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How Asia property becomes vulnerable when Fed tightens

Hong Kong's vulnerability comes from a large house price over-valuation, combined with a strong foreign credit infusion.

EMERGING markets (EMs) have benefited tremendously from the sizeable liquidity injections by developed market (DM) central banks following the Lehman failure.

Among the major beneficiaries of this liquidity bonanza have been Asia's housing markets. According to the Bank for International