Country Garden Holdings Co. Ltd. is facing protests from existing buyers after it reduced prices at two of its projects for the week-long national holiday, the South China Morning Post reported.
At the Xinzhou Mansion residential project in Shangrao, Jiangxi, the company reduced the selling price to 7,000 yuan per square meter from 10,000 yuan per square meter, and at the One Mansion project in Pudong, Shanghai, the price was reduced 25% to 26,000 yuan per square meter.
A Country Garden spokesman told the publication that such price reductions are a regular promotion and a common industry practice during the October national holiday.
Scores of buyers who paid full prices before the discounts protested at the two developments Oct. 6, according to the report.
The Oct. 7 report noted that other developers, including China Evergrande Group and China Vanke Co. Ltd., also conducted promotional activities during the holiday.