Li Ka-shing has cast doubt on the Hong Kong stock market's outlook but is bullish about local property. 'Comparing today's Hang Seng Index and that of last year's, it is still higher by 15 per cent,' Mr Li said. 'Indices for H shares and A shares are also higher today than last year. [But] is today's economy better than last year's? When the share prices are way too high, one has to be careful.' But his comments on the local property market were more upbeat. Recent Cheung Kong sales of 2,000 units at Capitol, a residential project in Tseung Kwan O, showed strong purchasing power in the market. 'Looking at history, whenever there was negative interest rates, property prices went up,' he said. 'Currently, the interest rate is negative.'