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This case is primarily about the operational strategy and financial performance of three property companies in Hong Kong. The companies differ in terms of asset mix, specialisation, competitive structure and financial policy. The case is set in the 1999-2002 period, when the operating environment for property companies in particular, but business in general, underwent a spectacular downturn following the financial instability in 1997, the Asian financial crisis and its fallout. The students'' task is to match the descriptions of the companies with their financial profiles, and to consider the impact of the operating strategy and economic environment on the financial performance of the companies. Students are also expected to comment on company prospects in a significantly changed economic environment to that which gave rise to their business models during the years of rapid economic expansion and property price inflation in the decade and-a-half prior to 1997.