The 300-unit first phase of Guangzhou property developer Dong-Jun's (Holdings) 1,600-unit Excelsior Towers residential project was fully subscribed in only two hours of pre-sale registration yesterday. The company said it was considering the immediate release of more units for sale. The development is being sold on a future discount scheme - 70 per cent of the 8,000 yuan per square metre purchase price will be refunded 10 years from the date of purchase. Dong-Jun said it was confident most of the registrations would translate into sales because there was a 30,000 yuan (about HK$27,918) registration deposit. A quarter of the development was pre-sold to the Guangzhou municipal government for 300 million yuan for use as resettlement housing. There is a 70 per cent mortgage loan for flat-buyers arranged through the Agricultural Bank of China. The company said it has not decided whether to offer the full 70 per cent discount scheme to buyers in later phases.