Hong Kong Property Market in 'Free Fall': Bass

The last major housing crash in the former British colony saw prices tumble almost 50 percent in the 12 months from October 1997. They eventually bottomed in mid-2003 when the city was swept up by the severe acute respiratory syndrome epidemic and have almost quadrupled since then.

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The Chinese credit system, according to Bass, is "one of the biggest macro imbalances the world has ever seen." The fund manager said China is already experiencing a "hard landing as we speak." He said he isn't a "permanent bear" on China, instead describing himself as a pragmatist.