Hong Kong’s biggest developer, Sun Hung Kai Properties, has bowed to the pressure of a slumping housing market, pricing a batch of flats near protest-hit Sham Shui Po about 25 per cent below the prevailing market rate.The builder priced the first 235 flats at its Cullinan West III project in Nam Cheong at an average of HK$21,722 (US$2,770) per square foot after discounts – a quarter less than units sold recently in nearby estates. The price is about the same as it was two years ago for units in…