|By Matein Khalid| Hong Kong now trades at 9.6 times earnings and 0.86 book value. Hang Seng valuations were gutted by the protest movements in Central and the Shanghai financial meltdown. The Hang Seng index is down 25% since late May and now trades at six times forward earnings, its post Lehman, post 2014 bottom. Hong Kong trades at its lowest price/book value since the Asian flu in 1998. My favourite Hang Seng megacaps? HSBC at 60 HK or a near 6% dividend yield. China Mobile, a play on 4G/data ARPU. Hutchison Whampoa, the flagship listed vehicle of Asian zillionaire Li Ka-Shing. Kerry Properties, a property developer trading at a 60% discount to NAV. The “noble hong” Swire, parent of the Scottish taipans who own Cathay Pacific. Deng Xiaoping promised “one country, two systems” in Hong Kong, the financial golden goose of the PRC. Hong Kong is now on sale in the stock market. Remember my old motto. The big money is made when things go from Godawful to just plain awful.