NO.PZ202405210200000603
问题如下：
Considering Hawk’s expectations, which property type within Country B’s real estate market is most likely to undergo the greatest change in expected returns over a specified period?
选项：
A.Industrial B.Health care
C.Retail malls解释：
Of the property types listed, retail malls—low productivity has the highest cap rate, making it more sensitive to changes in the economy. With Country B’s central bank focused on slowing down the economy and reducing credit availability overall, more procyclical property types are likely to experience a significant change in expected returns.
E(Rre) = Cap rate + NOI growth rate − %ΔCap rate
在所列的物业类型中，零售商场（生产力低下）的资本化率最高，因此对经济变化更为敏感。鉴于 B 国央行专注于放缓经济增速并整体收紧信贷，顺周期性更强的物业类型可能会经历预期回报的显著变化。
E(Rre) = Cap rate + NOI growth rate − %ΔCap rate
industry 为什么不是最顺周期的？
