TRANSACTION OF BUILDING UNITS AS PER RECORD OF STAMP DUTY

Sale and purchase of building units with stamp duty paid for the third quarter of 2008 dropped significantly by 42.4% quarter-to-quarter to 4,229, and the total value amounted to MOP7.07 billion,down by 35.7%. Among these units, 51.7% (2,188 units valued at MOP5.04 billion) were new unitsd that were within the property tax exemption period.The majority (2,335 units valued at MOP5.86 billion) of these transactions were residential units that accounted for 55.2% of the total number of building units; the number of residential units and value decreased by 42.7% and 36.3% respectively over the preceding quarter. In addition, there were 288commercial units, 148 offices and 37 industrial units. Among these residential units, 1,976 units were situated in the Macao Peninsula, 346 in Taipa and 13 in Coloane. Analysed by transaction price, number of residential units sold for over MOP4,000,000 totalled 522 (22.4% of the total); 402 units (17.2%) for over MOP2,000,000 to MOP4,000,000; 558 units (23.9%) for over MOP1,000,000 to MOP2,000,000; and 853 units (36.5%) for MOP1,000,000 or less.

In the third quarter of 2008, 1,980 units (46.8% of the total) were purchased and sold under Intermediate Transfer of Title with a total value of MOP4.66 billion, down by 37.1% and 32.9% over the previous quarter. The majority of the units were situated at the districts of NATAP and Horta e Costa e Ouvidor Arriaga, sharing 48.5% and 36.3%, respectively.

Average transaction price of residential units in selected districts

                                                                                                                                    MOP/m2

In the third quarter of 2008, the overall average transaction price of residential units amounted to MOP23,819 per square meter of usable area, down by 3.7% quarter-to-quarter. The average transaction price of those in Taipa decreased by 6.2% to MOP22,085 per square meter, and the average price of those in the Macao Peninsula fell by 5.1% to MOP23,911 per square meter.

**Data provided by DSEC

按用途统计之缴纳物业转移印花税的樓宇单位买卖

2008年第3季已缴纳物业转移印花税的单位买卖數目共4,229个，较前一季显著减少42.4%，而交易金额为70.7亿元，亦大幅下跌35.7%；其中属于房屋税豁免期内之新樓d单位占总數51.7%（2,188个），金额为50.4亿元。在缴纳印花税的单位中，住宅占总數55.2%（2,335个），金额共58.6亿元，单位數目及金额较前一季分别减少42.7%及36.3%；而商业、办公室及工业单位分别有288个、148个及37个。位于澳门半岛的住宅单位有1,976个，凼仔及路环分别有346个及13个；按成交金额分析，400万元以上的单位占住宅单位总數22.4%（522个），200万以上至400万元的占17.2%（402个），100万以上至200万元的占23.9%（558个），而100万元或以下的则占36.5%（853个）。

2008年第3季属于中间移转e的单位有1,980个（占单位买卖总數46.8%），涉及金额为46.6亿元，较前一季减少37.1%及32.9%；有关的买卖以黑沙环新填海区和高士德及雅廉访区较多，分别占48.5%及36.3%。

部分区域的住宅单位平均成交价

                                                                                                                   单位:每平方米澳门元

按实用面积计算，2008年第3季整体住宅单位的平均成交价为每平方米23,819元，较前一季下跌3.7%。凼仔单位的平均成交价为每平方米22,085元，较前一季下跌6.2%；而澳门半岛的平均成交价亦下跌5.1%，每平方米23,911元。

