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The sharp decline in China’s real estate market has forced real estate companies to adopt an unusual trading strategy to attract homebuyers.
Chinese real estate developers have begun paying for watermelon and other agricultural products.
“Third and fourth-class real estate developers in China have recently launched a number of promotional campaigns, including encouraging homebuyers to pay partially in wheat and garlic to buy and build new homes to attract farmers,” the Global Times reported.
According to the Global Times, a developer in Nanjing will allow melons to pay for their home using 20-kilogram watermelon.
According to the media, citing a representative of the company, the amazing promotion was canceled after the headquarters was ordered.
“We have been told to delete all promotional posters on social media,” he said.
A poster for the promotional event, which runs from June 28 to July 15, will allow buyers to pay an estimated ዩ 100,000 for a maximum of 100,000 kilograms of watermelon, he said, in support of local farmers. .
The property market was one of the few destinations for family savings. The developers and home buyers were willing to take out a bank loan but these good Chinese days are over last year.
Family debt is over $ 10 trillion. In China, 27 percent of bank loans are linked to real estate, according to the Policy Research Group (POREG).
This industry was once known as the largest entrepreneur in China but is now known as the “Lehman moment”, compared to the 2008 Lehman Brothers loss, which led to the global financial crisis. Further, when the number of empty houses crossed the 65 million mark (according to some estimates of 90 million) – enough to accommodate the population of France, and the global economic specter at Cranch increased.
According to the New York Times, Tink Tank reported that the housing market in China is now a ‘national concern’ as prices have risen.
In addition to bank loans, developers have taken the form of beach and beach bonds, loyalty loans and asset management products. So lenders are available from institutions to the general public, both at home and abroad.
(Only the title and image of this report may have been redesigned by Business Standard staff; the rest of the content is automatically generated from integrated feeds.)
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