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Feb

18

Hong Kong Developers Under Pressure to Cut Prices Amid Slowdown

By Tony Seruga

Developers offering buyer incentives including iPhones, wine
The city’s home prices have dropped 11 percent since September

Hong Kong’s developers are offering enticements from iPhones to wine coupons to counter the slowest home sales in at least 25 years, to no avail. Their options are now narrowing down to the one they’ve desperately sought to avoid: price cuts.

Most buyers aren’t biting as property analysts predict prices will fall as much as 25 percent this year after declining 11 percent since September. At upscale The Avenue project in Hong Kong’s Wanchai district, developer Sino Land Co. and the Urban Renewal Authority have sold only one of 36 remaining apartments this year despite inducements including a HK$1.5 million ($193,000) voucher to buy new furniture…

Hong Kong Developers Under Pressure to Cut Prices Amid Slowdown

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