This paper is on the growth of Hong Kong real estate firms and internationalisation process. It is based on a study by the authors on the impact of globalisation on real estate industry in Singapore and Major Cities in China. The paper uses the OLI framework to explain the factors which affect Hong Kong firmsÌ FDI patterns and strategies/behavior. It reveals that internationalisation process of firms in the Hong Kong case is almost irrelevant to the firm size and capital. While market potential, firmsÌ knowledge-based advantages, and culture play a very important role in firmsÌ location choice of their investment. Internalisation is not important for the case of Hong Kong real estate firms. The growth of foreign real estate firms in Hong Kong depends on the timely repositioning of investment into areas where they can sustain their ownership and locational advantages. Timing and bargaining position with host country/regions are also key factors for Hong Kong firms to outperform other competitors.