I suggested to my clients then that they short the KLSE at 730 and borrow ringgit at 3.50 to sell when the market would go to between 400 to 450 and the ringgit to between 4.50 and 5.50 to a dollar. Look at where the KLSE and ringgit are now. Malaysia is in as big a mess as Thailand and has the same dynamics at work. Hong Kong has become a virtual economy and real estate is at the heart of it. The story is very similar to Hong Kong.
Interest rates are very low while inflation is falling and the risk premium is rising.
Singapore residential property has been grossly overvalued. Singapore has the worst features of Hong Kong's real estate market and Taiwan's export industry. It has an overvalued currency and manufacturing still makes up almost half of the economy. I am surprised the Singapore stock market hasn't discounted all the problems. The Philippines had its wild nights out in the 1980s, so it spent most of the 1990s party in Asia unconscious on the floor.