In a 2008 Macau real estate market review, Jones Lang LaSalle stated that the transactions of stores and commercial properties are affected by the financial crisis and expects rental prices to decline by over 10% this year.

The first three quarters of 2008 registered an increase in both the sale prices and rental prices of stores. The financial crisis took its toll in Q4, however, forcing them to fall by 11.8% and 4.6%, respectively. While overall capital values of stores declined by 1.6%, rental prices nevertheless registered a 5.8% growth in 2008.

According to Jones Lang LaSalle, with some retailers putting expansion plans on hold or even scaling down their businesses, rental prices for stores are likely to plunge 15-20%, with sale prices dropping more than 20% this year. Nevertheless, thanks to the suspension of a few major projects, average rentals might pick up a little.

The sale prices and rental prices of Macau commercial properties saw a 16.9% and 4.2% decrease, respectively, in Q4 2008 subsequent to successive growth in the first three quarters of the year, contributing to a 2.6% and a 1.1% annual drop in stated prices.

Jones Lang LaSalle envisages that scaling down businesses or downsizing is likely to take place in some local companies amid the ongoing financial crisis, which the company believes will dampen demand for commercial property and lead to increased vacancies. Under such circumstances, the rental and sale prices of commercial properties in Macau are likely to decline by 10-15% and 10%, respectively, this year.

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    仲行早前回顾零八楼市时指出，受金融海啸冲击，街铺及写字楼同样受影响。估计今年租值再下调超过一成。

    零八年首三季，街铺价值及租值均有增长，第四季金融海啸来袭，街铺价值及租值分别跌百分之十一点八及百分之四点六。零八年全年街铺资本值跌百分之一点六，租值则仍有百分之五点八增长。

    仲行表示，部分零售商可能会搁置扩充计划或收缩业务，零九年街铺租金将下跌百分之十五至二十；商铺价值则料跌逾百分之二十。但因部分主要项目暂停发展，或对商铺租金提供支持。

    写字楼方面，价值及租值在零八年连续上扬三个季度后，第四季分别跌百分之十六点九及百分之四点二；全年则跌百分之二点六及百分之一点一。

    仲行料踏入零九年，受金融海啸持续影响，澳门部分公司或会缩减业务及裁员以控制支出，写字楼需求减弱，估计到时写字楼空置率会有所上升。在需求转弱及空置率上升下，零九年租金将跌百分之十至十五；写字楼价值则跌百分之十。

    仲行早前回顧零八樓市時指出，受金融海嘯衝擊，街舖及寫字樓同樣受影響。估計今年租值再下調超過一成。

    零八年首三季，街舖價值及租值均有增長，第四季金融海嘯來襲，街舖價值及租值分別跌百分之十一點八及百分之四點六。零八年全年街舖資本值跌百分之一點六，租值則仍有百分之五點八增長。

    仲行表示，部分零售商可能會擱置擴充計劃或收縮業務，零九年街舖租金將下跌百分之十五至二十；商舖價值則料跌逾百分之二十。但因部分主要項目暫停發展，或對商舖租金提供支援。

    寫字樓方面，價值及租值在零八年連續上揚三個季度後，第四季分別跌百分之十六點九及百分之四點二；全年則跌百分之二點六及百分之一點一。

    仲行料踏入零九年，受金融海嘯持續影響，澳門部分公司或會縮減業務及裁員以控制支出，寫字樓需求減弱，估計到時寫字樓空置率會有所上升。在需求轉弱及空置率上升下，零九年租金將跌百分之十至十五；寫字樓價值則跌百分之十。

Simon Henry, CEO of vproperty.mo, maintains that since the Macao property market is relatively nimble the speed with which it recovers may be faster than that of neighbouring regions. He thinks that subsequent to the recent property price slump there is not much room left for further decline and that property prices in Macao have just about hit rock bottom. Residents are currently waiting for specific measures to be taken after the Chinese New Year before they actually commit to purchasing so transaction numbers have fallen rather than risen, while the number of property surveys increases. He anticipates that after the expected policies are announced, mid-priced property sales will start to pick up in June, spurred by favourable news. However, before bad news is a thing of the past the market will not change too much, with the next three months crucial in whether investors will enter the market or not.

