As China’s property market suffers from a protracted chill, small and midsize cities are looking to revive housing demand with new discounts for group purchases aimed at workers at well-paying state-owned companies, reports Nikkei Asia.
Over 20 municipalities across 12 provinces and autonomous regions have launched group-buying incentives since June, Chinese online newspaper The Paper reported. Ten cities, many of them small-to-midsize regional hubs, made announcements in September or later.
In parts of Shaoxing in Zhejiang province, buyers can now receive a discount of up to 8% when purchasing 10 or more homes, or up to 18% off when buying as a group. Previously, condos could only be sold for no more than 10% below the price that property developers filed with the authorities.