Is Hong Kong’s property market heading for its biggest crash since 1997 ?

If history is any guide,the long queues of property buyers at Hong Kong’s Tsuen Wan residential project last weekend could be the harbinger of a bubble in the world’s most expensive housing market.

Hundreds of buyers packed into Cheung Kong Property Holdings' sales office, vying to get a unit at the Ocean Pride project built by Li Ka-shing, the city's wealthiest businessman whose property projects had long stood for appreciating value.

They were willing to ignore record-level prices and mortgage rates that had just been raised the night before by four of the city's largest banks.

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Source :
1) www.scmp.com