Sun Hung Kai cuts prices for some Riva project units

[HONG KONG] Sun Hung Kai Properties Ltd, Hong Kong's second-largest developer by market value, has cut prices by 40 per cent on average for some apartments at its Riva project in the city's northwestern Yuen Long district - a move that may spur a price war, The Standard reported earlier this week.

The developer priced 156 flats, of between 466 and 1,424 square feet, at an average of HK$9,268 (S$1,515) per saleable square foot, the newspaper said, citing the company. That compared with the HK$15,500 psf price for the first 50 homes introduced last March, the newspaper said. The Riva has a total of 780 unit…