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wonderpup

Buy One Floor-Get One Free! Bogof Chinese Style

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Seems like desperation is kicking in;

As WSJ reports, Season Joy City (a remote suburb of Beijing) offers not only a party bag of bonuses to lure potential buyers; but the development's big selling point is "buy one floor, get one free." The government's reluctance to bail the nation out may soon be tested as Barclays notes "this downturn is more serious than in 2008."

This can't be good. :ph34r:

http://www.zerohedge.com/news/2014-05-29/chinas-housing-bubble-desperation-six-words-buy-one-floor-get-one-free

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from a comment further down that page..

Misinformation due to either stupidity or ill-intent here. This is not "buy one floor get one free". This is "Buy a unit and get a storage room which is otherwise basically worthless to use as retail space for 3 years". 6~10sqm storage room actually. That's nothing crazy or unusual, and the entire point of "gifting" it, is to keep it off the official books for floor space calculations... which means tax savings. Patios, basements, garages, balconies, attics all tend to be "gifts" when it comes to buying places over here and it's been a thing for a long long long long time.

Here's REAL details http://www.soufun.com/news/2013-07-03/10442500.htm

And check that date: It's from a year ago. WSJ, as usual, full of crap.

This is also not "remote suburb", it's south-east 6th ring, 3km away from the subway. If you know anything about Beijing though, you would understand why the prices are low here. And if you knew anything about how housing works in China, you'd understand that furnishings being gifted are pretty much nothing unusual.

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