There's a new term being used to describe the sudden rush by some flat-owners to offload their properties as quickly as possible.
It's called 'covering your kneecaps', and relates to the trying circumstances in which some are being forced to try and cash up as markets plummet.
Kneecap covering seems to be particularly prevalent at the top end of the market, particularly the opulent Island South area.
One Repulse Bay property agent tells us there has been a couple of urgent sale notices posted on some south-side town houses, with prices down from $50 million pre-crash to $42 million now. What a bargain that is! It appears some of these attempts to sell fast have been a direct response to debts that have been clocked up on the stock market.
Other kneecap covering has related directly to the property market - with some multiple owners standing to lose millions if flat prices don't break their falls soon.
Things are quieter at the other end of the market. We hear Mongkok agents are not reporting a similar rush to keep legs intact.