It is estimated that prior to the financial crisis investors and end-users each comprised half the number of property buyers, whereas currently end-users make up 80% and investors just 20%. It is anticipated, therefore, that there will be healthy transactions in low and mid-priced properties in 2009. Meanwhile, several casinos have laid off staff due to the financial crisis and as a result some of their workforce have departed Macao. Hence, the property rental market is in a situation where supply exceeds demand, with much pressure for rental prices to drop by an anticipated 20-30%.

He further points out that generally the end of the year is a particularly active time for launching new properties. While Macao has been left relatively intact by the economic crisis in 2008, developers have tended to delay the launch of new properties, which in turn will increase the number of new properties in stock. Simon Henry is optimistic about the Macao economy in the future and thinks that as long as overseas investors see signs of value emerge in Macao they will re-enter the market, with prices of high-end properties following suit. He therefore sees the period between now and June as the best time for property purchase, whereas after June it would be a good time to sell.

vproperty.mo行政总裁Simon Henry表示，澳门社会较轻盈，楼市复原速度可较周边地区快。他认为，澳门楼价经历过早前“跳崖”式急跌后，再下调空间不大，澳门楼市价格几乎已见底。现阶段居民都等农历年过后具体措施出台后才成交，故近月交投量不升反跌，睇楼量则有上升。他估计，待措施出台后，六月前后市场消化利好消息，中价楼有支持会止跌回升。围绕市场的坏消息未消褪前，楼价不会有太大变化，未来三个月是等待投资者从投市场的关键时期。

据估计金融海啸前，购买物业的投资者和用家参半，现时用家则占八成，两成为投资者。因此预期零九中下价楼成交会较理想。另有赌场受金融海啸影响需裁员，部分外国工作者离开澳门，令租盘供过于求，租金价格面临压力大，估计会进一步下调两至三成。

他又表示，年尾一向是新楼盘推出的旺季，零八因全球金融危机导致经济不景，澳门虽影响不算大，但发展商为求保险，也决定将新楼盘延迟推售，变相增加了零九市场的新盘存货。他看好澳门未来经济，认为只要待外围市场认为澳门值得投资及逐步有数据反映出来后，投资者会重投澳门市场。待整体经济回升，相信豪宅也会跟随大市步伐。他又认为，现在至六月将会是购买的最好时机。六月之后则是放盘好时机。

  vproperty.mo行政總裁Simon Henry表示，澳門社會較輕盈，樓市復原速度可較周邊地區快。他認為，澳門樓價經歷過早前“跳崖”式急跌後，再下調空間不大，澳門樓市價格幾乎已見底。現階段居民都等農曆年過後具體措施出臺後才成交，故近月交投量不升反跌，睇樓量則有上升。他估計，待措施出臺後，六月前後市場消化利好消息，中價樓有支持會止跌回升。圍繞市場的壞消息未消褪前，樓價不會有太大變化，未來三個月是等待投資者從投市場的關鍵時期。

    據估計金融海嘯前，購買物業的投資者和用家參半，現時用家則佔八成，兩成為投資者。因此預期零九中下價樓成交會較理想。另有賭場受金融海嘯影響需裁員，部分外國工作者離開澳門，令租盤供過於求，租金價格面臨壓力大，估計會進一步下調兩至三成。

    他又表示，年尾一向是新樓盤推出的旺季，零八因全球金融危機導致經濟不景，澳門雖影響不算大，但發展商為求保險，也决定將新樓盤延遲推售，變相增加了零九市場的新盤存貨。他看好澳門未來經濟，認為只要待外圍市場認為澳門值得投資及逐步有數據反映出來後，投資者會重投澳門市場。待整體經濟回升，相信豪宅也會跟隨大市步伐。他又认为，現在至六月將會是購買的最好時機。六月之後則是放盤好時機。

The year 2008 is bound to leave an indelible mark on the history of real estate in Macao. When many a developer was still submerged in the glamorous profits reaped in ‘heady’ 2007, a ‘tremendous change’ befell the market in 2008. Where is the property market heading in 2009?

2008 Property Market Review
On the threshold of Lunar New Year 2008, two residential plots of land in Far Chee Kee were sold at 10-fold and nearly 9-fold prices, respectively, which immediately spurred property prices in the district by another 5%-10%. Many owners even put their property for sale on hold or entertained no negotiation on price during the Chinese Spring Festival. The government offered several favourable incentives such as property tax relief policies, and the expected Hong Kong-Zhuhai-Macao Bridge project was officially decided upon, while interest rates were continuously cut to counter rising inflation. These factors attracted throngs of investors to the property market, who sought to buy Macao properties to hedge against asset losses. Such bullish incentives and a booming gaming sector injected Macao’s property market with unprecedented fever, with dealers estimating that property transaction numbers and values would rise by an average of 15% in 2008.

