New World Development (HKG:0017) and Ares Management slashed the prices of their 83 Wing Hong Street property project by as much as 57% from launch to sell units, Bloomberg reported Monday citing people familiar with the matter.

The lower prices for the project encompassing office and retail units in Kowloon incorporate discounts and rebates, according to the report.

The prices are reportedly lower than what the property company paid for the land in 2017.

Despite a boost in sales since the discounts took effect, the situation highlights the difficulty of attracting customers to commercial property projects in non-prime locations, the report said citing the people.

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