March 24, 2014 / 7:56 AM / in 4 years

Greentown China seeking acquisitions, plans promotions

March 24 (Reuters) - Property developer Greentown China is on the lookout for acquisition opportunities as small developers fail, and plans various promotions to clear inventories as a credit crunch bites, a top company official said on Monday.

Chief Executive Shou Bainian told a news conference to discuss earnings that the company did not plan extensive price cuts as part of the promotion campaign, however.

Some analysts have noted growing instability among some Chinese property developers as tightening weighs, with many developers forced to cut prices amid intense competition and an oversupply of units. (Reporting by Clare Jim; Writing by Anne Marie Roantree; Editing by Clarence Fernandez)

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