金融海啸令全球经济陷入疲软状态。股股市场阴霾挥之不去，港股创十一年来最大单日跌幅，挫千六点仅险守万一关。澳门地产发展商会提出多项救市措施，建议未来两年减收本地居民购房印花税、对有条件项目优先批则，促使私人工程尽快开工、政府补贴商铺租金等，望特区政府采取果断措施，以避免重蹈九三年楼市大跌引致经济长期衰退。

该会建议多项救市措施，包括十一月起两年内对本澳居民实施购房减收印花税百分之二点五（即实收楼价百分之零点六五印花税），期满后检讨政策是否延续；有资金兴建私人住宅的发展商，政府可提早收取保证金及以特殊处理优先批则（俗称钩则），以及免收相关税项及费用，使私人兴建楼宇工程尽早动工，启动本地建筑业，平衡因私人建筑市场动工减少而出现的建筑业停滞现象。

对推动旅游业、会展业，建议政府补贴航空公司引客，包括补贴机票成本等，政府也可借助欧美、中东、亚洲 客源地所在国家的公关公司帮助拉客。

该会亦建议政府向租铺的中小企津贴一半租金，减免商铺业主房屋税，严格执行相关租务法例，盘活租务市场。考虑向促成交易的房地产中介给予楼宇价值百分之零点五的款项奬励，按季结算；政府也是时候推出完整的吸引人才和钱财的鼓励居留澳门政策。

另有本地分析人士指出，澳门很倚靠邻近地区的经济气氛，国际及邻近地区的经济发展情况直接影响澳门经济。市场则憧憬内地在明年底甚至更早在明年中放宽对内地居民澳门自由行的限制。

本地学者承认，一旦松绑自由行，将起立竿见影效果。九月入境自由行客为37.1万人次，比八月的60.3万人次，大跌近39%，可见港澳游“分家”的影响明显。以此推算，平均每日澳门减少了约7,000多名旅客入境，对零售、餐饮行业的影响不言而喻。加上金融海啸吹袭，双重影响，政策有需要作出调整。

亦有分析认为，当日收紧自由行是不想澳门经济“过热”，但如今市场产生很大变化，当局应要改变策略，随机应变，自由行措施起码不会再收紧，甚而松绑有期才是明智救市之举。

金融海嘯令全球經濟陷入疲軟狀態。股股市場陰霾揮之不去，港股創十一年來最大單日跌幅，挫千六點僅險守萬一關。澳門地產發展商會提出多項救市措施，建議未來兩年減收本地居民購房印花稅、對有條件項目優先批則，促使私人工程盡快開工、政府補貼商舖租金等，望特區政府採取果斷措施，以避免重蹈九三年樓市大跌引致經濟長期衰退。

該會建議多項救市措施，包括十一月起兩年內對本澳居民實施購房減收印花稅百分之二點五（即實收樓價百分之零點六五印花稅），期滿後檢討政策是否延續；有資金興建私人住宅的發展商，政府可提早收取保證金及以特殊處理優先批則（俗稱鈎則），以及免收相關稅項及費用，使私人興建樓宇工程盡早動工，啟動本地建築業，平衡因私人建築市場動工減少而出現的建築業停滯現象。

對推動旅遊業、會展業，建議政府補貼航空公司引客，包括補貼機票成本等，政府也可借助歐美、中東、亞洲 客源地所在國家的公關公司幫助拉客。

該會亦建議政府向租舖的中小企津貼一半租金，減免商舖業主房屋稅，嚴格執行相關租務法例，盤活租務市場。考慮向促成交易的房地產仲介給予樓宇價值百分之零點五的款項奬勵，按季結算；政府也是時候推出完整的吸引人才和錢財的鼓勵居留澳門政策。

另有本地分析人士指出，澳門很倚靠鄰近地區的經濟氣氛，國際及鄰近地區的經濟發展情況直接影響澳門經濟。市場則憧憬內地在明年底甚至更早在明年中放寬對內地居民澳門自由行的限制。

本地學者承認，一旦鬆綁自由行，將起立竿見影效果。九月入境自由行客為37.1萬人次，比八月的60.3萬人次，大跌近39%，可見港澳遊“分家”的影響明顯。以此推算，平均每日澳門減少了約7,000多名旅客入境，對零售、餐飲行業的影響不言而喻。加上金融海嘯吹襲，雙重影響，政策有需要作出調整。

亦有分析認為，當日收緊自由行是不想澳門經濟“過熱”，但如今市場產生很大變化，當局應要改變策略，隨機應變，自由行措施起碼不會再收緊，甚而鬆綁有期才是明智救市之舉。

The current financial crisis has made the global economy falter. The stock market gloom is ominous enough, with the Hang Seng Index recently suffering its biggest single-day slump of 6,000 points to 11,000. Consequently, the Macao Association of Real Estate Development has proposed a series of rescue measures, including the reduction of stamp duty for locals buying property in the next two years, priority to deserving property projects, the urging of private projects to start as soon as possible, and government subsidies for shop rentals, etc. It is hoped that the government adopts measures as soon as possible to avoid a repeat of the 1993 property slowdown, which led to a long-tern economic recession.

