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HK buyers queue for new homes after price drop

Fall in mortgage rates and discounts from builders lure back purchasers

Published Wed, Jul 9, 2014 · 10:00 PM
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[HONG KONG] On a Saturday morning in mid-June, thousands wait, crammed into Hong Kong's Fortune Metropolis mall, across Victoria Harbour from the main business district, their eyes locked on large elevated screens. Cheers erupt when numbers flash, indicating the lucky ticket holders in the crowd.

They have paid HK$150,000 (S$24,051) to enter a lottery that prioritises buyers of apartments at City Point, a seven-tower development that billionaire Li Ka-shing's Cheung Kong Holdings Ltd is building.

More than 5,000 homebuyer-hopefuls are vying for 442 units, or about 11 for every home that went on sale the weekend of June 14.

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