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China developers offer gifts with flat sales

Published Thu, Jun 18, 2015 · 09:50 PM
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Shanghai

CHINA'S debt-riddled developers are turning to incentives such as luxury cars as they rush to shed an inventory of unsold homes about seven times the size of Manhattan.

Hopson Development Holdings in May offered a free Porsche or discounts of as much as 11 per cent to the first 30 buyers of apartments in a complex in southern China. Evergrande Real Estate Group is letting homebuyers cancel purchases and get all their money back any time before they move into their flats.

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