Desperate since the demise of real estate giant Evergrande, Chinese home sellers are taking extreme measures to attract buyers. For example, some companies accept grain and garlic as payment. One company even gives pigs to anyone who buys a house.
China’s real estate sector has not been doing well for some time. Last year, the country’s largest construction company, Evergrande, found itself on the brink of bankruptcy, taking the entire industry away. Moreover, the Chinese real estate market is already so saturated that there are few buyers.
As a result, companies must find creative solutions to survive. Central China Real Estate, the largest real estate company in Henan province, recently announced on social media that deposits of up to 160,000 yuan (22,662 euros) could be made in grain. Previously, the company had also said that it would agree to watch as a down payment for a specific project in Qi City.
“We have decided to support the garlic growers in Qi when another garlic season is coming. We like to help farmers and make it easier for them to buy houses,” the company wrote on WeChat, a Chinese social network. It is no coincidence that the Henan region is a major producer of garlic and cereals.
In the meantime, the company has removed the ads.
Another company, Poly Real Estate, said it would give away a 100-kilogram pig for free to anyone who bought a house from its project in Lianyungang City. “Buy a house and get 200 kati Peppa Pig,” the company announces, referring to the British cartoon pig.
A kati is a Chinese measure of content and corresponds to 500 grams. 100 kilos of pork are worth around 193 euros in China right now.
Chinese home sales fell 31.5% between January and May, with 59% fewer homes sold in May compared to a year ago.