The country’s real estate companies are trying to increase their sales after the “dip” caused by the lockdown in the market.
A desperate one Chinese real estate development company who knows deceleration found one new promotions to attract buyersgiving them for a while now the opportunity to pay as down payment… wheat or garlic.
Advertising of Central China Real Estate in Henan urging buyers to “exchange wheat for a houseStates that they can use their crop, priced at 2 yuan per catty (or ‘jin’ / jinn), a Chinese unit of mass corresponding to approximately 500 grams, as a down payment of up to 160,000 yuan ($ 23,900.22) for one of her 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 run until July 10th. The company in the central province of China Henan offers houses priced from 600,000 to 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 ad of her Central China reported that home buyers in another complex could give advances using their garlic crop, at a price of 5 yuan per catty. The wholesale price for garlic and wheat is 1.5 yuan per 500 grams.
Real estate companies are trying to increase sales after dip recorded in transactions from January to May, as China’s tight restrictions on COVID-19 combined with concerns about a deeper correction in the real estate industry overshadow Beijing’s 5.5% growth target for 2022.
Most promotions by companies include free parking or renovations after purchase.
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.
