(MIKE CLARKE/AFP/Getty Images)

Over the weekend, my son and I walked up to the Peak in Hong Kong. We set off from the wrong point, which meant that that the walk took longer than it should have – and we kept getting cut off, by private roads.

On the other hand, our circuitous route gave us the chance to stare into the front rooms, back gardens and swimming pools of some of the priciest properties in the world. For example, this modest town-house on Severn Road would set you back about $30m (that’s US). If you really want, you could spend twice that on a mere apartment in the most luxurious blocks in Hong Kong.

The downside of the incredible prices being fetched for Hong Kong property is that finding somewhere to live is increasingly tough for people on normal incomes. Now the Hong Kong government, normally noted for its laissez-faire attitude, has acted. Over the weekend it imposed a 15% stamp duty on property purchases by non-residents. Estate agents are predicting a sharp drop-off in interest from buyers from mainland China, who have been driving up prices. Read more