In the latest sign of Chinese developers’ desperation to unload inventory into a weak property market, China Vanke Co is offering discounts of up to $325,000 to home buyers who shop on Alibaba’s Taobao, an e-commerce platform.
The country’s biggest developer will give discounts that match shoppers’ spending of up to Rmb 2 million ($325,000) on the eBay-like service. Homes in real estate developments in Beijing, Shanghai,Guangzhou and Chongqing, among other cities, will qualify, according to an advertisement on Taobao’s website.
Developers began cutting prices this year but have so far failed to revive flagging volumes. More than 30 cities have also removed purchase restrictions introduced in 2010 to restrain price growth amid public anger over high prices.
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