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Property

China's biggest developer finds salvation with online sales

With help of discounts, Evergrande Group app handles 82% of purchases

Analysts say discounting was most likely a bigger driver of China Evergrande's online sales than convenience.    © Reuters

HONG KONG -- Lockdowns and layoffs do not make for a promising environment for selling homes. But by taking its offerings online, China Evergrande Group, the country's largest developer, managed to increase sales through the first half of 2020.

Revenues for the group rose 17.5% to 266.63 billion yuan ($39.05 billion), with 82% of newly contracted sales taking place via Hengfangtong, a smartphone app the company launched in February at the height of China's COVID-19 outbreak.

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