Tepid domestic residential market resorts to discounts again

Mid-March is here, but the spring seems to be elusive in China's residential property market, which is riddled with slow sales and hence resorting to fresh discounts to destock.

Experts suggested the Chinese lunar Year of the Pig, which began on Feb 5, may prove to be a difficult one for sellers of residential property in China. Hence, developers are leaving no stone unturned to hardsell homes.

Xu Jiayin, chairman of China's property developer Evergrande Group, announced a marketing campaign this month. The Shanghai-based China Business News reported that the group has 690 projects, and Evergrande will offer a 10 percent discount on residential properties, and 20 percent on retail properties.