Hong Kong's home prices feared to spiral down by at least 30%

That is by end of 2015.

According to Barclays, they believe the property market is about to enter its first real downturn since 1998 and we expect home prices to drop by at least 30% by the end of 2015.

Here's more from Barclays:

While we believe consensus also expects prices to decline, we think the magnitude of the fall is underestimated, as are the potential knock-on effects on commercial property.

We expect a synchronised downturn, with office prices falling by 20%, while retail properties escape with just zero growth through end-2015E.

Among the 14 stocks on which we initiate coverage, we rate eight UW, four EW and only two OW. Our UW-rated stocks are: SHKP, NWD, Sino, Kerry, Midland, Wharf, Swire Prop and HKL. Our negative view on Hong Kong causes us to also downgrade our Asia ex-Japan Real Estate industry view to Negative from Neutral.