November 21 -- China Vanke (000002.SZ,RCode:200002:) launched a development in Shanghai's Pudong district at prices of between 13,000 yuan and 14,000 yuan per square meter, compared to a previous price range of 17,000-18,000 yuan per square meter, reports People's Daily.

At the same time, Vanke offered huge discouts at one of its developments in Qingpu, Shanghai. This development was launched at minimum prices of 16,400 yuan per square meters in July. The selling prices of this development has dropped by more than 30 percent to 11,200 yuan per square meter.

According to Xue Jianxiong, an analyst at CRIC, Vanke, offered discounts to obtain more cash as sales had been weak in the second half of the year, resulting in a reduction in the amount of cash flowing back to the company.