In the second instalment of our two-part series on Hong Kong’s beleaguered property market, analysts explore why this slump is different from past downturns. The first instalment discussed how the resurgence of the city’s stock market as a venue for initial public offerings could boost office uptake and ease developers’ pain. Swiss bank UBS got a steal in 2003 when it leased 146,000 sq ft across six floors in Two International Finance Centre – then the tallest building in Hong Kong – for less...