Chinese Developer Offering Free BMWs To Anyone Buying Their Apartments

A Chinese property developer is offering a free BMW to anyone that purchases one of its apartments in Shanghai.

The developer, China Merchants Shekou Industrial Zone Holdings Co, recently finished construction of a new apartment block in the bustling city. However, just 25 of the 350 apartments have been purchased, causing the developer to think outside the box to help sell more.

The Business Times reports that those who purchase a three-bedroom unit or townhouse will be given a BMW 3-Series or X1 free of charge. As each apartment costs the equivalent of $621,000, the free BMW models account for roughly 10 per cent of the total price.

While that may not sound like a lot, it’s not everyday that a property developer essentially provides handouts of $60,000 to help attract buyers. For many, that’s a yearly salary and a deal which the developer obviously thinks is smart business.

Local media reports that other developers across China are also offering generous incentive packages to help sell properties. Many in Hong Kong, for example, are offering perks including free holiday and travel packages.

While it’s unclear exactly what 3-Series and X1 variants are on offer, they’re likely to be entry-level models. Due to high taxes in China, even ‘affordable’ BMW models can be very, very expensive.