One Stanley in Hong Kong. The new development is on the right, and 20-year-old Regalia Bay is on the left.
Photographer: Anthony Kwan/BloombergSale of 82 Luxury Homes in Hong Kong Collides With Sinking Market
The sale of One Stanley, comprising 82 homes, comes at a time when sellers of upmarket homes are desperately cutting prices in the face of a steep three-year property downturn.
At a Hong Kong luxury development overlooking the sea, picturesque views aren't the only thing greeting residents each morning. The sound of soldiers belting out China's national anthem also drifts over to One Stanley, which is located near popular hiking trails as well as a Chinese military base.
The project on Hong Kong Island's Southside is offering 82 homes to an already saturated market, where a three-year slump has led to sales at deep discounts. K&K Property Holdings has sold 12 so far, according to the developer, including a 3,300-square-foot house for HK$146 million ($19 million).