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Hong Kong Buyers Queue for New Homes After Prices Drop

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On a Saturday morning in mid-June, thousands wait, crammed into Hong Kong’s Fortune Metropolis mall, across Victoria Harbor from the main business district, their eyes locked on large elevated screens. Cheers erupt when numbers flash, indicating the lucky ticket holders in the crowd.

They have paid HK$150,000 ($19,354) to enter a lottery that prioritizes buyers of apartments at City Point, a seven-tower development that billionaire Li Ka-shing’s Cheung Kong Holdings Ltd. is building. More than 5,000 homebuyer-hopefuls are vying for 442 units, or about 11 for every home that went on sale the weekend of June 14.