**资料来源于统计暨普查局

按用途統計之繳納物業轉移印花稅的樓宇單位買賣

2008年第3季已繳納物業轉移印花稅的單位買賣數目共4,229個，較前一季顯著減少42.4%，而交易金額為70.7億元，亦大幅下跌35.7%；其中屬於房屋稅豁免期內之新樓d單位佔總數51.7%（2,188個），金額為50.4億元。在繳納印花稅的單位中，住宅佔總數55.2%（2,335個），金額共58.6億元，單位數目及金額較前一季分別減少42.7%及36.3%；而商業、辦公室及工業單位分別有288個、148個及37個。位於澳門半島的住宅單位有1,976個，氹仔及路環分別有346個及13個；按成交金額分析，400萬元以上的單位佔住宅單位總數22.4%（522個），200萬以上至400萬元的佔17.2%（402個），100萬以上至200萬元的佔23.9%（558個），而100萬元或以下的則佔36.5%（853個）。

2008年第3季屬於中間移轉e的單位有1,980個（佔單位買賣總數46.8%），涉及金額為46.6億元，較前一季減少37.1%及32.9%；有關的買賣以黑沙環新填海區和高士德及雅廉訪區較多，分別佔48.5%及36.3%。

部分區域的住宅單位平均成交價

                                                                                                                   單位:每平方米澳門元

按實用面積計算，2008年第3季整體住宅單位的平均成交價為每平方米23,819元，較前一季下跌3.7%。氹仔單位的平均成交價為每平方米22,085元，較前一季下跌6.2%；而澳門半島的平均成交價亦下跌5.1%，每平方米23,911元。

**資料來源於統計暨普查局

Average Price of Sought-After Residences in Macau

Average Price of Sought-After Residences in Taipa

**prices in Hong Kong dollars

 Price Comparison of Selected Macau Residences: 2007 vs. 2008

Statistics by vproperty.mo (computed and recorded per transaction by Centaline (Macau) for reference only)

澳门区热门大厦平均呎价表

凼仔区热门大厦平均呎价表

澳门部分豪宅零七零八价格对比

**由vproperty.mo提供(数据由中原(澳门)通过市场成交纪录进行统计,货币以港元计算,仅供参考)

澳門區熱門大廈平均呎價表

氹仔區熱門大廈平均呎價表

澳門部分豪宅零七零八價格對比

**由vproperty.mo提供?(資料由中原(澳門)通過市場成交紀錄進行統計,貨幣以港元計算,僅供參考)

more than 1000 active members
 
Total active listing: 4185
Total condo: 3648
Total serviced apartment: 4
Total villa: 24
Total office: 106
Total shop: 214
Total industrial: 13
Total parking space: 180

representing 60% of the Macau property market

楼市高峰时，平均呎价达8,000元的壹号湖畔，如今跌价50%，4,000余元有交易。地产业者表示，该盘楼花期较长，期内楼价涨升厉害，部分不欲上会的投资者趁楼盘落成前套现平手离场，制造夸张跌幅，相信只属个别事件，不会带来连锁效应。但亦有地产业者指，该楼盘属豪宅市场指标盘，倘指标盘呎价亦回落一半，其它楼盘呎价难免同步。

美联澳门行政总裁张一辉表示，壹号湖畔呎价回落到零五年尾开售价水平，但他认为该楼花盘的呎价跌幅属个别事件，未充分反映豪宅市况。

仲量联行澳门董事总经理古嘉豪表示，壹号湖畔除第四及第六座被基金全幢买入，其余五幢均散卖。当初推出市场时均价为4,200-4,300元，倘现时个别单位以呎价4,500元套现，已不算损手；部分不欲上会的炒家亦会因应市况逆转，担心后市不乐观而离场。

张一辉说，该盘多外国投资者，经济环境差，一般都会斩缆，先卖掉海外物业。另一方面，该盘将于明年落成，部分投资者未必愿意在这种经济形势下上会，故会选择在现阶段平价甩货，但并非劈价离场。该盘楼花期较一般楼花长，楼价经过两年急升，即使投资者现阶段以呎价4,000元左右放售，仍可赚少少或平手离场。

樓市高峰時，平均呎價達8,000元的壹號湖畔，如今跌價50%，4,000餘元有交易。地產業者表示，該盤樓花期較長，期內樓價漲升厲害，部分不欲上會的投資者趁樓盤落成前套現平手離場，製造誇張跌幅，相信只屬個別事件，不會帶來連鎖效應。但亦有地產業者指，該樓盤屬豪宅市場指標盤，倘指標盤呎價亦回落一半，其他樓盤呎價難免同步。

