Elsewhere, a scheme has been approved to build more than 300 flats and a leisure complex on the site of east London's famous Walthamstow Stadium.

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So Russian workers, who will have to save more roubles than before to buy flats (which are priced in dollars) and foreign-made goods, are not likely to see those costs compensated by new jobs, much less higher wages or, for that matter, by wages paid in cash instead of in kind.

ECONOMIST: A detour or a derailment?

Awkwardly, though, Rosanna Wong, the head of the public-housing authority, announced the next day that she would put up 16, 000 public-sector flats for rent rather than for sale, and that she would ensure cheaper loans for home buyers.

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That price was based on a pre-credit crunch valuation and Mr Morton said it also assumed all the venue would be used for flats, which are more profitable than greyhound racing.

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Dylan's body was found on Thursday on the mud flats at the high tide mark less than half a mile from where he went into the water.

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Already, some luxury flats are on offer for 10% less than they were a week ago.

ECONOMIST: Hong Kong