Buy an apartment, get a BMW – in China

Tuesday, November 15, 2011

Buy an apartment, get a BMW – in China

A developer in China is offering a BMW with every apartment purchased in an attempt to encourage buyers.

Prices at the Central Mansions project, located in Wenzhou, South Eastern China, have already been slashed at the order of the Chinese government, which is encouraging developers to lower prices in order to cap rising inflation rates and kick-start China's housing market slowdown. But despite monthly decreases of 1.4%, there have been few takers, and now the developer is not willing to continue lowering the price further.

The price of the cars available makes the offer equivalent to a 10% discount on the properties. And it is not the only incentive being offered by Chinese developers. Other companies in the country are reportedly offering plots of land, Louis Vuitton handbags and free cruises in order to stimulate sales.

Property in China is proving to be hard to shift as a result of rising property taxes and mortgage rates. As a result China's market is flooded with an over-supply of unwanted property. At present, the total number of unsold houses in the capital Beijing is over 120,000 - the highest figure in 29 months.

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