While the real estate market in major Chinese cities attracts plenty of attention from policymakers, Hong Kong expects a downturn in its property market with the long-time kingpin of the SAR's developers Li Ka-shing cutting prices on his buildings.

When Li's CK Asset unveiled the prices for its new development “The Coast Line II,” some were 30 percent lower than nearby second-hand properties, causing industry-wide shock.

The development of 132 apartments ranges from studios to three-bedroom layouts. It is near public transport with sea views.

The motives behind the strategy are not immediately clear and could be linked to the company’s need for liquidity rather than real-estate matters.

Like every real estate market, Hong Kong has not had it easy in recent years due to economic fluctuations, population decline, and rising interest rates. CK Asset’s move might be interpreted as a counter-cyclical strategy amid market uncertainties.

The aggressive pricing has led to robust sales interest, highlighting the oversupply in Hong Kong’s property market.