Property developer Guangzhou R&F Properties will adjust prices and launch 37 projects in 11 cities in the second half of the year to offset a more than 67% shortfall in its annual sales target, the South China Morning Post reported. R&F recorded contracted sales worth US$1.2 billion (RMB7.9 billion) in the first six months and chairman Li Sze-lim said Thursday that he was confident the firm would achieve its contract sales target of US$3.5 billion (RMB24 billion). The paper said Li’s statements implied that R&F would cut prices to boost waning demand in the face of government austerity measures. The company’s assistant to the chairman, Adrian Chan Chi-hoo, said that prices had been cut by 15%-20% in the first half.
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