New Delhi: In a bid to deal with the deep recession, the property market in China, has been forced to accept payments for homes in watermelons and other agricultural produce.
As per reports, the property market has opted for this payment system to lure home buyers.
According to a report by state-run China News Weekly, a developer in the eastern city of Nanjing said it would accept watermelons worth up to 100,000 yuan from local farmers as a house down payment.
Recently, the home builder Central China Management put out an advertisement on social media in late May this year, which read, ''On the occasion of the new season of garlic, the company has come up with great offers for farmers to buy homes in Qi County.''
Reportedly, the graph of home sales in China has decreased for 11 consecutive months based on the parameter of floor area. If the data of 2021 are compared to the figures of 2022, there has been a decrease of 31.5 percent.
The housing market in China has been falling continuously in the last few years. The reason behind this is the slowdown in the economy, economic crisis, and decisions like depositing security before the start of construction on the project.
Another report by the news agency AFP claimed that a house builder in Wuxi city is taking peaches as a payment.
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