If you have the appetite for it, there is little to be said against Real Estate as a primary investment vehicle.I think you are correct in your assessment of the current market...the down is coming, but how soon?

It is almost as if the US prices are artificially suppressed as both markets appear to have decoupled since 2006.

I don't know your intentions for the space, or your arrangement with the owner, but a proper build out could involve fire separations from the rest of the facility, HVAC, electrical, fire suppression, etc.  

I may be a little too eager but when you're telling me Port Harris and Mott Haven above Brucker seem undesirable for a regular home buyer, you are just growing my appetite :) Perfect.

As far as who's funds to use, that's completely dependant on your financial situation, risk appetite, and contacts.

That depends on your risk appetite, I would suggest yes because that will magnify your returns.

Current lack of democracy suppresses these needs, but we are already seeing the poor in HK rise up.

What you do depends on your long term goals and appetite for risk.

It is hard to suppress that passion.

Different goals, different timeline, different restrictions - and I suppose different appetite for risk.