HIBOR rates have to track USD Libor over time given the peg and HKMA is draining liquidity. 3m HIBOR has more or less doubled in the last few weeks.
HK commercial real estate yields 1-2% vs 5% lending rates.
The systemic banks have balance sheats over 50% of HK GDP, 50% LTV mortgage books, so reset to even a 4-5% real estate yield would be a problem.
Anyway the HK real estate market is still on fire and as Chuck Prince famously remarked “As long as the music is playing, you’ve got to get up and dance,” he said. “We’re still dancing."