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Editor of Every Economic Report: Chen Mengyu

Recently, the news of "buy a house and get a private jet for free" has been all over the circle of friends.

According to the WeChat official account of China Merchants Shekou Nanjing Company, the China Merchants Center Zhenjing project launched a 200,000 yuan private jet package, which includes a pilot's license, 100 hours of total flight time (10 hours per year), and 5% ownership of the private jet.

Last weekend, a private jet landed at the sales office. The plane was the same model as the one Huang Yimei used in the TV series “The Story of Rose”. Real estate developers without any real estate strength would not dare to do this.

On August 14, the project salesperson told reporters: "This activity started in early August. If you don't choose to buy a house and get a free plane, you can directly deduct 200,000 yuan from the house payment. Almost no one chooses to buy a house and get a free plane. Most people still choose to directly deduct the house payment."

The overall sales volume is about 33%.

Public information shows that the B5#104 unit in West Garden Area B of China Merchants Center Zhenjing (registered name Zhenjing City) was launched on July 31. The main apartment type is a four-bedroom apartment with an area of ​​143 square meters. The pre-sale license price is 47,285.81 yuan/square meter, plus a decoration package of 4,600 yuan/square meter.

Previously on June 3, 2022, the project launched its first 150 units, with an average price of about 49,000 yuan per square meter including upgrade packages. They were sold out within two hours and sales reached 1.169 billion yuan.

Nanjing Online Real Estate shows that the total number of units that have been added to the network of China Merchants Center Zhenjing is 4,769, covering a total area of ​​306,300 square meters. As of August 14, there are still 3,177 units unsold, and the overall sales rate is about 33%.

Yan Yuejin, deputy director of Shanghai E-House Real Estate Research Institute, said that this advertisement is very "explosive" or "brain-opening". In the past few years, the real estate marketing circle has launched many advertisements such as "watermelon for house", "buy a house and get pork", "buy a house and get free subway rides", etc., which reflect marketing anxiety and attract people through some relatively novel marketing advertisements.

Big discounts drive sales

The Nanjing property market has been quite lively recently, and some real estate projects are offering large discounts to boost sales.

Recently, there was market news that Country Garden Harbour City, located in Jiangbei District, Nanjing, is selling houses at a 40% discount, with the unit price dropping by nearly 10,000 yuan per square meter.

"We have recently launched some clearance properties with significant price discounts. Some properties on the lower floors have a unit price of about 17,000 yuan per square meter, but there are not many of these properties left, and the number of available room types is also limited. Most of them are located on the first or second floor or in areas on the lower floors. The main properties currently on sale are three-bedroom units of 120 square meters, with a unit price of around 17,000 yuan per square meter. There are many properties of this type, and there are properties for sale on both the middle and upper floors." said a real estate consultant at Country Garden Harbour City.

According to Fangtianxia data, the selling price of Country Garden Harbour City was approximately 25,500 yuan/square meter in 2021, and rose to 27,800 yuan/square meter in 2022; the current asking price of the property on the website is still 27,800 yuan/square meter.

Based on this calculation, the price of some of the properties currently on sale in this development has dropped significantly by about 10,000 yuan per square meter compared to before, and the current selling price is equivalent to a 40% discount compared to before.

“At present, the competition pressure for new homes in Nanjing is still relatively high. New homes generally have discounts, and every real estate project has discounts of varying sizes,” said the new home agency agent.

In addition to the above-mentioned Country Garden project, China Resources' China Resources Guanyun Runfu project in the Yuhua section of Nanjing was also reported to be selling houses at a discount. The project launched a 23% discount, and the actual housing price was about 10,000 yuan/square meter cheaper than the sales price.

According to data monitored by CRIC, in the first half of 2024, the transaction volume of commercial housing in Nanjing was 1.6799 million square meters, a year-on-year decline of 55%; the main theme in the first half of the year was to trade price for volume. As of the end of June, the city's inventory for sale was 7.48 million square meters, with a sales cycle of 21.7 months.

Li Yujia, chief researcher at the Guangdong Housing Policy Research Center, pointed out that the current transaction volume in second-tier cities is relatively flat, mainly because the measures of reducing down payments, lowering interest rates, and lifting purchase restrictions have been implemented in second-tier cities, and the effect of policy incentives has weakened. In addition, the large number of second-hand houses listed in hot second-tier cities has also formed a large diversion effect on new houses. Changes in second-hand housing prices will also have a certain impact on market expectations.

In Li Yujia's view, stabilization of housing prices is a prerequisite for stabilization of sales of newly built commercial housing, and the continued decline in second-hand housing prices may delay buyers' purchasing behavior.

According to data from the China Index Academy, in June 2024, the average price of second-hand homes in the top ten cities fell by 6.18% year-on-year. Specifically, Wuhan had the largest year-on-year decline of 10.14%; Nanjing and Chongqing (main urban areas) followed closely behind, with second-hand home prices falling by 9.38% and 8.22% year-on-year respectively.

Meijing Real Estate integrates from Nanjing Daily, Cailianshe (reporter Wang Haichun), Zhongzheng Taurus, The Paper (reporter Ji Simin), project official microblog, etc.

Daily Economic News