The measures recommend (i) a 2.5% reduction in stamp tax for locals buying property in the coming two years commencing November this year (reducing the current tax to 0.65%), which, upon expiry, may or may not be continued; (2) for those private developers who have capital for residential property development, the government should accept their deposits and approve their projects as soon as possible, while exempting them from related taxes and fees so that developers can start their projects earlier to help offset the imbalance of the industry slump due to the falling number of private construction projects; (3) the government should consider subsidising the airlines, by way of air ticket allowances, in order to promote the local tourism, convention and exhibition industries. The government may also attract more visitors via PR companies in the US, Europe, the Middle East and Asia, which are the primary sources of Macao’s tourists.

It is also suggested that a 50% subsidy on rent be provided to small and medium enterprises, reducing or exempting their property taxes, while strictly enforcing relevant rental regulations and laws and eventually revitalising the rental market. It is also proposed that the government reward real estate agencies that bring transactions to a conclusion with 5% transaction volumes each quarter, and introduce an immigration mechanism for attracting talent and capital.

Some local analysts comment that Macao relies as much on the economic environment of neighbouring areas as it does on international and regional economic factors. The market anticipates the Mainland loosening the FIT scheme by the end of next year, if not by the middle of next year.

It is claimed that relaxed visa restrictions will bring immediate economic benefits. Visitors to Macao via the FIT scheme totalled 371, 000 in September, some 39% down on August (603,000). According to the statistics, there are 7,000 fewer visitors to Macao on average every day, which in turn is having a serious impact on the retail and F&B industries. The financial crisis has worsened the situation, thus it is incumbent upon the government to make appropriate adjustments.

Others say that the tightening of the FIT scheme was designed to prevent the Macao economy from overheating. However, now things have changed in the market the government should adjust their policies accordingly. At the very least, visa restrictions should not be further tightened. Rather, they should be loosened in the near future to save the market from a slump.

突然其来的”金融海啸”，令全球经济于过去几个星期发生巨大变化，冲击力甚广。

股票市场阴情不定，人们投资变得更谨慎，但楼市似乎并没有跟随股票市场的波动而受到影响。俗语说的好“否极泰来”，最坏的事情过去好的事情就会到来，”金融海啸”后无疑对储备充足的投资者是一个难得一遇的机会。现时，发展商和业主承受一定压力或会顺应时势适当调低物业价格，这正好可以平衡过热的楼市。通胀指数也会逐渐降低，有望回到过去几年的水平，澳门楼市将会恢复健康发展。

三年后，人们仍然会记得这个“黑色十月”，且会将此时期和过去作比较。过去经验告诉我们，市场上总会有大起大落的时候，但始终不变的是，每一次大跌后总会反弹，只是时间的问题罢了。

It has been a very interesting few weeks around the world and the impacts are being felt everywhere.

People are cautious, many people are saving and the traditional swings and round-abouts of stock markets and property seem to be out of sync. The old adage is that when things are really bad, it can be an amazing opportunity for those who have reserved wealth.  Property prices will fluctuate and there will be increased pressure on owners and landlords to reduce prices.  This will stimulate the market and restore some balance to overheated markets.  Grossly inflated prices on the back of the last boom will taper and decline to levels of a few years back.

Looking forward 3 years, it will be remembered as “Black October” and comparisons will be made between this period and past periods.  In the past thousand years, one thing has been a constant:  the fact that markets go up and down and after each down period, it has always come back up … it is just a question of time.

突然其來的”金融海嘯”，令全球經濟於過去幾個星期發生巨大變化，衝擊力甚廣。

股票市場陰情不定，人們投資變得更謹慎，但樓市似乎並沒有跟隨股票市場的波動而受到影響。俗語說的好“否極泰來”，最壞的事情過去好的事情就會到來，”金融海嘯”後無疑對儲備充足的投資者是一個難得一遇的機會。現時，發展商和業主承受一定壓力或會順應時勢適當調低物業價格，這正好可以平衡過熱的樓市。通脹指數也會逐漸降低，有望回到過去幾年的水準，澳門樓市將會恢復健康發展。

三年後，人們仍然會記得這個“黑色十月”，且會將此時期和過去作比較。過去經驗告訴我們，市場上總會有大起大落的時候，但始終不變的是，每一次大跌後總會反彈，只是時間的問題罷了。

Affected by the subprime crisis and speculators dumping non-performing assets, how will Macau’s real estate market fare in the short run? What measures should investors take to weather this sudden change? Can current prices be maintained in the fourth quarter? Kin-chong Wong, President of the Association of Real Estate Professionals of Macau, sheds some light on these questions.

