Hong Kong  - The price for new flats in Hong Kong has crashed to their lowest level since 2003 as a Chinese property developer offered homes for 1.83 million Hong Kong dollars (234,615 dollars), a media report said Thursday.

Developer Chinese Estates cut prices by up to 20 per cent to attract buyers to a new housing project in the west Kowloon area of the city, the Standard said.

The prices are the lowest since the economic slump caused by an outbreak of the severe acute respiratory syndrome (SARS) respiratory disease.

The company has offered the first batch of 20 flats for sale which range in size between 47 square metres and 65.5 square metres.

China Estates general manager Peter Or said the new estate will have 182 flats. More homes would be offered for sale at market rates depending on demand, he said. (dpa)