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In Depth: What’s Behind China’s Mortgage Strikes?

By Guo Yingzhe, Niu Mujiangqu and Zhu Liangtao
2022年07月29日 21:05
Developers were allowed to skirt rules designed to ensure they could afford to finish building homes buyers had already paid for — then the market turned
An incomplete residential project in Zhengzhou, Henan province, on June 2. Photo: VCG 

After almost three years of making monthly 3,000 yuan ($444) mortgage payments on an unfinished apartment, one homebuyer in the central Chinese city of Zhengzhou had enough.

The off-the-plan home that his family bought in September 2019 was part of residential complex sold in advance by New York-listed developer Xinyuan Real Estate Co. Ltd., which suspended construction on the project early last year, the man told Caixin earlier this week.

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版面编辑:喻竹杨洋
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