China: 950,000 homebuyers are refusing to pay mortgages totaling an est. USD $100 billion as construction stalled due to Evergrande bankruptcy

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by BtcKing1111

Pre-construction buyers of an estimated 950,000 units across 286 project sites are refusing to pay mortgages on buildings that have stalled construction for more than a year, since Evergrande’s collapse.

This totals an estimated USD $100 billion in bank loans that mortgage holders refuse to pay until the construction is completed.

Buyers say they have been cast into a lifetime of debt with nothing to show for it, because they are being asked to pay a mortgage on a unit that will never finish construction, while also needing to pay rent for a current residence.

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Surely this liquidity crisis won’t effect the rest of the world, right…?


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