Chen Hongtian, who had snapped up mansions and offices in Hong Kong and London, faces demands from banks to repay more than US$200 million of overdue loans following the market slump.

Jewellery chain Chow Tai Fook promises more technology-led shopping because ‘that’s what younger customers want’.

‘It’s overall a pretty outstanding location, and pretty outstanding locations will be successful,’ Christian Ulbrich says.

Some analysts have expressed concern that buyers may hesitate to purchase homes should the rate cut not materialise this year.

Authorities will build 2,700 public flats at site, with historical Man Fat Nunnery to be preserved.

Property agents have raised sales forecasts for the year amid project launches at discounted prices, but say a lack of a rate cut could pare those estimates.

Secretary for Development Bernadette Linn said Kai Tak isolation centre at site of old airport could become ‘cultural and creative industry base’.

Hong Kong developers are pricing new flats at a deeper discount as the property market attempts to rebound from a multi-year slump. Great Eagle is joining the fray with discounts at its project in Ho Man Tin.

A total of 130, or 70 per cent, of the 184 units on offer were sold on Saturday, according to sales agents.

One-fifth of those buildings are located in Yau Tsim Mong, home to 60-year-old New Lucky House where blaze killed five and injured 43 others.

A wholly-owned unit of Lai Sun Development Company, a Hong Kong property firm, has sold its equity stake in the AIA Central skyscraper for HK$1.42 billion (US$180 million) in a bid to boost its liquidity.

The launch of Blue Coast marks the biggest residential offering since the city government removed property curbs and relaxed its mortgage policies in February.

Even in the absence of the buying restrictions, a healthy supply and elevated interest rates mean the city’s infamously expensive house prices are unlikely to return to the kind of breakneck growth seen in the past, analysts say.

‘We want to be careful and we want to cement real businesses, which are happening at the moment … there are talks already,’ Amira Lobaton from prince’s private office says.

Hong Kong property sales rose to a 10-month high in March, surpassing 5,000 deals a month after the government lifted all property cooling measures, data from the government shows.

The third price list covers 174 units and is 1.73 per cent higher than the first price list. CK Asset released the first price list for 138 units last Friday and a second one for 110 units last Saturday.

Hong Kong has been shut out of the rankings in a survey of innovation and concentration of talent in which cities in the Asia-Pacific region took five of the top 10 spots.

Urban Renewal Authority’s streamlined tendering plan designed to boost developers’ interest in bidding and speed up process, managing director says.

An influx of non-local higher-education students is creating opportunities for property investors and hotel owners as a shortfall of accommodation widens, according to industry insiders.

Housing director Rosanna Law says she is ‘not very worried’ about slowdown in subsidised homes market and highlights number of people ‘waiting in line’ for public flats.

Second price list for Wong Chuk Hang project includes two- and three-bedroom flats priced from HK$9.05 million (US$1.16 million) to HK$24.7 million.

Trends are likely to cap any rental gains in the retail property segment, where recovery will proceed in a gradual manner, analysts say.