Chinese real-estate developers are accepting wheat and garlic as down payments for properties as the market slumps and bond defaults mount
The promotion will end on July 10 and is targeted at farmers in the region, an agent from Central China Real Estate toldThe company is no stranger to launching marketing campaigns targeting farmers.
The gloom in buyer sentiment is exacerbating stresses for Chinese property firms, with another large real-estate developer defaulting on its debt. On Sunday, Shimao Group announced it missed interest and principal payments on $1 billion of offshore bonds due on the same day. "Due to the significant changes to the macro environment of the property sector in China since the second half of 2021 and the impact of COVID-19, the Group has experienced a noticeable decline in its contracted sales in recent months," Shimao wrote in a
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