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Developers cash in on Olympics
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Some real estate developers in Shanghai are taking advantage of the Olympic Games to promote their sales, the Shanghai Morning Post reports.

Chinese athletes will be astonished to learn that the number of gold medals they win in the Games will influence house price in Shanghai.

Some real estate developers, including well-known names like Dahua and Baoli, have linked their house prices to the performance of Chinese athletes in the Olympics.

At Jinxiu city, one of Dahua's sales locations, people who buy houses on the day of opening and closing ceremonies of the Games will enjoy a price reduction of 500 yuan/m². In addition, whenever China wins gold, prices will drop by 100 yuan/m² the following day.

In comparison to Dahua, some developers have adopted more direct methods of sales promotion. At Xizi Bay, a sales location for Baoli, people who come to buy houses during the Games will receive a discount of 10,000 yuan in total.

"The Olympic Games are attracting the attention of the whole country, and I hope our sales promotion will have the desired effect," said Ding Wei, vice president of the Wumei Property.

(China.org.cn by Xiang Bin, August 13, 2008)


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