Chobe: Economic downturn has limited impact on residential property prices in Hong Kong

Portwood Capital Chairman Chobe expected that the Hong Kong property market would still have a few percentage points reduction due to the economic downturn, but because of the shortage of supply, coupled with low interest rates and the entry of mainland investors into the market, there was little chance of a plunge in the price of residential property.　　He added that the impact of the economic downturn on the property market was mainly reflected in the price of Grade A office space, and he expected the price of grade A offices to be cut by 40%-50% from last year's peak.　　As for the mainland property market, he is personally optimistic about the Shanghai property market, as Shanghai will play an international financial center, will attract many banks to set up headquarters in Shanghai, the next 5-10 years, the development of property prices more optimistic, but other areas of property prices will be a big fluctuation. In addition, he says, the current price-earnings ratio of a single housing unit is more than 20 times higher, and the price is not "offset", and he believes it needs to fall back to 8 to 10 times.