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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Evergrande’s promotions may intensify competition
    2020-03-04  08:53    Shenzhen Daily

CHINA Evergrande Group, the country’s No.3 developer by sales, surprised the market Sunday when it said it sold more than 99,000 units worth 102.7 billion yuan (US$14.7 billion) online in February, boosted by aggressive promotions, despite the 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.

Aggressive promotions and online sales by Evergrande are expected to put pressure on other real estate firms to follow suit, intensifying competition in the cut-throat real estate market.

Data from property researcher CRIC, which tracks the official online registration system and does not include company’s online subscriptions, recorded a much lower figure of 47 billion yuan worth of home sales.

While the data from CRIC, which compiles a sales league table each month, raise questions over whether deposits will actually become sales, analysts expect competition to ramp up in coming months.

According to CRIC, Evergrande was still the top performer in February, with contracted sales surging 118 percent from a year ago. Country Garden and China Vanke trailed with 30 billion yuan and 28.6 billion yuan sales, respectively.

Evergrande’s doubling of sales also outperformed a 30 percent decline of the top 30 developers’ sales during the month, data showed.

Official February national sales figures are due in mid-March and analysts had expected a slowdown in sales this year due to a cooling economy.

Evergrande said in mid-February it would offer 25 percent discounts for all properties until the end of month, and introduced electronic contracts to boost online sales as the coronavirus keeps physical offices shut and potential buyers at home.

For March, although the discount has been reduced to 22 percent, the developer lowered the deposit amount to 2,000 yuan from 5,000 yuan and guaranteed a full refund until May 10. (SD-Agencies)

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