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."