Quote:
Originally Posted by Stormspirit
The crash has already happened once in 1997 when they took more than a 50% loss on a property investment, so I'm sure they realize this is a possibility.
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Don't forget the little incident in 2003 where a guy from China literally took a shit in HK and caused a little thing called SARS. Things were never cheaper and developers were pretty much giving flats away. That's the beauty of it, shit happens.
Funny thing about HK is that people have a very short memory when it comes to investments (ie stocks or real estate). Crashes in HK almost happens like clock work and yet there's always a new batch of naive people throwing money into the financial and real estate market.
I keep hearing things like "nah different times now, we got China backing us up" or "well those were special cases where blah blah blah".
I guess what I'm trying to say is that people who have been hit in 1997 and 2003 have not recovered yet. I'm not talking about the rich, I'm just talking about the majority who try hard to be rich through those measures.