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Longfor Properties Holds Five-Day Promotion to Boost Home Sales

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Nov. 1 (Bloomberg) -- Longfor Properties Co., the developer controlled by China’s richest woman Wu Yajun, said it held a five-day promotion for three housing projects in Shanghai and Hangzhou starting from Oct. 16 that helped push sales.

About 90 percent of the 1,000 homes were sold during the period for 2 billion yuan ($314.8 million), the company said in an e-mailed response to queries. 21st Century Business Herald reported today that Longfor is among developers that cut prices on some housing projects.

“This is not a price cut as the customers would have to wait two more years to move in, and it’s a different location,” Sylvia Shao, media relations manager at Longfor, said by phone. The average price is about 14,000 yuan per square meter (10.76 square foot) for newly furnished homes during the promotion, compared with 17,000 yuan for other projects, she said.

China’s home prices fell for a second month in October, declining 0.23 percent as developers started to cut prices to boost sales amid the government’s housing curbs, according to SouFun Holdings Ltd. today.

To contact the reporter on this story: Penny Peng in Beijing at ppeng18@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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