A real estate crisis broke out in China, the world’s most populated country. Citizens started to use agricultural products such as watermelon, garlic, wheat as a down payment to buy a house.
According to the news in Bloomberg, the housing market in the country has been affected by a new decision that prohibits contractors from taking deposits before starting construction on a project. After the said decision, the contractors found themselves in a debt crisis.
TURN OF ADVANCE PAYMENT WITH WATERMEON
After the said decision, which negatively affected the contractors, house sales in small cities decreased compared to big cities. In recent months, contractors in some rural areas have begun accepting garlic, wheat, and even watermelon for upfront payment on a home sale.