Left Menu
Development News Edition

UPDATE 2-China's Evergrande to offer discount for all properties on sale in Feb, March

Reuters | Beijing | Updated: 16-02-2020 18:41 IST | Created: 16-02-2020 18:29 IST
UPDATE 2-China's Evergrande to offer discount for all properties on sale in Feb, March
Representative image. Image Credit: Wikipedia

China Evergrande Group, the third-largest developer by sales in the country, said on Sunday that it will offer a 25% discount for all properties on sales from Feb 18 to Feb 29.

The incentives come as property firms fear that the coronavirus outbreak would hit the market. Evergrande said it will also offer a 22% discount for all properties on sale, including office and commercial properties, in China in March.

"(The measures) are routine marketing and there is no specific reason for price cut this time," said an official at Evergrande. Chinese property developers and realtors have adopted virtual reality salesrooms and Livestream marketing to thaw a frozen market as the coronavirus epidemic keeps physical offices shut and potential buyers are afraid to leave their homes.

Evergrande said at a news conference on Sunday that nearly 50,000 properties had been sold since the company started online sales three days ago. "It's hard for properties to be sold online...Even if property demand is expected to rebound after the coronavirus outbreak, sales would still have a huge impact in the short term," said Sheng Songcheng, a government advisor, at China Chief Economist Forum on Saturday.

Sheng expects that the value of lost property sales could reach 1.44 trillion yuan ($206.13 billion) in the first quarter and property investment could drop by as much as 37.5% on year due to outbreak of the flu-like virus. That would knock China's full-year economic growth rate by as much as 0.16 percentage points and indirectly affect the employment of 734,000 people, he said.

Sheng also urged the government to roll out supportive measures for property developers, such as extending loan repayment for firms under big hit and appropriately widening financial channels. Property investment accounts for about 20% of China's fixed-asset investment.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION / BLOG / INTERVIEW

Workplaces post-COVID 19: Tech innovations to catalyze a remote working culture

Due to lockdowns imposed in several countries, work-from-home culture has literally jumped into almost every company in the world whether they were ready or not....

All party meeting - Blocking dialogue not culture of Bengal, Mamata needs to speak up

If that happens, history will record it as the dark age of Bengal....

Diya Jalao for COVID 19: How Modi put Power Grids and power warriors at risk?

While Prime Minister Narendra Modis staunch supporters are busy in search of hidden science behind the sudden announcement of 9minutes9pm campaign but his ignorance of the actual science has put the nation in another danger. The scientists ...

'Diya jalao' for COVID 19: Modi needs to practice his teachings and control fake news on social media

In his video message to the nation on Friday the Prime Minister talks about peoples collective power to win the invincible. However, he has made no concreate efforts to win over the confidence and represent the collective power of the polit...

Videos

Latest News

Philippines reports 11 more deaths, 414 new coronavirus infections

The Philippines Health Ministry on Monday reported 11 additional deaths and 414 new infections from of the coronavirus outbreak.In a bulletin, the ministry said total deaths in the Philippines had reached 163 and cases rose to 3,660, while ...

British boxing great Benn reveals coronavirus heartbreak

British boxing great Nigel Benn revealed on Instagram one of his brothers Mark has died of coronavirus. The 56-year-old -- former world champion at two weights -- said Mark had been the Joker of the family.It came as the number of UK corona...

12 fresh coronavirus cases reported in Karnataka, total number of affected rises to 163

Twelve new positive cases of coronavirus have been confirmed in Karnataka, taking the total number of affected in the state to 163, the Health department said on Monday. Twelve new positive cases have been reported from last evening to this...

Indonesia reports biggest daily rise in coronavirus cases

Indonesia on Monday confirmed 218 new coronavirus cases, the biggest daily jump since the first cases were announced a month ago, taking the total number of infections to 2,491, a Health Ministry official said.Achmad Yurianto, the official,...

Give Feedback