Sun Hung Kai Properties Ltd., Hong Kong’s biggest property developer, sold more than 200 apartments in one day after it offered the units at a discount to boost sales.
Cullinan Sky was developed on a land plot that Sun Hung Kai bought for HK$25.2 billion ($3.2 billion) in 2018, a record price at the time.
With the pricing of this first batch of homes, the developer may be booking a loss as the average sale is 38% below the estimated breakeven unit price of HK$32,000 per square foot.