Hong Kong prices drop

Bloomberg

"Given that prices have already fallen by 23 percent, we believe the remaining downside for the property market is about 20 percent," Cusson Leung and Joyce Kwock, based in Hong Kong, and other analysts wrote in a report dated yesterday. Prices will fall as the jobless rate rises, they wrote. Office rents are expected to fall this year as vacancy rates climb, Credit Suisse said. Rents in shopping malls may drop as much as 20 percent as private consumption shrinks.