Timeline: Hong Kong, 1997-2007

July 2, 1997: Mere hours into the new era, Hong Kong faces its first challenge under Chinese rule from an unexpected direction: following an Asia-wide sell-off by global investors, Thailand devalues its currency, sparking a regional financial crisis. In coming months, markets across Asia plummet. As Hong Kong investors watch, the Hang Seng Index loses nearly a quarter of its value in just three days in October. For the next two years, the region-wide crisis depresses exports and hobbles economic growth. Compared with other economies, Hong Kong's swoon is relatively mild, but it's not until 2005 that the city's nosediving real estate market, which saw some properties shed nearly half their value, regains its pre-crisis luster.

• Hong Kong, China
• What's Changed, What Hasn't