Macau's story over the past few years has not just been one of struggle against adversity, Dr Yeung said, adding analysts and observers tended to be blind towards the positive aspects of the economy. One of those aspects has been the property market. While the sector in Hong Kong has been struggling through savage volatility Macau's story is somewhat different. There is undoubtedly an oversupply of finished apartments, which Mr Yeung puts at 30,000 units - compared with 120,000 households. But most of the oversupply has been built with foreign money from Hong Kong and the mainland. The exposure of Macau's economy to the housing problem is minimal, he insisted. The corollary of this is easy to see: cheap housing for Macau's population and a ready supply of cheap accommodation for economic growth. Dr Yeung said he foresaw the excess capacity - residential, commercial and industrial - being absorbed as the economy began to pick up. For potential investors looking for back-office capacity for Hong Kong, this spells lower costs. 'We certainly have a cost advantage over Hong Kong,' Mr Yeung said. He added that 70 per cent of families own their own homes.