More property developers in China are cutting prices on new homes to boost sales and raise cash amid flagging demand and a tougher environment for debt refinancing.
Sunac China Holdings Ltd., the country’s fourth-biggest real estate group in terms of sales, has reduced prices for properties in a development in Tianjin, a coastal city some 100 kilometers southeast of Beijing, by 30% in the past two months, according to one homeowner who bought his apartment in September. The resident, who declined to be named, said he paid 16,000 yuan ($2,260) a square meter for his property, but the price for apartments in a newly released block has been reduced to 12,000 yuan. Prices for parking spaces have fallen by as much as 50%.
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