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China developers dangle BMWs, deep discounts to shed housing stock

Country Garden surprises industry by slashing prices 25% nationwide

Chinese developers are rushing to cut prices to unload their housing inventories. (Photo by Yusuke Hinata)

GUANGZHOU -- China's real estate slowdown has left developers scrambling to unload a glut of housing inventories, enticing reluctant consumers with deep discounts and added perks, such as free BMWs, as they try to salvage their finances.

This urgency was on display late last month at a condominium showroom in the Guangzhou suburbs run by Country Garden. The developer, seeking to sell units that remained empty a few years on from the project's completion, cut prices by more than 20% from the initial 13,000 yuan ($1,920) per sq. meter.

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