I can see why the stock price is down, property prices and what buyers are paying is effectively the same. There has been a shift, instead of 3-8% going to the government they are taking 15-30% and the developer is eating the loss.
Costs to build are high and will remain high. Labour shortages is a problem, labour costs go higher too.
Essentially the developers have the monopoly on property prices and control the market. Whether you own or not, you have no choice to buy on the second hand market and heck if you sell you have no where to live.
Investments will continue to rent out, yields are good and it's fairly easy to rent out in Hk with little hands on required.
With low transactions and limited supply on the second hand market, demand is just growing and growing. People will prefer new developments and Yuen long is a targeted area. I can foresee Hk$20,000 per sq ft average in the next 5 years. Being closer to China will be more important as time progresses.
Businesses are already moving out of CBD in search of cheaper rents so the default will no longer be the default. Exciting times to come for NT.