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

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

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