The Hang Seng Index was down 0.2% at 20694.70, but reversing earlier losses due to the strong performances of local developers, which continued to outperform on expectations that housing prices could continue to rise due to quantitative easing increasing liquidity.

WSJ: Asian Shares Down As Europe, China In Focus; Euro Falls

Last year, housing prices fell most in Europe, but continue to rise in other parts of the world, including in the United States.

FORBES: If Hong Kong Isn't A Housing Bubble, Then Nothing Is