China: Real estate company willing to exchange wheat with a house

A desperate slow-moving real estate company in the Chinese market has found a new boost to attract buyers, giving them the opportunity to pay in advance… wheat or garlic.

An advertisement for Central China Real Estate in Henan urging buyers to “exchange wheat for a home” states that they can use their crop, priced at 2 yuan per catty (or ‘jin’ / gin), a Chinese unit of mass that corresponds to approximately 500 grams, as a down payment of up to 160,000 yuan ($ 23,900.22) for one of its properties.

A company broker who responded to the phone number listed in the ad said that the promotion, which targets mainly farmers in the area, started yesterday and will be valid until July 10. The company in the central Chinese province of Henan is offering homes priced between 600,000 and 900,000 yuan, said the realtor who wished to remain anonymous. A Central China Real Estate spokesman did not respond to a request for comment.

Late last month, another Central China ad reported that home buyers in another complex could make advances using their garlic crop at 5 yuan per catty. The wholesale price for garlic and wheat is 1.5 yuan per 500 grams.

Real estate companies are trying to boost sales following the January-May trading slump as China tightened COVID-19 restrictions combined with concerns about deeper correction in the real estate industry overshadowing the target. of Beijing for economic growth 5.5% in 2022.

Most promotions by companies include free parking or post-purchase renovations.

Cities across China have introduced hundreds of measures to facilitate the real estate market to boost a sector that accounts for a quarter of the total GDP of the world’s second largest economy.

Source: ΑΠΕ-ΜΠΕ

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