True. Even Charlie Munger suggested to start with RE when young

since when you are young, you don't have much capital. It is good to use OPM for leveraging to get started. The scalability issue is a real one.

That said, RE in Hongkong might be slightly different. Due to the VERY limited supply of land and VERY special location (from historical reason), RE in HongKong is more like monopoly. With the rise of Shanghai and the drop of "special" meaning, it is hard for HongKong to reproduce its previous glory in my opinion.