In the context of the provided case study, which cities are compared?

The correct choice indicates that the comparison in the case study is between Hong Kong and Tokyo. This pairing is often analyzed due to the cities’ significance as major financial hubs in Asia, each with its unique real estate dynamics, economic policies, demographics, and cultural influences.

Hong Kong and Tokyo share several similarities, including their roles as pivotal centers for international business and commerce, making them appealing locations for real estate investment and development analyses. By comparing these two cities, one can gain insights into different urban policies, market trends, and the effects of economic fluctuations on the real estate sector.

The other choices reflect cities that, while significant in their own right, do not present the same depth of direct economic and real estate comparison as Hong Kong and Tokyo. Such comparisons could provide valuable lessons about urban planning, market responsiveness, and the impacts of global economic conditions on urban markets. Hence, the chosen answer effectively captures the essence of the case study's focus.