Developers Cut Prices, Edging Toward a Cliff
(Beijing) - Tough, new property market controls have pushed some of China's biggest developers to slash housing prices in recent weeks. China Vanke, Evergrande Real Estate and others launched discount strategies to avert sales slumps and shore up capital chains.
The developer moves followed recent central and local government action aimed at moderating the market. The policy controls apparently did what they were supposed to do by cooling the housing market. But they've also led to fears that, as sales slow and land expenses mount, some developers may be pushed off a cliff.
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