An increasing number of real estate developers have joined the wave of discounts by lowering prices for their real estate projects in many cities.
Poly Real Estate (Group), China's second-largest property developer by market value, has cut the prices of 20,000 apartments in about 100 housing projects across 40 major cities since January; while Guangzhou-based Yuexiu Property Co announced last week it was offering a 12 percent discount on all the apartments in five of its projects through to the start of March.
Other developers like Evergrande Real Estate Group and Dahua Group have also carried out promotional activities to boost sales.
An analyst said the discounts will mean more developers will be forced to follow suit in the coming month.