China Evergrande's aggressive promotions see jump in Feb sales

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.…

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