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Hong Kong’s glut of unsold flats could put more pressure on prices

Hong Kong home builders could face greater pressure to slash ­prices as the number of completed but unsold new flats they held increased at the end of last year. Analysts said some home builders would offload stock by cutting prices by 5 per cent to 10 per cent from the current levels on completed unsold units, stepping up efforts to lower inventory as the government’s proposed vacancy tax looms. The city’s developers held 3,295 unsold homes which were completed in 2017 and 2018 as of December, about 10 per cent…

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Alibaba-backed Babytree cuts Hong Kong IPO size by 70 per cent amid glut of new offerings and depressed stock market

Babytree Group, China’s biggest parenting platform operator, slashed the size of its Hong Kong initial public offering by more than 70 per cent as investors’ demand for new shares fades amid a surge in listings in the city and a major sell-off in the equities market. The company, in which Alibaba Group Holding owns a 9.9 per cent stake and Fosun International a 25 per cent stake, plans to raise as much as HK$2.2 billion (US$282 million) from the first-time sale of up to 250.3 million shares, according to its…

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