HONG KONG: Hong Kong's powerful property developers are locked in a price war as measures to cool one of the world's most expensive real estate markets force them to impose steep discounts to hit sales targets, with many turning to mainland China to fill the gap.
Developers such as Cheung Kong (Holdings) Ltd, controlled by Asia's richest man Li Ka-shing, are even throwing in free car park spaces - which can be worth $100,000 or more in densely populated Hong Kong - to lure buyers at a time when quarterly transactions are at their lowest level since 1996.
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