New World’s Once-Hot Luxury Development Returns at a Cut Price

Hong Kong real estate company New World Development Co. has finally returned to the market with a pair of luxury towers that were in hot demand during the boom years — until the firm was forced to knock them down and start again.

The company is selling the first batch of 88 flats in its Pavilia Farm III project at an average price of about HK$22,000 ($2,800) per square foot from Saturday, it said in a recent filing. The price is more than 4% below the levels it asked for during a wildly popular sale five years ago, a sign that Hong Kong’s property recovery still has some way to go before the glory years return.