Following Vanke's Lead, Developers in County near Beijing Cut Home Prices

(Beijing) – Developers in a county in Hebei Province near the capital have cut home prices after China Vanke Co. Ltd. put units on sale for less than many expected.

Experts say pricing by the country's largest developer by market value serves as a guide to others, and more developers may cut prices.

Xianghe is 60 kilometers southeast of Beijing's business district along a highway linking the capital and Tianjin. It is considered one of the places poised to benefit the most from central government plans to strengthen economic coordination between Beijing, Tianjin and Hebei.