Steep Discounts Prompt Fears Property Market Faces Dark Days

(Beijing) – Analysts have been abuzz over recent signs that some say bode ill for the property market, especially in small cities.

Units in at least two residential complexes in Hangzhou, the capital of the eastern province of Zhejiang, have been put on sale at steep discounts. Haitong Securities says the discounts were up to 20 percent.

Homebuyers who bought units before the promotion swamped sales offices over the weekend, demanding the developers refund the difference.