Regulators in Jiangsu province chided two developers for their “bad behaviour” after they offered discounts on new homes in excess of 25%, fearing it could cause “social instability”.
Both companies were pulled up for their “bad behaviour” and ordered to rectify the issue immediately and close online registrations related to buying homes in their projects. The regulators stepped in after previously capping the discounts at up to 15 per cent.
The two developers launched campaigns to boost sales during the May Day holiday. While one of them offered buyers discounts of up to 26 per cent, the other dangled a free parking space. An 86-square-metre home was available for 16,000 yuan per square metre, down from 21,733 yuan per square metre, according to an advertisement circulated online.
