Shui On Land will release a luxury residential tower in Shanghai's upmarket Xintiandi district at about 8.5% lower than its launch a year ago, to attract Hong Kong buyers.

The developer plans to offer 52 units at Block 11 of Casa Lakeville, the third phase of Lakeville development, at an entry-level price of 64,000 yuan (HK$72,788.2) per square metre in Hong Kong on Friday.

Last June, it offered Casa Lakeville at Block 1, 2 and 10 at 70,000 yuan and 100,000 yuan per square metre.

'We have adopted a conservative pricing strategy as we earlier used to release a new batch of units at higher prices,' said Allen Taylor, sales and marketing deputy general manager at Shui On Land.

South China Morning Post