Bricks and Mortar
by
Mainland Chinese developers resort to offbeat marketing strategies
Foshan developer offers rice 'blessings' to woo buyers amid industry slowdown
PUBLISHED : Wednesday, 17 December, 2014, 9:23am
UPDATED : Wednesday, 17 December, 2014, 9:23am
A sales manager at Foshan-based developer Xing Xing Property, Yao Huiqing, has built up a stockpile of small packs of uncooked rice in the sales office of the company's Kaixuan International residential development.
She delivers them as gifts to potential buyers who have not yet made up their minds on whether to buy a home, given the wide range of properties for sale in the city.
"Having rice in Cantonese slang means rich," Yao said.
Instead of resorting to price-cutting, she hopes her blessing will impress buyers and encourage them to sign a contract to buy a flat at Kaixuan International, a 700,000 sq metre residential development in the city's Chancheng district.
Foshan comprises five districts, including Chancheng.
Like other mainland property firms, developers in Foshan have come up with innovative and offbeat marketing strategies to attract buyers, rather than getting into a price war with competitors that would trim profit margins.
Foshan is facing an oversupply of residential apartments. The annual supply of new flats in the city will reach 13 million sq metres this year, against expected transaction volume of 9 million sq metres, according to Yu Hong, the managing director of Centaline Property Agency's Foshan branch.
Not far away from Xing Xing's development, Hong Kong developer Shui On Land is selling flats at the Metropolis and Park Royale, both part of its massive Lingnan Tiandi residential and commercial development that will provide a gross floor area of 1.5 million sq metres.
It is the only development in Foshan awarded the international LEED Gold building certification. In the show flat, the developer highlights the quality of the project, including its energy-saving and environmental protection features.
Yu said buyers had returned to the market since August after the city government relaxed home purchase restrictions. Sentiment further improved when the central government relaxed mortgage lending and cut interest rates.
He said he did not expect developers to slash prices to boost sales, despite the abundant supply, unless sales volumes fell significantly.
This article appeared in the South China Morning Post print edition as: Developer tries offbeat marketing to lift sales
Most Popular
Viewed
- 1
![Hong Kong’s iconic Excelsior hotel to shut in March 2019 for redevelopment into offices]()
- 2
![Mansfield Road plot expected to cost HK$40 billion despite weakening sentiment, rising interest rates]( "Mansfield Road plot expected to cost HK$40 billion despite weakening sentiment, rising interest rates")
- 3
![A decision by the developer to cut prices by up to 30 per cent sparked a wave of anger among buyers who had paid full price]( "A decision by the developer to cut prices by up to 30 per cent sparked a wave of anger among buyers who had paid full price")
- 4
![Six in 10 Hongkongers were pessimistic about the local economy in the coming six months, according to a survey conducted by the Hong Kong Research Association in September. Photo: AFP]( "Six in 10 Hongkongers were pessimistic about the local economy in the coming six months, according to a survey conducted by the Hong Kong Research Association in September. Photo: AFP")
- 5
![Chinese homebuyers vent rage at Country Garden for slashing prices at two residential developments by up to 30 per cent]()
Shared
- 1
![Hong Kong’s iconic Excelsior hotel to shut in March 2019 for redevelopment into offices]()
- 2
![Mansfield Road plot expected to cost HK$40 billion despite weakening sentiment, rising interest rates]( "Mansfield Road plot expected to cost HK$40 billion despite weakening sentiment, rising interest rates")
- 3
![A decision by the developer to cut prices by up to 30 per cent sparked a wave of anger among buyers who had paid full price]( "A decision by the developer to cut prices by up to 30 per cent sparked a wave of anger among buyers who had paid full price")
- 4
![Six in 10 Hongkongers were pessimistic about the local economy in the coming six months, according to a survey conducted by the Hong Kong Research Association in September. Photo: AFP]( "Six in 10 Hongkongers were pessimistic about the local economy in the coming six months, according to a survey conducted by the Hong Kong Research Association in September. Photo: AFP")
- 5
![Chinese homebuyers vent rage at Country Garden for slashing prices at two residential developments by up to 30 per cent]()
Commented
- 1
![Meng Hongwei was reported missing after travelling to China. Photo: AP]( "Meng Hongwei was reported missing after travelling to China. Photo: AP")
- 2
![From left: US Secretary of State Mike Pompeo and Chinese Foreign Minister Wang Yi at the Diaoyutai State Guesthouse in Beijing. Photo: Reuters]( "From left: US Secretary of State Mike Pompeo and Chinese Foreign Minister Wang Yi at the Diaoyutai State Guesthouse in Beijing. Photo: Reuters")
- 3
![The photo was taken in Hung Hom police station car park. Photo: Handout]( "The photo was taken in Hung Hom police station car park. Photo: Handout")
- 4
![Meng Hongwei was reported missing by his wife last week. Photo: Reuters]( "Meng Hongwei was reported missing by his wife last week. Photo: Reuters")
- 5
![Chief executive dismisses as ‘pure speculation’ suggestion Victor Mallet was rejected over his role in talk given by separatist leader]( "Chief executive dismisses as ‘pure speculation’ suggestion Victor Mallet was rejected over his role in talk given by separatist leader")
You may also like
Ultimate relaxation: how to de-stress by floating inside a pod
In partnership with: HKT PREMIER
Grand Slam winner Naomi Osaka headlines Prudential Hong Kong Tennis Open
Sponsored by: Prudential Hong Kong Tennis Open
Comments: