IMF - No housing bubble in Hong Kong

This link from AA Stocks quotes the IMF's Hong Kong representative saying that "Hong Kong has not seen any bubble yet despite stubbornly high property prices.  While I'm happy to see support for the position I took back in March, I still regard the market as being expensive and poor value. I have no plans to add to the portfolio at current prices. Nor do I have any plans to sell - I'm quite happy to collect the rent and see the mortgages get paid down each month. Part of me says that a nice big correction would be a welcome opportunity to buy again although whether the banks would lend to someone with no income from employment may be something of an issue.