A commercial complex in an industrial neighborhood of Hong Kong has become the latest flashpoint in a commercial property market struggling with pockets of weakness, even as the broader real estate market rebounds.
Investment firm Ares Management Corp. and developer New World Development Co., which co-own the office-and-retail tower 83 Wing Hong Street, have recently dropped prices to offload some units in the development, people familiar with the matter said. The project is in the Cheung Sha Wan area of Kowloon about 20 minutes by train from Central.
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