The Hong Kong property market has risen too fast and buyers must look out for a bubble, Cheung Kong (Holdings)’s executive director Justin Chiu said.

'The rise is a bit unusual,' Chiu said in a Bloomberg interview today. 'There should be a correction at some point.'

Low mortgage rates and buying by rich mainland Chinese drove a 29% gain in Hong Kong home prices last year. The city faces a “huge” potential risk of bubbles forming in its asset markets as low interest rates and high liquidity drive up prices, Norman Chan, chief executive of the Hong Kong Monetary Authority, said last week.