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Longfor’s Shanghai Project Prices Similar to Neighboring Homes

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Oct. 18 (Bloomberg) -- Longfor Properties Co., the developer controlled by China’s richest woman Wu Yajun, said it priced its Shanghai luxury villa project “Affecting Yard” at a similar level as neighboring developments.

“We usually price our projects above the market,” Shao Yuqun, a Longfor spokeswoman in Beijing, said via e-mail. “Now the price is around the market level in the same neighborhood. This is our strategy.”

Shanghai Securities News reported that Longfor had cut prices on some projects in Shanghai and other cities. The stock plunged 12 percent at the midday break in Hong Kong trading, set for the record slump.

Link to Company News:{960 HK <Equity> CN <GO>}

To contact the reporter on this story: Bonnie Cao in Shanghai at bcao4@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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