possible asset bubbles at Hong Kong

I got this email from my broker, which reads of possible asset bubble at Hong Kong.
HK and S'pore property price has recovered lots of lost ground ever since the crisis. Malaysia, on the other hand, pretty unmoved (neither drop too much and subsequently not going up). We have a lower standard deviation but lower return. so, which property market is better?

*******here is the text*********
Asset bubbles rather than inflation will be the key concern for the financial stability of Asian economies next year, according to Hong Kong Monetary Authority chief executive Norman Chan Tak-lam.

Chan told the Hong Kong Economic Summit yesterday that although there was no asset bubble in Hong Kong as yet, it was important to prevent any from forming because it would be more difficult to mitigate the effects later

He added that as a small economy, Hong Kong could not merely respond through an interest-rate increase as that could have the adverse effect of triggering even more liquidity to flow into the market.

More than HK$640 billion has flowed into the city since October last year, with 20 per cent of that directed at the property market, pushing home prices up for 10 consecutive months.