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Vanke denies rumors of nationwide price cuts

By Ren Jie (chinadaily.com.cn)
Updated: 2010-06-03 16:56

China Vanke Co, the nation's leading developer, said it will not set a united pricing strategy or make any guidelines for price cuts in response to the market rumors that the developer is preparing for a nationwide reduction in June, China Business News reported.

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Caing.com said today Vanke had prepared a nationwide price cut for June, as property sales slumped following the government's tightening measures, quoting an earlier report from China Business News.

The report also said that Vanke had already reduced housing prices in cities like Beijing, Guangzhou and Suzhou.

Vanke said today its local branches and projects would set prices according to different market situations.

Chinese media reported that Vanke's projects in Beijing were sold at a discount in the middle of May, when the developer said real estate firms should adapt to the market tendency actively and sell buildings at prices acceptable to buyers.

Property sales in Beijing, Shanghai and Shenzhen fell as much as 70 percent in May. In China's capital, Beijing property signings slumped nearly 70 percent to 3,357 in May from April, the Shanghai Securities News reported on June 1, citing data from bjfdc.gov.cn.