Situated in the southern coastal area of Hong Kong, "The Corniche," or Kai Yue, was once an ambitious luxury residential development plan. Initially, the developers acquired this sea-facing gem at a record price, envisioning a residential paradise with breathtaking sea views. However, six years have passed, and reality is far from ideal.

The project's location is far from satisfactory, with the grandiose name of the French Riviera mismatched. Instead, it is located between a sewage treatment facility and a driving school, surrounded by lackluster attractions. The nearby shopping center, originally a converted industrial building, offers discounted goods but fails to attract sufficient foot traffic.

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Over time, the project has faced a series of challenges. Firstly, there are sales difficulties. Despite boasting magnificent views and luxurious designs in promotional materials, actual sales have been dismal. Reportedly, only a handful of apartments have been sold since the project commenced marketing, with most units remaining vacant. The developers are forced to confront severe debt pressure as they struggle to repay substantial project loans.

Secondly, there have been price reductions. In the face of intensified market competition, developers have had to adopt price reduction strategies to attract buyers. It is understood that prices for some units have been slashed by nearly half, yet sales remain sluggish. Investment managers are continually seeking solutions, including proposing to banks to purchase shares of project loans at lower prices.

The entire Hong Kong real estate market is also facing challenges. Factors such as soaring property prices, economic downturn, and population outflow have all impacted the market. Despite the local government lifting cooling measures on housing to stimulate sales, the market has yet to see a turnaround. It is expected that residential property values in Hong Kong will decline again this year, adding to the already considerable pressure on developers.