In the Easter of 2003, I openly expressed confidence in the property market and expected prices to stage a recovery after the Easter holidays. At that time, developers resorted to price cuts to sell their new projects while secondary market activity dwindled continuously. Hit by the SARS crisis, Hong Kong people??s investment confidence dipped into a new ebb then as Midland Realty??s statistics showed that home prices of major housing developments were more than 70% down from the 1997 peak. Given the Chinese Government??s strong support to prop up Hong Kong??s economy and the implementation of CEPA and individual mainland travellers?? policy, however, developers re-adjusted their property sales strategies accordingly. The residential market returned to the path of growth soon and the pace of increase has been sustained with home prices more than double since 2003.