The novel bartering system has been developed amid economic challenges for developers linked to the continuing impact of the pandemic in China, FT reports.

Farmers stand to benefit most from a system in which they can exchange stocks of produce to pay for new property — however, demand has not been as high as hoped.

Ting Lu, chief China economist at Nomura, said: “It’s the third year of Covid and many people are worn out, unemployed or underemployed, and have drained their savings to a level at which they now have to reduce their spending.”