Debt-ridden property developer China Evergrande Group is set to offer 2,000 finished homes for sale at a promotional price over the Labor Day holiday, a move that will test the credibility of the embattled developer after it scrambled to put together a functioning strategy to deal with its liquidity crisis, reports the South China Morning Post. The heavily indebted developer, chaired by Hui Ka-yan, will kick off a holiday promotions campaign from April 30 during what is traditionally a golden week for property sales, it announced on Tuesday. It said it would implement 10 “key marketing measures” to boost sales.
The group’s office will offer 1,000 units in 10 cities including Guangzhou, Foshan, Zhaoqing, Qingyuan and Shaoguan, according to promotional material. The units represent half of its housing stock in the Pearl River Delta.
It said properties on offer will include villas, high-rise apartments, serviced apartments and shops. The festive promotions will apply to some of Evergrande’s 400 projects currently on sale across the nation, said a company spokeswoman, without disclosing further details.