{"id":40750,"date":"2022-07-05T06:19:06","date_gmt":"2022-07-05T06:19:06","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/07\/05\/chinese-property-developers-accept-farm-produce-for-homes\/"},"modified":"2022-07-05T06:19:06","modified_gmt":"2022-07-05T06:19:06","slug":"chinese-property-developers-accept-farm-produce-for-homes","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/07\/05\/chinese-property-developers-accept-farm-produce-for-homes\/","title":{"rendered":"Chinese property developers accept farm produce for homes"},"content":{"rendered":"
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Several Chinese real estate developers have said in recent months that they would accept groceries as payment for homes to lure buyers.<\/b><\/p>\n<\/div>\n

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The companies made offers to give people products – including peaches, watermelons and garlic – as down payments for new homes.<\/p>\n<\/div>\n

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However, some of these unusual offers have reportedly been pulled.<\/p>\n<\/div>\n

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Home sales in China have declined for 11 straight months, while a major developer defaulted on its debt this week.<\/p>\n<\/div>\n

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Last week, a real estate company in the eastern city of Wuxi said it would allow peaches to be used to match up to 188,888 Chinese yuan ($28,218; \u00a323,289) in down payments on houses.<\/p>\n<\/div>\n

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    \n
  • Spending and employment in China have been hit amid lockdowns<\/li>\n
  • Debt-laden Evergrande suspends shares in Hong Kong<\/li>\n
  • How China is trying to contain the Evergrande crisis<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    Another developer in nearby Nanjing said it would accept up to 5,000kg of watermelons from farmers. She valued the products at 100,000 Chinese yuan – multiple of what they would cost in local markets.<\/p>\n<\/div>\n

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    However, the action, which was due to run until next Friday, has been suspended, state-run newspaper Global Times reported.<\/p>\n<\/div>\n

    \n

    “We were told to delete all advertising posters on the social media platforms,” \u200b\u200bthe paper quoted a company representative as saying without giving any further details.<\/p>\n<\/div>\n

    \n

    In May, real estate company Central China Management ran a 16-day campaign accepting garlic as a deposit for homes in China’s Qi County, a key garlic-growing region.<\/p>\n<\/div>\n

    \n

    “We help farmers with love and make it easier for them to buy houses,” the company said in a WeChat post.<\/p>\n<\/div>\n

    \n

    Under the deal, a catty of garlic, equivalent to about 600g, was valued at five Chinese yuan, about three times the market price.<\/p>\n<\/div>\n

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    The company said it accepted 860,000 catties of garlic at stores involving 30 households.<\/p>\n<\/div>\n

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    However, it has since removed an ad for a similar wheat deal that launched on WeChat last month. The company did not immediately respond to a BBC request for comment.<\/p>\n<\/div>\n

    \n

    Experts have said the deals are a way for developers to circumvent local authority rules that limit the amount of discounts they can offer.<\/p>\n<\/div>\n

    \n

    Official figures for May show that residential home sales in China fell 41.7% year-on-year, the 11th consecutive month of declines.<\/p>\n<\/div>\n

    \n

    On Sunday, major Chinese developer Shimao Group said it missed interest and principal payments on $1bn (\u00a3825m) of offshore bonds that were due on the same day.<\/p>\n<\/div>\n

    \n

    In a filing with the Hong Kong Stock Exchange, the company said it was experiencing a “notable decline in sales” with “significant changes in the macro environment of China’s real estate sector since the second half of 2021 and the impact of Covid-19.”<\/p>\n<\/div>\n

    \n

    Meanwhile, embattled Chinese property giant Evergrande is in the process of restructuring its business after defaulting on its debt late last year.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Several Chinese real estate developers have said in recent months that they would accept groceries as payment for homes to lure buyers. The companies made offers to give people products – including peaches, watermelons and garlic – as down payments for new homes. However, some of these unusual offers have reportedly been pulled. Home sales […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-40750","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nChinese property developers accept farm produce for homes - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/07\/05\/chinese-property-developers-accept-farm-produce-for-homes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese property developers accept farm produce for homes\" \/>\n<meta property=\"og:description\" content=\"Several Chinese real estate developers have said in recent months that they would accept groceries as payment for homes to lure buyers. 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