Chinese Developer Accepts Wheat, Garlic for Down Payments

From accepting grain and garlic as part of the payment to offering live pigs as an incentive for buyers, unusual sales tactics are disastrous for China's vast real estate industry. Emphasizes the state. The collapse of sales has accelerated since the developer Evergrande defaulted last year due to the economic slowdown.

Venus (money, finances (buyers can use grain to offset the down payment of 160,000 yuan)) conjunct Sedna (responsible, far thinking ("We lovingly support farmers and make it easier for them to buy a home") semi-square Ceres (agriculture, grain).

Central China Real Estate, the largest developer in Central Province, Henan Province, said in a recent ad that it would accept a down payment for housing in Minquan County.

This week, the ad was posted on the company's official WeChat account. Buyers can use grain to offset the down payment of 160,000 yuan (almost $ 24,000). According to real estate service provider Leju Holdings, the company's new homes sell for $ 100,000 to $ 124,000.

Wheat is not the only pantry staple that is part of the developer's promotional campaign.

In another ad last month, the company said it was ready to accept garlic as a down payment for a housing project in Qi County, Henan Province.

"In the new garlic season, the company has made a decisive decision to benefit garlic farmers in Qixian," the company said in a WeChat postat the end of last month. .. "We lovingly support farmers and make it easier for them to buy a home," he added.

Henan is China's main production base for both wheat and garlic.

Central China Real Estate did not respond to comment requests and removed the wheat ad from WeChat on Wednesday. The campaign has been widely reported in the Chinese media and is also popular on social media.

"This is solid evidence of how weak housing demand is,"Weibo usersaid on Tuesday.

China's real estate market is in a serious downturn, hit by a slowdown, strict Covid regulations, and a widespread debt crisis among developers. It has been. Real estate sales fell 31.5% from January to May, accelerating from the 21% decline recorded in the first four months of the year, with official data showinglast week.

According to a recent survey by private research firm China Real Estate Information, sales by the top 100 developers in China fell 59% from a year ago to May.

Authorities are working to revive home sales by lowering mortgage ratesband relaxing home buying rules.

Meanwhile, more developers are coming up with imaginative ways to increase sales.

PolyReal Estate, one of the country's top developers, said that if you buy a house in a housing project in Lianyungang, you will give the buyer 100 kilograms (£ 220) of pigs. Eastern Jiangsu Province. The company even suggested slaughtering pigs for its customers.

"Buy a house and get 200 cat" pepper "pigs. Have a good one-stop life. " Read an ad posted on the company's WeChat account last week and point to a pig. A popular British cartoon character.

"Cati" is a traditional Chinese weight unit, equivalent to 500 grams. Based on the latest government price data, 200 pigs are worth about 1,630 yuan ($ 242). According to Leju data, the cost of housing for the project is between $ 184,000 and $ 260,000.

PolyRealEstate did not respond to the request for comment.

Pork iscChina's essential meat, and the country produces and consumes the most pork in the world.

 

Minor planet keywords developed by Philip Sedgwick, used with permission http://philipsedgwick.com/

 

Source: theworldnews.net/