Zhengzhou Plans Property Bailout Fund to Ease Mortgage Strike

Zhengzhou, Henan’s capital city, recorded the most mortgage boycott notices by homeowners protesting failure to complete housing they’re already making payments on

(Bloomberg) — The Chinese city facing the most boycotts by homeowners angry about delays in building housing units is setting up a bailout fund to help cash-strapped developers complete projects.

Henan Asset Management Co. and government-backed developer Zhengzhou Real Estate Group will jointly set up a fund for the real estate sector, the provincial asset manager said in a statement dated Tuesday on its website, without providing further details. Henan in central China has a population of 100 million.