Hong Kong property ‘price war’ imminent as Li Ka-shing’s CK Asset slashes flats to lowest seen in city in 7 years
- Developer cuts prices at Coast Line II in Kowloon to US$1,921 per square foot – 16 per cent below other recent launches
- Bid to boost buyer sentiment draws deposit cheques from more than 8,000 prospective buyers for 254 units
Hong Kong homebuyers rushed to snap up new flats at the lowest prices the city has seen in seven years, betting that the flagship property company of Hong Kong’s richest man has the correct reading of the slumping market.
“The launch of Coast Line II is just the beginning of a price war,” said Joseph Tsang, chairman of JLL in Hong Kong, who called CK Asset’s aggressive pricing a bid to raise attention and spark an improvement in sentiment among homebuyers who are reluctant to buy right now because they foresee prices continuing to fall.
A 16 per cent discount to other projects is not shockingly low but is in line with the current market situation, Tsang said, as the government index shows the market corrected itself by around 14 per cent already during 2022.
