John Lui 呂先生
Head of Marketing, vproperty.mo
john@vproperty.mo
(853) 2875 3115

New CEO , New Name for MacauABC

MacauABC is pleased to announce that Mr. Simon Henry will now lead the largest property Web site in Macau as its CEO. Bringing more than 10 years of experience in the online real estate business, Mr. Henry’s expertise has brought the rapid rebranding of MacauABC.com to “vproperty.mo - The best address in Macau”. The company’s Chinese tag line is “您的物業搜尋專家”.

“The new brand reflects the nature of our business, an online property search engine. With thousands of people looking at property in this region, the internet is the best medium to attract investors and tenants to available properties,” Mr. Henry said.

Macau represents a dynamic property market. In developed markets such as North America and Australia, 80% of all property buyers and renters look for property online before going anywhere else. This is vital when dealing with regional and international investors, buyers and renters. Last year, more than 22 million people visited Macau. Successful branding and promotion of the new vproperty.mo site will generate contact with many of those visitors before they arrive, planting the seed for not only growth of the site, but of the Macau real estate market as a whole. Mr. Henry will lead that movement.

“The best address in Macau” has seen more than 100 updates to the site in the past month, as vproperty.mo moves toward fully implementing its new brand. “Continuing to improve the site to attract more buyers and tenants is our number one priority” Mr. Henry explained. Some of the changes include:

• A new site launch, featuring top advertisers and a powerful, extensive search engine
• Unlimited property listings and fantastic branding opportunities.
• Increased online and offline marketing campaigns are attracting thousands of new visitors from Macau, Hong Kong, China and overseas every month.
• A free property photo database to be used in clients’ advertising.
• Client leads will grow rapidly as potential buyers will soon be able to contact clients directly via vproperty.mo, and do so without registration. “Property markets around the world more up and down,” Mr. Henry said. “The one thing that is constant is the overwhelming value for money internet advertising represents.”

Visit the new Web site at www.vproperty.mo.

Media Contact: John Lui
Head of Marketing, vproperty.mo
john@vproperty.mo
(853) 2875 3115

The rise of the Chinese Yuan (RMB) is leading to the prosperity of retail business in Macau, thus there is a short supply of retail spaces in the main shopping areas. Cheung Yat Fai, CEO of Midland Realty (Macau), expects that as the number of large hotels and residential properties are completed, secondary retail locations will become more sought-after. Therefore, leasing prices of retail space and the number of available spaces for lease will increase by more than 10% this year.

Cheung said that the future of tourism is promising and the value of the RMB continues to increase. Both of these are stimulating the retail market, causing leasing prices and the value of the retailing and commercial properties to grow year by year. Currently, retail spaces located at traditional tourist spots are nearly full. Due to the short supply and the surge of rental prices, some local retailers are moving away from traditional tourist spots to secondary retailing locations.

Manpower Shortage and Transaction Slump

Dennis Lee, District Sales Director of Midland Realty (Macau), said that first-rate retail areas on the Macau Peninsula are mainly located on Rua de S. Domingos, Avenida de Almeida Ribeiro and St. Paul’s Ruins in the Central District. Rental business in the district has entered a period of adjustment. The rental price for first-rate spaces along the main streets is fluctuating around MOP200 per ft2. Due to the leasing rate, which has reached over 90%, only a few retail spaces are available for lease. The shortage of labour is also causing the number of transactions for retail spaces to drop.

Lee stated that according to the Statistics and Census Service, the number of non-residential transactions in 2007 increased by 15% year on year. However, due to the increasing shortage of human resources, the transaction volume did not increase since Q1 of 2007. The transaction volume for Q1 of 2008 reached 1,955 with a value of MOP1.7billion and registering a year-on-year decrease of 41% in volume and 14% in value.

Tight Supply of Retail Property in Tourism District Prompts Demand for Secondary Retail Space

The sales volume of the retail sector of Macau recorded an annual growth of 40% during the Q4 of last year. This was the highest rate recorded by the sector, which has stimulated an increase in the value of the properties and thus store rentals. Dennis Lee pointed out that the tight supply of prime locations available in the Central District and the good prospect of the retail market has caused investors to switch their attention to secondary retail spaces to attempt to gain market share in the retail sector.

The completion of new residential projects within the Areia Preta, Lam Mau Tong (in Fai Chi Kei area), Dynasty Plaza and in Taipa has gradually driven up the demand for secondary retail spaces in those districts as well, with rental per square foot ranging from MOP30 to 35. This is still quite a big difference from the rates charged for stores in prime locations within the traditional tourist district.

Zero Supply of Commercial Buildings - Higher Rate of Return Than Residential

The gaming boom of Macau has been attracting many foreign investors to open branch offices in the city. Data from the Statistics and Census Service showed that there has been a successive increase in the number of new companies since 2001, which has stimulated the demand for office space.

According to Dennis Lee, figures provided by the government indicated an increase of 8.2% in the number of transactions and 36% in the amount over the same period in 2007. The record growth of transaction amounts being the most significant. The tight supply of offices reflects this situation, so property owners are tending to hold onto their properties waiting for a higher rent. Therefore, there was a relatively high increase in the rate per foot.

In fact, most of the designated land grants announced are for the development of residential or hotel projects. Very few of them are to be used for the construction of commercial buildings. As a result, there might be “zero supply” or a “supply shortage” of office space within the next two or three years.

Dennis Lee expects that there will be a “hunger” for commercial buildings to lease when all of the casino and hotel projects are completed in Macau. The present office rental per foot is determined by district - MOP12-13 for those in the Central District and MOP10-12 for the Dynasty Plaza. Prime commercial buildings cost MOP16-22 per foot. Office space sells for around MOP2,500-3,000 per foot, which is still lower than that of residential houses and approximately 5% or above their rate of return.