Desperate home developers in China’s depressed real estate market have taken to accepting garlic and wheat, among other crops, as a down payment for rural homes.
China’s real estate market is struggling, with analysts saying that property sales in the country have dropped by 25% this year as a result of the country’s zero-Covid strategy.
In addition, many Chinese are shying away from real estate investments. Due to the uncertain economic climate, a growing number of people prefer to hoard cash, Bloomberg said in May.
Under pressure to boost sales, Central China Real Estate has announced a promotion called “swap wheat for house” that allows buyers to acquire new homes in Minquan County, Henan Province. The promotion was reportedly posted on the company’s official WeChat account. Buyers can pay up to a maximum of 160,000 yuan in wheat, priced at 2 yuan per 21 ounces, on the deposit for a new home. The homes in the development range in prices from 600,000 yuan to 900,000 yuan, the Business Standard reported.
The promotion, which is set to end July 10, is said to be targeted at farmers in the region.
Central China Real Estate is no stranger to such unusual marketing plans. Back in May, it offered a similar promotion to farmers in Henan who could pay in garlic.
The company is not alone in accepting crops as payment for homes. China News Weekly last week reported that two developers in the cities of Nanjing and Wuxi were accepting watermelons and peaches as a down payment for new homes.