This is why Chinese real estate developers are accepting watermelons as payment

It is rightly said that history repeats itself. This time, glimpses of it can be witnessed in China, where the deep recession in the property market has compelled real estate companies to float a bizarre marketing strategy to lure home buyers. As per reports, they are following the ‘Barter system of exchange’, in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.

In China, real estate developers have started accepting payments for homes in watermelons and other agricultural produce.

As per a report published by ANI, “Real estate developers in Chinese third- and fourth-tier cities have launched various promotional campaigns recently, including encouraging home buyers to pay part of their down payment with wheat and garlic, in a bid to attract farmers to purchase newly built homes to offload excess housing inventory.”

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As per Global Times, a developer said that it would allow home buyers to pay for their homes using watermelon at a rate of 20 yuan per kilogram.

A poster for the promotional event starting from June 28 to July 15, reads the property developer would allow home buyers to make a maximum payment of 5,000 kilograms of watermelon, valued at 100,000 yuan, noting the purpose of the promotion is to support local watermelon farmers.

Well, as per experts, the situation is alarming and as per New York Times, the housing market in China is now seen as ‘a national threat’.

What do you think of this act of accepting watermelons and other agricultural produce? Share your thoughts in the comments section.

Thumb Image Courtesy: istock

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