China’s biggest developer Evergrande sees sales soar thanks to nationwide discounts as rivals battle for survival amid Covid-19
- The developer said its sales in the first quarter climbed by a fifth, mainly thanks to a nationwide campaign offering big discounts at all its projects
- ‘When all the developers cannot sell, we are the only one that can,’ says a confident chairman, Hui Ka-yan, the third richest man in China
China Evergrande, the country’s biggest home builder, has raised its sales target aggressively after sales soared this year as its rivals struggled for survival amid the coronavirus outbreak.
The developer said on Tuesday its sales in the first quarter climbed by a fifth, mainly thanks to a nationwide campaign offering discounts at all its projects, via its mobile sales app.
“When all the developers cannot sell, we are the only one that can. We’ve done great amid such difficult times,” said company chairman Hui Ka-yan, the third richest man in China.
The company announced a new target for the year 23 per cent higher than a previous one set in January.
“Our internal target is 800 billion yuan (US$103 billion) this year and to fetch 1 trillion yuan in 2022,” said Xia Haijun, the country’s chief executive officer during an online annual results briefing on Tuesday.