Gold bars used to lure Chinese homebuyers amid market slowdown

Gold bars, new cars and mobile phones are among the incentives being offered to potential homebuyers by Chinese property developers as they grow increasingly desperate to boost sales.

According to local media reports, the amount of gold ranges from 700g of gold for an 89 sq metre flat, to just over 1kg for a 100 sq metre apartment. Property prices in the development range from 2.2m yuan to 2.5m yuan. Another developer in the city has launched a similar promotion, offering free decoration services, parking spaces, up to five mobile phones and a 10-year stay on management fees to prospective buyers.

After signs of a moderate recovery earlier in the year, property has slumped. In a survey of 40 cities by China Index Holdings, an independent real estate company, new home sales during the five-day Labour Day holiday in May were 22% below their pre-pandemic average. In third- and fourth-tier cities, sales were down by 42%.

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

After Brunswick, Marrickville, Kedron: important lessons for property investors in picking next hipster hotspotsThere are lessons for investors on the impact of big demographic shifts on suburbs like Brunswick, Marrickville and Kedron.
Source: FinancialReview - 🏆 2. / 90 Read more »

Prince Andrew refuses to leave Royal Lodge despite growing decayPrince Andrew and his ex-wife Fergie are still refusing to leave Royal Lodge amid reports the residence is in need of urgent repairs the Yorks cannot afford.
Source: SkyNewsAust - 🏆 7. / 78 Read more »

Police allege Richmond star linked to theft of more than $380,000 from Perth companiesRichmond player Marlion Pickett is accused of stealing more than $380,000 in a spate of commercial burglaries over Christmas and hiring a campervan to move the money across the country.
Source: theage - 🏆 8. / 77 Read more »

Former Richmond AFL player Bachar Houli in hospital after serious car crashPremiership-winning footballer in stable condition after incident on private property in which another man also sustained injuries
Source: GuardianAus - 🏆 1. / 98 Read more »

Woman arrested after death of girl, 7, and boy, 11, in Stoke-on-TrentWoman, 49, held on suspicion of murder after death of children, who were found with ‘significant’ injuries at a property in city
Source: GuardianAus - 🏆 1. / 98 Read more »