What I suspect may go wrong with a lot of the property stocks,...

What I suspect may go wrong with a lot of the property stocks, is that the people who run them will embark on a lot of asset shuffling which generate huge fees and commissions for them and nothing much for the shareholders.

Just look at the continuous round-robin of assets in the natural gas industry. Who has made a buck from Alinta and AGL and APA last few years - the merchant bankers have mostly. The shareholders have not.