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China: Real estate company willing to 'exchange wheat for a home'

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A slow-moving Chinese real estate developer has found a new boost to attract buyers, giving them the opportunity to pay in advance… wheat or garlic.

Central China Advertising Henan Real Estate urging buyers to “exchange wheat for a home” says they can use their crop, priced at 2 yuan per catty (or 'jin'/gin), a Chinese unit of mass equivalent to about 500 grams, as a down payment of up to 160,000 yuan ($ 23,900.22) for one of its 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 be valid until July 10. The company in the central Chinese province of Henan is offering homes priced between 600,000 and 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 Central China ad reported that home buyers in another complex could make advances using their garlic crop at 5 yuan per catty. The wholesale market price for garlic and wheat is 1.5 yuan per 500 grams. China's tight restrictions on COVID-19 combined with worries about deeper correction in the real estate sector overshadow Beijing's 5.5% growth target for 2022.

Most promotions companies include free parking or after-market renovations.

Cities across China have introduced hundreds of real estate facilitation measures to boost a sector that accounts for a quarter of the second largest economy of the world.

Source: politis.com.cy

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