This is what you wrote in post no. 184:
In the case of HK's Property market, the price rise is driven by more than pure sentiment.
I would say - repeating for the third time, since things don't sink in quickly with Ray:
+ Rising rents, and
+ Falling rates
Can explain almost the whole of HK's price rise, since Rental Yields are still OVER interest rates
(end quote)
Zero mention about capital gains and stress on the "Can explain almost of HK's price rise...."