Hong Kong is ‘stuck between a rock and a hard place’

Hong Kong’s economy can’t hold on for much longer.For one thing, the territory is in the midst of two large bubbles. One is a credit bubble, similar to the one in China. Since 2008, the ratio of private nonfinancial credit to GDP has surged to 281% in Hong Kong.
The other is Hong Kong’s infamous property bubble. Since 2008, property prices have risen 105%. Prices peaked in August of last year, and have been declining since — a correction of 14% that has put the property m