geoff haley, upmarket specialist.ws, new zealand dairy giant has been required to pay a competitor damages over a baby formula scare. the huge pay—out came after fears about contamination in supplied ingredients forced global formula recalls, including these brands. the us federal reserve meets later this month to decide whether to raise interest rates for a third time this year. the us ventral bank's policy is meant to keep the american economy on track, but it has a significant impact here in asia, especially on the hong kong real estate market. for more on the property market in hong kong, we're joined now by bike colleague and business reporter matt morrison —— my colleague. so what is the state of the residential property market? the residential property market is booming and overvalued. now, you and i have both lived in hong kong and every month we have to pay our housing cost. not cheap! not cheap at all and it has been going up for about nine consecutive years. so where do interest rates play into all of this?