The ratings upgrade is justified because things in Hong Kong are really improving.

Rents are the biggest factor. We’ll likely see a continuous, steady pick-up in rentals.

Employment did not pick up in February probably because the property market was still sluggish after the Chinese Lunar New Year and some companies and retailers were letting staff go after the peak season.

Rentals, a lagging factor, will likely be the key driver of inflationary pressure in coming months.