Threethirty,
While I definitely agree with your sentiment re: financial apocalypse, I don't agree with your ideas that everyone believes the HK property market can only go up. Nearly everyone I work with seems to believe that it is set up for a large correction. I think this is part of the reason for such low transaction volume. Perhaps it is just speak from those "not in the game", but I think many believe the same as you and I.
box