Macao Property Market Rides Financial Tsunami
As fate would have it, dramatic changes always occur when it seems most unlikely. By mid-September 2008, Lehman Brothers, the fourth largest US investment bank, announced bankruptcy, which was as good as dropping a bomb on the global financial market and resulted in a ‘financial tsunami’ that engulfed the globe. No market was left intact, be it stock, bond or real estate, without exception.

As a result, US stocks plunged 504 points, its steepest drop since 2001. Asian stocks in Japan and Hong Kong also suffered their biggest plunge in 2008 as evidence mounted that the global economy was sliding into depression. Wong Chun-lam, Executive Director of Ricacorp (Macau) Properties Ltd, points out that Macao is always affected by the global economy and is closely influenced by the Hong Kong stock market since equity funds can flow into the property market at any time. It was the ‘financial tsunami’ that dragged Macao’s economy down this time, and the property market in particular.

Transaction numbers and turnover fall in tandem in October
Wong says in his summary of Macao’s property market in 2008 that the number of property transactions in the first quarter of 2008 was slightly less than that of the last quarter of 2007 but with a higher turnover. By the second quarter, the number of transactions shrank slightly due to global bearish sentiment plus policy measures taken to curb the gaming sector and individual visitors from the Mainland. Property prices, however, did not fall by much. Thereafter, both the turnover and number of transactions in the property market went sideways. Macao’s property market was not depressed until the Lehman Brothers bankruptcy. In October, the number of property transactions hit bottom, recording just 300 sales for the month.

According to government statistics, some 21,628 property transactions occurred in 2007. By October 2008, that number had fallen to 11,424 at an estimated 12,000 transactions for the whole year, a drop of more than 40% compared to the previous year. In terms of business value, property transactions in 2007 amounted to MOP42 billion. By the third quarter of 2008 that number had dropped to MOP26 billion. It is estimated that volume will fall by more than 30%, while price per square foot is also estimated to decline by 30%.

Wong points out that many property buyers are foreign investors, of which nearly 20% are from Hong Kong. During the ‘financial tsunami’ many of them lost money in the stock market and were eager to sell their property to cover their losses, which in turn resulted in the steep decline of property prices. In addition, gaming operators are beginning to cut wages and lay off workers, further dampening market mood. All of these factors made Macao’s property market fall steeper than surrounding regions; Hong Kong’s property market, for example, has fallen by about 30% while Macao’s has dived by more than 40%. Property projects still under construction are under the most pressure, suffering a fall of some 50%.

Prices are nearing the bottom, with limited room for further cuts
According to unofficial statistics, half of property purchasers were investors before the ‘financial tsunami’. Currently, 80% are homebuyers while investors account for just 20%. Wong Chun-lam thinks that with first-hand transaction prices having fallen to that of late 2005 and early 2006, it is apparent that prices are down to a reasonable level. However, Macao’s economic landscape has changed, with new players such as Wynn, Crown and The Venetian active in the territory. The panic of October and November in the wake of the ‘financial tsunami’ has subsided, and prices are nearing the bottom, with limited room for further cuts. Besides, affected by the sub-prime crisis and resulting financial fallout from the US, investors have less confidence even if they still make profits in the financial market. Currently, interest rates on bank deposits have fallen to practically zero, and buying foreign currency means risking devaluation. Consequently, investing in the property market is a better choice, since at least it will ensure 2% to 3% rental return, while the property itself may go up in price. Investors, he maintains, are more likely to enter the property market in 2009.

He expects transactions will pick up when the government implements its 4% home buying interest subsidy, and the reduction or exemption of property transfer tax. To celebrate the 10th anniversary of the Macao SAR in 2009, he adds, the Central Government may issue a series of favourable measures, which would stimulate the property market; thus, the outlook for the property market in 2009 is optimistic.

Without positive news, high-end property prices may fall further
Chong Sio Kin, President of the Macau General Association of Real Estate, says that residents would rather wait until specific measures are implemented after the Chinese New Year. The number of transactions, therefore, is falling rather than rising. He estimates that after new policies are in place, the property market could bounce back around June, with medium-priced properties rallying. At present, however, while some high-end properties have fallen in price by 50%, they are subject to further decline because of the lack of positive news. It is believed that high-end property prices will rebound if the influence of the financial turmoil dissipates by the second half of 2009, when he believes the overall economy will pick up.

