- Real estate developers in China are now accepting foodstuffs like garlic and wheat as down payments on property for people who are interested in owning a home
- Taking foodstuffs as payment for properties is as a result of a slump in the real estate market, making developers go to extreme lengths to attract potential buyers
- Wheat costs $0.30 for 21 ounces and can be used to cover a down payment of up to $23,900 for a property
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Real estate developers in China are employing unusual tactics to get more locals interested in buying homes. The tactics range from giving live pigs as a buyer incentive to taking grain or garlic as partial payment.
The tactics are due to a general collapse in the country's real estate industry. According to Reuters, property sales in China have dropped by 25% from January to June. Hence, this strategy is to help boost real estate sales.
Central China Management, the largest developer in the central province of Henan, said in recent advertising that it would take wheat as a down payment for homes in the county of Minquan.
A real estate services provider called Leju Holdings also posted on their official WeChat account that people interested in buying homes can use grains to offset as much as $24,000 of their down payment for houses which typically go for between $100,000 and $124,000.
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The promotion, intended for farmers in the area, will conclude on July 10.
Several developers were involved in the marketing plan. In the eastern Chinese towns of Nanjing and Wuxi, two other developers took watermelons and peaches from farmers as a down payment.
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