AFP
Beijing, China
Struggling property developers in China have begun accepting farmers to pay for homes in watermelons, peaches, and other agricultural products in an attempt to attract buyers discouraged by the slumping housing market, state media reported Sunday.
The Chinese real estate market has been affected by the slowing economy and the debt crisis, precipitated by the government's ban on builders accepting deposits before starting construction on a project.
A developer in the eastern city of Nanjing said he would accept truckloads of watermelons worth up to 100,000 yuan as down payments from local farmers, the state-run China News Weekly reported.
In the nearby city of Wuxi, another promoter was accepting peaches as payment, according to the magazine.
Homebuyers in Qi County, a major garlic-producing region in China's central Henan province, can trade in their produce at three times the market price to pay off part of their down payment.
"We are helping farmers with care and making it easier for them to buy homes," said homebuilder Central China Management.
Home sales in China, measured by surface area, have fallen for 11 consecutive months and dropped 31.5% in May compared to the same month last year, according to official data.