Macao’s property market may conclude by the end of next year
The adjustment of Macao’s property market may conclude by the end of next year, believes Cheong Iat Fai, CEO of Midland Macau; as Macao is relatively nimble in size its property market is likely to recover faster than that of Hong Kong, Singapore, and other places. He believes that the current adjustment will end as early as the end of next year and that there is not much room for further price cuts because of the previous slump. The property market will neither rise nor fall before the negative news disappears. Investors will not enter the market until there are signs of it picking up. The recent signing of eight agreements at the 2008 Guangdong-Macao Joint Co-operation Conference - in which Guangdong and Macao agreed to co-operate in the building of the Hong Kong-Zhuhai-Macao Bridge and the development of Hengqin Island - will have a positive effect on Macao’s property market, he says; however, it is not yet time to boost the market by publicising these factors, which can be made use of at a later date. He is optimistic about Macao’s economy, and believes that investors will return to Macao’s property market when positive figures gradually emerge and as investors begin to recognise value in investing in the local property market.

零八年，注定要在澳门房地产业历史上写下浓墨重彩的一笔。当众多开发商还沉浸在零七年“辉煌”的赚钱年代中不能自拔时，房地产市场却在零八年悄然发生了 “巨变”。零九年来临了，澳门楼市还将发生什么变化？

零八回顾
    零八农历新年前，澳门筷子基两幅住宅用地以高出十倍及近九倍的底价成交，随即带动区内物业身价实时上升5%-10%。不少业主更反价出售，实行不设议价空间，封盘过新春；其后,政府颁布多项物业税务优惠以及港珠澳大桥拍板；利率进一步下调加上通胀加剧，吸引投资者进驻澳门物业市场，刺激投资者吸纳住宅物业市场以求保值。在众多利好因素且赌城效应持续带动下，澳楼市进入前所未有的炽热，众业界人士均预料零八年澳门楼市整体价量有望涨升15%。

    但世事总是这样，总是在不经意间发生戏剧性的变化。 零八年九月中，美国第四大投资银行雷曼兄弟正式宣告破产，这等于在金融市场投下炸弹，迅即卷起全球的一场 “金融海啸”， 股票、债劵及房地产市场无一幸免。

                                                  金融海啸下的澳门房地产
    受“金融海啸”影响，美股大泻五百零四点、创七年来最大跌幅，日、港等亚洲股市也创下零八年来最大跌幅，全球经济盖上阴霾。利嘉阁(澳门)地产有限公司执行董事王俊琳表示，澳门向来受环球经济影响，港股更是与澳门楼市息息相关，股票资金随时流向物业市场。是次“金融海啸”令澳门经济受到拖累，楼市反映尤其突出。

九月楼市 价量齐跌
    利嘉阁(澳门)地产执行董事王俊琳在总结零八澳门楼市中表示，第一季住宅的表现尚能延续零七季尾旺市，成交虽未及零七第四季多，但成交金额却比其高。唯次季受环球投资气氛影响，加上政府收紧博彩业及自由行政策等，赌场与零售业受到冲击，成交才稍微收窄，但楼市价格上落波幅不大，其后楼市开始横行，无论交投量或成交金额尚能维持水平。唯自美国第四大投资银行雷曼兄弟正式宣告破产后，澳楼市进入黑色时期，九月住宅总成交量跌至最底位，月成交宗数只有400多宗。

   据政府统计局数据显示，零七年澳门住宅买卖数目为21628宗，截至零八年十月，澳门住宅买卖数目为11424宗，估计零八全年成交约12000多宗，跌幅较去年超过四成。另外，零七全年住宅单位买卖价值总额约420亿，截至零八年第三季，录得资料为260亿，估计有超过三成的下滑；至于呎价方面,估计亦有接近三成下调波幅。

    王俊琳指出，投资澳门物业中有不少外来投资着，其中接近两成为香港人，“金融海啸”后投资者纷纷在股票市场损手，都急需“斩缆”套现“填数”，导致楼价下跌比较深；另外，部分娱乐博彩出现裁员减薪情况，进一步打击市场信心，才令澳楼市比周边地区跌得更重。如香港楼价跌30%左右，澳门楼价却跌超过40%，楼花项目压力大，跌价更接近五成，出现超跌。

