Hong Kong's real estate investment market is as large as its gross domestic product; Singapore's half. : A small number of world cities command a big slice of the global property investment pie. That’s both a boon for governments seeking fiscal nirvana in real-estate taxes and stamp duties, and a bane for residents who must battle yield-seeking global capital just to afford their residential and business addresses. Hong Kong’s real estate investment market is as large as its gross domestic product; Singapore’s half.