Question-and-Answer Session
Operator
Thank you. (Operator Instructions). We’ll take our first question from Liang Hsu with Brean Murray.
Liang Hsu - Brean Murray
Good morning and congrats on the great quarter.
Tom Gurnee
Thank you, Liang Hsu.
Liang Hsu - Brean Murray
I was just looking at your average selling price in Q2. I noted you sort of explain why the price came out lower sequentially, but if we just look at year-over-year, the overall market seems to have already accelerated. According to a survey condition by the statistics bureau actually just announced recently, the average market selling price across 70 cities in China, actually increased year-over-year June. So, it doesn’t means that, you had not being able to raise selling price as much as the competitors. How were your selling price relative to the market rate in their respective categories.
Tom Gurnee
Maybe I’ll try to answer the first and then I will make you to repeat the second. So the Chairman can answer. Our three biggest projects are Suzhou, Kunshan and Chengdu. They all have late starts in 2008. So, year-to-year comparisons are difficult because they virtually got rolling in the fourth quarter. Yes, we did some discounting particularly in Chengdu to get those projects off the ground in Q4 and Q1, but since then, they’ve accelerated quite nicely.
In fact, like I said in my prepared remarks, ASPs increased just in the second quarter 4% to 14% depending on the property and the type of unit. Since June, between June and end of August, we’ve had an average ASP increase of 10.5%, some as high as 20%, some as low as 5.
So, we are seeing acceleration of ASP increases. We probably could be accused of keeping our prices a little lower than others in the early going to get traction on these projects, but I think it was justified given the lack of maturity of the projects, that they were quite new in their sales cycles. Now, does that help?
Liang Hsu - Brean Murray
You do mention about that you still apply more discounts in order to attract ourselves. That’s your pricing strategy down the road. Right?
Tom Gurnee
Let me understand that, we would deploy more discounts
Yong Zhang
[Foreign Language]
Helen Zhang
The total revenue in Q1 actually came from old projects which are of higher price. In Q2, especially in terms of projects like Kunshan, Chengdu and Suzhou on average price are comparatively lower than those of the old projects.
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