美聯澳門行政總裁張一輝表示，壹號湖畔呎價回落到零五年尾開售價水準，但他認為該樓花盤的呎價跌幅屬個別事件，未充分反映豪宅市況。

仲量聯行澳門董事總經理古嘉豪表示，壹號湖畔除第四及第六座被基金全幢買入，其餘五幢均散賣。當初推出市場時均價為4,200-4,300元，倘現時個別單位以呎價4,500元套現，已不算損手；部分不欲上會的炒家亦會因應市況逆轉，擔心後市不樂觀而離場。

張一輝說，該盤多外國投資者，經濟環境差，一般都會斬纜，先賣掉海外物業。另一方面，該盤將於明年落成，部分投資者未必願意在這種經濟形勢下上會，故會選擇在現階段平價甩貨，但並非劈價離場。該盤樓花期較一般樓花長，樓價經過兩年急升，即使投資者現階段以呎價4,000元左右放售，仍可賺少少或平手離場。

Square foot Prices of Selected Luxury Properties in Macao

While One Central sold at MOP$8,000/feet2 when the property market was high, its prices have dropped 50% and units are now available at about MOP$4,000/feet2. Some property dealers point out, however, that since the said property has a relatively long completion period, during which time its price has risen substantially, investors who do not wish to own the property can sell before the completion of the property at a price that puts them on the positive side of the deal, thus aggravating the fall in prices. These are believed to be isolated cases that do not trigger a chain effect. However, some agents claim that since the prices of One Central - the benchmark for the high-end property market - has halved, other properties will inevitably follow suit.

According to Cheong Iat Fai, CEO of Midland Macau, although the square foot price of One Central has fallen back to its initial level of late 2005 this is merely an individual incident and does not properly reflect the status quo of the luxury property market.

Ku Ga Hou, President and General Manager of Jones Lang LaSalle Macau, points out that apart from Blocks IV and VI, which have been purchased wholesale by certain funds, the remaining five blocks of One Central are all available for retail sale. Given that the initial square foot price was MOP$4,200-4,300, if a property is sold at MOP$4,500/feet2 now it still enters positive territory. Those buyers who are worried about market prospects and do not want to own the property may wish to sell and leave the market.

According to Cheong Iat Fai, One Central has attracted numerous foreign owners who may well sell their overseas properties such as those in One Central in the economic downturn. Moreover, since there is still one year to go before the property is completed investors who do not wish to own under current economic conditions are likely to sell their property at a low price as long as it does not incur a loss. Since One Central has a longer than normal construction period, and with prices having risen substantially over the past two years, even if investors sell at about MOP$4,000/feet2, they may still make a little profit or leave the market unscathed.

(1)HM-Property Investment Ltd
Number of online inspections:6,557

(2)Century 21 Shui Hong Property
Number of online inspections:4611

(3)Sam Wo Property Agency Ltd.
Number of online inspections:3999

(1)Century 21 Shui Hong Property
Telephone enquiries:271

(2)Great and Far Realty Consultant
Telephone enquiries: 264

(3)HM-Property Investment Ltd
Telephone enquiries:241

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查看页数:3999
 

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(1)世紀21瑞康物業代理

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楼市淡风频吹，九月及十月累计成交仅五百宗，地产代理连月“坐冷板櫈”，业绩骤降，加剧从业员失业及地产公司倒闭。内外交困，地产业总商会望内地放宽自由行至与香港等同、澳门政府检讨置业居留政策及调低税项救市。

