Guangzhou Property Market Sees Cabbage Prices Again? Property Project Rumored to Be Sold at 70% Discount.

Recently, a real estate development in Guangzhou launched an advertisement offering a clearance sale with a discount of three-thirds, selling 88 units of properties on short notice. Industry experts noted that the current real estate market has seen a prolonged transaction cycle, leading to discount promotions becoming a common marketing strategy.

According to the “Daily Economic News” on February 13, real estate agents posted video advertisements on social media platforms claiming, “Three-thirds clearance sale, selling 88 units of properties on short notice.” The advertisement showcased a significant price reduction in a project in Guangzhou, with a total price of 520,000 yuan and a down payment of 20,000 yuan to purchase a three-bedroom apartment in Guangzhou, emphasizing affordability for individuals earning a monthly salary of 4,500 yuan.

The project, known as the Minjie Green Lake Capital in Zengcheng, Guangzhou, features a large comprehensive community that includes high-rise western-style houses, villas, and commercial facilities. The project is divided into eight phases and currently offers fully furnished two to four-bedroom units ranging from 65 to 123 square meters, with an average price of approximately 8,500 yuan per square meter.

The management of a large real estate intermediary platform in Guangzhou disclosed to the media that this project has been gradually reducing prices over the past two to three years, rather than an immediate drop to a three-thirds discount. They provided marketing materials for ongoing promotions, including multiple 68-square-meter units initially priced at around 640,000 yuan, reduced to 560,000 yuan after discounts, with a limited-time offer of a complimentary property parking space upon purchase.

The real estate agent who released the video advertisement mentioned that the developer has other properties in different locations that also need to be sold, prompting them to clear this particular project quickly.

Following the Chinese New Year, the real estate market in Guangzhou has yet to fully kickstart its sales promotions, according to the “Daily Economic News.” Data from the He Fu Research Institute showed a post-New Year’s first-week popularity index of 55 points for the new He Fu properties, which is lower than the usual level. Many potential customers are anticipating further promotions and discounts on projects. Currently, there are not many major discount projects in Guangzhou, and compared to previous extravagant marketing methods, recent promotions from housing enterprises have shifted towards more conventional pricing strategies with narrower price fluctuations.

Zhang Bo, the director of the 58 Anjuke Research Institute, analyzed that amid prolonged transaction periods and the inability to quickly boost sales volume, discount promotions have become a common marketing approach. Projects typically offer discounts on select properties to attract market attention.

Zhang Bo predicted that overall housing prices in Guangzhou may stabilize this year, but some areas, including Zengcheng, are still showing signs of cooling.