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Hong Kong Property on the Brink as Developers Offer Stealthy Price Cuts

  • Cheung Kong, Henderson Land among developers offering rebates
  • Developers making mortgages available with 10% deposits
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Hong Kong Developers Entice Buyers With Price Cuts

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Kowloon Development Co.’s Upper East project in Hong Kong’s Hung Hom area is offering a raft of rebates and hidden discounts that can reduce the cost to a buyer as much as 14 percent, and it will throw in a second mortgage too.

The enticements are paying off. Since its Sept. 5 launch, the company has sold 940 out of 1,008 units. One buyer even snapped up two apartments on the sixth and eighth floors, according to transaction data published on the company’s website.