In China's depressed real-estate market, desperate developers are accepting wheat and garlic as down payments for rural properties to boost sales.
The alternative payment method comes as analysts expect property sales in China to have dropped by 25% from January to June amid China's zero-Covid strategy, according to Reuters.
China's citizens are also shying away from real-estate investments, preferring to hoard cash in China's uncertain economic climate, Bloomberg reported in May.
To boost sales, property developer Central China Real Estate is offering a "swap wheat for house" promotion for homes in Minquan County, Henan Province, CNN reported, referring to a now-removed ad on the company's official WeChat account. Priced at 2 Chinese yuan ($0.30) for every catty (21 ounces), buyers can pay up to 160,000 yuan ($23,900) of their down payment with wheat. Prices of houses in the development range from 600,000 yuan ($89,550) to 900,000 yuan ($134,300.)
The promotion will end on July 10 and is targeted at farmers in the region, an agent from Central China Real Estate told Business Standard.