HK developers under pressure to cut prices amid slowdown

Hong Kong

HONG Kong's developers, who are throwing in enticements from iPhones to wine coupons in response to the slowest home sales in 25 years, might be running out of gimmicks to stoke demand.

Most buyers aren't biting as property analysts predict prices will fall as much as 25 per cent this year after declining 11 per cent since September.

At upscale The Avenue project in Hong Kong's Wanchai district, developer Sino Land Co and the Urban Renewal Authority have sold only one of 36 remaining apartments this year despite inducements including a HK$1.5 million (S$270,702) voucher to buy new furniture.

The next step may be the outright price cuts that dev…