Real Estate Slump Leads to '1+1' Housing Promotions... Ocean View Apartments Offered in China

Buy an Apartment in Beijing and Get a Yantai Sea View Apartment
Offering Cruise Travel Prizes as the Market Struggles to Recover

In Beijing, the capital of China, a 'Real Estate 1+1' marketing strategy has emerged to overcome the real estate slump. Buyers who purchase newly built apartments in Beijing are offered a sea-view house in Yantai, Shandong Province, as a gift. Both the government and private sectors appear to be actively working to revive the real estate market, which is hindering China's economic recovery.

According to China's Pengpai News on the 7th, as part of an investment promotion in Tongzhou District, Beijing, the developer held a '1+1' housing purchase event during the Qingming Festival holiday (April 4-6). The promotion offered a free 108㎡ sea-view apartment in Yantai when purchasing a 77㎡ two-bedroom apartment.

Cityscape of Yantai, China.

A representative from the developer explained, "The Beijing project is almost sold out, and this promotion is intended to boost sales of Yantai real estate," adding, "The offer applies only to the 77㎡ apartments, and does not include the 89㎡ and 107㎡ three-bedroom units, which make up the majority." They further explained, "If you do not participate in the 1+1 event (i.e., do not receive the Yantai apartment), the promotional price is 4.3 to 4.4 million yuan (approximately 800 to 820 million KRW). If you participate, furniture and other items are provided, and the total price including the Yantai apartment is 4.6 to 4.7 million yuan." The representative noted that full payment must be made in advance to participate in the promotion, but some adjustments can be negotiated on-site with the developer.

Additionally, during the Qingming Festival holiday, buyers who purchased a home and completed the contract online within 30 days were entered into a raffle for prizes such as a 7-night, 8-day cruise or a 2-night, 3-day free trip to Yantai. However, these events have now ended. The developer stated, "The Beijing apartments can be visited in person, while the Yantai apartments cannot be viewed physically but can be checked online."

[Image source=Yonhap News]

Recently, Beijing has been adopting multifaceted policy approaches to stimulate the real estate market. On the 27th of last month, the Beijing Municipal Commission of Housing and Urban-Rural Development announced on its website that the restriction on home purchases upon divorce, which had been in effect since August 5, 2021, was lifted. This was done quietly by marking the existing policy as expired rather than issuing a separate notice. At that time, as real estate prices soared, Beijing implemented this restriction to prevent couples from circumventing purchase limits through fake divorces, barring them from buying new homes for three years after divorce to curb speculation.

According to China's National Bureau of Statistics, new home sales amounted to 960 billion yuan in January and February, a 24.8% decrease compared to the same period last year. In Beijing, transaction volume dropped 27.8% year-on-year up to the 24th of last month.