Can you imagine switching to the barter system like in olden times? While you might be wondering about its possibilities, China has already started practising the same. According to a BBC report, Chinese property developers and sellers have begun accepting different foods as a medium of payment. People who are buying homes are now resorting to paying foods as a down payment. Quite unusual and unique, there are solid reasons why Chinese property dealers have switched to the food mode of payment. Read on to know why!
Accepting Foods Like Watermelon & Peaches As Down Payment! But Why?
Home sales in China have seen a downfall after the pandemic. In May, a China property developer even ran promotional campaigns to woo farmers into buying homes. More Chinese property dealers are running campaigns that they would be accepting foods like garlic, watermelon and even peaches to get farmers to buy homes. BBC reports suggest that the value of the produce is much higher than the costs at local markets.
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Promotions Stopped!
As Chinese property dealers began running these promotions on social media platforms. The companies were then asked to take them down. The firm which was accepting garlic as a down payment, told in a post, that this way of down payment through foods will enable farmers to purchase homes. The company announced that it had also accepted 8,60,000 catties of garlic which is equivalent to selling 30 homes. In this case, too, produces were being paid in high values that it is usually sold in the local market.
News reports have suggested this way of payment as a ‘National Threat’. As per reports and experts in China, the property dealers are using this foods payment method to get back at the rule which denies giving discounts up to a certain extent.
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