会长锺小健表示，今年首八月有一万宗成交，全年住宅总成交以一点一万宗计，较去年的二点一万宗劲跌五成。市场疲弱，带来产业链失衡的严峻经济问题，包括建筑、装修、律师楼、银行、家私都受影响。故美国政府要出手挽救两房及楼市，内地政府要放宽宏调及减税救房市，澳门特区政府也应要有危机感，尽早出台救市措施，防止地产市道急速下滑可能带来的金融危机。内外交困下，该会预计今年第四季GDP将出现负增长，零九年GDP也会出现负增长。

锺小健又表示，酒店、会展、零售、饮食均受收紧自由行冲击。中小企首当其冲，纷纷结业或减省人手，造成失业率上升及入息下降。住宅、写字楼及商铺租务市场大受影响，空置率上升及租金下调令收租居民收入大幅下降。租务市场调整，对买卖市场也是一沉重打击。

金融海啸下，全球财富缩水，旅游活动将缩减。特区政府难以改变外在环境，但可要求放松来澳旅游政策，并应及时实行。他建议：一、仿效广西省东兴市及越南芒街的两地人民往来措施，容许珠海居民办特区证并可逗留澳门，研究容许广东省地级市居民也享有同等待遇，加强珠江三角经济及旅游合作。二、增加开放自由行城市。

全球各地均有投资移民政策，以吸引外来资金及人才。以香港为例，投资六百五十万于物业或股票即可。澳门只有物业市场，且楼价只相当于香港的四分之一。他认为可设立计分制度，综合考虑申请人的学历、工作及营商经验、语言能力、年龄、专才及特殊技能等一篮子因素并计分。

减免房产税纾缓压力    内地股市及地产市道低迷，相应推出救市措施。该会认为，该等措施行之有效，特区政府应予考虑。澳门财政收入丰裕，可考虑减免房地产税项，减轻居民置业负担及挽救低迷的市场。

该会建议免除百分之三点一五的印花税及大约百分之二的造契登记费，为期两年至二零一零年。税项减免可刺激买卖交投，令地产市场可以过渡艰难日子。同时，现时出租物业须缴每年租值百分之十六点八房屋税，税率高于公司所得补充税的百分之十二，并不合理。建议出租物业的房屋税应与自住房屋税划一并下降为百分之五，符合本澳简单低税制，挽救下滑的租务市场。

樓市淡風頻吹，九月及十月累計成交僅五百宗，地產代理連月“坐冷板櫈”，業績驟降，加劇從業員失業及地產公司倒閉。內外交困，地產業總商會望內地放寬自由行至與香港等同、澳門政府檢討置業居留政策及調低稅項救市。

會長鍾小健表示，今年首八月有一萬宗成交，全年住宅總成交以一點一萬宗計，較去年的二點一萬宗勁跌五成。市場疲弱，帶來產業鏈失衡的嚴峻經濟問題，包括建築、裝修、律師樓、銀行、家私都受影響。故美國政府要出手挽救兩房及樓市，內地政府要放寬宏調及減稅救房市，澳門特區政府也應要有危機感，盡早出臺救市措施，防止地產市道急速下滑可能帶來的金融危機。內外交困下，該會預計今年第四季GDP將出現負增長，零九年GDP也會出現負增長。

鍾小健又表示，酒店、會展、零售、飲食均受收緊自由行衝擊。中小企首當其衝，紛紛結業或減省人手，造成失業率上升及入息下降。住宅、寫字樓及商舖租務市場大受影響，空置率上升及租金下調令收租居民收入大幅下降。租務市場調整，對買賣市場也是一沉重打擊。

金融海嘯下，全球財富縮水，旅遊活動將縮減。特區政府難以改變外在環境，但可要求放鬆來澳旅遊政策，並應及時實行。他建議：一、仿效廣西省東興市及越南芒街的兩地人民往來措施，容許珠海居民辦特區證並可逗留澳門，研究容許廣東省地級市居民也享有同等待遇，加強珠江三角經濟及旅遊合作。二、增加開放自由行城市。

