According to the report, only one of 25 recent transactions was completed by the final deadline, while the remainder - worth HK$3.2 billion - had been given a 10-day extension.

Lee explains that it's not uncommon for buyers to ask for an extension to complete a sale, hence there is no need to read too much into it.

Whether they are real deals or not, Lai See's main concern is that Lee might have inadvertently invented a new type of 'property speculation'.

Bare-knuckle banking

In the blue corner we have Morgan Stanley Asia chairman Stephen ('Crusher') Roach and in the red corner we have economist Paul ('Knuckles') Krugman. Roach has attacked Krugman over his call for the US to push China to let the yuan appreciate. But Krugman has been known to engage in verbal fisticuffs himself.

Who can forget his speech in Hong Kong 12 years ago, when he laid into economist Steve Hanke, who was pushing for Indonesia to adopt a currency board.

Krugman described Hanke as a 'rupiah Rasputin' and 'an economic snake oil salesman'.

'I wish I was as sure about anything as he [Professor Hanke] is about everything,' he told the audience, which included Hanke.

As it turns out, Indonesia didn't get a currency board, Krugman did get a Nobel prize and we suspect Krugman and Hanke are still not on speaking terms.

New Zealand's Madoff

A New Zealand investment banker who spent millions of dollars he stole on prostitutes was caught after one of his victims saw a TV documentary on US fraudster Bernie Madoff and became suspicious.

Dubbed New Zealand's Madoff, Stephen Versalko, 51, was jailed for six years for stealing NZ$18 million (HK$100 million) since 2000 from his employer, ASB Bank.

Two prostitutes received several million dollars, as much of the loot was spent on a debauched lifestyle and making interest payments to clients to keep the operation running.

The scam was a classic 'Ponzi' scheme in which investors received interest payments from their own funds or the capital of newer investors. Versalko came up with the scheme in 2000 when he discovered he had a credit card debt of NZ$30,000.

Nearly NZ$4 million was spent on properties, NZ$3.4 million on prostitutes, and only a fraction - NZ$100,000 - on education for his three children over nine years. Even lawyers received six times more in payment than his kids.

We suggest the court increase his sentence for being a lousy father.

Easy enough to start small

Midland Holdings chairman Wong Kin-yip was gloating about his company's 'outstanding' performance last year at its annual results briefing this week.

The investment holding company, which provides services including a residential property agency, commercial property management and property surveying, has seen its share price jump by more than 7 per cent.

Asked to comment on the property market, where prices have been so absurdly high that even doctors and lawyers cannot afford to buy private homes any more, he shot back: 'Of course they can't, because only doctors and lawyers who are financially capable can afford to buy properties.'

Wong recalled that when he first entered the workforce he had to share a rented flat and survived on instant noodles.

He advised first-time buyers to be more realistic and not to set their goals too high. He added that a rule of thumb is to buy small and wait for the investment to grow.

Thank you for the advice. It's certainly not a problem to buy small flats in Hong Kong.