Vanke gets creative with Alibaba discount program

Property companies are resorting to imaginative strategies to promote sales amid a market downturn. The latest tactic is teaming up with e-commerce companies.

Top developer China Vanke Co on Tuesday said it is working with e-commerce leader Alibaba Group Holding Ltd to offer discounts to home purchasers who also shop on the latter's Taobao market.

Through Sept 30, Vanke will offer discounts of up to 2 million yuan ($325,000) on certain properties if the buyer has spent more than that amount on Taobao in the past year. Those who have spent less than 50,000 yuan are eligible for a 50,000 yuan rebate. Consumers who spend 50,000 to 2 million yuan will get rebates according to the company's formula.