Empty homes forcing Hong Kong developers to cut prices

Buyer’s market: People walking in front of residential buildings in Hong Kong. Real estate firms are now pricing apartments 10% to 20% lower than the peak of a couple of years ago. — AFP

HONG KONG’s property developers are racing to sell homes with a tactic they haven’t had to use for years: deep discounts.

Real estate companies are cutting new home prices, pummelling by a weak economy and rising interest rates.