A real estate developer in Shenzhen, South China's Guangdong Province, has launched a trade-in promotion, stating that the developer allows home buyers to trade-in their old home in exchange for a new one, Chinese media outlet the National Business Daily reported on Thursday.

According to the promotion material published by the developer, the trade-in scheme will be managed under the principles of equivalent exchange, and the both sides should cover any overpayment resulting from the swap. The price of each new home will be set by the developer, while the trade-in home will be subject to a valuation based on market conditions.

A representative from the developer said in the report that the promotion began last week, with five to six deals already completed. Two real estate programs of the developer are being sold with average price of 73,000 yuan ($10,849.71) and 100,000 yuan per square meter, respectively.

Real estate developers in Chinese third- and fourth-tier cities have launched various promotional campaigns recently, including encouraging home buyers to pay part of their down payment with agricultural products including wheat, garlic and watermelon, in a bid to attract farmers to purchase newly built homes as a means to shed unsold inventory.

Global Times