Business
Chinese Developers Curb Discounts as Real Estate Sales Surge Post-Golden Week
Several Chinese builders are discontinuing markdowns following a recovery in sales during the 'golden week'. The state-supported firm, China Resources Land, announced that it would retract the 2 per cent reduction for all its housing projects in Beijing.
Midea Real Estate Holding has increased its prices for housing projects across the country by 2 per cent, beginning Tuesday, as reported by a government-affiliated newspaper supervised by the Ministry of Housing and Urban-Rural Development.
Golden Real Estate, located in Shenzhen, a technology hotspot in southern China, withdrew a 1% discount on a property in the city's Nanshan district shortly after the holiday period, as per the statement of the project's sales head.
In the past, this venture provided incentives such as gold bars valued at approximately 500,000 yuan (US$71,000), or reductions close to 5,000 yuan per square meter, to entice purchasers. During the week-long vacation, it managed to sell roughly 200 properties, amassing around 3 billion yuan in all.
Centaline Property Agency, a leading real estate firm in Shenzhen, has reported that two additional developers are considering increasing the sale prices for multiple projects across the city.
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