Caixin
Jul 14, 2022 06:11 AM
ECONOMY

Homebuyers in Multiple Cities Go on Mortgage Strike Over Delayed Projects

A construction worker labors on the scaffolding of a building at an under construction residential housing development in Shanghai
A construction worker labors on the scaffolding of a building at an under construction residential housing development in Shanghai

Buyers of housing units in dozens of unfinished projects across China are refusing to make mortgage payments to protest developers’ failure to meet construction schedules. The widespread uprising adds another twist for the country’s troubled real estate market.

Petitions from homebuyers to local authorities in several Chinese cities demanded that developers resume construction and deliver projects on time. The letters went viral online in recent days. Some buyers said they decided to stop making mortgage payments as developers drag out construction, putting their credit ratings at risk.

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