Poor investor sentiment is reflected in a depressed sector, from low occupancy to falling profits. There's a strong sense that Hong Kong needs to reinvent itself before investors return.
The underpinning of the Hong Kong property market by cash-rich mainlanders is now a flawed assumption, said Tsui. "Even if a property was 30-40% off, who would buy it? If you are expecting the Chinese super-rich to step up, there's only a certain amount of that kind of capital around"
With top hotels in Hong Kong only half full and office vacancy rates in the Central business district of 40% not uncommon, Hong Kong appears to have priced itself out.