There are times when an entire market is so beaten down that you can almost hear the doom merchants rubbing their hands together, convinced that they finally found the corner of the world where value never returns.
That is exactly why Hong Kong real estate has my attention right now. When the headlines scream despair and the crowd has moved on to more exciting stories, that is when patient capital gets to work. Hong Kong has been left for dead by the instant experts, but if you look past the noise, you find an old truth.
