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Under pressure to hit year-end sales targets, developers in China are rolling out significant promotions like “move in first, buy later” to draw in homebuyers.
Amid a major industry restructuring, developers are feeling the heat to boost sales and accelerate cash flow recovery. Industry experts note that inventive marketing strategies are becoming just as vital as traditional price reductions in attracting customers.
Based in Guangzhou, Pearl River Enterprises Realty has launched the “move in first, buy later” offer across three ready-to-occupy projects. Buyers can put down a deposit of 100,000 yuan (approximately $14,046) to move into a selected property for one month. If they decide to buy, they pay the remaining down payment and proceed with the purchase; if not, they only owe an occupancy fee and then vacate.
Similar promotional efforts are popping up in other cities. Last month, a new residential project in Shanghai offered a package deal that included a “98% inclusive discount plus complimentary first-year property management” ahead of its opening. Last year, demand in the same area far surpassed the available supply.
In Hangzhou, luxury development Anpu Yiting, where units are priced in the tens of millions of yuan, is offering a “buy one, get two free parking spaces” promotion. Typically, each parking spot costs around 490,000 yuan. Some upscale projects are even hosting events with business leaders and cultural figures to boost their brand profile.
According to real estate research firm CRIC, pricing strategies remain the most effective marketing tool during this market downturn. Out of 110 projects in 21 major cities that experienced strong sales or market turnaround through aggressive campaigns, 87% employed pricing tactics such as discounts and special deals, 66% used innovative marketing methods, and 57% leveraged new media promotion.
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