The property in question, The Corniche, was developed during China's real estate boom by Logan Group and KWG Group and was anticipated to generate around HK$30.9 billion in sales. However, a downturn in the local property market and the high costs of premium locations have left many apartments unsold since the project's completion last year. Some units at The Corniche's first tower have seen their prices slashed to about HK$25,000 per square foot, representing a 40% discount from the original asking price, according to a source. (Bloomberg News & ET)