Even China isn't immune from the global slowdown in the real estate market. Last week, two prime Hong Kong residential real estate sites sold at auction for much lower than expected, in a sign that even China seems to have some struggles.

Property prices in China have increased nearly 27% in 2009 alone. While some analysts view the lower sale prices as an end to the market frenzy, others point to a more stable property market next year because of the lower prices.

Market watchers believe real-estate prices in Hong Kong, a special administrative region of China, have been pushed up in part by what is known as hot money: spillover from stimulus funds spent in mainland China, despite Beijing's tight currency controls. The price gains have also come amid increasing bullishness in the region as Asia shakes off the economic weakness that continues to plague most of the world.

The price at the auction was about 13% higher on a per-square-foot basis than that paid by Sino Land and its partners in 2007 for their three other sites in the area, before the global financial crisis.

Analysts said developers are likely concerned the government might implement measures to avert a property bubble, possibly leading to a drop in property prices. Hong Kong Chief Executive Donald Tsang said in October that the government was watching real-estate prices and would fine-tune land policies if necessary.

Regardless of the news, it is clear that China will weather the economic storm virtually unharmed. While real estate prices may be on a decline, it is probably very slight compared to that of the United States and prices will more than likely begin to increase once more in the near future.