China Developers Slash Prices by 40% at Luxury Hong Kong Apartment Project
- The Corniche has attracted few buyers since last year
- Logan, KWG face loan coming due in August as creditors circle
Distressed Chinese developers trying to sell luxury apartments at a new complex in Hong Kong have begun slashing prices by almost half amid mounting debt repayment pressure and intensifying competition in the city’s property market.
Prices of some units at the first tower of The Corniche have been reduced to around HK$25,000 ($3,200) per square foot, according to promotional materials seen by Bloomberg. That represents a more than 40% discount from the original asking price of HK$45,000.