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China Housing Market Crisis $325K in Incentives to Buy, China's "eBay-Like" Portal

Housing-Market / China Housing Market Aug 27, 2014 - 11:54 AM GMT

By: Mike_Shedlock

Housing-Market Developers in China are offering up to $325,000 in incentives to home buyers.

The catch? Incentives come in the form of a credit on Alibaba’s Taobao, an e-commerce platform similar to eBay. More modest discounts, some of them retroactive, are offered by other developers to combat sinking purchase volumes.


Sinking Sales Volumes , Prices

Sales are down 9.4% as measured by floor space compared to the same 7-month period last year. Prices are down in 55 of 70 cities in June vs. May, and in 35 of 70 cities in May vs. April.

Hefty Discounts

Please consider Developers Offer Hefty Discounts in Strained China Homes Market.
In the latest sign of Chinese developers’ desperation to unload inventory into a weak property market, China Vanke Co is offering discounts of up to $325,000 to homebuyers who shop on Alibaba’s Taobao, an e-commerce platform.

The country’s biggest developer will give discounts that match shoppers’ spending of up to Rmb2m ($325,000) on the eBay-like service. Homes in real estate developments in Beijing, Shanghai, Guangzhou and Chongqing, among other cities, will qualify, according to an advertisement on Taobao’s website.

While few would-be homebuyers could afford to spend millions of renminbi on Taobao in a single year, Vanke is offering a more modest discount of Rmb50,000 to those who have spent smaller sums on Taobao over the past year.
Inside Alibaba’s Taobao

The Financial Times reported "discounts of up to $325,000" but the discounts seem more like unrelated incentives than home price discounts.

Inquiring minds may be interested in a look at an English version of Alibaba’s Taobao to see how one might spend $325,000 (2,000,000 Rmb).


Let's put 50,000 Rmb discounts into perspective. Converted to dollars, it's a mere $8,127. That's not much of an incentive to buy a house. 

With a flood of inventory coming up, and prices falling already, discounts have only just begun.

Price inflation? Apparently not on Taobao. Unfortunately, I cannot get the site to work well. Clicking on any of the following links ...



... returns this exact message "this category can't be show,please goto taobao and find item you need.then come back to our site and use quick order to buy items you want."

User friendly? Not at all, at least for English-speaking shoppers.

By Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

Click Here To Scroll Thru My Recent Post List

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

© 2014 Mike Shedlock, All Rights Reserved.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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