People are refusing to pay their mortgages in China. The protest could spill into the wider economy
to analysts who say the homeowner protest is already affecting 235 property developments in 24 of China’s 31 provinces.
“The boycotts appear to reflect growing concern among home buyers about the ability of indebted developers to deliver the homes they have sold, as well as some discontent about declines in new home prices, which have left many buyers sitting on paper losses,” Julian Evans-Pritchard, senior China economist at Capital Economics, said in a note on July 15.China’s growing middle classes have piled their savings into property, believing it to be a safe haven for their hard-earned cash.
by Australian bank ANZ. The growing boycotts threaten to worsen the problem, creating a vicious cycle where already struggling developers become even more strapped for cash.Why the Fate of Troubled Property Developer Evergrande Group Is Posing a Huge Headache for China
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