This sounds like early 2007 in Miami

Chinese property developers are offering free luxury cars and hefty discounts to lure buyers as lending curbs and funding constraints squeeze their finances.

China Merchants Shekou Industrial Zone Holdings Co. is giving away a BMW Series 3 or X1 to buyers of a three-bedroom unit or townhouse at its Shanghai development. The car, or cash equivalent, equates to about a 10 percent discount on the 3.1 million yuan ($450,000) price of the 89-square-meter apartment.

At China Evergrande Group’s 646 nationwide projects, a basic 11 percent price cut widens to as much as 26 percent once extra perks, such as discounts to buyers referred by Evergrande employees or previous buyers, are thrown in.

A further incentive: An initial down-payment of just 5 percent is required, compared with the usual 30 percent deposit required by local governments. Developers are bridging the gap by offering multiyear installment plans as a way of getting around higher thresholds aimed at deterring property speculators.