Apart from what Li Ka Shing says, I am more interested in what Li actually does. The fact is, if you care to look at the books of Cheung Kong, you will notice that Li's company is investing in CASH. With HK$25 billion cash sitting on its balance sheet as of 2010-end, the company is planning to reduce its balance sheet gearing (4.5% at present) to 0% gearing by end-2011. (Source:management guidance post-result announcement.) Cheung Kong's subsidiary Hutchison is also taking a cash-rich position (Hutchison Port Holdings Trust IPO in Singapore). What these moves on the part of Li Ka Shing mean is everybody's guess. But I guess that it would be a little silly of me to take his words at face value.
Let me add that I'm not expecting an immediate huge drop in property prices. Yet, my take is that the market is in the process of reaching its peak with limited upside. (The process may take a year or two to fully develop though.)