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Property Giant Offers Massive Discounts Due to Covid-19 Virus

By Qu Hui, Niu Mujiangqu and Lu Yutong / Feb 18, 2020 05:00 PM / Business & Tech

Photo: IC Photo

Photo: IC Photo

Chinese property giant Evergrande is offering massive discounts on its properties nationwide starting Tuesday and providing the ability to buy houses online, as measures to control the spread of the Covid-19 virus have led to serious cash crunch for the company.

As many as 613 Evergrande properties will be sold at a 25% discount from Tuesday till the end of the month, and they will be sold at a 22% discount throughout March, the real estate giant announced on its Wechat account. Home buyers who pay the full amount in one year will be given a further 2% discount.

The company also initiated online purchasing on Sunday, enabling virtual reality technology so customers can view properties without actually having to travel to the property and limit the potential of spreading the virus.

The latest sales promotion could potentially reflect Evergrande’s need for cash, after it extended the Lunar New Year holidays to Feb. 20 for its 1,040 offline sales divisions.

“Keeping turnover moving quickly is crucial for real estate firms,” said Li Yujia, chief researcher at a housing policy research institution in South China’s Guangdong province. “Two weeks of suspension at sales department will have a significant impact on funding.”

Read the full story on Caixin Global later.

Contact reporter Lu Yutong (

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