Chinese developers accept wheat and offer free pigs

From accepting grain or garlic as partial payment to offering live pigs as an incentive to buyers, the unusual sales tactics highlight the plight of China’s vast real estate industry. The fall in sales accelerated after real estate developer Evergrande defaulted on its debt last year due to the slowdown in the economy.

Central China Real Estate, the largest real estate developer in the central province of Henan, said in a recent advertisement that it would accept advance payments in the form of wheat for homes in Minquan County.

The announcement was posted on the company’s official WeChat account this week. Buyers can use grain for compensation up to 160,000 yuan. (nearly $24,000) of their down payment. According to Leju Holdings, a real estate services provider, the new homes the company is offering are selling for between $100,000 and $124,000.

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

In a separate announcement last month, the firm said it was willing to accept garlic as a down payment on a residential project in Qi County, Henan Province.

“On the occasion of the new garlic season, the company has made a strong decision to help garlic farmers in Qi County,” the company said in a statement. Mail on WeChat at the end of last month. “We help farmers with love and make it easy for them to buy houses,” he added.

Henan Province is a major wheat and garlic production center in China.

Central China Real Estate did not respond to a request for comment and removed the wheat ad from WeChat on Wednesday. The campaign was widely covered in the Chinese media and actively discussed on social networks.

“This is strong evidence of how weak housing demand is,” said Weibo user on Tuesday.
China’s real estate market is in deep recession due to the slowdown in the economy, strict Covid restrictions and the debt crisis that is spreading among property developers. Property sales fell 31.5% from January to May, accelerating from a 21% drop recorded in the first four months of this year, official data showed last week.
China cuts key interest rate due to collapse in home sales

A recent survey by private research firm China Real Estate Information showed sales of the country’s top 100 property developers fell 59% in May from a year earlier.

The authorities stepped up efforts to revive home sales by lowering mortgages. rates and easing home buying rules.

Meanwhile, more and more developers come up with original ways to stimulate sales.

Poly Real Estate, one of the country’s leading developers, said it would give buyers A 100-kilogram (220-pound) pig if they buy a house in her apartment complex in the city of Lianyungang in eastern Jiangsu province. The company even invited customers to slaughter a pig.

“Buy a house and get Peppa Pig for 200 cats. Get the good life in one stop” Read the ad posted on the firm’s WeChat account last week using a popular British cartoon character for the boar.

Poly Real Estate said in its announcement that it will donate 200 cats to home buyers for a project in Jiangsu province.

“Katty” is a traditional Chinese unit of weight equal to 500 grams. A pig for 200 cats costs about 1,630 yuan ($242), based on the latest government price figures. According to Ledge, the homes in the project cost between $184,000 and $260,000.

Poly Real Estate did not respond to a request for comment.

Pork is the main meat in China and the country produces and consumes the most pork in the world.

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