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Farmers in China pay for homes with watermelons, peaches: Report

Accepting crops at inflated prices have allowed developers to offer steeper discounts on homes

China, China economy, Economy
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Home sales in China measured by floor area have slid for 11 consecutive months and were down 31.5 per cent in May compared to the same month last year.

AFP | PTI
Struggling developers in China have started taking payment for homes in watermelons, peaches and other agricultural produce, state media reported Sunday, as they attempt to lure buyers deterred by a property market slump.

China's housing market has been hit by a slowing economy and debt crisis precipitated by a government ban on builders taking deposits before construction begins on a project.

One developer in the eastern city of Nanjing said it would accept truckloads of watermelons worth up to 100,000 yuan as down payment from local farmers, state-run China News Weekly reported.

In the nearby small town of Wuxi, another developer was taking