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Shanghai's largest real estate fair was forced to move online because of a restriction on public gatherings due to SARS, but the move has actually increased the number of developers showcasing their projects to potential buyers.
The May fair is usually held at Shanghai Exhibition Center where it attracts up to 100,000 visitors and 300 exhibitors every year. Since organizers announced they would move this year's event to their Website (www.ehomeday.com), 792 exhibitors have signed up to take part.
The fair, along with two other annual real estate expos, play a major role in the city's property market. The three-day Spring Real Estate Fair in February, for example, attracted 85,000 visitors and posted sales of 300 million yuan (US$36.14 million).
The higher number of exhibitors is easy to explain, according to Long Shengping, general manager of the event's organizer Ehomeday.com, noting that the online event lasts for a month instead of just three days as previously scheduled.
"And we don't charge exhibitors at all, while setting up booths and hiring models can cost as much as 1 million yuan," Long said.
While Ehomeday, a state-owned enterprise, won't make any money on the event, Long said the cyber fair will help build its brand name in the online real estate market and win housing advertisements in future.
Real estate companies usually spend 1 to 3 percent of their budget on advertising and promotion at various real estate fairs.
Sina.com, an Internet portal offering housing information, has seen pageviews for its property sector increase by one-third since the outbreak of SARS.
"It's a good time for people to turn to the Internet for housing information," said He Hongbin, chief editor of the real estate section at Sina. "People can get a brief idea of residential projects before they go to the actual site."
Meanwhile, some local real estate developers are taking steps to set up their own online showrooms.
(eastday.com May 17, 2003)
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