China Crisis: Builders take watermelon instead of house!!

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China Real Estate Market Crisis: Developers in china have started taking watermelon, peach and other agricultural products in payment

China's real estate market is currently going through a dangerous recession and this has discouraged many buyers. Now the condition is that the developers facing the recession have started accepting watermelon, peach and other agricultural products as payment for the house.
Real estate developers in Chinese tier 3 and 4 cities have recently launched several promotional campaigns, encouraging home buyers to offer wheat and garlic as part of their down payment. Developers hope that instead of selling additional agricultural products, farmers can be attracted to buy new built houses in this way." Developers offered to pay from watermelon at the rate of 20 yuan per kg, later the campaign suspended A real estate developer in Nanjing, in eastern China's Jiangsu province, launched an unusual marketing strategy, offering homebuyers to make payments with watermelon at 20 yuan per kilogram, reports the Global Times.

A poster for the promotional campaign, which will start from june 28 to July 15, read that the real estate developer allows home buyers to pay as much as 5,000 kg of watermelon (which cost 100,000 yuan). It was also written that its purpose is to support the local watermelon farmers.
However, according to the report, a representative of this real estate company later told that this bizarre promotional campaign has been suspended after the order of the headquarters. The representative said that "we have been asked to remove all such posters from social media platforms".
The condition of the real estate sector in china is bad
According to the report of the news agency AFP, official data from china shows that home sales in china have decreased for the last 11 consecutive months and in May it was 31.5 percent lower than the same month last year.
The real estate sector in china has been hit by a slowing economy as well as the debt crisis faced by builders due to government restrictions on taking deposits from buyers before the start of projects.
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