楼价见底  下调空间有限
    据非正式统计，金融海啸前有一半买家为投资者，现时的买家用家占八成，投资者只占两成。王俊琳表示，证明楼宇价格已回到合理水平，一手楼价格甚至返回零五年底零六年年头的水平，但如今澳门经济却今非昔比。如现时澳门拥有永利，皇冠与威尼斯等众大型酒店与赌场，经济得以支持。金融海啸后最恐慌的时期十月与十一月已经过去，第四季楼价已见底，零九楼市可下调的空间十分有限。另外，零八受美国次按和金融海啸影响，投资者在金融市场即使仍有获利，相信信心也会大不如前。现时银行存款已接近零利率，而购买外币贬值危机大，买楼放租至少可有两至三厘回报，亦可博楼价由低位反弹，零九年这部分人很可能会重整投资组合，转战物业市场机率大。

    他预料，待政府落实四厘补贴政策具体实施条件，加上会减免物业转移税，成交量有望从低位回复正常。他又表示，零九年适逢是澳门回归十周年，中央政府很可能会在回归月颁布利好措施，这将会进一步刺激澳门楼市，零九澳楼市前景仍然乐观。

豪宅欠利好消息支持 可能再下调
    澳门地产业总商会会长锺小健反映，现阶段居民都等农历年过后具体措施出台后才成交，故近月交投量不升反跌，睇楼量则有上升。他估计，待措施出台后，六月前后市场消化利好消息，中价楼有支持才会止跌回升。部分豪宅价格目前虽然已下跌五成，但明年欠缺利好消息支持，可能仍有下调空间。倘明年下半年金融海啸影响见底，整体经济回升，相信豪宅也会跟随大市步伐。

澳楼市最快明年底结束调整期   

 美联澳门行政总裁张一辉则表示，澳门社会较轻盈，楼市复原速度可较周边地区包括香港及新加坡等地快，料最快明年底可结束调整期。他认为，澳门楼价经历过早前“跳崖”式急跌后，再下调空间不大，围绕市场的坏消息未消褪前，楼价既不会大升，也不会大跌，待坏消息全部浮现并消化后，楼市有上升势头，买家始会入场。 对于近期粤澳联席会议签八项合作协议，当中包括粤澳合作开发横琴岛，以及加快推进港珠澳大桥。张一辉认为这些建设利好澳门楼市，但现时催谷这些利好因素未是时机。他看好澳门未来经济，认为利好消息可以留待合适时候慢慢渗出，无需急于现时高调作宣传。只要待外围市场认为澳门值得投资及逐步有数据反映出来后，投资者自然会重投澳门市场。

零八年，註定要在澳門房地產業歷史上寫下濃墨重彩的一筆。當眾多開發商還沉浸在零七年“輝煌”的賺錢年代中不能自拔時，房地產市場卻在零八年悄然發生了 “巨變”。零九年來臨了，澳門樓市還將發生什麼變化？

零八回顧
    零八農曆新年前，澳門筷子基兩幅住宅用地以高出十倍及近九倍的底價成交，隨即帶動區內物業身價即時上升5%-10%。不少業主更反價出售，實行不設議價空間，封盤過新春；其後,政府頒佈多項物業稅務優惠以及港珠澳大橋拍板；利率進一步下調加上通脹加劇，吸引投資者進駐澳門物業市場，刺激投資者吸納住宅物業市場以求保值。在眾多利好因素且賭城效應持續帶動下，澳樓市進入前所未有的熾熱，眾業界人士均預料零八年澳門樓市整體價量有望漲升15%。

    但世事總是這樣，總是在不經意間發生戲劇性的變化。 零八年九月中，美國第四大投資銀行雷曼兄弟正式宣告破產，這等於在金融市場投下炸彈，迅即捲起全球的一場 “金融海嘯”， 股票、債劵及房地產市場無一倖免。

                                            海嘯下的澳門房地產
    受“金融海嘯”影響，美股大瀉五百零四點、創七年來最大跌幅，日、港等亞洲股市也創下零八年來最大跌幅，全球經濟蓋上陰霾。利嘉閣(澳門)地產有限公司執行董事王俊琳表示，澳門向來受環球經濟影響，港股更是與澳門樓市息息相關，股票資金隨時流向物業市場。是次“金融海嘯”令澳門經濟受到拖累，樓市反映尤其突出。

