Vanke to Team Up with Alibaba to Offer Discounts to Home Buyers
One of the country’s biggest real estate developer China Vanke Co. is teaming up with Alibaba Group Holdings and offer discounts to potential home buyers that have also shopped in at Taobao Marketplace the company’s e-commerce branch of up to US$ 325,000. VAnke is also granting discounts of up to 2 million yaun on selected properties when the buyer will spend more than 2 million yuan in Taobao last year.
Recently Vanke and other developers are cutting down prices since March in effort to lure on homebuyers against the slump in the property market as new home prices have already fell in most cities as it was tracked by the city government since 2011 and strict mortgage lending is deterring buyers from purchasing homes. So far there are 23 Vanke projects found around different cities including Hangzhou and Beijing which are covered by the Taobao offer which started last Monday and will last until September 30.
Meanwhile Alibaba is preparing to launch itself for a initial public offering in the U. S. and is expected to raise around US$ 20 billion.