Caixin
Sep 08, 2022 08:33 PM
BUSINESS

China’s Mortgage Boycott Epicenter Gives Developers an Ultimatum

An under construction residential project in Zhengzhou on June 2. Photo: VCG
An under construction residential project in Zhengzhou on June 2. Photo: VCG

A city in China that witnessed wide-ranging mortgage boycotts by would-be homeowners is forcing property developers to resume stalled housing projects, including by threatening to investigate non-compliers for potential tax evasion.

Zhengzhou, capital of Central China’s Henan province, issued a notice to local officials and developers that construction on all stalled projects should be restarted by Oct.6, Dahe Daily, a state-owned provincial newspaper, reported Wednesday.

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