Chapter 1452: 1452
"We just got news that the 13 major real estate developers coalesced to push down housing prices… to less than 4,000 yuan per square meter . "
"Less than 4,000 yuan? Have they gone mad?" Qin Chu was immediately enraged .
Unlike other industries, real estate prices couldn't be raised or reduced on a whim; there are certain market rules companies must follow . Ever since the global depression in 2008, the domestic real estate market had been booming .
As the biggest city in J Province, C City's prices weren't as staggeringly high as Jing City, but the market had maintained an average of 8,000 yuan per square meter .
The ten or so major real estate developers had set their properties at the same prices, so the main area of competition was in location, amenities, and service .
GK ventured into the real estate industry more than two decades ago, focusing on high-end living . Therefore, although its prices weren't incredibly affordable, the quality of the buildings and resident services were amazing .
The company had enjoyed a great reputation in the city . Qin Yumin was a traditional man who usually stuck to the convention . Thus, when he was president, he took a lot into consideration and was willing to bring benefits to the civilians .
When Qin Chu assumed the presidency, GK's housing prices were no less than 8,000 yuan per square meter . If anyone dared to lower the prices without approval, they would be held in contempt and banned by the other companies .
Today, without any written or verbal agreement, 13 of the major real estate companies suddenly lowered market rates to under 4,000 yuan per square meter .
This was absolutely insane…
"Why would they do that? Their costs are at least 3,000 yuan or so per square meter… if the prices are lowered to 4,000 yuan, not only will they fail to earn money, they'll even have to pay out of pocket for promotion fees, have they gone mad?" Huo Mian thought out loud .
"I don't know what happened specifically, but people are going crazy . Customers who paid their deposit with us are demanding refunds, they said they'd rather purchase apartments elsewhere . "
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