Here was what happened in Hong Kong during last Asian Storm

Hong Kong used to experience super hot RE market. Long lines were formed to buy newly released condos. It's very similar to the US situation. Then Asian financial storm happened, brought down the market. My Dad's friend who bought a lot of condos before the storm. She was once very arrogant and confident. Everytime she came to Shanghai, she would brag about her achievements in Hong Kong. Then the storm came, Hong Kong suffered about 70% drop. Can you believe that? let me repeat 70% drop, a 1 million HKD house dropped to only 300K. Then we no longer heard from her. She stopped talking to anyone. We didn't know what really happened to her. A few years later, we heard that she died of cancer... Some background news, a lot of people went bankrupt during the Hong Kong debacle.