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Includes bibliographical references (p. [109]-112) and index ; The real estate economy of Hong Kong is one of the most dynamic and sophisticated in the world, and has contributed greatly to the spectacular development of this vibrant city. More importantly, at a time of rapid globalization of the world economy, it is possibly the best model of the behaviour of an advanced real estate industry operating in an open economy. Hong Kong is therefore of interest to analysts and policymakers everywhere, not least because of Hong Kong's political reintegration with China in 1997. With this in mind, the authors have managed to capture the key economic features of the private residential real estate market in Hong Kong in this compact volume. They have identified and highlighted critical institutions that contribute to the success and economic factors which shape the dynamics of all sectors of the real estate industry in Hong Kong. This book is essential reading for market analysts, policymakers, students and international readers with an interest in comparative analysis of real estate markets and institutions.' Professor Anthony Walker, Centre for Real Estate and Urban Economics, The University of Hong Kong ; published_or_final_version ; List of Illustrations ; List of Tables ; Preface ; References p109 ; Index p113 ; 1 Introduction p1 ; 2 The Hong Kong Economy and Real Estate Sector: An Overview p17 ; 3 The Pricing and Allocation of Space in Hong Kong (Quadrant 1) p33 ; 4 Valuation and Dynamics of Housing Prices (Quadrant 2) p45 ; 5 Supply Response and Real Estate Development (Quadrant 3) p65 ; 6 The Stock Adjustment Process in Hong Kong (Quadrant 4) p83 ; 7 Use of the FDW Model to Interpret Policy Events p93 ; 8 Looking Ahead p107

Expectations and beliefs are important forces that can influence financial markets. Using results from a survey, this article examines the beliefs of currency traders in Hong Kong's financial institutions regarding the RMB and HK$/US$ pegs. In particular, it examines the attitudes of these currency traders towards the intervention by the Hong Kong Monetary Authority (HKMA) in Hong Kong's stock and futures markets to defend the HK$/US$ peg during the Asian crisis in 1998. Contrary to expectation, not all currency traders in Hong Kong were diehard devotees of the free market and more were in support of the intervention than against. Degree of identification with Hong Kong was found to be important, influencing attitudes towards government intervention. An inference from the survey is that the intervention was popular with Hong Kong residents and that future intervention by the HKMA is likely if faced with similar speculative attacks on the HK$.