Hong Kong high-rise apartment prices fall as China's rich look abroad

HONG KONG -- Property prices are falling in Hong Kong, with price cuts spreading for high-rise luxury apartments. The development partly suggests that affluent people in mainland China, who have sent real estate prices in Hong Kong soaring, are turning their investment away from the city to Japan and other overseas destinations.

"We can now offer a 30% discount," a representative of an apartment sales company told Nikkei on a central Hong Kong path crowded with families during the recent holidays. He was promoting a high-rise luxury apartment building under construction in a residential area facing Victoria Harbor.