全球各地均有投資移民政策，以吸引外來資金及人才。以香港為例，投資六百五十萬於物業或股票即可。澳門只有物業市場，且樓價只相當於香港的四分之一。他認為可設立計分制度，綜合考慮申請人的學歷、工作及營商經驗、語言能力、年齡、專才及特殊技能等一籃子因素並計分。

減免房產稅紓緩壓力    內地股市及地產市道低迷，相應推出救市措施。該會認為，該等措施行之有效，特區政府應予考慮。澳門財政收入豐裕，可考慮減免房地產稅項，減輕居民置業負擔及挽救低迷的市場。

該會建議免除百分之三點一五的印花稅及大約百分之二的造契登記費，為期兩年至二零一零年。稅項減免可刺激買賣交投，令地產市場可以過渡艱難日子。同時，現時出租物業須繳每年租值百分之十六點八房屋稅，稅率高於公司所得補充稅的百分之十二，並不合理。建議出租物業的房屋稅應與自住房屋稅劃一並下降為百分之五，符合本澳簡單低稅制，挽救下滑的租務市場。

The sluggish property market has been evident for some time, with only 500 transactions completed in September and October. It is getting worse – with increasing redundancies and closures of real estate companies. In view of the downturn, the Association of Real Estate Agents hopes that the Mainland will loosen visa restrictions so that Macao can be treated on an equal footing with Hong Kong, and that the Macao government will review its immigration regulations regarding property immigration, in addition to introducing tax cuts to stimulate the economy.

Chong Sio Kin, President of the Association, estimates that 10,000 transactions were completed during the first eight months of the year. If one assumes the total transactions of this year to be 11,000 then it would represent a reduction of 50%. The fall is likely to affect other sectors such as construction, decorating, legal services, banking and home furnishing. This is the reason the American government is trying to bail out the housing and mortgage markets. Mainland China is also planning to loosen its macro control policies and reduce tax to revitalise the real estate industry. The Macao government should be wary of the crisis and take rescue measures to rejuvenate the market as soon as possible in order to avoid an ensuing financial crisis. It is projected that GDP in the fourth quarter this year will register negative growth and the same is likely to be true in 2009.

Chong added that other sectors such as hotels, conventions and exhibitions, retail and F & B have been adversely affected by visa restrictions, with small and medium enterprises bearing the brunt; they have reacted by making their workers redundant and cutting their pay. Property vacancies are rising while rents are falling, delivering decreasing income to landlords and retail businesses.

A shrinking global economy will mean less tourism. While the government is in no position to affect the global economic situation, it could well request laxer visa regulations, and is advised to do so as soon as possible. Chong suggests the following measures: (1) Adopt border regulations similar to Dongxing City in Guangxi province and neighbouring communities in Vietnam, allowing Zhuhai residents to stay in Macao with a Macao pass, with a view to allowing the urban residents of Guangdong province to have the same access to Macao in order to enhance PRD regional co-operation and tourism; (2) allow more cities to enlist in the FIT scheme.
   
Investment immigration measures are widely adopted around the world to attract talent and capital. Take Hong Kong as an example: one can emigrate to Hong Kong with an investment of HK$6.5 million, placed either in property or in the stock market. Macao can only offer the property market for investment, where prices are just a quarter of that of Hong Kong. Chong suggests that the government establish a credit system for screening applicants in terms of education, work and business experience, language abilities, age, talent and special skills.
 
Tax reduction implemented by the Mainland government is effective in reviving the market and as such should be adopted by the MSAR government, the Association said.

The Association suggests that property transaction stamp tax be cut by 3.15% and that the registration fee of the title deed be 2% for the next two years – until 2010 - with a view to spurring transactions and helping real estate companies ride out the crisis. It was also pointed out that the property tax of 16.8% on property rent per year is not really reasonable as it is higher than the 12% supplementary income tax levied on businesses. It was therefore suggested that the rental house tax be reduced to the same level as residential house tax, which is 5%. This would be in line with Macao’s simple low tax regime and would shore up the rental market.

