The sudden downturn in China’s property market is bad news for many global companies, but luxury German carmakers stand to benefit, at least in one city.
In Wenzhou, where house prices have fallen sharply, a real estate developer said it would throw in the keys for a BMW with each flat at a new complex for the first 150 buyers.
The deal is a sign of the desperation felt by developers in China’s once-booming property market, which has been pounded by government measures aimed at heading off a bubble. The slowdown is a matter of international concern, with Chinese house construction driving demand for commodities and propping up growth in the sputtering global economy.
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