On the other hand , it 's turning out to be another very bad financial week for Asia . The financial assistance from the World Bank and the International Monetary Fund are not helping . In the last twenty four hours , the value of the Indonesian stock market has fallen by twelve percent . The Indonesian currency has lost twenty six percent of its value . In Singapore , stocks hit a five year low . In the Philippines , a four year low . And in Hong Kong , a three percent drop . More problems in Hong Kong for a place , for an economy , that many experts thought was once invincible . Here 's ABC 's Jim Laurie . Not that long ago , before the Chinese takeover , the news about real estate here was that the sky was the limit the highest prices in the world . So when Wong Kwan spent seventy million dollars for this house , he thought it was a great deal . He sold the property to five buyers and said he 'd double his money . In Hong Kong , is always belongs to the seller 's market . Now with new construction under way , three of his buyers have backed out . And Wong Kwan will be lucky to break even . All across Hong Kong , the property market has crashed . Pamela Pak owns eight condominiums here . Pak ca n 't find buyers . She estimates her properties , worth a hundred thirty million dollars in October , are worth only half that now . They believe ah it will be always up going up and up ah forever . Nobody believe this any more . Of all of Asia 's economies , Hong Kong is the most robust . But in the past three months , stocks have plunged , interest rates have soared and the downturn all across Asia means that people are not spending here . Hotels are only thirty percent full . You can get seventy percent discounts at the shopping malls . Three thousand dollar pearls for eight hundred dollars . A two hundred dollar wool jacket for fifty dollars . Still , there are few buyers . And at the big brokerage houses , after ten years of boom , they 're talking about layoffs . I think that the mood is fairly gloomy , and I think it 's not going to change for a couple of years . So for Hong Kong , it 's time , as investment bankers like to say , to reposition . To either hold on tight or get out , as much of Asia goes into recession . Jim Laurie , ABC News , Hong Kong .