I don't know that a raid is not immenient. The stock market has fallen dramatically and many of the banks are in a pretty shaky condition according to a friend who is a specialist on the East Asian economy. While land may not be owned, leases can be quite long (99 years plus) and are themselves a commodity. Other reasons that have to be considered is the level of diversified (sectorally and regionally) capital that resides in HK, the structure of the economy that is less dependent on local manufacturing and more in finance and service sector. There may be a lag in these sectors but they are already in a crisis - I think we will see them drop more and currency may follow.
On a minor point, wasn't the reformer Henry George rather than Herbert?
Tom Mertes