More and more homebuyers in China are refusing to pay their mortgages until their homes are completed.
(Photo: Bloomberg)
Beijing The real estate buyer’s desperation is unmistakable: “I paid 1.5 million yuan for an apartment, but it’s not being built,” he complains. “Who has my money?” The man doesn’t know what to do other than take to the streets and protest. “I have no other choice,” he says in an audio recording that was widely shared on various social media platforms. “Please suspend the mortgage payments and build our house,” he pleads.
The desperate buyer is not an isolated case. Homebuyers in more than 90 cities in China have halted mortgage payments because construction on more than 300 real estate projects is stagnant. Many highly indebted property developers lack the money to complete the objects. There is growing concern among buyers that their home will remain a dream – and they will still have to pay off mortgages including interest.
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