Hong Kong Housing Bubble Suffers Spectacular Collapse As Sales Plunge 42% To Record Low on Chinese Crackdown, Economic Woes

``Chinese buyers have left the U.S. housing market... But if potential Chinese buyers are unable to transfer funds out of the mainland, it wouldn't be just the U.S. and Australia where the housing bubble is now rapidly bursting, it would be everywhere else too... Sure enough, nowehere was this more clear overnight than in Hong Kong, where the once-upon-a-time raging housing bubble just got its last rites after November home sales sank to a record low as an imminent interest rate in the US this month scared away prospective buyers.''