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China developers offering free luxury cars and big discounts to lure buyers

Developers are bridging the gap by offering multiyear installment plans as a way of getting around higher thresholds aimed at deterring property speculators

A general view of Mount Nicholson project developed by Wheelock and Company
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A general view of Mount Nicholson project developed by Wheelock and Company

Bloomberg
Chinese property developers are offering free luxury cars and hefty discounts to lure buyers as lending curbs and funding constraints squeeze their finances.
 
China Merchants Shekou Industrial Zone Holdings Co is giving away a BMW Series 3 or X1 to buyers of a three-bedroom unit or townhouse at its Shanghai development. The car, or cash equivalent, equates to about a 10 percent discount on the 3.1 million yuan ($450,000) price of the 89-square-meter apartment.
 
At China Evergrande Group’s 646 nationwide projects, a basic 11 per cent price cut widens to as much as 26 per cent once extra

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First Published: Sep 13 2018 | 10:54 PM IST

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