Hong Kong’s Top Developer Sells Homes Cheap as Protests Persist
- Low pricing for new homes to attract buyers amid social unrest
- Ultra-luxury rents also seen falling by around 30% in city
Sept. 5: How Are Protests Affecting Hong Kong's Real Estate Market?
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Sun Hung Kai Properties Ltd., Hong Kong’s biggest developer, is offering new homes at a discount to entice buyers amid the worsening political crisis.
The first batch of units in the Kowloon development Cullinan West III are priced at HK$21,722 ($2,770) per square foot, or 20% lower than current market levels in the area. The pricing is described by the developer as “traveling back in time” -- it’s close to the price set two years ago for the first phase of the same development even though home values have risen 8% in the period.