IN response to the Christmas handout given by the banks to the property sector, I wonder if Mr Rodney Miles, Chairman of the Retail Management Association, was representing the retailers or the property sector when he commented that the rate cut was too low and too late.
It has been a bleak Christmas for retailers and we can expect a bleaker Chinese New Year and further doom down the road if lycee packets are given to boost the property sector. I think Mr Miles should target for large swings in rentals if he sincerely wants to address the problem for retailers.
Now that we have seen the peak for rentals, if the influence of the domestic rental cartel is reversed and rents are reduced, then this may have the desired effect with regard to commercial rentals.
This will be a boost for the retail sector and for other areas of the economy.
Until then we have to be contented with the warning from the International Council of Shopping Centers that 'Retailers must shape up or ship out' (South China Morning Post, August 30).
LAL DASWANI Kowloon