Fresh woe for China’s property sector: mortgage boycotts
Homebuyers’ protests could push risk on to banks
Mr peng is still paying the mortgage on the flat he bought in northern Shanghai last year—for now. The property’s developer, Kaisa Group, began construction on the site in July 2021 but halted work just three months later, presumably because it could no longer pay for labour and supplies. Mr Peng’s new home, which was scheduled for delivery in September next year, has become a lanweilou—one of thousands of housing projects sitting unfinished and abandoned.
This article appeared in the Finance & economics section of the print edition under the headline “No delivery, no payment”
Finance & economics July 23rd 2022
- The 53 fragile emerging economies
- How American banks are responding to rising interest rates
- Dollar-euro parity may be justified. But the yen looks cheap as chips
- Is China facing an energy crunch, too?
- Fresh woe for China’s property sector: mortgage boycotts
- The Fed put morphs into a Fed call
- Should central banks’ inflation targets be raised?
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