In addition to policy and macroeconomic factors, a key criteria affecting Hong Kong's property market is its economic competitiveness. The World Economic Forum has given the city top ranking in its Financial Development Index for the first time, ahead of Britain and the United States. Within China, a mainland think-tank announced that for the 10th year in a row, Hong Kong has edged Shanghai and Beijing to become the most competitive city in the country. Financial restrictions on the mainland mean Hong Kong's role won't be replaced by Shanghai within the next decade, although Hong Kong's growth is slowing, ranking only seventh below many major mainland cities.
Hong Kong's economy is still in a very strong position though, and property remains the most secure form of investment for many. Despite a challenging 2011, as summarised in the cover story, we are confident of the long-term demand for property. As we approach the holiday season, we wish all our readers a merry Christmas and a prosperous new year.