Hong Kong's real estate market is slowing significantly, with home prices down, office vacancy rates up, and commercial property investments cratering. Caught between US-led interest rate hikes and a flagging mainland Chinese economy, the Hong Kong SAR government has few tools to address the decline of one of the city's largest and most profitable industries. In a major policy reversal, the Hong Kong Stock Exchange has removed its requirement that companies disclose all China-related risks to their business.