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| Chinese property developers accept farm produce for homes | Chinese property developers accept farm produce for homes |
| (8 months later) | |
| Several Chinese property developers have said they would accept food as payment for homes in recent months, as they attempt to attract buyers. | Several Chinese property developers have said they would accept food as payment for homes in recent months, as they attempt to attract buyers. |
| The companies advertised deals to let people use produce - including peaches, water melons and garlic - as down payments on new homes. | The companies advertised deals to let people use produce - including peaches, water melons and garlic - as down payments on new homes. |
| However, some of these unusual offers have now reportedly been pulled. | However, some of these unusual offers have now reportedly been pulled. |
| Home sales in China have fallen for 11 months in a row, while this week a major developer defaulted on its debts. | Home sales in China have fallen for 11 months in a row, while this week a major developer defaulted on its debts. |
| Last week, a property company in the eastern city of Wuxi said it would allow peaches be used to offset as much as 188,888 Chinese yuan ($28,218; £23,289) in down payments for homes. | Last week, a property company in the eastern city of Wuxi said it would allow peaches be used to offset as much as 188,888 Chinese yuan ($28,218; £23,289) in down payments for homes. |
| China spending and employment hit amid lockdowns | China spending and employment hit amid lockdowns |
| Debt-laden Evergrande suspends shares in Hong Kong | Debt-laden Evergrande suspends shares in Hong Kong |
| How China is trying to limit the Evergrande crisis | How China is trying to limit the Evergrande crisis |
| Another developer in nearby Nanjing said it would accept as much as 5,000kg of watermelon from farmers. It valued the produce at 100,000 Chinese yuan - several times what it would cost at local markets. | Another developer in nearby Nanjing said it would accept as much as 5,000kg of watermelon from farmers. It valued the produce at 100,000 Chinese yuan - several times what it would cost at local markets. |
| However, the promotion that was meant to run until next Friday has been suspended, the state-run Global Times newspaper reported. | However, the promotion that was meant to run until next Friday has been suspended, the state-run Global Times newspaper reported. |
| "We were told to delete all promotional posters on the social media platforms," the paper quoted a representative of the company as saying, without giving further details. | "We were told to delete all promotional posters on the social media platforms," the paper quoted a representative of the company as saying, without giving further details. |
| In May, property firm Central China Management ran a 16-day campaign in which it accepted garlic as down payments for homes in China's Qi county, a major garlic-producing region. | In May, property firm Central China Management ran a 16-day campaign in which it accepted garlic as down payments for homes in China's Qi county, a major garlic-producing region. |
| A catty, which is equivalent to 500g in mainland China, of garlic was valued at five Chinese yuan by one property firm | A catty, which is equivalent to 500g in mainland China, of garlic was valued at five Chinese yuan by one property firm |
| "We are helping farmers with love, and making it easier for them to buy homes," the firm said in a WeChat post. | "We are helping farmers with love, and making it easier for them to buy homes," the firm said in a WeChat post. |
| Under the deal, one catty of garlic, which is equivalent to 500g in mainland China, was valued at five Chinese yuan, which is around three times its market price. | Under the deal, one catty of garlic, which is equivalent to 500g in mainland China, was valued at five Chinese yuan, which is around three times its market price. |
| The company said it had accepted 860,000 catties of garlic in deals involving 30 homes. | The company said it had accepted 860,000 catties of garlic in deals involving 30 homes. |
| However, it has since removed an advert for a similar a deal involving wheat, which was launched on WeChat last month. The company did not immediately respond to a BBC request for comment. | However, it has since removed an advert for a similar a deal involving wheat, which was launched on WeChat last month. The company did not immediately respond to a BBC request for comment. |
| Experts have said the deals are a way for developers to get around local authority rules that limit the size of discounts they are allowed to offer. | Experts have said the deals are a way for developers to get around local authority rules that limit the size of discounts they are allowed to offer. |
| Official figures for May show that sales of residential properties in China fell by 41.7% from a year earlier, the 11th consecutive month of declines. | Official figures for May show that sales of residential properties in China fell by 41.7% from a year earlier, the 11th consecutive month of declines. |
| On Sunday, major Chinese developer Shimao Group said it had missed interest and principal payments on $1bn (£825m) of offshore bonds due that same day. | On Sunday, major Chinese developer Shimao Group said it had missed interest and principal payments on $1bn (£825m) of offshore bonds due that same day. |
| In a filing to the Stock Exchange of Hong Kong, the company said it had seen a "noticeable decline" in sales with "significant changes to the macro environment of the property sector in China since the second half of 2021 and the impact of Covid-19". | In a filing to the Stock Exchange of Hong Kong, the company said it had seen a "noticeable decline" in sales with "significant changes to the macro environment of the property sector in China since the second half of 2021 and the impact of Covid-19". |
| Meanwhile, embattled Chinese real estate giant Evergrande is in the process of restructuring its business after defaulting on its debts late last year. | Meanwhile, embattled Chinese real estate giant Evergrande is in the process of restructuring its business after defaulting on its debts late last year. |
| You may also be interested in: | You may also be interested in: |
| What China's Evergrande crisis means for the world | What China's Evergrande crisis means for the world |
| What China's Evergrande crisis means for the world | What China's Evergrande crisis means for the world |
| Related Topics | |
| China |