Well it doesn't matter what the property market does, rentals should be pretty stable, prices always go up at the end of the day you still have your other properties.
There isn't much movement in the market. Most of the asking prices are landlords who are selling if the price sells for a couple mil above market value or most likely rent out. The cycle repeats. It's very rate to see an owner occupied "real transaction" flat. These will have to lower the price to attract a real sale.
Yuen Long recently was less than 7-8k per sq ft. It's only recently they are pushing 15k per sq ft and when the new phases of Grand Yoho finish they will push to 22-23k per sq ft.
People back out of deals for various reasons - the job market will start to be shaky in the near future too with the prolonged protests and global recession.
The property market though is very strong. There are lots of owners who rent out and move overseas and the stable worry free income keeps coming in with little maintenance required. These landlords will unlikely sell anytime soon, such as bdw and many others in his shoes. Chinese families are very stable in their homes. So there is a very small supply of flats available.