Chinese Developer Accepts Wheat, Garlic for Down Payments

(Bloomberg) — As China’s property slump persists, one developer is trying to entice farmers to buy homes by accepting their crops as payment, offering premium prices for wheat and garlic.

Central China Real Estate Ltd. is offering to pay farmers as much as 160,000 yuan ($24,000) for their wheat to offset down payments for homes in its River Mansion residential project in Shangqiu, a city in Henan province, according to a Monday marketing post. Weeks ago, it offered to accept garlic from growers looking to buy homes in another project in Kaifeng city.