Hong Kong recently tightened its mortgage lending rules and promised to increase the supply of land after prices soared about 45% since the beginning of 2009.

FORBES: Malaysia's Richest Boosts Hong Kong Property

Crowe warned that "stubbornly tight mortgage lending conditions, " bad appraisals, rising material costs and a shortage of land pose challenges to homebuilders in the future.

FORBES: In Orange Country, Housing Roars Out Of Rut -- And Into Bubble Territory Again