Hong Kong housing bubble worries were renewed this week when prices passed the 1997 peak (via Paper Economy).
And you can see what happened after the 1997 peak.
Hong Kong Financial Secretary John Tsang Chun- wah knows it’s a bubble, even if the total economy is stronger than it was in ’97. His warnings appeared in The Standard today: “The situation is indeed rare and is worrying. We will continue to monitor the situation and roll out new measures to make sure the property market develops in a stable and healthy manner.”