Developers in China across the board are feeling the heat. Don’t think this will ripple throughout the world?

ALL BUBBLES POP: Unfinished Buildings in China Put Trillions of Chinese Bank Loans at Risk.

Amid the real estate debt crisis, China Evergrande Group and two other Chinese property giants have fallen from the 2022 Fortune Global 500, reducing the number of Chinese property developers to five from eight last year.

Fewer Chinese developers in the Global 500 reflect the collapsing Chinese real estate market as domestic demand and home prices tumble. The two other property giants that fell from the Fortune Global 500 list are Sunac China Holdings and China Resources Land.

Chinese developers left millions of presold housing unfinished due to liquidity problems. As a result, most Chinese banks are facing a mortgage payment halt or “mortgage strike”—where homebuyers refuse to pay mortgages unless the developers resume construction.

Over 327 mortgage strike notices were issued for unfinished presold apartments in China as of Aug. 13, according to MacroMicro, a global economic data research firm. Most of the notices accused the Chinese banks of misusing the presale funds.

HOW’S THAT ZERO-COVID POLICY WORKIN’ OUT FOR YA? China Plans $230 Billion Fiscal Stimulus Package As Slowdown Worsens.

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