Subsequent events exacerbated the crisis:

1.) the global economic slowdown in 2001; and

2.) the outbreak of SARS virus in early 2003.

The strong price dairy farm residences price increases in 2004 and 2005 in Hong Kong can be attributed to a partly political decision. Mortgage interest rates paid by Hong Kong borrowers have fallen from 11% in the post-crash environment of 1998, to under 3% at their lowest point from 2003 to mid-2005. The fall in mortgage rates was significantly larger than that made possible by the fall in US rates.

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