Mercedes cars given to flat tenants

A Hong Kong estate agent is giving away Mercedes-Benz cars with each penthouse flat which is let.

Tenants must agree to rent the £4,000 a month flat for three years to get the £26,000 car.

It is offering the incentive because an economic slowdown means the property market is struggling.

The penthouse flats are in a high-rise condominium block at Hung Hom, Kowloon.

The property arm of tycoon Li Ka Shing's business empire expects to rake in £5.3m in rent annually from the 100 sea view apartments.

Rental rates are divided into three categories, grouping different floor levels.

The first 20 tenants in each group will receive different gifts of a hi-fi, a branded watch or a car.

The promotion is targeted at corporate clients who enjoy housing subsidies as they can get higher tax rebates by paying higher rentals.