Developer Liu Chak Wan denies rumours that the Tin Wai Investment Limited, which won the bid for two residential land plots in Baia Norte do Patane early this year, intends to renege on its bid. Liu, whose brother Liu Hei Wan heads Tin Wai Investment Limited, stated publicly that as far as he knows the company is discussing the project plan with the government following its down payment and is now awaiting government approval for the project to start. He also observed that Macao’s housing market is cooling due to the current international financial gloom and is a normal market adjustment although it may take some time to return to earlier levels. He admits he is not sure what will become of the economy but is confident about Macao’s property market.

发展商廖泽云否认天伟投资有限公司年初高价投得的筷子基北湾两幅住宅用地“挞订”的传闻，指该公司已按照规定缴交首期订金，一直与政府商讨两幅地的规划事项。他认为澳门楼市受到金融海啸影响出现下滑，属于正常的市场调整。

对于地产业界传闻，年初以廖僖芸为代表的天伟投资有限公司，以高价投得筷子基北湾两幅地的天伟投资有限公司“挞订”，其兄廖泽云出席公开场合时表示，并没有听闻。他指该发展商一直与政府商谈有关土地的开发事项，并按照规定缴交了第一期订金，目前正等待政府批则动工。廖泽云指本澳楼市虽受全球经济影响，短期内难以回复原来水平，但他认为楼市“有上有落”属于正常情况。他无法预知未来的经济情况，但对本澳楼市仍有信心。

發展商廖澤雲否認天偉投資有限公司年初高價投得的筷子基北灣兩幅住宅用地“撻訂”的傳聞，指該公司已按照規定繳交首期訂金，一直與政府商討兩幅地的規劃事項。他認為澳門樓市受到金融海嘯影響出現下滑，屬於正常的市場調整。

對於地產業界傳聞，年初以廖僖芸為代表的天偉投資有限公司，以高價投得筷子基北灣兩幅地的天偉投資有限公司“撻訂”，其兄廖澤雲出席公開場合時表示，並沒有聽聞。他指該發展商一直與政府商談有關土地的開發事項，並按照規定繳交了第一期訂金，目前正等待政府批則動工。廖澤雲指本澳樓市雖受全球經濟影響，短期內難以回復原來水平，但他認為樓市“有上有落”屬於正常情況。他無法預知未來的經濟情況，但對本澳樓市仍有信心。

近幾年樓價急升，地產仲介被視為始作俑者。如今樓價下滑至零五年初的水平，成交宗數銳減，地產仲介除了收入減少，亦有倒閉危機。按零五至零八年住宅成交宗數共7萬多宗計，這批業主很有機會成為負資產者，或衍生社會問題。

地產業總商會榮譽會長張樂田說，澳門有四大經濟支柱，相對其他金融發達地區，澳門危機較易化解。他認為物業價值評估主要有三因素：一是物業的質素；二是經濟發展預期；三是金融界對樓市的信心。目前欠缺的是信心。

美聯澳門行政總裁張一輝認為，雖然市場缺乏信心，但“人危我機”。政府要出手防樓市下挫，否則外來投資者對澳門更沒有信心，問題是如何爭取機會，建立信心。他認為無論是置業居留政策也好，放寬自由行政策也好，“松少少”已能提振市場信心。至於銀行方面，可召開聯席會議，政府作擔保，令人對買樓有信心，樓價便不會跌到低位，並可成為資金避難所。

有李姓外資與會者認為，澳門也可自救。指出行政長官上一任期內可搞活博彩業，如今也可搞活地產業，如透過增加基建，然而，規劃時間實在拖太長。自稱夥拍美國基金，可動用六十億來澳投資的李先生，指政府對私人投資支持欠奉，認為要開放思想，才可把新的資金帶進來。

中原地產澳門執行董事郭朝隆坦言，該行過去半年一直處於虧蝕狀態。針對多項不利因素，特區政府應急切推出一些穩定樓市及回復居民對市場信心的政策，而不是視而不見、漠視居民利益。他提到，樓價已跌至零五年水準，早一兩年置業的居民已背負負資產，倘樓市跌勢持續，受影響的將是全澳居民。

