China’s Mortgage Strike Doubles Agricultural Bank’s Overdue Loan Estimate

(Bloomberg) — China’s mortgage strike doubled Agricultural Bank of China Ltd.’s estimate of overdue loans to 1.23 billion yuan ($178 million), the nation’s third-largest bank by assets reported Monday.

The Beijing-based lender said the overdue loans are linked to 1,112 projects as a protest by purchasers of unfinished projects sweeps the country. Homebuyers in China have to obtain mortgages and start payments even before developers finish and turn over their housing units.