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This case is to be used in conjunction with ''The Hong Kong Property Industry 1997'' (399-030-1). This case recounts the circumstances in the Hong Kong property industry from the middle of 1997 through the first quarter of 1999, ie, when property prices fell some 40% from its peak. Together, the 1997 and 1999 cases are designed to explore the forces that influence the profitability of industries in volatile economic circumstances. In doing so, they show the value and shortcomings in such settings of the five forces industry analysis framework developed by Michael Porter in ''Competitive Strategy'' (Free Press 1980) and ''Competitive Advantage'' (Free Press 1985). They also allow for the discussion of a framework that can be used to assess the potential impact of the macro-environment, ie, the environment outside the immediate industry, on industry profitability and firm strategy. The case is designed for use in MBA level courses on strategy and international business.