Vision Times reported that, because real estate sales have plummeted and the market is weak, many of China’s real estate developers have come up with different strategies aimed at new customers: farmers. They offer that to own real estate products, farmers can pay with wheat or garlic.
In China’s sluggish property market, according to Reuters, transaction volumes plunged 46.6% in April from a year earlier, and sharply widened from the 26.17% fall in March.
Property sales from January to April by value fell nearly 30% from a year earlier, compared with a nearly 23% decline in the first three months.
Recently, on the Internet, two advertisements promoting the exchange of agricultural products for houses have attracted the attention of netizens.
One is from the Jianye Riverside House in Henan province. The content of the poster is “2 yuan/kg, wheat for houses” Jianye Riverside House offers that wheat can cover the down payment of up to 160,000 yuan (nearly 24,000 dollars).
The other is from a construction project in Qixian County, Kaifeng City, Henan Province. The poster read, “5 yuan/catty, garlic exchange for rooms.” The Chinese unit weight of 1 catty is 500 grams.
A real estate salesperson told Reuters that the promotion, aimed at farmers in the region, started on June 20 and will end on July 10.