| 0 |
ABC
19980108t82
.1830.0711
NEWS STORY
| 1 |
On the other hand, it's
turninge1
out to be another very
bade369
financial
weekt83
for
Asia
.
| 2 |
The financial
assistancee3
from the
World Bank
and the
International Monetary Fund
are not
helpinge4
.
| 3 |
In
the last twenty four hourst85
, the
value of the Indonesian stock market has
fallene7
by
twelve percent
.
| 4 |
The Indonesian
currency has
loste9
twenty six percent
of its value.
| 5 |
In
Singapore
, stocks
hite10
a
five yeart86
low.
| 6 |
In the
Philippines
, a
four yeart87
low.
| 7 |
And in
Hong Kong
, a
three percent
drope147
.
| 8 |
More
problemse153
in
Hong Kong
for a place, for an economy, that many experts
thoughte11
was
once
invinciblee376
.
| 9 |
Here's
ABC
's Jim Laurie
.
| 10 |
Not that long ago,
befores13
the Chinese
takeovere12
, the
newse14
about real estate
here was that the sky was the limit the highest prices in the world.
| 11 |
So
whens15
Wong Kwan
spente16
seventy million dollars
for this house, he
thoughte17
it was a
great
deale18
.
| 12 |
He
solde19
the property to
five
buyers and
saide20
he'd
doublee21
his
money.
| 13 |
In
Hong Kong
, is always belongs to the seller's market.
| 14 |
Nowt196
with new
constructione26
under
waye27
,
three
of his buyers have
backede28
out.
| 15 |
And
Wong Kwan
will be lucky to
breake30
even.
| 16 |
All across
Hong Kong
, the
property market has
crashede32
.
| 17 |
Pamela Pak
ownse33
eight
condominiums here.
| 18 |
Pak
ca n't
finde34
buyers.
| 19 |
She
estimatese37
her properties,
worthe88
a
hundred thirty million dollars
in
Octobert89
, are
worthe91
only half that
nowt90
.
| 20 |
They
believee39
ah it will be always up
goinge40
up and up ah forever.
| 21 |
Nobody
believee41
this any more.
| 22 |
Of all of
Asia
's economies,
Hong Kong
is the most robust.
| 23 |
But in
the past
three monthst98
, stocks have
plungede42
, interest rates have
soarede43
and the
downturne44
all across
Asia
means that people are not
spendinge46
here.
| 24 |
Hotels are only
thirtye371
percent
full.
| 25 |
You can
gete48
seventy percent
discountse50
at the
shopping malls.
| 26 |
Three thousand dollar
pearls for
eight hundred dollars
.
| 27 |
A
two hundred dollar
wool jacket for
fifty dollars
.
| 28 |
Still, there are
fewe375
buyers.
| 29 |
And at the big brokerage houses,
afters306
ten
yearst99
of
boome52
, they're
talkinge53
about
layoffse54
.
| 30 |
I
thinke55
that the mood is fairly
gloomye374
, and I
thinke56
it's not going to
changee59
for
a couple of yearst100
.
| 31 |
So for
Hong Kong
, it's
timee60
, as investment bankers like to say, to
repositione64
.
| 32 |
To either
holde65
on tight or
gete66
out, as much of
Asia
goese67
into
recessione368
.
| 33 |
Jim Laurie
,
ABC News
,
Hong Kong
.
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