(Yicai Global) Nov. 8 -- As Shenzhen’s property market enters a lull, real estate firms in the hi-tech hub in southern China are offering huge discounts on a wide range of housing during the ongoing Double 11 shopping bonanza in order to drum up sales, online news outlet The Paper reported.

The price of some apartments for business-use has been slashed by over 25 percent and buyers of newly built residences can also enjoy huge markdowns, the report said. Discounts are now being offered on properties across the city, whereas before they were restricted to certain areas.

People who buy houses during this year’s Double 11 shopping gala, which started last month and will continue to the middle of this month, will also be gifted some home appliances and their property management fees will be waived, if the sales are completed, a property manager said.

The sales turnover at many projects is very low, another property manager said. Developers need to recoup funds and some are offering hefty discounts in order to meet their fourth-quarter performance targets.

But the sector is experiencing a shift in how property is valued. People are not going to blindly pursue factors such as potential growth in value, some home buyers said. Rather they will evaluate the value of homes objectively and focus more on the living experience.

Online sales of newly built property in Shenzhen plunged 29.4 percent in October from the same period last year to 3,328 units, according to research firm Midland Realty. This is a 7.9 percent dip from September.

Editor: Kim Taylor