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Developers seek sales in online auctions

By Wei Tian  (China Daily)

09:17, December 09, 2011

(China Daily Photo)

BEIJING - With offers of prices "starting at zero yuan", property developers are hoping to use online auctions to restore customers' confidence at a time when sales of real estate have slowed.

On Wednesday, a group of 20 developers started a campaign to that end on, a real estate website. Among them were two real estate tycoons - Pan Shiyi, chairman of Soho China Ltd, and Ren Zhiqiang, chairman of Huayuan Real Estate Co Ltd - and other industry giants such as China Vanke Co Ltd and Longhu Real Estate Development Co Ltd.

Each promised to put five of their properties - all in prominent Chinese cities such as Shanghai, Hangzhou and Wuhan - up for auction online.

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