Sino Group chairman Robert Ng Chee Siong - one of the most powerful landlords in Hong Kong - has denied property developers are slashing the prices of new flats ahead of a crash in property prices.
Developers have started offering discounts on new developments, leading some market commentators to suggest they are trying to generate as much revenue as possible before prices decline.
Mr Ng said the property market was very strong, with especially good support in the end-user market and claimed Sino Land was offering discounts to stay competitive.
'We don't have to give discounts but we are offering the first flats at Grand Palisades at a discount because that's what the other developers are doing,' Mr Ng said.
'We're just following the market.' Sino is selling the first batch of 38 flats at its Grand Palisades development in Tai Po at 5 to 10 per cent below secondary market prices for the area.
Cheung Kong (Holdings) began the price-slashing trend last month by offering the first batch of flats from its Vista Paradiso development in Ma On Shan at slightly below-market prices.
SBC Warburg's regional property research head Franklin Lam said developers were rushing to cash in on healthy property prices by selling as many projects as possible ahead of a medium-term downturn in property prices.
