Kwok family co-develops Ballymore studio flats in London beginning at US$500,000, while buyers in Hong Kong have to pay more for less

The controlling family behind Sun Hung Kai Properties has managed to offer starter homes in East London in the form of 400 square foot studio flats beginning for as little as HK$4 million (US$509,606), or roughly a 37.5 per cent discount to similar properties on offer in urban districts of Hong Kong.

Kwok Family Interests holds a 50 per cent stake in the residential development Goodluck Hope, which is set for the sales launch of its second phase in Hong Kong and London on Friday. Prices in the project, which is being developed in partnership with Ireland’s Ballymore Group, are set to rise by 3 to 5 per cent increase from the first phase.