Big Chinese developer slashes prices in Feb, March due to virus
China's third-largest developer China Evergrande Group is cutting prices as Wuhan coronavirus fear spreads.
BEIJING — One of mighty China's biggest developers is offering massive sales around the country on all of its properties in February and March.
Reuters reports that China Evergrande Group—the third-largest builder by sales in the country—announced that they were offering a 25 percent discount for the rest of February.
According to Reuters, the discount will then go down to 22 percent for the month of March.
The SCMP reports that the scale and amount they're slashing prices makes this a much larger campaign than Evergrande carried out last year.
According to Evergrande's latest annual report, the company currently has 811 projects on sale.
According to the SCMP, the company is trying to get a hold of some cash to help ease their finance crunch as home sales plunge across lovely China.
Citing the China Real Estate Information Corporation, the SCMP said more than 110 cities in 12 provinces have told developers to shut down property sales offices.
Many developers are getting hammered by tanking home sales, shrinking cash flow and a ton of loan repayments piling up.
Reuters reports that an Evergrande official, who declined to be named because he or she isn't allowed to talk to the media, said the measures, "are routine marketing and there is no specific reason for the price cut this time."
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