The housing market slump is not only in the West – In Hong Kong's most des res location, The Peak, house prices tumbled 41 per cent in the last quarter of 2008 compared to the previous quarter. Prices will continue falling for the rest of 2009 estate agents say. In mainland China, prices dropped 18 per cent in Shanghai. The average fall in values across the Middle Kingdom's 70 biggest cities is 1 per cent over the past twelve months.
To help stimulate the property market the Chinese authorities are making it easier for foreigners to buy in Beijing. The Chinese government often changes the rules for overseas investors, banning them when prices rise too fast, so foreign devils determined to gain a toehold in China's capital may want to make the most of this window of opportunity. There are no barriers to overseas investment in Hong Kong.
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