According to Wong, the financial tsunami has caused investors’ confidence to sag; as a result, the local economy will further slow down. Real estate prices are estimated to fall by about 10% over the previous quarter and a lower turnover is on the cards. Compared to those regions whose prices plummeted by nearly 30%, however, Macau is something of a rarity and has suffered only moderately.

Investors are adopting a ‘wait and see’ attitude. Even though price hikes in 2008 are not comparable to those of 2006 and 2007, says Wong, investors need not worry too much about a further drop. Speedy booms often lead to a real estate bubble. In 2005, for example, Prince Flower City in Taipa attracted MOP 1,500/sq. ft. before rising to nearly MOP 3,000/sq. ft. in 2006/07, a 100% increase. From another perspective, people should not be too pessimistic about the financial turmoil as it may be an unexpected opportunity for the proper adjustment of Macau’s real estate market.

In reality, two factors will influence Macau’s economy. One is the stock market, which will track the US economy; the other is the policies of the new MSAR administration after 2009. As long as the US government adopts stabilising measures, says Wong, the bearish clouds drifting around the global economy will gradually evaporate. Investors have experienced the effects of SARS and Beijing’s macro-control policy, and they are more careful and better prepared for the future.

Wong thinks that the future of Macau’s real estate market will on the whole be good. The successful funding of the Hong Kong-Zhuhai-Macau Bridge has effectively boosted economic development on both sides of the Pearl River, and with the bridge expected to be completed in 2010, Macau will benefit further. In addition, the gaming and tourism sectors are still booming despite adverse conditions, creating huge tax revenues for the city. It is reported that 10 more entities are expected to come to completion on the Cotai Strip within the next five years. The prosperity of the Strip industries will boost demand for manpower, and the rising demand in the rental market will fuel property prices. Therefore, investors should not panic sell. A price war in the property market is unlikely; neither is there likely to be an economic decline as the current adjustment is only temporary. 

Macau’s real estate market is in a transitional period as a result of global economic instability. Wong believes that it will improve after the policies introduced following the US presidential election become clear, with speculation ending after the third month of the lunar calendar. He suggests that developers wait for the next wave instead of selling new flats at a discount at the end of the year, thus depleting buyers’ confidence.

“Newer quality flats priced medium-high are more resilient to price cuts and represent more value for investment,” says Wong. Four elements are vital in embarking upon real estate investment: management, facilities, location and age. He cites Nova City as a good example - as its management, facilities, and location tick the ‘quality’ boxes, the current MOP 3,000/sq. ft. represents the bottom price based on its cost (building cost plus land price) and suggests that now is the time to buy. A rebound in the global economy means the chance of a price hike is likely.

受美国次贷影响，面对环球经济的不稳定及炒家抛售不良资产，澳门物业市场短期内将面临怎样的冲击呢？投资者面对突然其来的变化应采取怎样的措施？第四季度的物业价格又能否维持过往水平？物业市场会因此掀起一场“减价潮”吗？以下我们请来澳门地产专业协会主席黄健中为我们一一解答：

黄健中表示，虽是次“金融海啸”直接打击投资者信心，本澳经济短期内会进一步放缓，估计价格会较上一季下跌一成，成交量也将维持在较低的水平。但相比其它跌幅接近30%的地区，澳门仍属罕有且影响较少的。

面对突然其来的冲击，全球经济的不明朗化，令投资者观望态度升温。黄健中指出，即使零八楼市价格升幅未及零六零七，投资者也不用太担心澳门楼市会进一步下调。澳门楼市需稳步发展，零六零七楼市发展太疯狂，如零五年太子花城的市场呎价普遍为1500元，零六零七市场造价升至每平方呎接近3000元，升幅达100%。如果发展速度持续急速，始终会导致泡沫现象。换个角度看，是次“金融海啸”不用看得太悲观，这或许对澳门楼市来说正是一个意外且适当的冷静调整期。

事实上，影响澳门经济有两大主要因素，一是受美国经济直接带动的股票市场，二是澳门换届后特首颁布的新政策。黄健中表示，只要美国政府通过有关拯救经济方案，全球的经济阴霾将会逐渐散去，且投资者曾经历过中国调控措施，沙士等逆境，已变得更审慎更具实力，相信不会轻易被击倒。

