While many predict Hong Kong’s real estate will experience increased pressure under the unresolved Covid-19 situation and National Security Laws, one must understand the Hong Kong real estate market is quite unique. While other mega metropolitan cities do provide relatively flush liquidity, their property markets have very different characteristics. Unlike Hong Kong, the bulk of the value of a development lies in the structure rather than the land, prices are driven by yield rather than speculations, and a host of fees and taxes that keeps prices certain sectors in check. London’s residential market, for example, is yielding multiples of that of Hong Kong’s while on the surface. However, landlord’s rental returns are quickly eroded by government fees and tax, and additional penalties for overseas landlord. While it is shrewd to have diversification, one should acquire comprehensive and holistic understanding of a foreign market before allocating one’s asset into it.