Property developers slash home prices

Two property developers slashed their prices and created turmoil in the Hangzhou housing market, the local Qianjiang Evening News reported Sunday.

Hangzhou-based DoThink Real Estate slashed the price of 200 apartments by 12 percent from 18,000 yuan ($2,956) to 15,800 yuan per square meter on Tuesday. The homes immediately sold out.

Zhejiang Guanghong Real Estate Development Co announced a 4,000 yuan cut in a project on Friday, prompting angry homeowners to topple a model