by Boo_Randy
Chinese homebuyers have to pre-pay for their apartments…and now with Chinese property developers going broke left and right, millions of Chinese “investors” are left holding the bag. So now a bunch of them are refusing to keep making mortgage payments on properties that might never be built or ready for occupancy…this is going to further slam Chinese property developers and banks. Should’ve stacked the shiny like your wiser ancestors did, Chinese baggies!
Across China, homebuyers are refusing to pay mortgages as property developers drag on construction projects, escalating the country’s real estate crisis and risks of bad debt for banks.
Buyers of 35 projects across 22 cities have decided to stop paying mortgages as of July 12 due to project delays and a drop in real estate prices, Citigroup Inc. analysts led by Griffin Chan wrote in a research report distributed on Wednesday.
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“China property protests threaten to dent $220 billion of banks’ mortgage loans”