In a post at Seeking Alpha, Leith van Olensen called attention to the chart below which comes from HSBC's global research team. It compares the housing markets of Japan, the United States, Hong Kong and China, and shows total residential housing value relative to GDP in Japan, Hong Kong, the United States and mainland China. Japan was the first to experience a residential bubble that peaked in 1990. Hong Kong peaked seven years later, just before the Asian financial crisis of 1997. By comparison, the peak reached in the USA in 2005 was much more modest, at least as a percentage of GDP. Finally, the current rise in housing values in mainland China looks to be surpassing the magnitude of the Japenese bubble of twenty years ago.