Chinese language actual property builders are so determined that they settle for cost for wheat or garlic for residences

A Chinese language actual property developer, determined for a slowdown in gross sales, has determined to give you a brand new promotion to draw patrons, providing to simply accept wheat or garlic as an advance, Reuters was quoted as saying by Agerpres.

Chinese language actual property builders are so determined that they settle for cost for wheat or garlic for residences – Profimedia

In line with an commercial from Central China Actual Property, based mostly in Henan Province in central China, which reads “Trade wheat for a home”, house patrons can alternate wheat at a value of two yuan for a catty (a Chinese language unit of weight measure equal to about 500 grams – no), to pay an advance of as much as 160,000 yuan ($ 23,900) within the case of one of many actual property complexes that the corporate develops.

An actual property agent from Central China Actual Property mentioned that this promotional marketing campaign, which is especially aimed toward farmers within the area, started on Monday and can finish on July 10. The agent additionally mentioned that the developer provides housing at costs between 600,000 and 900,000 yuan.

Final month, one other message from Central China Actual Property informed homebuyers that in one other growth challenge they might pay the garlic advance at a value of 5 yuan per catty. This promotional marketing campaign attracted 852 visits and 30 transactions involving 860,000 garlic catty within the 16 days it was legitimate. In China’s wholesale market, the value of wheat and garlic is 1.5 yuan per 500 grams.

Chinese language actual property builders are struggling to extend gross sales after the variety of transactions fell dramatically in January-March, as restrictions imposed by the Chinese language authorities to fight the pandemic raised considerations {that a} critical correction in the actual property market may jeopardize the goal. financial development for 2022 set by Beijing at 5.5%.

The most typical promotional campaigns launched by actual property builders embrace free parking or renovation work after the acquisition of the house. Chinese language cities have launched a whole bunch of measures to ease actual property transactions this 12 months with a view to relaunching a sector that’s answerable for 1 / 4 of the world’s gross home product. Such measures embrace decrease advances, subsidies and extra favorable phrases for households with multiple youngster.

China’s massive actual property sector, which contributes 29% to the nation’s gross home product, is so overbuilt that it threatens to be the principle driver of financial development. Furthermore, it dangers changing into an impediment in its method. That is how the Monetary Instances commented about the actual property bubble in China, final 12 months within the context of the scandal of one other actual property developer – Evergrande.

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