Economic problems are raising questions about whether China is moving back to a barter system. Currently in China, the downward spiral in the property market has spurred people to buy homes.
But the situation of the real estate capitalists has become dire. With people strapped for cash, the cash is being bought for households in the form of watermelons, peaches and other agricultural products, Chinese state media reported on Sunday, AFP news agency reported on Sunday.
Chinese real estate developers accepting watermelons as payment
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Real estate developers are doing so in an attempt to attract home buyers, AFP news agency reported.
Property sales in China fell 31.5 percent in May compared to last year, according to official data, with home sales in China falling for the 11th consecutive month.
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The housing market in China has been hit by the economic slowdown and credit crunch as the government bans builders from buying deposits before starting a construction project.
A developer in China’s eastern city of Nanjing is receiving up to 100,000 yuan worth of watermelons from local farmers, state-run China News Weekly reported.
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Homebuilder Central China management said on social media in late May: “During the new garlic season, the company has made a firm decision to benefit garlic farmers in Gui County. We are ready to help farmers buy houses.”
In the small Chinese city of Wuxi, another developer is receiving peaches for housing, AFP reported.
Home buyers in Qi County, a major garlic-producing area in central China’s Henan Province, can trade their produce for three times the market price.
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A report by the South China Morning Post, published last week, said farmers in Yuncheng, central China’s Shaanxi province, harvested thousands of ripe watermelons during this year’s June harvest season.
Some farmers plant watermelons in each field only once every ten years to ensure the quality of the fruit.
Some fruit vendors travel 800 kilometers from Shanxi to Beijing to sell their products.
The province’s Xiaxian County is one of the country’s largest watermelon producing areas.
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