China’s mortgage boycott: Could the property market crumble?
Chinese homebuyers are refusing to pay mortgages on properties they have bought because developers cannot finish them.
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Real estate has been one of the biggest drivers of economic growth in China, accounting for one-third of the country’s $18 trillion gross domestic product (GDP).
It is not just the broad economy that relies on it, households do, too. Up to 70 percent of their wealth is tied up in the sector.
But, strict coronavirus restrictions and a debt crisis among developers have slowed the property market and halted construction on thousands of projects. Homebuyers are now frustrated, and are refusing to pay mortgages on properties they have bought.
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Published On 6 Aug 2022