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Vanke cuts house prices in Shenzhen

06-25-2010 14:02 BJT

Vanke, China's leading house developer, is promoting sales by cutting prices in Shenzhen. Salespeople for a Vanke home project in Shenzhen say they are offering a 20 percent discount for buyers.

Earlier this month, Vanke denied a media report saying it was going to cut prices nationwide in June. Experts say the industry leader's move might create a ripple effect.

Gao Haiyan, Researcher of Shenzhen Academy of Social Sciences said "No matter what promotional strategy a company adopts, it will create a domino effect. Other developers will follow the example and price will go down."

Editor:Xiong Qu |Source: CCTV.com

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