China Evergrande's aggressive promotions see jump in Feb sales
Developer sells 99,000 units worth 102b yuan online in February
Hong Kong
CHINA Evergrande Group, the country's third-largest developer by sales, surprised the market on Sunday with its announcement that it sold more than 99,000 units worth 102.7 billion yuan (S$20.4 billion) online in February, boosted by aggressive promotions, despite the novel coronavirus outbreak.
Initiatives including allowing a deposit of as little as 5,000 yuan - with the option to cancel and get a refund - helped Evergrande record bumper transactions in a nearly frozen property market.
Its aggressive promotions and online sales are expected to put pressure on other real estate firms to follow suit, intensifying competition in the cut-throat real estate market.…
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow