SAW THIS COMING SEVERAL MILES AWAY. WILL ONLY GET WORSE!
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HONG KONG—Real-estate prices are falling across much of Asia as government measures to rein in once-booming prices start to bite and the slowing global economy hits export-dependent economies.
The slowdown ends years of increases that have driven prices up by 70% or more since the start of 2009 in the hottest markets, spurred by strong economic growth and an influx of investors, many of them foreign, who view Asian real estate as an investment that is relatively immune to the global financial turmoil.
Markets such as Beijing, Hong Kong, Singapore and Sydney are all seeing outright price declines, while prices are flat in Seoul.
SOURCE: http://online.wsj.com