19 August 2019

Poly Real Estate promo tips property market decline, paper says

Poly Real Estate Group Co. Ltd. (600048.CN) has unveiled a promotional deal allowing buyers of its real estate projects in Guangzhou to pay only 10 percent of the price as down payment, suggesting that home markets in first-tier cities may be cooling, the Economic Information Daily reported Monday, citing unidentified sources. The property market is likely to decline this year as many developers are seeking to close sales as soon as possible to replenish their capital after their spending spree in land purchases last year, Centaline Property analyst Zhang Dawei was quoted as saying. Combined sales of 30 developers fell 39 percent to 66.5 billion yuan (US$10.83 billion) in February from the previous month, the report said.

– Contact HKEJ at [email protected]




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