The Financial Times is reporting: Chinese Property Buyers Get BMW Thrown In
The sudden downturn in China’s property market is bad news for many global companies, but luxury German carmakers stand to benefit, at least in one city.
In Wenzhou, where house prices have fallen sharply, a real estate developer said that from Wednesday it would throw in the keys to a BMW with each apartment at a new residential complex for the first 150 buyers.
The deal is a sign of the desperation felt by developers in China’s once-booming property market, which has been pounded by government measures aimed at heading off a bubble. The slowdown is a matter of international concern, with Chinese house construction driving demand for commodities and propping up growth in the sputtering global economy.
Chinese developers have been reluctant to cut prices as transactions have slowed this year, but some are finally capitulating after dreadful sales in October. Others, afraid of the stigma of slashing prices, are offering giveaways such as extra garden plots, Louis Vuitton handbags, cruise vacations and now cars.
“Whoever signs a contract and makes the downpayment will be able to drive away in a BMW,” said the sales assistant at Central Mansions, a cluster of brown towers with 868 apartments that have just come on to the Wenzhou market.
“No, it doesn’t mean that sales are bad. It’s just that we’re trying to attract customers,” she said.
I bolded the best quote from the story. Sounds like DENIAL to me.
A Chinese official dubbed the “land granny” was executed after amassing 145 million yuan ($23 million) in bribes and illicit wealth, media reported on Thursday, offering a glimpse into the country’s underground economy in land deals.
Luo Yaping was head of a land sub-bureau in a district of Fushun, a city in northeast China — not an especially high position — and yet she was able to use her power over land development and compensation to accumulate a fortune in bribes and embezzled compensation, the China News Service reported.