Am I right to say the up and down of property price has no...

Am I right to say the up and down of property price has no financial impact on RMBS, only default rate.

That is not entirely correct. The main risk is to the default rate (which includes events such as prepayment and remortgaging), but any such event exposes the RMBS holder to prevailing property prices too. So, in particular, it would be useful to know what percentage of the underlying mortgages have embedded step-up provisions, etc.

also CGF is moving allocation from property to fixed income securities. This move will slowly minimizing the direct exposure to property.

That’s right. But you need to take into account that Fixed Income does include RMBS/CMBS; therefore, what you have to look at is the aggregate amount of assets (within the Life Investment Portfolio) that have a direct exposure to property prices. I certainly do have a preference for that exposure to be reduced materially.