Vanke dangles goodies to lure new home buyers

China's largest real estate developer Vanke has embarked on a series of promotional activities in Shenzhen and Shanghai to attract prospective home buyers.

Analysts said the promotional activities are de facto price cuts by Vanke as part of its efforts to cope with the gloomy domestic property market.

From Jan 28 to Feb 9, Vanke conducted a series of activities in Shanghai, including lucky draws with the top prize a 13,000 yuan discount on new home buys, one year free car parking, free property management, and free cable TV service. A similar sale last year helped Vanke rake in 257 million yuan cash in a single day.