HK property market is in 'free fall', says head of US hedge fund

New York

KYLE Bass, head of Dallas-based hedge fund Hayman Advisors LP, who's wagering on a slowdown in China's economy, said that Hong Kong's property market is in "free fall" and the credit expansion in South-east Asian emerging markets will unravel.

"Hong Kong's in a worse position than it was in prior to the '97 crisis today," Mr Bass said at the SkyBridge Alternatives Conference in Las Vegas on Wednesday. He said credit in Asian emerging markets has grown "recklessly", citing Malaysia and Thailand.