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Shadow of 1997 bust looms as HK home prices and housing debt hit highs

By several measures, economy looks more vulnerable now; central bank moving to contain risk

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Soaring prices mean more wealth is tied up in property, and citizens are less inclined to amass other types of savings, said Ryan Lam, head of research at Shanghai Commercial Bank.

Hong Kong

IN 1997, the Asian financial crisis touched off a six-year property bust in Hong Kong that shaved more than two-thirds off prices and saddled the city with a stagnant economy and deflation.

As Hong Kong gets ready to celebrate the 20th anniversary of its handover to China

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