As China’s property slump persists, one developer is trying to entice farmers to buy homes by accepting their crops as payment. Central China Real Estate Ltd. is offering to pay farmers as much as 160,000 yuan ($24,000) for their wheat to offset down payments for homes in its River Mansion residential project in Shangqiu, Henan province.
Weeks ago, it offered to accept garlic from growers looking to buy homes in another project in Kaifeng city. The move reflects how far some developers are willing to go to attract wary homebuyers as the economy slows and the industry endures a crippling cash crunch.
Central China Real Estate, the country’s 37th-largest builder, recently sought state support when its parent company agreed to sell a stake to the provincial government.
Source: bnnbloomberg.ca