Trade-in scheme for real estate launched during shopping festival

A new product is taking part in this year's Double Five Shopping Festival – real estate.

On Friday, Shanghai Real Estate Trade Association and the Shanghai Real Estate Agent Association announced a trade-in scheme to help residents exchange their old houses for new.

Under the scheme, residents could have reach a new house purchase intention with a developer and then a real estate agency will prioritize the sale of their old house. After the old house is sold, the new house transaction will complete.

A first batch of some 20 real estate developers and nearly 10 real estate agencies are participating in the scheme. At present, the scheme comprises some 30 real estate projects, mainly in Songjiang, Jiading, Qingpu, Fengxian district and Pudong's Lingang area.

Developers say residents can return their new house for a refund unconditionally if the old house is not sold in a designated time. Agencies promise to promote the old house widely and preferentially.

The trade association also proposed that both developers and agencies offer discounts.

To provide participants with more choice and support, online real estate sales platform Lejuhaofang will offer professional services for residents, developers and agencies.