Evergrande’s Heavy Discounts Fail to Boost August Property Sales
- Selling prices fell 11.5% from July to lowest in five years
- Contract sales value dropped 26% from a year earlier
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China Evergrande Group’s aggressive discounts failed to boost property sales in August, underscoring how the debt-laden developer’s efforts to raise cash are squeezing profitability.
The company’s average selling price slid 11.5% in August from a month earlier to the lowest since July 2016, according to Bloomberg calculations based on a Friday filing. Contracted sales, including those to suppliers and contractors to offset payments, dropped to 38.1 billion yuan ($5.9 billion), 26% lower than a year ago.