Hong Kong: Home Sweet Home? Not These Days

Property owners are hurting, and it could affect the economy

Call it the revolt of the haves. On a recent Sunday in Hong Kong, 2,000 angry homeowners took to the streets to march against property prices--not because they're too high, but because they're too low. Typical of the demonstrators is Bob Yung. Four years ago, at the peak of Hong Kong's property bubble, he bought a 420-square-foot apartment for $192,000. He has since watched it lose half its value. "We want the government to take care of owners and to make decisions to raise housing prices," says Yung, who then proceeded to contradict himself by chanting: "Protect our property! Free Market! No intervention!"

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