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To circumvent local government's restriction on sharp price drop, Chinese real estates developers literally handed out gold ingots to home buyers. (lemmy.nz)

submitted 1 year ago by throws_lemy@lemmy.nz to c/damnthatsinteresting@lemmy.ml

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Context :

https://www.theguardian.com/world/2023/jun/12/gold-bars-used-to-lure-chinese-homebuyers-amid-market-slowdown

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[–] LoamImprovement@beehaw.org 33 points 1 year ago (1 children)

This means that real estate developers are saying "I can't sell this house for $250K but I can sell it for $300K and give you a 1Kg ingot worth $50K" to get around the overvaluing of the house, because people won't buy the house at the prices Chinese government insists they should be sold.

[–] Smoked_Brie@lemmy.blahaj.zone 4 points 1 year ago

Oh my… what a shit show. Thanks for explaining friend.