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‘Watermelons and peaches’ are being accepted as payments for property in China; Report

Many Chinese purchasers have been turned off by the country’s housing market fall. Watermelons, peaches, and other agricultural goods are now being accepted as payment for homes by struggling developers, according to AFP, which cited the country’s state media on Sunday. The developers are doing this, according to the news agency, in order to attract purchasers.

According to official data, home sales in China assessed by floor area have fallen for 11 months in a row, down 31.5 percent in May compared to the same month last year. The Chinese home industry has been harmed by a weakening economy and debt problem, as a result of a government restriction on builders accepting deposits before the development of a project begins.

According to China News Weekly, one developer in the eastern city of Nanjing has stated that he would accept truckloads of watermelons valued at up to 100,000 yuan as a down payment from local farmers. Central China Management, a homebuilder, stated on social media in late May: ‘On the occasion of the start of the new garlic season, the company has taken a firm commitment to assist garlic growers in Qi county. We are assisting farmers with love by making it simpler for them to own homes.”

According to an AFP story, another developer in the adjacent tiny town of Wuxi was accepting peaches as payment. Homebuyers in Qi county, a prominent garlic-producing region in Henan province in central China, may trade their crop for three times the market price to settle part of their down payment.

According to a recent South China Morning Post story, farmers in Yuncheng, Shanxi province, collected hundreds of ripe watermelons during the June 2022 harvest season. Some farmers only plant produce once per decade in each agricultural field to ensure the quality of the crop. Some fruit vendors even go 800 kilometres from Beijing to make their purchases in Shanxi. The province’s Xiaxian county is one of the major watermelon-producing locations in the country.


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