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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (373)	8/16/2003 1:42:21 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Property Slump Ruins Many in Hong Kong By KEITH BRADSHER ONG KONG, Aug. 14 ?A long, steep fall in property values has wiped out the savings of a generation of homeowners here, fed political unrest and caused deflation that makes even Japan's falling prices pale by comparison. The Hong Kong Monetary Authority announced tonight that 22 percent of all residential mortgages are now larger than the current value of the properties they financed. The share of such mortgages that are "underwater," in bankers' shorthand, has jumped from 14 percent of mortgages in just one year. nytimes.com