九月樓市 價量齊跌
    利嘉閣(澳門)地產執行董事王俊琳在總結零八澳門樓市中表示，第一季住宅的表現尚能延續零七季尾旺市，成交雖未及零七第四季多，但成交金額卻比其高。唯次季受環球投資氣氛影響，加上政府收緊博彩業及自由行政策等，賭場與零售業受到衝擊，成交才稍微收窄，但樓市價格上落波幅不大，其後樓市開始橫行，無論交投量或成交金額尚能維持水平。唯自美國第四大投資銀行雷曼兄弟正式宣告破產後，澳樓市進入黑色時期，九月住宅總成交量跌至最底位，月成交宗數只有400多宗。

 據政府統計局資料顯示，零七年澳門住宅買賣數目為21628宗，截至零八年十月，澳門住宅買賣數目為11424宗，估計零八全年成交約12000多宗，跌幅較去年超過四成。另外，零七全年住宅單位買賣價值總額約420億，截至零八年第三季，錄得資料為260億，估計有超過三成的下滑；至於呎價方面,估計亦有接近三成下調波幅。

    王俊琳指出，投資澳門物業中有不少外來投資著，其中接近兩成為香港人，“金融海嘯”後投資者紛紛在股票市場損手，都急需“斬纜”套現“填數”，導致樓價下跌比較深；另外，部分娛樂博彩出現裁員減薪情況，進一步打擊市場信心，才令澳樓市比周邊地區跌得更重。如香港樓價跌30%左右，澳門樓價卻跌超過40%，樓花項目壓力大，跌價更接近五成，出現超跌。

樓價見底  下調空間有限
    據非正式統計，金融海嘯前有一半買家為投資者，現時的買家用家佔八成，投資者只佔兩成。王俊琳表示，證明樓宇價格已回到合理水平，一手樓價格甚至返回零五年底零六年年頭的水平，但如今澳門經濟卻今非昔比。如現時澳門擁有永利，皇冠與威尼斯等眾大型酒店與賭場，經濟得以支持。金融海嘯後最恐慌的時期十月與十一月已經過去，第四季樓價已見底，零九樓市可下調的空間十分有限。另外，零八受美國次按和金融海嘯影響，投資者在金融市場即使仍有獲利，相信信心也會大不如前。現時銀行存款已接近零利率，而購買外幣貶值危機大，買樓放租至少可有兩至三厘回報，亦可博樓價由低位反彈，零九年這部分人很可能會重整投資組合，轉戰物業市場機率大。

    他預料，待政府落實四厘補貼政策具體實施條件，加上會減免物業轉移稅，成交量有望從低位回復正常。他又表示，零九年適逢是澳門回歸十周年，中央政府很可能會在回歸月頒布利好措施，這將會進一步刺激澳門樓市，零九澳樓市前景仍然樂觀。

豪宅欠利好消息支持 可能再下調
    澳門地產業總商會會長鍾小健反映，現階段居民都等農曆年過後具體措施出臺後才成交，故近月交投量不升反跌，睇樓量則有上升。他估計，待措施出臺後，六月前後市場消化利好消息，中價樓有支持才會止跌回升。部分豪宅價格目前雖然已下跌五成，但明年欠缺利好消息支持，可能仍有下調空間。倘明年下半年金融海嘯影響見底，整體經濟回升，相信豪宅也會跟隨大市步伐。

澳樓市最快明年底結束調整期
    美聯澳門行政總裁張一輝則表示，澳門社會較輕盈，樓市復原速度可較周邊地區包括香港及新加坡等地快，料最快明年底可結束調整期。他認為，澳門樓價經歷過早前“跳崖”式急跌後，再下調空間不大，圍繞市場的壞消息未消褪前，樓價既不會大升，也不會大跌，待壞消息全部浮現並消化後，樓市有上升勢頭，買家始會入場。 對於近期粵澳聯席會議簽八項合作協議，當中包括粵澳合作開發橫琴島，以及加快推進港珠澳大橋。張一輝認為這些建設利好澳門樓市，但現時催穀這些利好因素未是時機。他看好澳門未來經濟，認為利好消息可以留待合適時候慢慢滲出，無需急於現時高調作宣傳。只要待外圍市場認為澳門值得投資及逐步有數據反映出來後，投資者自然會重投澳門市場。