In the midst of a severe crisis, the Chinese real estate industry has been struggling to recover despite various measures taken to stabilise it. One developer, in an attempt to boost their marketing strategy, resorted to extreme tactics to attract buyers. They used bait in the form of attractive women to lure in several men. These women slowly built relationships with their targets, making them fall in love. They would then suggest that it would be great to own a house and encouraged them to make purchases through them.
Eventually, the victims discovered that it was all a scam, as all these women were actually real estate agents. 31 men were defrauded in this manner. Police identified that 15 women from a real estate company successfully executed this scheme. Without raising any suspicion, they used dating apps to lure men into their trap. By sweet-talking them and pretending to be girlfriends, they made the men believe that their feelings were genuine. The victims, convinced that it was all real, followed their advice and ended up falling into the scam.
In reality, China’s real estate industry has been battling a severe downturn for the past four years. Once considered a reliable investment, the real estate sector has faced significant challenges. Home sales have declined, and millions of properties remain unsold. Since 2021, nearly 10% of real estate agencies in China’s largest cities have shut down. There has also been a noticeable decline in smaller towns.
In this scenario of fierce competition and fewer buyers, some agents and developers resorted to extreme measures. They began offering incentives to attract customers. In Zhejiang province, a company announced that it would give 10 grams of gold to anyone who bought a house from them. Meanwhile, a developer from Beijing offered a free holiday home in Antai for those who bought an apartment with a cash payment. Other incentives included free iPhones and shares in private jet companies.
On the other hand, some developers slashed prices to absurd levels. In Zhongshan city in southern China, a builder announced that customers could buy apartments with a deposit as low as 9.90 yuan (about $1.30). In Henan, agricultural products were accepted as down payments. As a result, a developer called Central China Group collected 430 tons of garlic in exchange for 30 apartments in 2022. Despite all these efforts, the desired results were not achieved. Consequently, one developer resorted to using attractive women as bait to implement such a buying strategy.
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