The coronavirus pandemic has affected all sectors of the economy with some sectors having a harder time than others. The impact of the pandemic can be said to be unprecedented. Although rents in Hong Kong residential market started to slide in the middle of last year, prices however are still at a high level. If we go back to the early stages of the pandemic, everybody was holding a wait-and-see attitude on the property price movement with some even hoping that prices would plummet as much as what we saw during SARS in 2003. However, things did not pan out as expected with rents falling but not prices. This only means that the rate of return is going to drop further. However, if we look at it, from a macro-economic view or from the micro view of rate of return, why do Hong Kong property prices have this kind of performance? With the strange situation of the property market as it is now, how do we examine it in order to really understand it?