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The latest release of the University of Hong Kong's Hong Kong Residential Real Estate Series (HKU-REIS) indicates that, in December, the price of residential properties declined 0.8% since November. However, prices climbed 26.77% above the level seen in December 2011.

The HKU-REIS is a set of property price indices constructed monthly using a modified repeat-sale methodology similar to that of the S&P/Case-Shiller indices, yet suited to the Hong Kong property market.

Source: Hong Kong Bubble? Hong Kong Residential Property Prices - December 2012