A DECISION by Cheung Kong (Holdings) to reduce the prices of properties at its Laguna City residential development at Lam Tin by 6.6 per cent has drawn a moderate response from potential buyers. The development attracted more than 40 applications for 80 units in Block 11 and Block 29 of the development on the first day of registration. Estate agents said the response was not encouraging but satisfactory. 'Today is not a public holiday,' said Crystal Tam, supervisor of Centaline Agencies. 'The registration response, to a certain extent, was adversely affected.' In the light of nervous market sentiment, Ms Tam said the response was 'not bad'. Cheung Kong said yesterday that more than 2,000 people visited the show flat and made inquiries. Because the number of registrations received on the first day of a registration period is generally low, with potential buyers usually waiting until then to arrange bank drafts for payment of the required fees, the company expects to see a better result later in the four-day registration programme. Cheung Kong is to launch the sale at Laguna City next Thursday at an average price of $5,855 a square foot, down 6.6 per cent from the previous offering in May. The registration programme will close on Sunday. In a bid to boost sales, the developer is offering attractive payment terms for home-seekers. Under one of the payment alternatives, buyers are required to complete the purchase 10 months after the property is ready for occupation. Potential buyers who choose this option are required to pay a seven per cent premium on the listed price. Cheung Kong provides another preferential alternative in the form of mortgage loans of up to 85 per cent. Ms Tam said the payment terms were similar to those of the previous offering.