· More than 600 apartments sold on Pinduoduo within four hours of promotion campaign
· Pinduoduo ventures into real estate for the first time after selling automobiles
Chinese consumers rushed to sign up for a chance to buy an apartment through Pinduoduo, the interactive e-commerce pioneer that is venturing into real estate for the first time.
Pinduoduo offered new apartments in the city of Zhongshan, one of the cities that make up the Greater Bay Area, a blueprint for an integrated economic cluster in the Pearl River Delta. The livestreaming of the event on July 13 attracted a total of more than 720,000 views.
Through the partnership with developer Haiya Holdings, users had the chance to buy the apartments at a 20% discount, along with additional incentives. More than 600 apartments were sold within four hours of the start of the promotional campaign.
PDD attracted more than 600 million users in less than five years by offering value-for-money merchandise. Part of the appeal is also its recommendation-based social shopping that emphasizes interaction and fun and is more in tune with the new generation of mobile internet users.
The move into the property sector is significant for PDD given the importance of buying a home for most Chinese families. Besides being one of the biggest financial decisions in life, owning one’s home is a source of pride and often a collective decision involving the entire family. A high level of trust in PDD is thus required on the part of the homebuyer.
The push into real estate also follows ventures by PDD into autos, health care and travel, broadening the company’s footprint from its beginnings selling fresh produce.
According to a statement, PDD is scouring the country for suitable property offerings that are good value for money. The company aims to become a trusted partner for consumers looking to buy their dream home.
The Economist noted in a recent article that one can buy discounted products from apples to Apple iPads on PDD. Now, they can buy apartments too.