 近几年楼价急升，地产中介被视为始作俑者。如今楼价下滑至零五年初的水平，成交宗数锐减，地产中介除了收入减少，亦有倒闭危机。按零五至零八年住宅成交宗数共7万多宗计，这批业主很有机会成为负资产者，或衍生社会问题。

地产业总商会荣誉会长张乐田说，澳门有四大经济支柱，相对其他金融发达地区，澳门危机较易化解。他认为物业价值评估主要有三因素：一是物业的质素；二是经济发展预期；三是金融界对楼市的信心。目前欠缺的是信心。

美联澳门行政总裁张一辉认为，虽然市场缺乏信心，但“人危我机”。政府要出手防楼市下挫，否则外来投资者对澳门更没有信心，问题是如何争取机会，建立信心。他认为无论是置业居留政策也好，放宽自由行政策也好，“松少少”已能提振市场信心。至于银行方面，可召开联席会议，政府作担保，令人对买楼有信心，楼价便不会跌到低位，并可成为资金避难所。

 有李姓外资与会者认为，澳门也可自救。指出行政长官上一任期内可搞活博彩业，如今也可搞活地产业，如透过增加基建，然而，规划时间实在拖太长。自称伙拍美国基金，可动用六十亿来澳投资的李先生，指政府对私人投资支持欠奉，认为要开放思想，才可把新的资金带进来。

中原地产澳门执行董事郭朝隆坦言，该行过去半年一直处于亏蚀状态。针对多项不利因素，特区政府应急切推出一些稳定楼市及回复居民对市场信心的政策，而不是视而不见、漠视居民利益。他提到，楼价已跌至零五年水平，早一两年置业的居民已背负负资产，倘楼市跌势持续，受影响的将是全澳居民。

Many attribute property price hikes in recent years to property agents. However, now that property prices have fallen back to early 2005 levels with steeply reduced transactions those agents are likely to go broke or see their income diminish. Between 2005 and 2008, more than 70,000 residences have been purchased; they are likely to become negative assets, and may cause social problems.

As Honorary President of the Association of Real Estate Agents of Macao, Cheong Lok Tin perceives that four pillar industries support the Macao economy. He claims it is relatively easy to resolve the crisis currently facing Macao compared to other regions highly dependant upon the financial sector. He believes that three elements determine the value of property: its quality, expectations of economic growth and the financial sector’s confidence in the property market. Apparently, what is lacking now is confidence.

Ronald Cheung, Chief Executive Officer of Midland Realty (Macau) thinks that with sagging confidence comes opportunity. He advocates that the government lend a helping hand to prevent the property market from falling further, failing which the confidence of foreign investors will be further shaken. The key now is to seize the opportunity to build confidence. He believes that any measure - be it liberalising property immigration regulations or that of the individual travel scheme - will be effective in restoring market confidence. As for the banking sector, he recommends that a plenary session be convened in which the government may well serve as guarantor so that property prices will not decline further, with the property market acting as a haven for capital.

A foreign investor surnamed Lei believes that Macao may well do something to save itself. He points out that just as the gaming industry has been boosted, the Chief Executive may well take measures to shore up the real estate industry, by expanding infrastructure. However, he claims that the government is taking too long to plan the undertaking. With a US-funded partner that may be able to invest as much as $6 billion in Macao, he points out that the Macao government demonstrates a lack of support for private investment. Unless the government frees itself from this mindset it will not be successful in attracting new investment.

Rico Kwok, Executive Director of Centaline (Macau) confides that his company has been losing money for the past six months and therefore urges the government to implement measures to lessen unfavourable factors in order to stabilise the property market and rebuild residents’ confidence rather than adopt an indifferent stance to their interests. He also maintains that as property prices have returned to 2005 levels residents who bought property in the past two years are likely to have negative assets. If prices continue to drop, all Macao residents will be affected.