(Yicai) Nov. 12 -- Under pressure to meet year-end sales goals, Chinese developers are offering steep promotions such as ‘move in first, buy later’ to attract homebuyers.

With the industry under deep structural adjustment, developers face growing pressure to generate sales and speed up cash recovery. Industry analysts said creative promotions are becoming as crucial as traditional price cuts in attracting buyers.

Guangzhou-based Pearl River Enterprises Realty has introduced the “move in first, buy later” program across three ready-to-move-in projects. Buyers can pay a CNY100,000 (USD14,046) deposit to live in a selected property for one month. If they choose to purchase the home, they pay the down payment and complete the transaction; if not, they only pay an occupancy fee before moving out.

Similar sales promotions are emerging in other cities. In Shanghai, a new residential project launched last month offered a combined deal of a “98 percent inclusive discount plus free first-year property management fee” before opening day. Last year, demand in the same area far exceeded supply.

In Hangzhou, high-end development Anpu Yiting, where units cost tens of millions of yuan, is offering “buy one home, get two parking spaces free,” with each parking spot normally priced at CNY490,000. Some luxury projects are also hosting talks with business and cultural figures to elevate their brand image.

Real estate research firm CRIC said pricing remains the most effective marketing tool during the current market adjustment. Of 110 projects across 21 major cities that achieved strong sales or turnarounds through aggressive campaigns, 87 percent used pricing measures such as discounts and special offers, 66 percent adopted innovative marketing tactics, and 57 percent used new media promotion.

Editor: Emmi Laine