Sun Hung Kai Properties Ltd., Hong Kong’s second-largest developer by market value, cut prices by 40 percent on average for some apartments at its Riva project in the city’s northwestern Yuen Long district, a move that may spur a price war, the Standard reported today.
A Hong Kong government land auction yesterday raised less than analysts estimated for the third time in succession as slumping global stocks and the city’s property curbs weigh on the world’s most expensive real estate market.
Jane Hu, a financial adviser from the Southern Chinese city of Huizhou, travels to the outskirts of Hong Kong to shop with her friends at least once a month. They rarely venture into the city center or stay overnight.
Hong Kong’s developers yesterday signaled gains in home prices may slow further amid rising interest rates in China and the city, when they held back bids that exceeded surveyors’ estimates at a land auction.
Hong Kong’s planned sale of nine residential sites in the second quarter signals the government will use more regular land auctions to help curb a two-year surge in housing prices, Credit Suisse Group AG said.