他又表示，纵观澳门未来经济，利好因素仍旧存在，澳门楼市未来发展乐观。如港珠澳大桥融资的成功已有效促进两岸三地的经济发展，该大桥预期在2010年会正式落成，估计到时会进一步刺激经济，为澳门带来更大的经济效益；另外，澳门的龙头事业博彩及旅游行业，在逆市中依然繁荣，为澳门带来巨大的税款收入；有关报导更指金光大道未来五年估计至少有10个新项目落成，酒店博彩业的兴旺，将带动劳动力需求急增，租务需求急切，从而支持澳门楼价。因此，现时，投资者应静观其变，不应恐慌性急于抛售，澳门物业市场只会短期进入调整期，并不足以出现减价战而引发经济衰退的现象。

由于环球经济短期内表现不稳定，现时澳门楼市也相继进入调整期，黄健中估计待美国大选完毕政策明朗化后，全球经济会逐渐好转，预料农历年三月后可结束观望期。他又认为发展商不应于传统推盘月年底急于减价推售新盘，减低投资者信心，建议发展商储蓄待发，等待时机再创高峰。

“中高价楼龄较新的优质楼宇，抗跌能力较强且投资潜力大。” 黄健中称，选楼投资要诀不外乎四要素：管理，设施，地点，楼龄。如凼仔濠庭都会，现时呎价约3000余元，因其管理，设施，地点均属高质素，基于成本价的限制（建筑价加地价等于成本价），此价格已经是极限，不能再低了，卖价不可能再低于成本价，故现时是入货的好时机，看好待全球经济复苏，楼价涨升的机会十分大。

受美國次貸影響，面對環球經濟的不穩定及炒家拋售不良資產，澳門物業市場短期內將面臨怎樣的衝擊呢？投資者面對突然其來的變化應採取怎樣的措施？第四季度的物業價格又能否維持過往水平？物業市場會因此掀起一場“減價潮”嗎？以下我們請來澳門地產專業協會主席黃健中為我們一一解答：

黃健中表示，雖是次“金融海嘯”直接打擊投資者信心，本澳經濟短期內會進一步放緩，估計價格會較上一季下跌一成，成交量也將維持在較低的水平。但相比其他跌幅接近30%的地區，澳門仍屬罕有且影響較少的。

面對突然其來的衝擊，全球經濟的不明朗化，令投資者觀望態度升溫。黃健中指出，即使零八樓市價格升幅未及零六零七，投資者也不用太擔心澳門樓市會進一步下調。澳門樓市需穩步發展，零六零七樓市發展太瘋狂，如零五年太子花城的市場呎價普遍為1500元，零六零七市場造價升至每平方呎接近3000元，升幅達100%。如果發展速度持續急速，始終會導致泡沫現象。換個角度看，是次“金融海嘯”不用看得太悲觀，這或許對澳門樓市來說正是一個意外且適當的冷靜調整期。

事實上，影響澳門經濟有兩大主要因素，一是受美國經濟直接帶動的股票市場，二是澳門換屆後特首頒佈的新政策。黃健中表示，只要美國政府通過有關拯救經濟方案，全球的經濟陰霾將會逐漸散去，且投資者曾經歷過中國調控措施，沙士等逆境，已變得更審慎更具實力，相信不會輕易被擊倒。

他又表示，縱觀澳門未來經濟，利好因素仍舊存在，澳門樓市未來發展樂觀。如港珠澳大橋融資的成功已有效促進兩岸三地的經濟發展，該大橋預期在2010年會正式落成，估計到時會進一步刺激經濟，為澳門帶來更大的經濟效益；另外，澳門的龍頭事業博彩及旅遊行業，在逆市中依然繁榮，為澳門帶來巨大的稅款收入；有關報導更指金光大道未來五年估計至少有10個新項目落成，酒店博彩業的興旺，將帶動勞動力需求急增，租務需求急切，從而支援澳門樓價。因此，現時，投資者應靜觀其變，不應恐慌性急於拋售，澳門物業市場只會短期進入調整期，並不足以出現減價戰而引發經濟衰退的現象。

由於環球經濟短期內表現不穩定，現時澳門樓市也相繼進入調整期，黃健中估計待美國大選完畢政策明朗化後，全球經濟會逐漸好轉，預料農曆年三月後可結束觀望期。他又認為發展商不應於傳統推盤月年底急於減價推售新盤，減低投資者信心，建議發展商儲蓄待發，等待時機再創高峰。

“中高價樓齡較新的優質樓宇，抗跌能力較強且投資潛力大。” 黃健中稱，選樓投資要訣不外乎四要素：管理，設施，地點，樓齡。如氹仔濠庭都會，現時呎價約3000餘元，因其管理，設施，地點均屬高質素，基於成本價的限制（建築價加地價等於成本價），此價格已經是極限，不能再低了，賣價不可能再低於成本價，故現時是入貨的好時機，看好待全球經濟復蘇，樓價漲升的機會十分大。