Citic launches new project in Ma On Shan at 20 per cent below rivals as home sales halve since protests began
- The builder launched its The Entrance project in Ma On Shan at 20 per cent below the price of similar properties as builders are forced to woo nervous buyers
- Home sales dropped to 4,084 in August, half the number in May, new data from the Land Registry show
Citic has become the latest Hong Kong developer forced into selling new flats at huge discounts to attract buyers amid a property market battered by months of civil unrest.
The latest official figures released on Tuesday show that home sales have halved since the start of protests that have rocked the city.
Citic launched its residential project in Ma On Shan at up to 20 per cent below the price of similar properties in the same area. On Tuesday, the builder released the first 50 units at The Entrance at an average price of HK$15,999 per square foot after factoring in a discount of up to 7 per cent.
In the same area, flats at St Barths, a project built by Sun Hung Kai Properties, were being offered at around HK$20,000 per square foot, according to Louis Chan, vice-chairman of Asia-Pacific residential division at Centaline Property Agency.
The discounted prices were announced as the Land Registry released data showing home sales – for both new and used properties – had dropped to 4,084 in August, the lowest of the year.