The Government's attempt to support property prices by freezing Home Ownership Scheme flat sales for 10 months will have a short-lived impact, according to Marc 'Dr Doom' Faber. He said people should sell their homes in Hong Kong and buy in Shanghai and Beijing. Mr Faber, speaking at the Economist Corporate Network seminar, expected property prices in Shanghai to rise five to 10 times by 2011. He attributed Hong Kong's lost competitiveness to its 'high-cost economy' driven by expensive rental and property prices. 'We should lower the cost of production and services through lowering housing prices and rentals,' Mr Faber said. He said the last governor, Chris Patten, and former financial secretary, Donald Tsang Yam-kuen, should be blamed for allowing the inflation of property prices seen between 1992 and 1997. Commenting on China's impact on the global economy, he believed the market remained difficult for foreigners despite low labour costs. However, Mr Faber believed Hong Kong might have a better chance of making money in China than either the United States or Europe.