Hong Kong property companies are an integral part of the Hong Kong stock market and general economy.  During the period 1984 to 2004 these companies performed well, relative to other assets and six of the top twenty companies listed on the Hong Kong stock exchange are property companies. 

However, a key issue for future property investment is how much of this performance can be attributed to the stock market and how much can be attributed to direct property performance.  

Analysing their performance shows that the performance of Hong Kong property companies is highly correlated with the Hong Kong stock market, and the performance of the property market itself has little direct bearing on the performance of property companies.

This raises ongoing property investment issues, particularly concerning whether Hong Kong property companies are the most effective property investment vehicle to obtain a high degree of direct property exposure in Hong Kong.