Cheung Kong has cut prices and lowered the required down payment to lure buyers to Festival City in Tai Wai amid concerns the development is not selling as well as expected, property agents say.

The asking price for a 980 sq ft unit on the 33rd floor of South Court at Block 3 was HK$9.417m, or HK$9,609 per sq ft, when the developer launched the first batch of units last Friday.

By contrast, a 1,030 sq ft unit on the 32nd floor of North Court in the same block was released for sale this week at HK$7.927m, or only HK$7,696 per sq ft.

South China Morning Post