China Evergrande’s moves spur competition

Setting standards: An exterior view of China Evergrande Centre in Hong Kong. Aggressive promotions and online sales by the company are expected to put pressure on others firms. - Reuters

HONG KONG: China Evergrande Group, the country’s No 3 developer by sales, surprised the market on Sunday when it said it sold more than 99,000 units worth 102.7 billion yuan (US$14.7bil) online in February, boosted by aggressive promotions, despite the coronavirus outbreak.

Initiatives including allowing a deposit of as little as 5,000 yuan – with the option to cancel and get a refund – helped Evergrande recorded bumper transactions in a nearly frozen property market.