Interesting link CB
It seems HK rents can go DOWN as well as up. Who would have thought it? According to your link rents fell 25% in 2008/9, and from 2008 to 2010 there was still a net decline despite a 22% increase in 2009/10.
Hong Kong has witnessed some of the biggest price increases in the world, reflected in a jump up the ranking from 9th to 3rd position over the year. The price of renting two-bedroom accommodation rose by 22% to US$2 830 a month between 2009 and 2010. This contrasts with rent falls of around 25% the previous year.
You're really pulling at straws to try to differ CPI with rental costs. I suppose GDP has little to do with living standards or interest rates on consumer confidence??
You seem very confused about economics. CPI and rental rates are quite different. The rate of change in GDP does indeed have very limited correlation with interest rates or consumer confidence. Absolute level of GDP is of course quite unrelated.